in debt but want to invest. - page 2.

Luffygroove

member

Activity: 966

Merit: 25

Ton Together | Save Smart & Win Big

Quote from: weeniehodler05 on August 26, 2022, 12:02:23 PM

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?

Hmm, I'm curious. where will you get the money for investing, buddy? is it from another loan? I don't think it's wise to try to close your first loan with another loan to invest. Moreover, the market is not in a good shape right now. Although, for those who still have spare money, I'll suggest they to adding their assets little by little from now. But you have a different case I think. I won't advise you to invest with loans, because the first rule of investing in the crypto world will be "invest as many as you afford to lose" and if you borrow money to invest, it means actually you're not ready to lose that funds when bad things happened. I'm afraid, the effect will be massive.

TelolettOm

hero member

Activity: 2086

Merit: 553

Leading Crypto Sports Betting & Casino Platform

Quote from: weeniehodler05 on August 26, 2022, 12:02:23 PM

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?

There is a management of money and financial system in our life in which we don't only focus on the investment but also on other things. What we must consider is:
- Money for Daily life needs
- Money for certain emergency
- Money for certain education and other important needs
- Saving money for emergencies someday
- Paying for debts or loan
- Investment

So, if we can divide our money into several needs above, we can be sure whether we must have certain money to invest or not. But for me, I will pay for my debt at first although this may be not at once, by repaying the debts according to the agreement. Do not let because of our debts, other people become disturbed and constrained, while we are not concerned with paying debts but instead invest. So it's wiser, we still have to pay the debt first, and if there is still free money left, we can invest or DCA in Bitcoin.

qwertyup23

hero member

Activity: 2268

Merit: 789

Quote from: weeniehodler05 on August 26, 2022, 12:02:23 PM

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?

Having a debt is a hanging liability that will continuously haunt you and your profits unless you settle it as soon as possible. If you have an ongoing debt but you want to invest, then chances are that your debt would not be settled for the time being.

Ask yourself, why do you want to invest? Do you want to do the latter in order to pay your current and outstanding liabilities? If that is the case, then you are relying on something that is risky in nature and not absolute.

Pay your debt first then invest your money, if any. Apply jobs and use the opportunity to learn from your mistakes in order to avoid any liability from incurring.

_BlackStar

legendary

Activity: 1064

Merit: 1228

Playgram - The Telegram Casino

Quote from: isaac_clarke22 on September 05, 2022, 11:35:31 AM

Assuming OP's story is true, 6k debt is insane and I cannot imagine having that amount of a debt here in my country.
That's almost close to being half a millionaire in here, lol.

Obviously that's almost bullshit because I'm sure when you have $6K that you haven't paid in a certain period of time then you're bound to find debt collectors taking everything you own including the cell phone you used as collateral. Let's just say I was wrong about it, it's just a guess.

So, I have to report this thread for locking because the OP isn't as serious as it seems. Even if the mod doesn't want to do it because it's probably still quite new, then I hope there won't be many replies and other suggestions added.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: _BlackStar on September 05, 2022, 10:42:14 AM

I highly doubt the OP ever read much of the advice in this thread for his question, the OP is inactive since he created the thread so it doesn't take many pages if we're just going to say YES/NO.

I hope he comes back to read or respond to some suggestions, it will be good for him because it makes no sense to answer questions and suggest someone who disappears like smoke.

Surely the thread would just die out. I highly doubt that OP would still come back though. It is just like one of those Redditors in Reddit with their throwaway account just to post certain topic to avoid someone looking his/her information up.
Assuming OP's story is true, 6k debt is insane and I cannot imagine having that amount of a debt here in my country.
That's almost close to being half a millionaire in here, lol.

Loved the OP's username by the way, lol. I never really paid attention to usernames/ranks. Cheesy

_BlackStar

legendary

Activity: 1064

Merit: 1228

Playgram - The Telegram Casino

I highly doubt the OP ever read much of the advice in this thread for his question, the OP is inactive since he created the thread so it doesn't take many pages if we're just going to say YES/NO.

I hope he comes back to read or respond to some suggestions, it will be good for him because it makes no sense to answer questions and suggest someone who disappears like smoke.

