Life stages and financial health - blockchain changes it all
I am thinking a lot of what to expect from the second half of my life and what kind of footprint I want to leave behind when the curtain closes. Some call it mid-life crisis but I don't like the term so much as it relates to a crisis which it is not for me. For me It is the opposite: best time of my life. I lost my job (got fired but honestly I helped a lot that it came that way) and have the time to focus 100% on my life - beside my growing family blockchain is a big part of that. And it is fascinating how many ideas and possibilities open up when you are getting of the hamster wheel of being an employee. But that is a story for a different post.
While digging into literature about different life stages and what characterizes them I found this picture.
source: RBC Capital Markets
That shows one of the tragedies of life - at least in my opinion. Thinking of a family with two kids, decent amount of income as emploee - you won't be able to create significant savings. Yet that would be the best time of your life to spend money. To go traveling, buy that Porsche you always wanted to, buy a big house and be active as an investor or getting self-employeed.
Next stage - children are grown up, your drive to want only the best declines and maybe also your physical ability to enjoy things has it limits (something you didn't experience so far). Now you can increase your savings - but what to do with them?
I have been lucky - some of the savings of my parents they passed on very early. And not with the restriction to save the money for the bad times - no, to spend it and enjoy life in the phase with the most opportunities. I really admire my parents for doing that. And it is not the way that I just spend it for luxurious items - no it gave me the financial security to take risks and e.g. invest into blockchain and steem for example.
Now thinking of blockchain beside the technical benefits and new use cases you can implement with it I am such a great fan of blockchain as it going to change society in my opinion. One aspect will be that wealth is going to redistributed. I am pretty sure that most of the early adopters of blockchain - those who are going to profit most - are the first two stages (depends on where you draw the age limit). The Youngstars are earning money they wouldn't without blockchain starting their life already with a significant capital giving them so much opportunities. That makes me very positive about the future and how things will change to the better.
Of course some point in time the early adopter bonus is gone but I still think that blockchain will establish more opportunities for the young ones with their risk appetite to venture on their own and build up wealth faster than it is possible today.
So it might be that this picture needs to be adapted in the future - something I would love to see and am supporting actively.
Very interesting thoughts and image @famunger. That red arrow scares me a bit though, here in the Netherlands we are less accustomed to being in debt. We really like to save, but as you mentioned a bit, there is saving and there is saving. Saving is practically worthless if it is just for the sake of saving.
I used to be someone that would find tens of ways of making money online. But I didn't have real plans to what I would spend that money on. Nowadays luckily I have learning to enjoy life by spending money on the right experiences :-)
In the near future it might be a normal thing for the next generation to always have XX% of their money invested in crypto/blockchain projects, why not? It is exciting and this current hype has learned a lot of people about how money works and investing/speculating works. Bitcoin and other cryptos have helped millions to gain financial literacy, something I think should be part of primary school.
I am very curious about your post about leaving the hamster wheel and opportunities that arise from that. A few months ago I actually did the same thing ;-)
Great comment.
Yeah - here in Switzerland nearly everybody is in debt as for buying a flat or house you need so much money that you usually aren't able to pay it back ever. One of the few things I am worried about here.
It seems that we have several things in common. I will write about the hamster wheel soon. One part will be writing about passive income strategies.
But you should do the same thing - you probably left job also for a good reason. I would love to hear about that!
Well, that mortgage part we do have as well of course :-)
Wow, passive income strategies, we do have a lot in common! On Steemit I have not written about other investments besides crypto (bonds, investment funds, trackers etc.). Maybe I will some time.
Do you know Mister Money Mustache btw? He's funny but has some interesting ideas about financial independence as well:
That story about leaving my job, I will definitely share it at some point here :-)
I think the chart you've put is a good chart if you are an employee and you have a fixed income every month. If you replace a corporate worker with an entrepreneur, I think tha chart should look a lot different.
I believe that people who are investing in blockchain (not speculating) are defnitely under the cap - entrepreneurs. Re-distribution of wealth is going to play a major role in the future, our main mission is to secure a smooth passage from the old to the new paradigm.
I agree - it is more employee focused the chart. I also agree that blockchain somehow makes everybody employed. Thanks for adding this to the post.
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Very interesting picture, but the fact is that's true. But blockchain has come to change the things of the former. Blockchain turning everywhere and everything up side down.
Great article. I had a difficult life before, and now I hope blockchain can change my life to be better and easy. I'm having a plan to travel with my parents to Japan for a few days on 2019, after I finished au pair program in Norway. My parents haven't been to other country before. I can not be lazy now. I'm happy to be here. Thank you for sharing.
Thank you for your comment! You need to post details of the trip than!
yaah blockchain as it going to change society !
it give more and more opportiounities!
thanks for your valuable post! great stuff !
wow nice