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I would use the emergency cash or sell the Ethereum.
Or another option is fix your car and then sell it.
I don't know if it's an option, but can you use a push bike for transport instead of the car?
Personally I prefer to go wihtout the luxuries so that I can invest in my future.
I put my investments as my top priority over everything else, because I know I can make the money for essentials like car repairs, food etc.
We will always find a way for these things.
But if you don't put money away for your investments then you will always have an excuse for not saving, or for dipping into them.
That's just me though.
Also I wouldn't use the excuse that Bitcoin needs to be spent to increase adoption, that stage will come, but Bitcoin is too volitile to be used as a currency in the next few years.
It needs to be a reliable store of value first, and then a currency much much later.
I wouldn't think of it like you are going to be spending $9.k, I would think of it like I am spending $100k, because time is going to fly by and that Bitcoin is going to be worth 100k.
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Many of us are just here because we really want to see bitcoin grow in value, but little are we contributing to it, contributing to bitcoin is not just buying and keeping the money in the wallet, but many of us run online stores, while some of us have physical stores, how have we encouraged the use of bitcoin, by accepting it too as means of payment and then displaying the logo in our store.
Bitcoin is not ready to be used as a currency yet, that comes later. First Bitcon needs to be seen as a reliable store of value, and be adopted as such. One thing I discuss in the video I posted below is the evolution of Bitcoin: https://youtu.be/SiYc6ipKefQThe journey Bitcoin is currently taking up to becoming adopted as a currency is one of the reasons I believe in buying Bitcoin now. I admire your braveness to invest your monthly income to bitcoin
Thanks appreciate it  Since I'm engaged in a signature campaign whose paying me Bitcoin, I hold some while I convert some to invest into different investment like stocks and some of it are for the future business. I want to have a passive income with my early age so I need to learn more and at the same time earn more.
Anyway, you're plan is good. Having a residential property and use it for rental purposes will give you passive income. Good luck with your future plans.
Yeah, it's good to start investing as soon as possible. Every investment brings you closer to financial freedom. It's the only way people are going to be able to retire these days. If you are still young and you can still save, why not its feasible, but for those who are near retirement age its quite too late.
Yeah investing, especially in assets with a high risk, gets more difficult as we age. try not to measure your success in dollars
don't forget, the whole reason why the circumstances that are giving people this opportunity is: inflation
and inflation means that the value of the currency, it's purchasing power, is deteriorating (which you have realised....)
so that means the currency you're transtioning from is not a reliable measurement, so don't measure anything with it!
count in ounces (of gold/silver) and satoshis
Yes and I think the general public are going to be thinking in terms of satoshis sooner than we expect. Especially looking at the crazy things that are happening with the dollar, yuan, pound, euro etc. |
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However, I am not buying more property at the moment as I am waiting for a dip in prices and I think Bitcoin is a better investment at the moment. You mentioned earlier you are based in, and buy property in, the UK, right? How is the housing market dealing with the threat of Brexit? I would imagine there could be some fear regarding Brexit, which would push sellers to try and sell before it happens, but similarly, buyers like yourself could be expecting a big crash and cheap deals in the event of a no deal, and therefore waiting it out? Or perhaps there is a feeling that prices will go up when the value of the pound tanks even more? I don't really like any of the altcoins. When bitcoin goes down, everything goes down. When bitcoin goes up, sometimes some coins go up, sometimes some coins go down. If you are in it for the money, then short of catching that lucky 1 in 100,000 chance that you pick the right trash altcoin on the right week that it sees a 300% pump, then staying in bitcoin is your best bet. If you are in it for the technology, the product, the real world use, then there is absolutely no competition, and staying in bitcoin is categorically your best bet. London property prices are stagnant/dipping at the moment. This could partly be due to Brexit, and also the fact that property in London is super inflated. Prices in other UK cities usually go in a similar direction but the change lags behind London time wise. I still like property as a long-term investment. But I avoid short term speculation, because it doesn't match with my investment objectives. |
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Go with your maximum goal with is x10 because that goal is realistic.
At the current price of $10,000, bitcoin just need to rise to $100,000 in order for you to achieve your goal, if BTC continues to grow and we will see some great adoption, I think in less than 5 years, you will already achieve your goal.
You have created an impressive plan, you are not exposing much of your income in BTC so I know you can wait if it will take longer before it will be realize.
