Zero to Hero

The 24-year-old clerk at the liquor store felt that I was attacking his ego so he decided to reveal to me his cryptocurrency gains. Just before he did so he said it would be going against what his parents had advised to him which was to never tell people how much money you have. I guess he couldn’t help himself.

He checks for the balance on his phone while I play a guessing game in my head. If I had to bet I would wager that he has $50,000 on the high end and $20,000 on the low end.

“$90,000 Canadian dollars, he says.”

“Holy shit,” I say.

You could sense the ego boost I gave him. Six months ago I remember him telling me that his goal was to save up $10,000 which meant he didn’t even have $10,000 six months ago. How this story ends is something to be seen but in my estimation he did the right thing. His paltry liquor store earnings were never going to do anything for him besides comfortably afford him potato chips and a 6-packs of new underwear. As comforting as carbohydrates and brand new cotton are, they provide no enhancement for your future. Four months ago, I advised him to work more hours and put the extra money in cryptocurrency, not because I thought it was such a great idea but because there was nothing else he was willing to do including getting his driver’s license. He refused to work additional hours but I guess it’s okay given he’s up a shit ton anyway.

Some of his friends of the same age have made more than him by going balls to the wall during this crypto craze. At 24 years old with 6 digits worth of money they all probably have a 24/7 boner for life. History would dictate that this ends badly. If so they’re going to have to deal with an extended period of flaccidity. I’ve tried to convince him to take some out but he’s reluctant, believing his asset will for sure double in a few months because he, “has a good feeling.”

I guess we’ll see what happens.

When I was 24 years old I had shit all. I was unemployed surviving off a few thousand dollars of savings while I explored the world of photography. If I had closer to $100,000 I can tell you that I might not be thinking of going back to a job but I didn’t have $100,000 so I don’t know how I would have felt. When you’re 24 years old with $100,000 there are doors in the foreseeable horizon that can open for you.

For example, if invested for 15 years while also adding $500 a month at a compound annual rate of 10% you will have over $600,000. If someone put that in my head at 24 which probably no one would have but if someone had, I might have found the motivation to at least find $500 a month that I could tuck away knowing that I could be in bonerland in 15 years.

If you increase the duration to 30 years you will have accumulated $2,731,904. This would greatly decrease the likelihood of killing yourself. Base case scenario you would be king of the lazy bugs. I’ve presented this idea to my young friend to ponder. At the moment though he’s gripped by the euphoria of cryptocurrency gains so I don’t know how he will approach his next moves. My last bit of advice for him for that night was, “DO NOT…FUCK…THIS…UP.”

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