JoyMarsha

sr. member

Activity: 924

Merit: 365

The more you refuse not to pay off your debts on time, it lingers and creates an un-relaxed mind. If it is debt from banks, it accumulates. If it is also a debt from a friend, it can affect your relationship with him. Which will not be a good idea. Settle up your debt first before you think of investing.

No time is ever late to invest in crypto, it can be done at any given time if that's what you are afraid of not to miss this bear market. There is always an open opportunity to invest at any given time in crypto compared to when you are in debt

Gosgosking

member

Activity: 672

Merit: 16

Quote from: Zilon on September 01, 2022, 05:48:48 PM

Quote from: DevFile90 on August 26, 2022, 01:34:13 PM

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.

ajiz138

hero member

Activity: 1498

Merit: 785

Many people have agreed and suggested that loans are not a good thing to invest in if you are caught in a large amount of debt, I think it needs to be paid off so that your DCA does not become pressured because DCA is long-term if the loan is allowed, the interest will swell and that's why even more frustrating.

I think that debt needs to be repaid because if it doesn't have a high interest rate, it's better to postpone your DCA investment and focus on paying off the things that put you under pressure, because I think any investment can be done as long as you are free from loans and it will make you feel better. Your DCA is even more comfortable.

I have also started a new DCA recently but still not accompanied by any loans.

Smartvirus

legendary

Activity: 1554

Merit: 1139

In truth, I have to scan through the 4 pages so far in search of OP's response to the series of response in suggestions, advice and questions that this thread have gotten and sadly, i couldn't find OP anywhere aside from creating this thread. This makes me question if:

1. Is OP really giving this thread any attention as we wish to believe?
2. Are the questions unnecessary?
3. Are all or some of the suggestions satisfactory or perhaps non yet?
4. Is a response totally unnecessary for the suggestions thus far?

I have what I would have loved to say but, I don't know if you @OP is even following and it would be of no use, for OP at least.

lalabotax

full member

Activity: 1582

Merit: 132

BK8 - Most Trusted Gambling Platform

Quote from: Z-tight on September 02, 2022, 03:39:18 AM

Paying the debt first will probably be the right thing to do, but i don't think OP wants to use the returns from his investment in crypto to pay his debts, OP did not give us more details on what his situation is, but i don't feel the situation here is that OP wants to borrow money, and then use the money to invest.

OP stated "focus on paying the debt", it means he wants to pay the debt. I think it is very clear that OP has money but he is not really sure whether to pay the debt or buy some crypto coins. However, since he is still in debt, I think OP should focus on paying the debt. Just invest when he already pays all the debt. Ignoring to pay the debt may rise a problem in the future, he will pay bigger because of the interest on the debt.

Z-tight

hero member

Activity: 994

Merit: 1089

Quote from: Memorabilia on August 30, 2022, 11:11:45 PM

Please pay your debt first. Investing in crypto is very risky. Do not borrow money thinking that crypto will help you pay the debt and the borrowed money and earn some extra bucks. That’s too big of an aim since you are new. Focus on learning and before taking a risk. But before that, get rid of your debt please.

Paying the debt first will probably be the right thing to do, but i don't think OP wants to use the returns from his investment in crypto to pay his debts, OP did not give us more details on what his situation is, but i don't feel the situation here is that OP wants to borrow money, and then use the money to invest.

I feel OP is already in debt, and he wants to use the money he is earning to invest rather than pay back his debt, his idea may not be too bad, but again he does not give too many information about himself and what he is earning, if he is earning enough to enable him invest and later pay his debt, then he can invest now and pay his debt later, but that is for OP to decide with his family, and not for us, because we know little of OP and what he earns or how much he makes from his business.

FirmWars

member

Activity: 242

Merit: 86

Not a good calling, try to pay your debt first before investing in crypto and also know that crypto investment is not guaranteed, here is a good strategy if I am in your shoes, every 2$ spent on BTC like every day will worth a lot in future, can you afford 2$ per day while paying back your debt?. This is the best plan I can come up with.

