Topic: in debt but want to invest. (Read 980 times)
First and foremost, figure out how to make money and pay off your debts. After that, you can put your money into the market. It won’t be a wise choice to invest in the market while being in debt.
There are some people who do that, but they can succeed. I don't think it can entirely be considered wrong. There are people who have understood his abilities and they are able to pay off their debts. But I know not everyone has that expertise. You have to understand how much you are capable of, if you believe you can then it's not wrong.
But people who are in debt have an obligation to return then if they don't have the expertise to invest then it's better to pay off your debt with some of the money you can gradually.
This is a very dangerous path, if there are still debts, then the first thing you need to do is change the reasone, which led to debts (need to change mindset and habits). After that, you need to think about creating capital and investing. I read in some book, I don’t remember the name now, that there is a way to get out of debt and invest at the same time. It is necessary to agree that you will repay the debt in equal parts (possibly smaller if necessary) and at the same time you will invest part of the money of 10% of your income, and repay another 10%. I do not entirely agree with such a strategy, because the bank may not agree to extend the term of the debt, or this will lead to an increase in the amount that will have to be paid. I am a proponent that the debt should be closed as quickly as possible and then fully focused on investing. But people who are in debt have an obligation to return then if they don't have the expertise to invest then it's better to pay off your debt with some of the money you can gradually.
Investing when in debt is a sign of wickedness. The loaner should have made their own budget on the loan you took. If it will be difficult to invest after paying the debt then at least the loaner should get upto 80% of the amount then the remaining 20% can go for investment with the mind of balancing the 20% as soon as some profit are made.
There are some people who do that, but they can succeed. I don't think it can entirely be considered wrong. There are people who have understood his abilities and they are able to pay off their debts. But I know not everyone has that expertise. You have to understand how much you are capable of, if you believe you can then it's not wrong.
But people who are in debt have an obligation to return then if they don't have the expertise to invest then it's better to pay off your debt with some of the money you can gradually.
right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?
The problem with investing is that there is a win or lose aspect to it, which means if things don't go as planned... You will not only lose money on the investment capital, but also have unrepaid debt which could get you in bad books with the creditors.My advice is you need a clear mind for best investment decisions which can start with settling your debt, those investments you have going can be put on hold for now.
Agree, but it would be best if you should pay half of your income for your debts. I saw that you want to invest and are very eager to earn money but what I suggest is if you don't want to wait until you have paid off your debt, try to manage your income or earnings, half of it for debt, half of it for investment. Trading, investing, or business has a real risk of losing money; I don't know if you are thinking of the downside that you can lose all your money in an investment and don't have a backup plan. You should always think of both sides and play safe on it.
Go clear up your debt.
One major rule in Bitcoin investment, is not investing borrowed money and always invest what you can afford to lose. Investment in crypto should be done with money we aren't wanting to use anytime soon. If you're in debt and still want to invest, you should know that you're not doing the right thing as you might be making financial decisions under pressure and might want to grab every opportunity presented to you which might even include some scam opportunities as well.
One major rule in Bitcoin investment, is not investing borrowed money and always invest what you can afford to lose. Investment in crypto should be done with money we aren't wanting to use anytime soon. If you're in debt and still want to invest, you should know that you're not doing the right thing as you might be making financial decisions under pressure and might want to grab every opportunity presented to you which might even include some scam opportunities as well.
right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?
The problem with investing is that there is a win or lose aspect to it, which means if things don't go as planned... You will not only lose money on the investment capital, but also have unrepaid debt which could get you in bad books with the creditors.My advice is you need a clear mind for best investment decisions which can start with settling your debt, those investments you have going can be put on hold for now.
Investing when in debt is a sign of wickedness. The loaner should have made their own budget on the loan you took. If it will be difficult to invest after paying the debt then at least the loaner should get upto 80% of the amount then the remaining 20% can go for investment with the mind of balancing the 20% as soon as some profit are made.
It depends on who you owe, if the payment isn't a haste thing or let say you are given enough time to pay back then you can DCA in your favourite coins and pay back your debt slowly.
no matter how close the lender is to the borrower investing in a risky asset with a loaned fund is the worst risk to take. As it stands no one can accurately tell what direction Bitcoin will take at any moment and what if even applying DCA price keeps plunging and the lender decides to demand for the fund with a matter of urgency. Paying back is best even if it means paying gradually It doesn't matter how close you may be to the person you collected loan from. Their are high risk that are involved investing cryptocurrency and their is no guarantee that you can recover the money you took for loan for investing, cryptocurrency is unpredictable.
right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?
it's better to pay off debt first, because it's an absolute obligation, then you can start investing.If you invest but still ignore debt, you are forgetting your obligations.
Prioritize responsibilities first.
Debt free is always the way to go. I'd pay off the debt you have then once you're debt free, ump back in and buy the dip. It looks like it could soon be a really good time to buy as prices are beginning to look like they're coming down. Possible 12k BTC. I'd pay off the debt, then buy up as much BTC as you can when prices are low.
