Am I missing something in here?
At the age of 12 years and such serious money, his parents would need to be involved in every step of the $100K taxation and then conversion to Bitcoin.
Topic: High school dropout who invested in bitcoin is now a millionaire at 18 - page 17. (Read 6551 times)
June 21, 2017, 11:54:16 AM
At the age of 12 years and such serious money, his parents would need to be involved in every step of the $100K taxation and then conversion to Bitcoin.
June 21, 2017, 11:49:06 AM
http://www.c[Suspicious link removed]m/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.html
Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18. This is a good story for Bitcoin.
But here is something that I do not understand:
An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."
"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""
Why didn't he take the $100K and bought more bitcoins instead? Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven. If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time). Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.
Am I missing something in here? Don't drop out from high school?
Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18. This is a good story for Bitcoin.
But here is something that I do not understand:
An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."
"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""
Why didn't he take the $100K and bought more bitcoins instead? Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven. If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time). Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.
Am I missing something in here? Don't drop out from high school?
I did read this the other day on reddit. We all wish to be this guy and retire early, even tho he is the type of guy that keeps going after getting rich. He invested his initial bitcoins into a business, then bought back by selling the business from what I've read. He is not the average high schooler. What were the chances that a 12 year old would be investing on bitcoin back then? It was unlikely for an old experienced man, let alone a damn kid. He must be a genius + the luck of stumbling upon bitcoin at the right time.
June 21, 2017, 11:34:08 AM
http://www.c[Suspicious link removed]m/2017/06/20/bitcoin-millionaire-erik-finman-says-going-to-college-isnt-worth-it.html
Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18. This is a good story for Bitcoin.
But here is something that I do not understand:
An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."
"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""
Why didn't he take the $100K and bought more bitcoins instead? Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven. If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time). Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.
Am I missing something in here? Don't drop out from high school?
Erik invested in bitcoin when he was 12 and not is a millionaire at age of 18. This is a good story for Bitcoin.
But here is something that I do not understand:
An excerpt from the article:
"Eventually he found a buyer for Botangle's technology in January 2015. The investor offered either $100,000 or 300 bitcoin, which had dropped in value at that time to a little more than $200 a coin. He took the lower cash value bitcoin deal because he believed it was "the next big thing."
"My parents asked 'Why don't you take the more cash?"' Finman explained. "But I thought of it more of an investment.""
Why didn't he take the $100K and bought more bitcoins instead? Granted that there has to be some tax consideration, but tax rate has to be as high as 40% in order for both of the cash option and the bitcoins option to breakeven. If the tax rate was at 40%, then he could get $60K after tax and would be able to buy 300 bitcoins at the market price ($200 at the time). Moreover, one day when he sells the bitcoins, he can dedect $200 on each of the bitcoins from the capital gain as cost.
Am I missing something in here? Don't drop out from high school?
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