Between mental health and money

Hey, friends!

Today let’s discuss mental health and crypto.

Personally I find it quite hard to navigate the mental health/money part in choppy markets. Because you’re constantly on a rollercoaster, and you don’t know what you’re net worth is the next day. But this is what we signed up for degens.

“The upside is Valhalla, the downside is the life you would have lived anyway.

Fuck it, we ball”.

-Famous words said by a trader

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Between mental health and money

Hey, friends!

Money or mental health?

This is a question that has been on my mind lately, especially as I reflect on the experiences of those who have made significant wealth in the wild world of crypto.

"You don't want retirement. You want the freedom to pursue what you love", someone once said. And yet, I can't help but notice a common theme among those who have struck it rich in this space: a desire to quit crypto altogether once they've made enough money.

Crypto. We are staking it all on a huge bet that we hope can make us financially free forever. Worst case scenario we lose it all and have to go back to a normal life.

Best case we make generational wealth.

But at what cost?

Many people I talk to in crypto share the dream of making life-changing money in this bull cycle so they can retire forever. I mean retire as in not spending every living moment in the trenches of crypto-twitter and chasing the next moonshot. Retire as in securing the bag and then *HOPEFULLY* living off staking rewards (in theory kek) and the occasional degen bet. 

But here's the thing. Almost no one actually quits. Once you've tasted the rush of these markets, it's incredibly hard to walk away. Even those who've already made it and could comfortably chill on a beach forever get drawn back in. It's like a never-ending game of financial musical chairs, and no one wants to be the one left standing when the music stops.

Why are we looking for “the exit sign” anyway?

Why does everyone claim they'll quit after *this* cycle if they make it? Is it because they logically think that's the smart thing to do? Partially. But I think the bigger reason is that the mental toll of being in this 24/7 is starting to catch up with people. Crypto is an unforgiving mistress. The stress and pressure she puts on you is immense. 

Imagine having a significant portion of your net worth in speculative assets that can drop 80%+ based on a single tweet from a billionaire manchild.

You go to sleep and wake up to massive swings in your "portfolio" every day. You're glued to your phone during every waking moment tracking prices. This cycle of hope and despair wears on you over time.

Then consider the opportunity cost. Every minute spent staring at charts is a minute not spent with loved ones, pursuing hobbies, or working on your physical and mental well-being. Not to mention the havoc it wreaks on your sleep schedule, circadian rhythm be damned.

So let's talk for a second about the impact crypto has on us and what's really beneath all these wagmi(s), lambos, and moon missions.

Changes for better, changes for worse

Make no mistake, the potential financial upside is massive and life-changing if you get it right. But I can't help but wonder, at the end of the day is it worth it? How much money is "enough" when weighed against the best years of your life and relationships? And even if you get that magic number, then what? What is money really buying?

One could argue that it buys you freedom. Freedom to do what you want, when you want. To pursue your passions without financial constraints. But I'd argue that for most freedom is an illusion. Because the game is so addicting that even when you have "enough" you can't help yourself from coming back to the well.

This isn't to say that people haven't authentically had their lives changed for the better by crypto money. Many have been able to escape poverty, crushingly high cost of living areas, and dead-end jobs to pursue a better life through this technology. That's one of the most beautiful things about a permissionless financial system, isn't it?

But for every feels-good-man story, there's an untold number of people who've been rekt chasing the same dream. Who've lost years of their lives and savings to scams, hacks, and bad trades.

Yet the lure of a 100x is always right around the corner, ready to suck them back in.

So before you go all-in on that new microcap gem ask yourself, what's the real cost? Are you really prepared to devote the best years of your life to the great crypto casino? To forego irreplaceable time with friends and family for a shot at the moon? Maybe you are, and that's a conscious choice you're making. But don't delude yourself into thinking it's not coming at a great personal sacrifice.

As some wise degen once said, "you can always make back the money, but you can't make back the time". So as we barrel headfirst into the next euphoric bull market, take a moment to really reflect on what you're chasing and why. And make sure you've squared the trade-off between it all.

Because the biggest risk in crypto isn't getting rugged on a dog token or having your bags tank 90%. It's coming out the other side financially richer, but realizing you're spiritually and emotionally bankrupt. Then all the money in the world won't bring back what you sacrificed to get it.

Crypto does change people's lives. For some, it's been a rags-to-riches story that's enabled them to completely transform their financial situation and quality of life. To go from struggling to make ends meet to having the means to take care of their loved ones and pursue their dreams. That kind of freedom is priceless, isn't it?

For others, the changes have been more subtle. Maybe they're still working their 9-5, but now have a nest egg stashed away in stables that gives them peace of mind. Or perhaps they've been able to pay off high-interest debt and build a credit score that will open doors for them down the line. The power of having even a little bit of capital to deploy cannot be overstated.

Of course, not all the changes have been positive. I've seen friends get consumed by the crypto market to the point where it's taken over their entire lives. Where every waking moment is spent glued to a screen, neglecting their physical health and personal relationships. The rush of dopamine that comes with each green candle can be just as addicting as any drug.

There's a dark side to the incredible wealth that some have achieved. Sudden riches can breed paranoia, isolation, and attract all the wrong kinds of people into your life. Not to mention the crushing pressure to keep up with an unsustainable lifestyle.

Mo' money, mo' problems is a cliche for a reason.

The irony is that for many who've "made it", their relationship with money is more fraught than ever. What was once a means to an end becomes an end in and of itself. The fear of losing it all can be just as psychologically damaging as the poverty they sought to escape. There's a reason why so many lottery winners end up miserable and broke.

So while the financial upside of crypto is undeniable, it's important to remember that money is just a tool. It's a means to live the kind of life you want, not the end goal itself. And if you're not careful, the pursuit of it can end up costing you everything that makes life meaningful.

This is why I believe that the most important skill to cultivate in this space is balance. The ability to pursue your financial goals while still maintaining your mental and physical health, relationships, and sense of self. To have an identity outside of your net worth and not let the market consume you.

It's easier said than done, I know. The FOMO is real and the pace of innovation in this space is relentless.

So my advice is this: by all means, take your shot at the moon. But don't do it at the expense of everything else that matters. Set clear boundaries around your time and emotional energy. Take profits along the way and diversify into assets outside of crypto. Build a life that's resilient to the booms and busts of the market.

And most importantly, never lose sight of why you got into this in the first place.

Because when the dust settles and the bull market inevitably comes to an end, you will understand that the fleeting dopamine hits of green candles or the validation that comes from a fat stack of sats/gweis doesn't really matter.

The relationships, experiences, and sense of purpose that you've built along the way - those matter.

So let's make sure that as we reach for the stars (or the moon, rather), we don't lose sight of the ground beneath our feet. Because while crypto may make you rich, it's the things money can't buy that will truly make you wealthy.

Onwards and upwards.

Stay safe.

That’s it for today, anon!

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