Yeah I plan to wait patiently until it is at a very high price of $100k and then slowly cash out week by week. I don't really like any of the altcoins. Even if projected returns for Bitcoin were lower, I would still only buy Bitcoin. I believe in the future of Bitcoin - I don't believe in the future of any of the altcoins. |
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My plan, simply put is: - Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
All if this looks clear as you might have entered at right time. But, there are many who entered during dec 2017 just felt the other way around. Let me tell you what I have see. In our relatives house they had a cook who constantly heard of btc and its market in 2017 and on a fine day he decided to invest and in those days getting accounts verified was a big task it use to take 15- 20 days minimum and he invested in Dec he is still holding. Point is the waiting for the investment to grow by 5-10x does not work in all case. The plan is working based on when you stepped into the market. Really this sometimes is an opener for holders, people bought in late 2017 at a higher price, they have either lost or are still hodling at same loss. Some people just bought in march at $4,000 and are currently in profit. When we enter is really important. Anyone who bought in late 2017 will see massive profit if they hold until late 2020 or 2021 or 2022. I bought some Gold in 2013. I had to wait 6 years to see profit on that Gold investment. Be patient and the money will come. |
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It is very important to foresee how far a Bitcoin investment can go. Until 1-2 years ago, anyone selling Bitcoin regretted it in the long run. Someone who invested in 2015 regretted selling ATH in 2016. So if your goal is investment, Bitcoin has earned everyone in the long run. Especially in countries with weak economic values against the USD.
In 2017, we saw Bitcoin's ATH against the USD. At the same time, the local currency of my country and ATH was experienced in the same period. But about a month ago, when Bitcoin went up to $ 13500, we approached ATH again in my country. In other words, BTC investment can be very effective especially in countries with high inflation.
Yeah that is a good point, and I think I will ALWAYS hold some Bitcoin, because I think Bitcoin could be the future, and the price will keep going up (on average over the years) for a while to come. |
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What I like about your strategy is the following : 1. You are saying, Fck it! I am going for it. A lot of people stand on the side, not taking any risk and waiting for success to come to them. In the real world, that does not happen. 2. You are not going "All in" ....so you only expose enough capital to high risk, that you are willing to lose. A total Bitcoin failure, will not sink your boat.  3. You have a plan and you stick to it. Too many people invest blindly with no purpose. 4. You are not scared to pull the profit, when you reach your goal. Some people become too greedy and they miss the opportunity, when the profit present it self. I invested a large amount of money into Bitcoin when the price was between $300 and $400 and I took profit when it reached $18 000+ and that profit was re-invested into other investment options in my bigger portfolio. Thanks for the vote of support. Yeah I think the key here is not getting greedy, similar to you. I'm going to take profits slowly and not cash out all at once. |
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You really did stat off in BTC as your first investment, that's cool although risky IMO.
Please be specific with your target as sometimes if we are just putting a range like 5-10 times growth, it will make us greedy when we are in a situation that bitcoin price is already growing, especially in the bull market. Instead of thinking of 5-10 growth, why not just make it x10 growth, that would be easy to initiate as you can sell right away, of course x10 is already a good return, you'll be very greed if you don't sell it once you'll see that opportunity.
As always, it's good to invest outside crypto to minimize the risk and at the same time, it's diversifying your investment but step is crucial and it should succeed first.
Yes I agree, I have investments in Gold and also residential property. However, I am not buying more property at the moment as I am waiting for a dip in prices and I think Bitcoin is a better investment at the moment. Bitcoin also offers an asymmetric/extremely high potential return compared to Gold, so I prefer to load more into BTC rather than build my Gold investment. The stock market is also tanking and may be on a slow bleed for the next few years. Bonds are too low in yield. So I think Bitcoin is the best investment option going forward. |
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I like your strong belief and conviction.
Your plan is solid and i hope you succeed but in case of others, they dont have 100k to invest , most of us can invest up to 1000. This is why this forum is full of thread like " next 10-100 coin" because the 1000 USD/EUR/GBP with BTC will not get you close to financial freedom.
