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Author Topic: Bitcoin millionaires, tell us your story!  (Read 20362 times)
fran2k
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November 25, 2013, 02:42:31 PM
 #21

A million bucks isn't enough to retire on.


shut up lol

Jajajaj, just move out to South America and will be enough Wink
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November 25, 2013, 02:52:52 PM
 #22

Why do people dream of retiring and being "set for life" anyway. Its a pretty boring way to live.

Because having to work for a living doesn't make life less boring and if your job is boring it compounds the issue.
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November 25, 2013, 02:58:51 PM
 #23

pretty sure all the millionaires are sitting on yachts not worrying about bitcoinforum heresay.

Tongue

Well it's just been a little over a month when the price was at $135. If someone had 1250 bitcoins their net worth would be just over $150,000. Not hardly enough to retire on.

If I had a million dollars in wealth from bitcoin alone I would still want to discuss with people whether they thought the price would go down drastically so I would frequent this forum even now.

Ummm. You might want to check your math. 1250 BTC is worth much more than $150,000

In the previous sentence I was referring to "it's just been a little over a month when the price was at $135". At that time it was worth just a bit more than $150,000.

OH, my apologies. I didn't notice the date of your post.
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November 25, 2013, 03:10:05 PM
 #24

My goal is to be set in for life if for some reason I decided not to work any longer.  It's nice to have the option. Much less worry!
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November 25, 2013, 03:22:43 PM
 #25

yeah you could hold them for a year and pay only 15%.

or constantly be trading , and never hold anything over couple "days" Wink -- oh wait, that's wallstreets game Smiley

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November 25, 2013, 03:56:57 PM
 #26

Why do people dream of retiring and being "set for life" anyway. Its a pretty boring way to live.

They will just start working on their own dream instead of wasting 8 hours of their daily life to enrich a stupid fat boss.

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November 25, 2013, 03:58:14 PM
 #27

Why do people dream of retiring and being "set for life" anyway. Its a pretty boring way to live.

Because having to work for a living doesn't make life less boring and if your job is boring it compounds the issue.

Maybe magicmexican would feel bored being able to lie on a beach of some carribean island thinking whether he should go swimming or pour himself another drink - I certainly wouldn't  Wink

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November 25, 2013, 04:31:01 PM
 #28

Why do people dream of retiring and being "set for life" anyway. Its a pretty boring way to live.

Because having to work for a living doesn't make life less boring and if your job is boring it compounds the issue.

Maybe magicmexican would feel bored being able to lie on a beach of some carribean island thinking whether he should go swimming or pour himself another drink - I certainly wouldn't  Wink
I think it would be nice for a while, but then it will probably get boring. So you must have something to do. Even though if you're set for life you can work on/with whatever you want! Smiley
That's the dream, isn't it? Cheesy
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November 25, 2013, 04:40:01 PM
 #29

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November 25, 2013, 04:50:27 PM
 #30

A million bucks isn't enough to retire on.  Heck, I'm 32 and worth close to $3 million (Not from BTC), yet I still work my butt off everyday, albeit for myself.  If I was 70 maybe then I would consider retiring, but a lot can happen in the next 40 years.  Need to keep working to make sure I have the life I want, and for my sanity's sake as well lol.


Though 3 million is enough though maybe not enough for your needs.  You should be able to make more than $100,000 in gains each year just from that money.  With the average long term returns the stock market and real estate you would on average end up still building up money (to cover inflation and keep the returns growing) if you only pulled out $100,000.  If you were above average in investments you could pull out a lot more than that. 


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November 25, 2013, 05:40:35 PM
 #31

yeah you could hold them for a year and pay only 15%.

This is thus far the most tax-optimal strategy I've seen.
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November 25, 2013, 06:34:21 PM
 #32

A million bucks isn't enough to retire on.  Heck, I'm 32 and worth close to $3 million (Not from BTC), yet I still work my butt off everyday, albeit for myself.  If I was 70 maybe then I would consider retiring, but a lot can happen in the next 40 years.  Need to keep working to make sure I have the life I want, and for my sanity's sake as well lol.


Though 3 million is enough though maybe not enough for your needs.  You should be able to make more than $100,000 in gains each year just from that money.  With the average long term returns the stock market and real estate you would on average end up still building up money (to cover inflation and keep the returns growing) if you only pulled out $100,000.  If you were above average in investments you could pull out a lot more than that. 



I don't think he is estimating his worth of $3million in liquid cash. At 32 though retiring early, your expenses are likely to go up a lot since you'll have a lot of free time. The $3million or whatever it may be will not last your lifetime and your still very young of working age. Inflation, crises, etc.

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November 25, 2013, 06:45:16 PM
Last edit: November 25, 2013, 09:13:50 PM by tvbcof
 #33

Nobody is going to post here.  Because IRS.
Anyway, the Bush tax cuts have offered the opportunity for (American) people who are careful to not actually make money the old fashioned way to pay very minimal taxes.

Ha!  Sarcasm.... Right?

