t is the ultimate marshmallow challenge. Many of us have lowered our time preference so much we are just not going to let go of much even when it does go up quite a bit.
For me personally the formula revolves around comfortable retirement and a little diversification into property. I just don't want to spend much money on stupid shit, or even living large. And I am acutely aware that the longer I wait the more I will be left with in the end.
That is where the real crux is, in my opinion. Where that point is for each whale/minnow.
You sir, are very wise.
Anyone not following a similar recommendation/approach is going to end up with massive regrets before they die.
I see so many here joking about blowing their bitcoin "winnings" on fancy cars, frivolous shit and such, and inwardly I know some of them aren't really joking.
In recent years I've come to fully believe and trust in "the pursuit of happiness". It sounds cliché but, it is the best compass for an individual's life decisions... in my opinion.
This obviously looks different for everyone. For some folks, the thought of having a stash of inheritance for their kids, or family, really fulfills their hopes and desires for their life. They choose to save and be frugal and invest in other activities in their life (even if they have the money to do other "cooler" things).
For others the thought of blowing cocaine off of expensive hookers ass's while they are passed out on one of their lambos could be described as their happiness.
For many (most) others our happiness lies somewhere in between but, shifts back and forth during our life cycle.
The toughest part about finding your "happiness compass" is laying down all of the social, family, and cultural pressures that are bestowed upon you. Be a little selfish and dig down deep. Think about what you really want and what makes you truly happy. Don't do things to make others happy... you will end up being bitter and resenting them or yourself.
This all sounds a little cliché but, since I have embraced this fully, I've never regretted a single life decision from that point on and I am far and above happier than I've ever been in my life before. I've made some REALLY tough decisions over the years many of which affected my immediate family and friends. However, assuming I have 10 seconds of thoughts prior to my last breathe, I can leave this world knowing that all is well and I've got no regrets.
*steps off soap box*