Yes, we all start somewhere. But a small investment will grow and grow when you add to it, and in the end it will be big. The important thing to do is to start and keep going. I started off investing small amounts of money into Gold years ago. I saved and put away my money slowly. $1,000 is a lot when in BTC because one day that will be worth a lot of money, especially in 5-10 years. And if you keep adding more fiat into BTC, keep stacking satoshi's, your prosperity with grow and grow. |
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Your thought is awesome , but as for me that don't have any stable income but still need to be very active on how to use this opportunity to be financially free will have to use my method of having 3-4% growth in my btc for a year and that will give me a huge result and profit at the end if I start with 0.01btc
Thanks Yes I think stacking as many satoshi's as possible is the best way forward, because in the future even satoshi's will be worth a lot of money. |
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Live of rental income make sense because its going to give you funds for life. Everybody wants to profit for life and that will just be your ticket to live comfortably. You're not the only who plans that kind of business once they got some funds to start. Rentals is continuous flow of money which is a good plan. I have a slightly different plans like owning a few properties in the near the beach and so I will have a boat myself and do fishing all mylife.
That sounds like a good plan. Yeah I plan on taking up more with surfing once I have financially free. Being near the sea is good for the soul. |
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I agree, but my point was that people can only be helped by Bitcoin once they start using Bitcoin.
Lets take away the idea of bitcoin helping people rather we should start to look at what bitcoin is doing in the financial system dominated by fiat. Bitcoin is being used to save money or asset. People like to control and use their money themselves without orders, rules etc, this is the major goal I see first. Because, if we put our mind on bitcoin helping people, what about the times that bitcoin drops   Yeah it sucks when that happens. I live in the UK and the £ has dropped in value a lot since BREXIT started years ago, and it has dropped even more recently as the final BREXIT negotiations are taking place. People who hold £ are getting poorer every day. Fiat currency is the enemy of anyone who wants to control their financial destiny. |
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Hopefully going into the future, BTC can provide a more stable way for people to hold their savings, and help people rise out of poverty.
you're still not yet grokking it Bitcoin already is a more stable way for people to hold their savings, as there is no counterparty risk. don't worry, the market reflects your sentiment also, as the majority of participants don't really understand it yet I've been saying for years now, there will eventually be a very high profile incidence of some official gangster asking a well-known public figure "give me your money", and the well known public figure just saying "no" at that point, everyone will suddenly get it, and the exchange value will go supernova parabolic I agree, but my point was that people can only be helped by Bitcoin once they start using Bitcoin. |
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Even with Bitcoin, addresses can be blacklisted (i.e. anyone who transacts with that address with go to prison) if they are not registered with KYC.
you're wrong about that there are many many ways to make it impossible to be sure if funds originated from blacklisted addresses, and further techniques will improve this in future so why not extend your optimism to Bitcoin's personal sovereignty properties also? all you have to do is learn how it's done, easy I am optimistic about Bitcoin, and I'm optimistic about the government's curent and future stance on Bitcoin. The way things are going, it doesn't look like the main powers are going to try to go to war against Bitcoin. These countries, UK and European neighbours, USA, China, Russia - they are too busy competing with each other to combine their forces and focus on Bitcoin. |
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Problem is a lot of people are living paycheck to paycheck and have no extra income to invest into bitcoin. They are stuck in a cycle of poverty and the people in charge do everything they can to keep people poor and desperate so they can have cheap labor.
Yeah this is a big problem. A lot of people are up to their eyeballs in debt, and have no breathing room. Hopefully going into the future, BTC can provide a more stable way for people to hold their savings, and help people rise out of poverty. |
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With $1,200,000 invested in property (in the UK) with a 25% loan to value mortgage My mistake. From your first post I assumed you would be buying property outright, not taking out additional mortgages. BRRR strategy There is a lot of work involved in rehabbing/renovating properties, even if you are just going to get contractors to do it all for you. There is also plenty of paperwork to be done when it comes to buying, renting, remortgaging, and selling. There are also of plenty of risks involved here. What if you rehab a property, but the appraisal (I think you would call it home report) comes back with a lower value than you hoped? What if you can't get anyone to rent for 2 months, or you end up renting at less than you wanted? What if the contractors end up taking longer than expected? What if you discover some hidden problem with the property that you didn't know about? What if rates go up? What if the market tanks? And as Carlton says, you always have the government to consider, who could crash your whole project in a heartbeat. You sound like you know the market, but this isn't guaranteed "financial freedom" and "passive income". There are a lot of risks to consider. Yeah all these things are true. Property is hard work, it won't be easy or guaranteed. |
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Well long-term I am going to buy property in other countries. which are also subject to the whims of compulsory purchase or confiscation I'm also going to be buying Gold. which is also subject to the whims of compulsory... oh i see, you get it now, ok I'm also going to be leaving some funds in Bitcoin, and also buying back into Bitcoin if there is a major dip after I cash out.
