You're not buying Bitcoin for your present self — Transcript

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1. 0:00Don't buy Bitcoin for yourself today,
2. 0:02buy it for your future self. Let's say
3. 0:047, 10, 15 years from now. When I was
4. 0:08buying Bitcoin in 2022 at 39,000, I felt
5. 0:12very stupid for doing so. I was buying
6. 0:14at around 38,000. I kept buying all the
7. 0:17way down to 16K.
8. 0:19I felt very stupid. I was working so
9. 0:21hard, putting my money towards this
10. 0:23thing
11. 0:25found in a book.
12. 0:27And as soon as I start buying it, it
13. 0:29starts going down. I felt very, very
14. 0:32unconvinced that this thing is going to
15. 0:35change the world. And
16. 0:38now
17. 0:39I look back at those purchases
18. 0:42and I thank myself for doing whatever I
19. 0:44could to make those purchases
20. 0:46when I did.
21. 0:48Because
22. 0:50now
23. 0:51if I started to do the same thing, if I
24. 0:52had started studying Bitcoin today
25. 0:55and I started buying Bitcoin today, I
26. 0:57would be paying more than double
27. 0:59for the same amount of Bitcoin that I
28. 1:00got back then. At the time I was doing
29. 1:03Uber Eats while still trying to post on
30. 1:05social media, try to create content. I
31. 1:07was working 12-hour shifts making not
32. 1:11that much money, much, much less than
33. 1:13what I was making at my job. But even
34. 1:15then, I found a way to
35. 1:19put at least a small amount of my income
36. 1:21towards Bitcoin. And I thank myself for
37. 1:23doing that every single day because if I
38. 1:25hadn't built the habits back then, if I
39. 1:27hadn't done everything that I had back
40. 1:30then, if I hadn't put in the time to
41. 1:31learn about Bitcoin back then, then I
42. 1:33wouldn't have what I have today. I
43. 1:35wouldn't have the opportunities that I
44. 1:36have today. I wouldn't have the business
45. 1:38that I built today. I wouldn't have the
46. 1:39ideas that I have today. None of this
47. 1:42would have happened without everything
48. 1:43that I did in the past. It really hurts
49. 1:46when you have to delay gratification to
50. 1:48buy Bitcoin and then you see the price
51. 1:50going down. You don't get to buy the
52. 1:51things that you wanted in the short term
53. 1:53because you had to buy Bitcoin, you had
54. 1:55to put your money into this asset that
55. 1:58is
56. 1:59a lot of people think it's thin air.
57. 2:00People think that it's a greater fool
58. 2:02theory. Think people think it's a scam.
59. 2:03But even after you've learned the
60. 2:05fundamentals, you're not even halfway
61. 2:06through learning about what Bitcoin is
62. 2:09because experience is the other part of
63. 2:11it. You're buying Bitcoin today for your
64. 2:14future self, and you're allowing your
65. 2:17future self to build the experience that
66. 2:19comes with holding Bitcoin. If Bitcoin
67. 2:21goes down significantly, you're going to
68. 2:23go through a crazy rush of emotions.
69. 2:26You're going to feel like you're stupid.
70. 2:28You're going to think that you made the
71. 2:30wrong decision. You're going to question
72. 2:31everything that you ever learned about
73. 2:33this thing. And then, when the price
74. 2:35starts coming back up, you start getting
75. 2:37a little bit greedy, and you start
76. 2:39making decisions that you maybe
77. 2:40otherwise wouldn't have. Understanding
78. 2:43what to do in these situations takes a
79. 2:44lot of time. It takes a lot of effort.
80. 2:46It takes a lot of care for your stack.
81. 2:49The sooner you start buying Bitcoin, the
82. 2:51longer that you have to experience all
83. 2:53of those emotions and to know what to do
84. 2:56while all of that's happening. I created
85. 2:58a worksheet for the people in my Bitcoin
86. 3:00retirement accelerator program. If
87. 3:02you're interested in joining, check the
88. 3:03link in the description below. But this
89. 3:05plan basically goes through what you're
90. 3:08going to do over the next 10 years to
91. 3:10make sure that you actually get rewarded
92. 3:13for all of the work that you did by
93. 3:15studying what Bitcoin is. So, how do we
94. 3:18how do we make a plan? And you can do
95. 3:19this on your own. You don't have to get
96. 3:20my support. If If you want my support,
97. 3:22of course, by all means, check the link
98. 3:24in the description below. But you can do
99. 3:25this yourself. You can just copy this,
100. 3:27put it into your own document. Number
101. 3:28one, your wealth building formula. How
102. 3:30much money do you make? Can you increase
103. 3:32your income? How do you increase your
104. 3:34income? What are you going to do to
105. 3:35increase your income? Number two, your
106. 3:36expenses. What are your expenses looking
107. 3:39like today? Do you even know what your
108. 3:40expenses are? Most people have no idea.