Poker Player

legendary

Activity: 1372

Merit: 2017

Quote from: Marvell1 on September 02, 2022, 12:28:32 AM

He ignored the fundamentals of crypto investing when investing with borrowed money.
Yes, he should sell all his crypto assets to pay that loan instead of continuing to borrow to invest more, the market is uncertain so it will be a burden to continue borrowing to invest even if that's bitcoin.

@OP, you should focus and find a way to pay off your debt before you want to invest. Once the debt piles up, it will put a lot of pressure and make you no longer awake enough to make the right decision.

Well, $6k may be relatively little depending on his income, but he doesn't give more details.

You are right in what you say from an accounting point of view, but it is something that is done a lot these days. How many people pay a mortgage and also invest? It's not crazy in this case. There are also people who have personal loans and invest.

I personally prefer as you say, to get rid of all debts and then invest, but if the debt ratio is low in relation to your income, it is something that can be done.

Marvell1

legendary

Activity: 2408

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: khaled0111 on August 30, 2022, 04:22:36 PM

Quote from: m2017 on August 30, 2022, 02:13:08 PM

..

OP's main mistake was investing in cryptocurrencies with borrowed money. Crypto market is totally different from any other market, you may make huge profit as you may suffer huge losses. Investing in it (especially in new coins) is so risky and this is why members here always advise to "never invest/gamble more than you can afford to lose". What is done is done and all OP can do right is to try to make things right by selling his coins, even at low price, and repay part of the loan.

He ignored the fundamentals of crypto investing when investing with borrowed money.
Yes, he should sell all his crypto assets to pay that loan instead of continuing to borrow to invest more, the market is uncertain so it will be a burden to continue borrowing to invest even if that's bitcoin.

@OP, you should focus and find a way to pay off your debt before you want to invest. Once the debt piles up, it will put a lot of pressure and make you no longer awake enough to make the right decision.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

Quote from: DevFile90 on August 26, 2022, 01:34:13 PM

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

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: KingsDen on September 01, 2022, 12:53:42 PM

~

I read those "horror stories" around Reddit though it usually is not crypto-related, but you'll see it there usually in r/personalfinance.

Jeez I can imagine a lot of gaslighting and upbraiding like "I helped your father, brother, sister out of poverty and you should be grateful for that in the first place and I even fed your pet goldfish" and you are left with no choice but to do as they say especially when they are just residing near your area. It feels being trapped to something you did not even asked for.

I also appreciate you sharing your experience in your previous reply by the way.

albon

legendary

Activity: 1890

Merit: 1537

Quote from: weeniehodler05 on August 26, 2022, 12:02:23 PM

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?

In my opinion, you should pay off your debts first in order to focus on investing with your remaining capital, because if you invest in cryptocurrencies, there is a possibility that you will lose the capital that you have and you will not be able to pay off your debts until after you collect the money again, so you have to end this debt as soon as possible because the person who lent you money does not deserve to wait for you long, and my advice to you if you decide to invest after that, invest in what you can lose, and you should know that crypto does not make it easy for you to get rich quickly. You have to work hard and learn first and stay away from borrowing money again.

Franctoshi

hero member

Activity: 966

Merit: 588

Quote from: weeniehodler05 on August 26, 2022, 12:02:23 PM

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?

From my own experience you definitely gonna be on pressure on a norm, investing while indebted to someone.However it would have make more sense if you tell us terms involved with the repayment of this loan, which equally involves the duration at which you gonna pay back this loan, so from there we will able to tackle this properly with the right suggestions. For instance,If you have like 2,3- 5 years time period to repay the loan, it's fine DCAing in Bitcoin and until that time frame, hopefully you gonna have good returns and will be able to pay back your loan.

The Cryptovator

legendary

Activity: 2394

Merit: 2223

Signature space for rent

If you hear me then I will suggest clearing your debt first. I never suggest anyone invest in cryptocurrency by borrowing money. So it's the same as if you invest in cryptocurrency when you have a debt to pay. Only invest you can afford a loss, sometimes some crypto becomes Zero. Likely you heard about the Luna crash. So investing in cryptocurrency when you have debt could through you hell. Everyone here will leave their own opinion actually. You have to take the right decision which is fit for you. We aren't your financial advisor anyway.

Topic: in debt but want to invest. - page 2. (Read 980 times)