it's not the most free flowing way to do it, but try to use in person cash transactions to minimize the risk of doing this another way is to simply buy raw materials (metals, wood, glass, oil etc) at the top of the Bitcoin market, providing you have some guarantees to find a buyer. If you can find a commodity that's at the bottom of it's market cycle, so much the better and you'll have property at which to store it all too (did you consider buying industrial property as opposed to residential property?) Property, Gold, anything can be confiscated ultimately. Even with Bitcoin, addresses can be blacklisted (i.e. anyone who transacts with that address with go to prison) if they are not registered with KYC. But I'm optimistic about the future. I only invest in residential property at the moment, it's what I understand. I may look at commercial/industrial property down the road though. |
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- Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
what if your local gangsterment forces you to sell the property to them, below market value via compulsory purchase? If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income).
this is increasingly less likely Bitcoin is financial freedom, because no-one can subvert your possession of it. This means demand will always be high, ensuring a high value. Satoshi was no slouch, y'know Honestly I have thought about this - what if the government confiscates property? Well long-term I am going to buy property in other countries. I'm also going to be buying Gold. I'm also going to be leaving some funds in Bitcoin, and also buying back into Bitcoin if there is a major dip after I cash out. If history repeats itself we may see an influx, and a dip afterwards. |
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My plan, simply put is: - Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
I think it's great to have a long term plan set out prior to any major investment, and to have a goal you are aiming for. You should have a set price at which you want to cash out your bitcoin; too many people during the last bull run got greedy and just kept waiting and waiting for a higher price, and then ended up panic selling on the way down, often at a loss. Having said that, I'm not sure I follow your numbers there. Even taking your higher growth target of x10, that gives you $1,200,000 to buy property with. A passive income of $120,000 is 10% of your property's (or properties') total value. On top of that you have to factor in taxes, legal fees, administration fees, insurance, maintenance costs, repairs, and so forth. Add all that together, and the monthly rent you are going to have to charge will be way above the going rates. Very good question. With $1,200,000 invested in property (in the UK) with a 25% loan to value mortgage, that gives me the ability to purchase properties with a total value of $4,600,000 (slightly less of course due to fees). Generally when I invest in property, if I invest for example £30,000 in a property (including fees), then I would expect as a minimum of 10% ROI, i.e. £3,000 per year in NET Profit (this is of course after all expenses including maintenance and property management). Of course, you can only get these ROIs when you are using a mortgage to purchase property with low interest rates, e.g. 3%. So we will see what the interest rates are within the next several years. But good investments typically net between 20% and 30%, but higher ROIs are possible using the BRRR strategy. I'm a property investor, so trust me on this |
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Everyone has a slightly different method for becoming financially free, based on their personality, skill-sets and appetite for risk. I haven't come across many other BTC enthusiasts though that are using Bitcoin to become financially free, so I thought it might be interesting to share what I'm doing. My plan, simply put is: - Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
- Wait for that investment to grow by 5-10x
- Pull out my profit and invest into residential property
- Live off the rental income (passive income will be £100,000 / $120,000 p/a)
That’s if it goes according to the plan I’ve detailed here: https://youtu.be/SiYc6ipKefQ Some may perceive my plan as extremely reckless. I know I could potentially lose everything that I invest, but I’m prepared to take that risk, because in my mind the potential reward outweighs the potential risk. If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income). If it pays off, my route to financial freedom will be LIGHT YEARS faster than I could ever expect from property, gold, bonds, or investing in the stock market as a whole. Although I fully understand the risk involved, I don’t see this as a gamble. I truly believe in Bitcoin as a technology. I’m willing to bet on something that I believe will have a positive impact on the world going into the future. If I’m wrong, I’m wrong. That’s it. Start again. But if I’m right, my life will change. That’s really just a brief summary of my investment strategy (there is actually a bit more to it) - I’ve created a video, also linked to above, with a clearer explanation here: https://youtu.be/SiYc6ipKefQ It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are. |
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