109. 3:43They've never gone through a budget.
110. 3:45They've never checked their net worth
111. 3:47because they don't have the time to.
112. 3:48They don't know how to. It just It It
113. 3:50just seems too complicated.
114. 3:53The difference between your annual
115. 3:54income and your expenses is the gap.
116. 3:57Once you have a gap between your annual
117. 3:58income and your expenses, you're
118. 4:00probably out of survival mode. You don't
119. 4:02really have to think too much about how
120. 4:04much your groceries are costing. You
121. 4:06don't have to worry too much about
122. 4:07whether you're going to be able to pay
123. 4:08your mortgage or your rent by the end of
124. 4:09the month. And I think that's a really
125. 4:10great position to be in. It allows you
126. 4:12to take more risks with your savings.
127. 4:15Your income can go up as much as you
128. 4:17want it to. Your expenses can only go
129. 4:19down to a certain level. So, what I
130. 4:21would do is focus on your income to
131. 4:23increase the gap between your income and
132. 4:25your expenses so you can put more money
133. 4:27into Bitcoin. Most people think that,
134. 4:29"Oh, if I'm going to try to increase my
135. 4:30income, it's going to take so long. It's
136. 4:32not even worth it." But again, think
137. 4:33about your future self. Think about the
138. 4:35person you'll be in 5 years when you
139. 4:37actually have that income that you
140. 4:38worked towards today. Maybe you can do
141. 4:41some Uber Eats on the side. Get an extra
142. 4:4410, 15, 20 dollars a night, and that
143. 4:46could create a gap for you of $100 a
144. 4:48month. That $100 gap can be used to pay
145. 4:51off your debt. It can be used to invest
146. 4:53for the future. It can be used to build
147. 4:55your net worth to a point where maybe
148. 4:57you never even imagined it could be in
149. 4:59the past. Most people have this problem
150. 5:01with thinking that they will always be
151. 5:03broke because they've been broke in the
152. 5:05past. They'll always be broke because of
153. 5:07that. And I think that you need to step
154. 5:09away from that. You need to think about
155. 5:11who your future self will be. Who do you
156. 5:13aspire to be? And you have to work
157. 5:15towards that with all of your effort in
158. 5:18order to get there. Creating the gap is
159. 5:20extremely, extremely painful because
160. 5:22think about it. You're delaying
161. 5:24gratification.
162. 5:26You don't get anything out of it. You're
163. 5:27actually sacrificing something. Let's
164. 5:29say for example, if you go out every
165. 5:31single week, you go out once a week, you
166. 5:33spend $150 a week,
167. 5:36and you're spending $600 a month on
168. 5:37going out. That's perfectly fine. I
169. 5:39don't care what you spend your money on.
170. 5:41But if you don't have a gap, maybe it
171. 5:43would be better to sacrifice one of
172. 5:46those nights out
173. 5:48in order to create a gap. Let's say for
174. 5:50example, you're earning $50,000
175. 5:54a year and your annual expenses are
176. 5:56$50,000 a year, you have zero gap.
177. 5:59$50,000 a year, you have $0 as a gap.
178. 6:02You're not saving anything. Everything
179. 6:03that you earn is going towards your
180. 6:04expenses. But let's say for example, you
181. 6:06can find some way to cut your
182. 6:10expenses by $100 a month.
183. 6:13Your expenses are now 40 48,800.
