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My own longterm goals, what are yours?

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All humans are genetical programmed to find the easiest solution. In most cases that works well, but for reaching a long term goal you would need to find patience and have a strong will. There has been done a lot of experiments on children where they have been studied in different tests and then been examined again at later stages of life. The most interesting study is the “Marsmallow Experiment”.

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Stanford started a series of studies using the “Marshmallow Experiment” on children in the late 1960s, and the result was astounding:

“In follow-up studies, the researchers found that children who were able to wait longer for the preferred rewards tended to have better life outcomes, as measured by SAT scores,[2] educational attainment,[3] body mass index (BMI),[4] and other life measures.[5]

Even when people know that they will receive a greater reward if they have patience and wait, most people tend to choose the easiest or fastest way of getting to a short term goal. The psychology of it is quite interesting. I would recommend a book called “Thinking fast and slow” by Daniel Kahneman. He explains that we have two ways of taking a decision, one is the fast way where we tend to use prejudice as a factor, the other way is the slow way where we tend to use experience and knowledge.

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After my own experiences, I know that I take fast decisions way too often. I could have been better off if I took slow decisions and thought more about the long term goal. That is why I from today will share my own long term goals and help you set up your own.

My longterm goals

Even though people claim that “money doesn’t make you happy”, it certainly gives you freedom and relieves you of financial concerns. However, there is a point where you will have more money than what is good for you, your family and friends. As Ed Sheeran recently said:

“The Forbes list actually f—ked it up,” Sheeran, 26, lamented to Rolling Stone about his social life. “I was getting texts from people with pictures of cars going, ‘I’d like this for my birthday, please. This one’s only .06 percent of your annual income.’”

So there is a fine line from being financially independent to being “too wealthy” where you will lose friendship because you are simply “too rich”. That is why so many wealthy people often tend to live a quite neutral life, to avoid flashing off their wealth and avoid people calling asking for money.

Of course, my most prominent goal is to have a good and safe life with my family and friends. But I want to become financially independent as well:

Within 2024 I will have reached financial independency by:

  1. Having a cash flow of $10 000 a month (passive or semi-passive)
  2. Having $0 in debt
  3. Owning a decent home where I can live for the foreseeable future with my family (4 rooms, nice garden and community = approx. $1 000 000 in Norway)
  4. Having a cash backup of at least $500 000

These are my main goals for the coming 7 years. I believe they are reachable. In coming articles I will share my plan with you on how I’m going to reach my goals.

It is important to notice that these goals are mine. You have to think about what would make you feel financially independent depending on your own goals. I live in Norway with a fairly high cost of living, so if you live in a country where living expenses are less, I would suggest that you adjust any longterm goals to your needs. You might need less and you might want more. That is totally up to you to decide but try to have as realistic goals as possible, even though you should try to reach for the stars!

To only focus on the financial side can become “one sided”. I am truly passionate about our world’s well being, but I believe I can be of more help to the world when I have ensured my own family’s future.

Your task

Please spend a few hours, a few days, or even a few weeks planning your own longterm goals. Think 7 years ahead in the future. Write down your goals and discuss them with a friend or your family. If you feel comfortable with it, please share your goals with us by leaving a comment below, or submit this form (confidential):

https://docs.google.com/forms/d/e/1FAIpQLScgROzxhZzTDYgGMOm9bJH1RXxOZxgJX_PpY_UrwjclkHtfXA/viewform?usp=sf_link

If you share your goals with me or us, I will follow up in the coming months and years.

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2 Comments

2 Comments

  1. Gabriel

    April 30, 2017 at 2:11 am

    Interesting article! I would like to try to the marshmallow experiments with my kids 🙂
    And I found your goals to be very respectable. Good luck!

    • Jonas Borchgrevink

      April 30, 2017 at 5:14 pm

      Thank you Gabriel 🙂

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Fidelity Investments is Mining Cryptocurrency

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Fidelity Investments is a multi-billion dollar brokerage  that just so happens to be mining cryptocurrency. In fact, it has been at it for three years, using its own computers to harvest bitcoin and Ethereum.

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Profitable Experiment

CEO Abby Johnson recently told Fortune that its U.S.-based mining operation is “making a lot of money.” This comes despite running a relatively modest operation.

Hadley Stern, Senior VP of Fidelity Labs, described his company’s venture as an “experiment.”

The real reason we began mining, and still do, is to learn how the network works, how consensus works, how difficulty levels work,” he said in reference to the mining process.

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The key to profitability has been the dramatic rise in cryptocurrency over the past year. Bitcoin and Ethereum are the world’s No. 1 and 2 cryptocurrencies by market capitalization, and no-one else comes close.

Well Ahead of the Pack

The fact that Fidelity has been at this for three years speaks volumes about the company. Other, much bigger players are still dipping their toes in the market, but are unsure about how to proceed. Goldman Sachs is reportedly on the fence about starting a cryptocurrency trading operation, while J.P. Morgan has already begun handling customer orders for bitcoin-based instruments.

Fidelity is doing a lot more than just mining tokens. Earlier this year, it reached an agreement with Coinbase to let customers view cryptocurrency prices alongside other assets on their Fidelity homepage.

Coinbase is the world’s most funded cryptocurrency exchange with more than 7.4 million users.

Cryptocurrency Prices

The cryptocurrency market ended the week on a firm note, with bitcoin (BTC/USD) reaching a session high of $4,425.00. At press time, the index was up 1.6% at $4,368.

