Bitcoin millionaires, tell us your story!

[EvilPanda]

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.

In the US - possible. In Europe there are still countries where minimal wage is about 5k$/year! I happen to live in one of those, so I guess 25k/year would allow you to live like a king there. I also stopped living with my parents when I was 18 and I'm telling you 1mil can be a shit load of money. I personally know people that earn less than 3$/h

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[501]

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.

In the US - possible. In Europe there are still countries where minimal wage is about 5k$/year! I happen to live in one of those, so I guess 25k/year would allow you to live like a king there. I also stopped living with my parents when I was 18 and I'm telling you 1mil can be a shit load of money. I personally know people that earn less than 3$/h

Where do you live?

$25k in the US basically allows you to live in poverty. You can work as a McDonald's cashier and make a little under 25k. To live a "comfortable" middle-class life requires about $70k a year, assuming 0 inflation.

[johnyj]

One million dollar is not enough for a retirement, but one million dollar worth of bitcoin is totally a different story

[EvilPanda]

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.

In the US - possible. In Europe there are still countries where minimal wage is about 5k$/year! I happen to live in one of those, so I guess 25k/year would allow you to live like a king there. I also stopped living with my parents when I was 18 and I'm telling you 1mil can be a shit load of money. I personally know people that earn less than 3$/h

Where do you live?

$25k in the US basically allows you to live in poverty. You can work as a McDonald's cashier and make a little under 25k. To live a "comfortable" middle-class life requires about $70k a year, assuming 0 inflation.

In Poland, but all countries of the Warsaw Pact have similar poverty problems. Minimal monthly net wage here is around 350$, minimal pension 250$. In my country the president earns around $70k a year (!). And to top all that we have 23% VAT so every single product is much more expensive than in the US.

[malumeze86]

I have a lot of millionths of BTC.  Just not quite 1,250,000,000 of them, yet....

 

[btcprice]

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.

This is what I was looking for. Glad to see you treated yourself to something tangible instead of just watching the prices go up and down.

[kireinaha]

Hey all you bitcoin millionaires! *chirp* *chirp*

Guess they`re not hanging out here.

[tvbcof]

...
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.
...

Looks like a modernized version of the Ford LTD that my grandfather had.

[justusranvier]

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.

You've successfully proved that one million dollars is not enough to live comfortably in the USA.

If you've got that much, however, you are in no way confined to living in the most expensive police state in the world.

[600watt]

I own 10 bitcoins and oh boy let me tell you... it feels great to be a millionaire at age 25

you will be one with 30, just wait. (and don´t sell)

[beetcoin]

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.

You've successfully proved that one million dollars is not enough to live comfortably in the USA.

If you've got that much, however, you are in no way confined to living in the most expensive police state in the world.

word.. but it's not that easy to pick up and leave when you have family, friends, or possibly a wife/husband and kids.

[maurya78]

Fat chance of drawing any honest responses on this thread

[Mondy]

I dont think bitionaires will bother telling us about their financial state.

Just like saying: Fiat Usd millionaires tell us your story. lol

[El Dude]

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.

interest rate in offshore banks are 5% , if you put a 1 million , you get 50 000 clean . Your telling me you can't live of $50 000 a year ?

[wachtwoord]

He is right that $1M isn't a lot. 0.6% (that is 6 in every 1000 people or 29M people) of the WORLD populace (this includes poor stricken regions where a lot can't even eat) has a net worth of $1M or more (http://www.zerohedge.com/news/2013-06-02/its-1-world-who-owns-what-223-trillion-global-wealth).

[fuggedit]

Wow, you guys are truly inspirations. I think if all you entrepenuerial guys could teach the rest of us a bit we could all make bitcoin the next big thing. I know I am a converter of people at my college. When I tell people in my class I bought a few at 90 and now they are 900, they are excited enough to ask me all about them and how to invest. Most of my professors actually moreso....

[Johnny Bitcoinseed]

Just trying to help.  Don't gloss over the hit of taxes and inflation.  Tales of guaranteed 4, 5, and 10% interest are often just that. And you could lose it all. As others have mentioned, sitting on a million dollars invites all sorts of unwanted attention: .gov LOVES to confiscate in one way or another.

Many of you do not know the full brunt of .gov confiscation of wealth.  When you work for low wages you actually get more than you pay in (goods and services such as roads, fire protection etc).  HOWEVER, after a certain level of income you will see that you are hemorrhaging gads of money into government coffers - in effect supporting everyone else.  If you are into socialism now, you won't be when the fruits of your labor and intelligent investing are stripped away from you at the point of a gun and given to other people who did not earn it.

I maintain that getting your first million is actually the easy part.  It's holding onto it in such a way that you can live free on it without having to work -  that's hard.

Of course, if YOU got your hands on a mil your experience would be different.  Of course.

[zeetubes]

Anyone who is already a bitcoin millionaire probably has a few technical smarts, not to mention some decent sized balls not to have sold through the amazing ups and downs. That sort of person would probably not retire, but instead start up a business enhancing the bitcoin infrastructure. Why waste all that knowledge? And there are so many opportunities to improve what is out there now.

OTOH if you have broad enough hobbies, it is quite possible to retire on a mil and there are many great and very cheap places where the weather, utilities, medical systems and lifestyle etc are just fantastic. For $50-80K or even less, you can buy a nice condo in four such countries and spend a few months each year in different places and rent them out the rest of the time.

Great thread btw.

[Hawker]

Just trying to help.  Don't gloss over the hit of taxes and inflation.  Tales of guaranteed 4, 5, and 10% interest are often just that. And you could lose it all. As others have mentioned, sitting on a million dollars invites all sorts of unwanted attention: .gov LOVES to confiscate in one way or another.

Many of you do not know the full brunt of .gov confiscation of wealth.  When you work for low wages you actually get more than you pay in (goods and services such as roads, fire protection etc).  HOWEVER, after a certain level of income you will see that you are hemorrhaging gads of money into government coffers - in effect supporting everyone else.  If you are into socialism now, you won't be when the fruits of your labor and intelligent investing are stripped away from you at the point of a gun and given to other people who did not earn it.

I maintain that getting your first million is actually the easy part.  It's holding onto it in such a way that you can live free on it without having to work -  that's hard.

Of course, if YOU got your hands on a mil your experience would be different.  Of course.

That is not correct.  If you are blessed enough to live in a well run country, the higher your earnings more value you get from the educated workforce, the legal system and all the other good stuff that comes from being in a good place.  That's why so many of the rich have bases in New York and London.

[data]

While a million dollars might not be enough to retire, it certainly makes life a lot more pleasant. Absolutely low risk investments will get you about 20k each year in addition to what you are normally earning; a good spread might as well give you 40-50. That is about what I make right now as a PhD student. Alternatively, get out of the rent game and buy yourself a nice house, keep the rest.