184. 6:17And your gap is $1,200. And it doesn't
185. 6:20feel like a lot, but over the long term,
186. 6:22it will add up and it'll make a massive
187. 6:25difference in your life just to have
188. 6:26this small gap. Upfront, it doesn't feel
189. 6:28like a lot, but eventually, you'll find
190. 6:30ways to grow this. You'll find ways to
191. 6:33increase your income so that you have a
192. 6:34much bigger gap and you can put more
193. 6:36money into Bitcoin. In the beginning, I
194. 6:38think you have to kind of force yourself
195. 6:40to cut your expenses and to find a way
196. 6:42to create this gap, but over time, as
197. 6:45you figure out what Bitcoin is, as you
198. 6:46see the power of Bitcoin, and as you see
199. 6:48it actually growing for you, you're
200. 6:50going to want to increase the gap so you
201. 6:52can buy more of it. Increasing your
202. 6:54income requires you thinking about your
203. 6:56future self. Just like buying Bitcoin
204. 6:58requires you thinking about your future
205. 7:00self. Decreasing your expenses, again,
206. 7:02requires you thinking about your future
207. 7:04self just like with Bitcoin, with buying
208. 7:06Bitcoin, delaying gratification to
209. 7:08accumulate the scarcest asset in the
210. 7:10world so that eventually, your net worth
211. 7:11will go up. After we go through the
212. 7:13wealth building formula, we go into your
213. 7:15retirement. What is your retirement
214. 7:17number? I've made a video about this. Go
215. 7:19find it. You'll You'll be able to look
216. 7:20for it. You can actually calculate what
217. 7:22your Bitcoin number is, but essentially,
218. 7:23what you want to do is you want to find
219. 7:25out what your expenses will be based on
220. 7:26inflation over the next, let's say, 10,
221. 7:2920, 30 years, whatever your retirement
222. 7:31target date is.
223. 7:33You have to figure out what your
224. 7:33expenses will be based on inflation and
225. 7:35then how much your expenses will cost in
226. 7:38terms of Bitcoin. That'll let you back
227. 7:40into your Bitcoin retirement number. We
228. 7:42won't go to too much into that, but go
229. 7:43ahead and find the video. Search for
230. 7:45retirement number, you'll probably find
231. 7:46it. I'm not going to go through the
232. 7:47whole plan, and you can just take
233. 7:49screenshots if you want to, but this
234. 7:50plan requires that you think about your
235. 7:52future self. And one of the most
236. 7:54important things that you want to do is
237. 7:56you want to prepare
238. 7:58for what you're going to do if Bitcoin
239. 8:00were to fall.
240. 8:02What would happen
241. 8:03in your mind
242. 8:05if Bitcoin falls 50% from here?
243. 8:07Are you going to sell because of fear?
244. 8:10You probably will if you don't have a
245. 8:12plan. If you don't have a plan, if you
246. 8:13don't have an idea of what you're going
247. 8:14to do and again, you don't have to do
248. 8:16this with me. Just write it down on a
249. 8:17notebook or something.
250. 8:19Have a plan for what you're going to do
251. 8:21if Bitcoin falls.
252. 8:24Have a plan for what you will do if
253. 8:26Bitcoin rises. Maybe that means that
254. 8:28you'll do nothing, and that's what
255. 8:30you're going to have to write. I will
256. 8:32only sell Bitcoin if
257. 8:34whatever the reason could be. Let's say
258. 8:35for example, there's an emergency. You
259. 8:37have to pay for something. You have to
260. 8:38pay for a repair. You have to pay for a
261. 8:40car repair, whatever it is. During a 50%
262. 8:43drawdown, I will
263. 8:45You want to avoid selling the bottom.
264. 8:46That's the key asset here. If you're
265. 8:48buying, you should be buying before the
266. 8:50top. Think of it that way. You should be
267. 8:52buying when Bitcoin's price is going
268. 8:53sideways. You should be buying when
269. 8:55other people are fearful and they're
270. 8:57bored. You should have a preset cooling
271. 9:00off period before any major move. Let's
272. 9:02say for example, right now Bitcoin is
273. 9:05going crazy. It's up to $78,000.
274. 9:07It went from 62,000 to 78,000 in a
275. 9:10couple of days.
276. 9:12A lot of people are going to make
277. 9:15an impulse decision. They're going to
278. 9:16borrow against Bitcoin. They're going to
279. 9:17borrow against their house. They're
280. 9:18going to buy as much as they can. I
281. 9:20don't know if that's the wrong move, but
282. 9:22the reason is wrong because they're
283. 9:25doing it for their present self. They're
284. 9:26not doing it for their future self.
285. 9:28They're doing it for their present self
286. 9:29to be able to just get as much
287. 9:32profit in terms of dollars in the short
288. 9:34term as possible. That's why they're
289. 9:35using leverage. Your future self will
290. 9:37probably be okay with it because
291. 9:39eventually Bitcoin's going to go to 100,
292. 9:41200, 300, 400k. But what happens
293. 9:43if you get liquidated before you get to
294. 9:46that future self with Bitcoin? Do you
295. 9:48think that your future self will be
296. 9:50happy that you over-leveraged yourself
297. 9:51with Bitcoin and you lost everything and
298. 9:52now you're in debt and you're in a worse
299. 9:54position than you started off with? Or
300. 9:56do you think your future self will be
301. 9:57more appreciative of your actions if you
302. 9:59just have the Bitcoin and you have
303. 10:02you don't have too much. You don't have
304. 10:04like 10 Bitcoin. Maybe you have Maybe
305. 10:05you can get to 0.5 or something like
306. 10:07that. You get to 0.5 Bitcoin at some
307. 10:10point that 0.5 Bitcoin is going to be
308. 10:11worth 200k. It's going to be worth 400k.