Ether is also trading higher against the dollar, with the ETH/USD rallying more than 3% to $305.

Ripple (XRP) lost momentum on Friday, but still managed a weekly gain of 21%.

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Chinese Government Eyeing Fresh Bitcoin Legislation?

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The Chinese government could roll out fresh cryptocurrency regulation in the coming months permitting licensed brokers to operate, based on recent information from Xinhua.

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The state-owned news publication recently revealed that the government is mostly concerned with stamping out illegal activity involving bitcoin and other cryptos. Government authorities could be planning to regulate the market by creating a licensing program with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) systems.

The Case for AML

The need for KYC/AML protocols has long been raised by cryptocurrency proponents, especially in reference to initial coin offerings (ICOs). In response, the blockchain community has come together to create the Simple Agreement for Future Tokens (SAFT). The SAFT is both an instrument and open-source framework for token sales that vets accredited investors.

SAFT activity is quickly gaining traction, with the likes of Gizer recently issuing a presale of its ICO through SAFTLaunch.

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SAFT was officially created by Protocol Labs in close collaboration with AngelList and Cooley.

China’s Stance Looms Large for Cryptocurrency Market

Although digital assets have recovered from the China-induced flash crash of September, favorable regulations on the mainland could mean big business for bitcoin exchanges. Prior to the ban on ICOs and bitcoin brokers, Chinese investors were responsible for a quarter of all BTC trades.

According to Xinhua, China is likely to pursue a licensing program similar to Japan, a country that recently approved 11 cryptocurrency exchanges. CnLedger, a leading source of cryptocurrency news in China, recently had this to say:

“Xinhua News, official press agency of CN: Virtual currencies have become the top choices of underground economies. We shall adopt ‘0-tolerance policies’ towards crimes hidden underneath and take measures such as record-keeping, licensing, AML processes, real-name, limiting large transactions.”

Is China’s cryptocurrency ban temporary? It certainly looks that way. Regulators must already know that the ban hasn’t stopped mainland investors from buying cryptocurrencies next door in Hong Kong or Singapore. A saner approach to an all-out blanket ban is a tighter regulatory framework that will stamp out money laundering and other underground activities.

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Analysis

Tim Draper Has Made Over $110 Million Since 2014 With his Bitcoin Investment

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Tim Draper, the billionaire technology investor and prominent venture capitalist who has invested in some of the most successful technology startups in the likes of Coinbase, Patreon, SpaceX, Tesla, Box, FourSquare, has profited over $110 million from his investment in bitcoin less than three years ago.

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In 2014, Draper participated in the auction of 144,336 bitcoins by the US government and the US Justice Department, which were seized during the investigation into Silk Road, a dark web marketplace. Draper was granted the permission to purchase a batch of 30,000 at around $600 from the US government.

Upon securing 30,000 bitcoins, Draper told Fox Business:

“[I’m] very excited about bitcoin and what it can do for the world. Bitcoin is as big a transformation to the finance and commerce industry as the internet was for information and communications. If bitcoin were here in 2008, it would be a stability source for our world economy. Everybody should go out there and buy a bitcoin. Every investor who’s a fiduciary should at least be partially involved in bitcoin because it’s a hedge against all the other currencies. There’s a whole ecosystem being built that’s going to make commerce much easier with much less friction and safer.”

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Today, Draper’s 30,000 bitcoins are worth $129.9 million. Considering that Draper had spent $19 million purchasing the batch of 30,000 bitcoins in 2014, Draper has recorded a profit of over $110 million in less than three years.

While Draper held onto his investment in bitcoin, the US Justice Department was quick all of the 144,336 bitcoins seized during the Silk Road operation. According to various sources, the US government sold the majority of its 144,336 bitcoins at a price of $336, at $48 million. If the US government had sold its bitcoins in 2017, it would have generated an additional profit of around $573 million, as 144,336 bitcoins at today’s bitcoin price of $4,330 are worth $624.9 million.

Bitcoin price was below $350 in 2014. Today, it is over $4,330.

Since 2014, in addition to purchasing tens of thousands of bitcoins, Draper has funded some of the most successful bitcoin companies in the cryptocurrency market including Coinbase and Korbit. Earlier this year, Coinbase secured a $100 million investment at a $1.6 billion valuation, while Korbit was acquired by the parent company of a $10 billion gaming company in Nexon at a $140 million valuation.

Furthermore, Draper has not sold his stake in Coinbase and earlier this year, Brian Armstrong, the CEO of Coinbase, revealed that Coinbase is still at an early stage in terms of developing and scaling. Armstrong noted that it will evolve into the safest and most trusted exchange in the global market.

“Digital currencies are having their ‘Netscape’ moment. The pace of innovation has been accelerating and we are now seeing exciting projects and companies being built on top of digital currencies. We’re beginning to transition into phase three of our secret master plan. Our goal is to be the safest, most trusted and compliant, and easiest to use. Not the first to market with new assets. Especially at scale, it takes time to ensure any new asset we add is well tested and secure,” said Armstrong.

Coinbase is also one of the two exchanges in the US market apart from Gemini that is targeting institutional and retail investors by providing sufficient liquidity. As Coinbase and its flagship cryptocurrency trading platform GDAX continue evolve, Draper will position himself at the forefront of cryptocurrency innovation and disruption.

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