Quote
...
This was extended through 2012 in legislation passed by Congress and signed by President Barack Obama on Dec 17, 2010. The American Taxpayer Relief Act of 2012 (signed on January 2, 2013) made qualified dividends a permanent part of the tax code but added a 20% rate on income in the new highest 39.6% tax bracket. As a result:
 - Qualified dividends and long term capital gains are taxed at 0% for those in the 10% and 15% income tax brackets.
...

From: http://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_States

As always, obtain the services of a qualified tax specialist.  Not Wikipedia.


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November 25, 2013, 09:08:45 PM
 #34

I mined them in 2011 and got them from my shops.

I also tried day trading and had my ass handed to me in June or so.  I lost a few hundred Bitcoin then in the various bear traps.  I learnt a lot of respect for the people that can make day-trading work.  Even if its all down to luck, they have a lot of guts to do it.

I sold 500 BTC for $119.99 and I used the fiat to buy a nice car: http://www.lexus.co.uk/car-models/rx/rx-450h/  In real terms, it cost me less than $2000.  I don't want a yacht - the car is plenty reward for a fun investment in something I believe in.

I still have about 1900 BTC.  

I believe Bitcoin is still ludicrously under-priced.  Myself and a friend bought a KNC miner on ebay.de on Thursday and are looking to buy more.  I won't sell again until the price gets over £1000 which is $1600 and then I will sell exactly 1000.

Wow, I wish I had 19BTC... Cry
Johnny Bitcoinseed
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November 25, 2013, 09:18:38 PM
 #35

Kids, a million dollars really isn't all that much anymore.  I know it appears to be alot if you are making minimum wage and living in your parents basement.  But if you are out in the world and paying your own way, your own insurances etc (because you are living on your million dollars without having a job), you may not even be able to live to retirement age on that much money, much less continue on into your golden years with a reasonable level of finances.

Just sayin...do the math and tell me I am wrong...

Say you are 25 years old and will retire at 65.  One million dollars is only $25,000 per year (not counting a hit of about 38% in taxes).  Then at 65 you will have about zero dollars remaining.

Don't tell me about making wild interest on your money.  Interest rates are near zero.  Inflation is going to further erode the value of your money.

One million dollars is not nearly enough to get you through life comfortably.

Sincerely I am, Johnny BitcoinSeed .com
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November 25, 2013, 09:31:54 PM
 #36

Kids, a million dollars really isn't all that much anymore.  I know it appears to be alot if you are making minimum wage and living in your parents basement.  But if you are out in the world and paying your own way, your own insurances etc (because you are living on your million dollars without having a job), you may not even be able to live to retirement age on that much money, much less continue on into your golden years with a reasonable level of finances.

Just sayin...do the math and tell me I am wrong...

Say you are 25 years old and will retire at 65.  One million dollars is only $25,000 per year (not counting a hit of about 38% in taxes).  Then at 65 you will about zero.

Don't tell me about making wild interest on your money.  Interest rates are near zero.  Inflation is going to further erode the value of your money.

One million dollars is not nearly enough to get you through life comfortably.

Totally spot-on.

Another difficulty is that one has to be able to hold onto it.  40-60  years is a long time for some Goldman Sacks or government official to get their hands on another person's nest-egg (all manners of investment options, and even the demand deposits held in a bank.)  The more one tries to play their hand to make their money work for them, the more likely one is to have it appropriated.

An old gomer like me who already owns property free and clear and has fewer years left might be able to avoid eating cat-food in his golden years, but younger people better have a lot more than $1M and also be very savvy on how it is leveraged.


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November 25, 2013, 09:47:39 PM
 #37

..snip...

An old gomer like me who already owns property free and clear and has fewer years left might be able to avoid eating cat-food in his golden years, but younger people better have a lot more than $1M and also be very savvy on how it is leveraged.



One of the beauties of Bitcoin is that you can transfer the whole lot to your heirs without the Inland Revenue ever even knowing the coins existed. 
Fila Ford
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November 25, 2013, 09:50:58 PM
 #38

i just really wish i was in the know about bitcoins back when they were worth pennies

would be really beautiful to be that lucky since i am a hoarder and would probably have never sold them all no matter what the price

as it is now i am trying to obtain my first coin but my hubby wont let me buy any - he says i have to earn them teeheehee  Kiss
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November 25, 2013, 10:03:57 PM
 #39

Oh my god, Fila Ford, is your husband pimping you out for bitcoins?!
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November 25, 2013, 10:10:28 PM
 #40

Oh my god, Fila Ford, is your husband pimping you out for bitcoins?!

lmbo no way!

he just doesnt believe in them since he is so set in his ways with his 401k and other investments

i will probably start buying small amounts soon but i can understand him not wanting to give me the money to buy 1-5 bitcoins like i want

i am going to learn as much as i can right now and maybe i can start selling things for bitcoins - i used to sell random junk on eBay but i have been looking through the sales parts of this forum and it seems like i dont have a lot of knowledge about the things that sell on here

maybe i can bake some cookies and sell cookies for bitcoins lol   Kiss

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