309. 10:13Today, what's 0.5 Bitcoin cost? Cost
310. 10:16about 40k. So at some point it'll be
311. 10:18200, 400, 500. Do you think your future
312. 10:20self is going to be thinking
313. 10:22I should have taken on excess leverage.
314. 10:25I should have waited to buy until the
315. 10:27absolute bottom.
316. 10:28These are all things that people do
317. 10:30because they're thinking about their
318. 10:31present self. They're thinking about
319. 10:33their ego. They're thinking about if
320. 10:34Bitcoin goes down from here, then I'll
321. 10:36feel stupid, so I won't buy. I'll wait
322. 10:38for the dip. Or if Bitcoin goes up from
323. 10:40here,
324. 10:41I'll feel very stupid because I don't
325. 10:42have enough. I'm going to go on and take
326. 10:45leverage, too much leverage, more
327. 10:47leverage than I can handle. When you
328. 10:49make decisions based on impulse, when
329. 10:50you make decisions based on
330. 10:52greed and fear, you're making decisions
331. 10:56based on your present self. You're not
332. 10:58making decisions for yourself 10 years,
333. 11:0120 years, 30 years down the line. Greed
334. 11:03is just an emotion. Fear is just an
335. 11:05emotion. Both will eventually go away.
336. 11:07Think about your actions
337. 11:09in the context of where you will be
338. 11:13a few decades from now. Will you from a
339. 11:16few decades from now be appreciative of
340. 11:18what you did today? This also applies to
341. 11:20fitness. I think even more.
342. 11:22For example, I recently did a body scan
343. 11:25and it it came out to be that I'm 25%
344. 11:27body fat. I thought I was much lower
345. 11:29than that, but my ego was hit.
346. 11:33I
347. 11:34don't feel right about the amount of
348. 11:36body fat that I have, and I want to
349. 11:38improve that. That's my goal.
350. 11:40I have to make sacrifices for today
351. 11:44to get to where I want to be in 10
352. 11:46years, in a year, in 6 months. I have to
353. 11:49make sacrifices today to be at that
354. 11:51point in 6 months or a year or 10 years.
355. 11:54Everything that I did up until today
356. 11:56is what caused me to have 25% body fat,
357. 11:58and I worked out I
358. 12:00think I have a decent amount of muscle,
359. 12:03and I only have that because of the the
360. 12:05workouts that I did in the past. If I
361. 12:08hadn't done those workouts, how much
362. 12:09worse would I be? This is the way that I
363. 12:11like to think. If I hadn't done those
364. 12:12workouts, I'd probably have a lot less
365. 12:14muscle, my metabolism would be a lot
366. 12:15lower, my body fat percentage would
367. 12:17probably be much much higher. Now, my
368. 12:20goal is to make sure that my future self
369. 12:21doesn't feel the same way that I do
370. 12:23today about my body scan. For example,
371. 12:25maybe I'll try to go from 25% to 20% by
372. 12:29the next time that I do another scan.
373. 12:30All of this has to do with me thinking
374. 12:32about the future. You stacking your
375. 12:35Bitcoin has to do with you thinking
376. 12:36about the future, not the present. If
377. 12:39you're thinking about the present,
378. 12:40you're trying to make a quick return,
379. 12:42you're trying to buy maybe a car or a
380. 12:44bigger house, you're trying to
381. 12:46get some kind of instant gratification,
382. 12:48you're not going to do well with
383. 12:49Bitcoin. Think about your future self,
384. 12:51think about what your future self will
385. 12:52appreciate. I think your future self
386. 12:54will be much happier if you just
387. 12:57continue to dollar cost average,
388. 12:59just continue to buy, don't be
389. 13:01impulsive, don't sell because you're
390. 13:04fearful
391. 13:05because the price goes down, or don't
392. 13:07buy just because you feel greedy
393. 13:10and you feel like it has to go up
394. 13:11forever.
395. 13:12Just keep accumulating over time. Don't
396. 13:14use your emotions.
397. 13:16Steady growth is much better than trying
398. 13:19to bring all of your growth to the
399. 13:21present and then getting wrecked.