gm
Hello all! It’s been too long! I have only myself to blame because this newsletter is a one-way street. Man, if you folks could write the newsletter, so many more would get written!
I was busy with my genesis NFT art project, a future road race to fight climate change, Earth 5000. One word: Beeple! The project wasn’t exactly what I envisioned, but I guess that is a common curse for new artists. Disclaimer: Yes, that’s my art I’m writing about! … Find out more on my under-construction website … Freaklion.io. You are the first to be officially welcomed to the site. So, welcome! Please excuse the dust as I get started. I will write more on Earth 5000 on the site … The journey, the mistakes, and the rest.
But to today’s letter … let’s talk ETH!
If you are new to crypto and NFTs, one of the main rules you will see tweeted (besides saying gm (good morning)) … is the acronym NFA. That stands for “Not Financial Advice.”
Another rule of crypto is to break the rules, so let’s do that today! Feel the rush of a newsletter breaking rules! And while the following is financial advice from my perspective, please note you should DYOR (do your own research). Please talk to an accountant and/or a tax advisor if the ETH in question can be exchanged for serious coin.
Yada, yada, yada … let’s get started. First, what is a “big sale?” … only you can decide! Maybe your first big sale is 0.5 ETH. Or 5. Or you have been hitting several at 1-2 ETH, but an auction of yours just ended at 20E! (Congrats, BTW!)
The No. 1 thing you should do with an unexpected influx of ETH is to ….
PAY THE MAN
This first one is pretty obvious but often put off in favor of more exciting uses (more NFT art, anyone?).
BUT a central component of crypto and the Web3 space is to avoid THE MAN.
<iframe width="560" height="315" src="
title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
Editor’s note: I love the extra embed coding just hanging out, Substack.
How can you avoid THE MAN if you still own THE MAN? Take a good portion of your ETH, exchange it into straight cash, homie, and put it toward your bills! High-interest bills first, please (generally, credit cards before auto loans, for example). Did you have a 2,000 USD sale? Won’t you thank yourself later for putting $1,000 of that toward a bill? Yes, you will! Pay THE MAN so you can spend less time dealing with THE MAN. Time is money, people!
PAY YOURSELF
Take some more of your earnings and put some into savings. Maybe it will be used to pay THE MAN later. Or taxes (still THE MAN). Or an unexpected expense. If you have some cheddar in reserve, you can pay for upcoming expenses without using credit cards from … THE MAN.
To paraphrase Jack Black, “It’s called “savings.” … Savings. I know for some of you crypto natives that savings is a new word. Google it.
PAY IT FORWARD
With most of what remains, take some and pay it forward. You, no matter your financial situation (within reason), were lucky/talented enough to sell some of your art or were able to sell someone else’s art for profit. If you don’t need all the ETH to pay your immediate bills, help someone else out.
Maybe that is buying another artist’s work. Or donating a bit to charity. Or just buying dinner for someone. Even a small amount can do wonders for many.
Phew! You’ve paid THE MAN and yourself. You’ve paid it forward. Now what? … Because you have just a bit leftover.
HAVE FUN
Well, now buy something you really want! Enjoy it! Enough with the bills and savings. Take a day for yourself. Buy friends lunch. Put it in your “Fun Savings,” for a trip or whatever. You’ve been good with most of your ETH. Splurge a little!
****
Well, that’s all the FA I have for you today. Remember, DYOR!
Coming soon to this space … back to the art! Undervalued Art Blocks, My favorite artists, and What collectors don’t want you to say! Three newsletters in three weeks? It will be a miracle … but it’s that time of year where reindeers will soon be flying, so you never know!
For now, enjoy the process, solve one problem today, and as always, say gm to me … @Freaklionart!
Until next time … good hunting!
Freaklion