Becoming Financially Free With Bitcoin

[Natalim]

Point is the waiting for the investment to grow by 5-10x does not work in all case.

I agree, timing is very important and I think OP is at the right timing now since bitcoin has recovered a bit.

Aiming for that increase is realistic, bitcoin has already increase a thousand times that's why it reached it price now, so I don't think it will stop at the current price when the fundamentals are good. It will really take time and every investors has to be patient, the word HODL is popular when investing in bitcoin because everyone is require to hold.

Investing when the market at dip is good, it helps us get a cheaper value and will lessen the time of holding but BTC at 10K, I still believe it's a good entry price.

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[jostorres]

Lucky you, you have a constant source of income externally and that is why it could be easy for to cope with it if you lose such amount of money but you still have to be very careful, there risk in everything, I know that for sure, but we still have to be strong to manage the risk very well because there are some risk that you take and may work against you that time.

At his moment, I think this risk you took will pay off for you, provided it was in bitcoin that you invested the money because we all believe that in the next few months, bitcoin will set another high record for us in the market, but no matter how worth the risk may look, better we still don’t put all our investment or savings in one source, whatever you are investing, at least you should keep 30% of it back for emergency purpose.

[rdluffy]

Good and interesting thread
My main goal in life is become financially free
I have my investments in BTC obviously, but I have some traditional investments too, I have a regular job and I do some extra activities when it's possible
And an important part is saving money too

In you plan, you should not count on 5x or 10x in BTC, it's risky to think that, but good lucky my friend

[iMark]

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.

Everyone has their own plan to achieve financial free, holding is one way, but for bitcoin itself achieving such high goals is difficult. unless you try it with altcoin. 5x profit is possible even in a short time, Try these methods repeatedly, in a consistent profit then you can get financial free if you are patient and tenacious

[FinanciallyFreeFox]

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.

[Leonardo7]

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.

It surely will pay off with some patience. Since you are not entirely relying on the investment and you still have other means of survival. This plan would have been closely harshed if you had this same thought when bitcoin dropped to $3k plus early this year and would later move by times 4.

[ene1980]

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.

Taking some calculated risk is always good to earn good rewards rather than doing nothing with the savings you have. But that does not mean that you have to risk every savings, diversifying your investment is always the best option. I trust bitcoin and i have my benefits because i came into this market when the price was basically low in today's standards. The reward is greater than any investment i made my entire life.

If Bitcoin goes to 0, then it will be a major setback.

There is no way that the price of bitcoin vanishes just like that. Some CW fans might believe his scare tactics but a multi billion dollar market will not vanish just like that  .



 

[Andrews193]

Good and interesting thread
My main goal in life is become financially free
I have my investments in BTC obviously, but I have some traditional investments too, I have a regular job and I do some extra activities when it's possible
And an important part is saving money too

In you plan, you should not count on 5x or 10x in BTC, it's risky to think that, but good lucky my friend

Well, the story of how we multiply many assets with bitcoin happened but it was a great moment of the past, people should let it pass, Bitcoin right now is just a profitable investment when we can buy and sell reasonably, similar to business, buy low and sell high, looking for a suitable profit for us. And after accomplishing that goal, we can move on to plans that bring us passive income, which can be real estate and buy a house and then advertise for rent, everything will help us become more stable and financially free, bitcoin does not help us have financial freedom, it's just a way for financial freedom to come faster

[nightxglow]

You're really brave and i like it actually. You don't do anything wrong, because we all know high risk high gain. So, it's just normal if you willing to risk a lot if you want to gain a lot too. People will think you're crazy or reckless, but when you succeed and achieve what you want, they will forget about your craziness or recklessness and will only praise you for your bravery and might envy you because they might not as brave as you to take the risk. You have such a positive mind there, and quite extreme one i might say lol. but i hope it'll be the best for you. I'm actually thinking to use bitcoin to get my financial freedom as well but i'm such a coward and not ready to take a big risk because my condition can't let me decide what i want. So i'll play it safe but give you the best of luck.

[FinanciallyFreeFox]

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.

[FinanciallyFreeFox]

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.

[FinanciallyFreeFox]

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.

[FinanciallyFreeFox]

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.

[ethereumhunter]

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.

That's good, at least you know when the time to take profits before it's gone. Be careful because the greedy will stay behind you and it's ready to whisper in your ears to expecting bigger profit

You can do whatever you want, as long as you know what it is so you don't make a wrong decision related to managing your asset or your money. This time will be difficult for all of us because bitcoin price is down again, and this time, the price reached $9k, and we are hopeful that the price is not down higher than yesterday.

[bitbunnny]

It's a good plan but not easy to achieve. Now you have constant income in Bitcoin but for how long this might last. Many have tried but omly few succeeded to get really financially free with Bitcoin.
For that you need to earn a very good profit and store ir or invest further successfully because Bitcoin income/earning from investment will not last indefinetely.

[Distinctin]

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.

Everyone has their own plan to achieve financial free, holding is one way, but for bitcoin itself achieving such high goals is difficult. unless you try it with altcoin. 5x profit is possible even in a short time, Try these methods repeatedly, in a consistent profit then you can get financial free if you are patient and tenacious

That is not impossible for bitcoin, if you go back to 2017, bitcoin started less than $1000 but at the last month of 2017 which was the ATH of BTC, it reaches to almost $20K, that figures if we will compute would tell that BTC has increase x20 in just a year.

Maybe this time it could be different but the fact that it has previously achieve that good movement, it could possible happen in the future.
It doesn't matter if it will take 2-5 years as long as OP will achieve that ultimate success of x10.

[FinanciallyFreeFox]

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.

[Carlton Banks]

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.

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

[o_e_l_e_o]

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.

[nydiacaskey01]

• 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)

Nice plan specially considering residential property as an investment through rental income. I heard a lot of good stories of those who invested in condominiums and list it in Airbnb and they earn money from it with a very minimal overhead expenses unlike running a business. 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.