My $0.02.
My $0.02.
It depends on who you owe, if the payment isn't a haste thing or let say you are given enough time to pay back then you can DCA in your favourite coins and pay back your debt slowly.
no matter how close the lender is to the borrower investing in a risky asset with a loaned fund is the worst risk to take. As it stands no one can accurately tell what direction Bitcoin will take at any moment and what if even applying DCA price keeps plunging and the lender decides to demand for the fund with a matter of urgency. Paying back is best even if it means paying gradually
No need to wait for paying off your debit, it is what it is.
You need to move ahead because you pay off your debit from your profits, moreover some countries like united, 80 percent of the citizens are in debit unknowingly either in credit cards or mortgage ETC.
Debit is a way of life man.
Don’t be stagnant just proceed on investing but be wise.
And Any investment you are about to do should calculated.
Take a wise risk
You need to move ahead because you pay off your debit from your profits, moreover some countries like united, 80 percent of the citizens are in debit unknowingly either in credit cards or mortgage ETC.
Debit is a way of life man.
Don’t be stagnant just proceed on investing but be wise.
And Any investment you are about to do should calculated.
Take a wise risk
If I were in your shoes, I would do whatever it takes to pay off my debts. Coz' I know it's a great feeling to be debt-free. Instead of using that borrowed money for DCA purposes, better find ways to increase your income instead and sell whatever unnecessary stuff that you have right now.
Right. DCA if using debt money will make us even more headache. Paying off debts is the best thing. If you are already wrong, then you can simply hold the coin you bought. But that does not apply to futures trading.
Trading is not a job that can earn for sure. Because we are faced with the risk of loss. That's very different from your work providing services and you will earn money once a month. Understanding the risks and acting cautiously is the best way.
yo, u need to be able to calculate ur future decisions since u are in debt. Also, have multiple source of income, not just one.. if u in crypto, get into P2E games as one of your options in making income. I guarantee ROI by just playing! 😁 u can prob check the podcast on technode global "Gamers are making a living from play-to-earn" to get started.
If you maintain DCA then where will you get the money to pay your debts? the mistake you make is borrowing without thinking long term about how you pay the debt. this will create new problems. The loan you do will of course be accompanied by interest which if you don't pay the interest it will continue to swell. If you are able to pay off your debt first, of course it is a choice that must be made. never make a loan without having a good strategy and trading skills.
That is probably an old debt and it keeps rolling high due to unpaid interest, and now he wanted to make other resources to help it but choosing crypto is not really a wise choice for him. This actually couldn't help him but probably it added more problems in return especially if he lost his capital. A good suggestion is to use his capital to pay his debt first in order to have peace of mind or make another investment plan that has higher security and less risks.
right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?
As much as you like to do DCA, it's better to pay off your debts first. And never ever going to use the borrowed money that you have to DCA with Bitcoin or any cryptocurrency. It only creates new problems for you.
If I were in your shoes, I would do whatever it takes to pay off my debts. Coz' I know it's a great feeling to be debt-free. Instead of using that borrowed money for DCA purposes, better find ways to increase your income instead and sell whatever unnecessary stuff that you have right now.
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I like this list of obligations that must be met, but given the crazily ever increasing cost of living, do you think it is possible to budget for and strictly adhere to everything on it? Paying off debts that are necessary for survival is a very wise investment. In fact this counts to me as the most essential. If a significant portion is utilized to pay off these debts, the balance can be set aside or used to DCA in a significant way. 
Firstly, this is almost like robbing Peter to pay Paul. It is simply illogical to ignore pressing debt just to invest in a venture that may not produce yield soonest. At least it is wise to pay off a fraction of the debt and save up or invest some other fraction in the investment you deem fit. I would also recommend you read up on books that would help build financial and investment I.Q. A very good example would be, The Richest Man in Babylon. As old as the book is, it is packed with guidelines on how to pay debt and make investments.
If you maintain DCA then where will you get the money to pay your debts? the mistake you make is borrowing without thinking long term about how you pay the debt. this will create new problems. The loan you do will of course be accompanied by interest which if you don't pay the interest it will continue to swell. If you are able to pay off your debt first, of course it is a choice that must be made. never make a loan without having a good strategy and trading skills.
right now i’m in debt for $6k but i want to keep DCA. should i focus more on pay my debt down or investing?
Using the DCA approach is not the issue here, the issue is whether or not to do the right thing. As a person of conscience and integrity, if my debt payment date has lapsed, I don't deprive myself of ease by being under pressure, I would pay the debt first. Also, the best practice of investment is to only use the money you can afford to lose. Can you afford to lose the money? What if Bitcoin does not respond positively to your plans in the next 3 years, what would you do? It is reasonable to first settle your debt before thinking of any investment. Jump to: