in debt but want to invest. - page 3.

KingsDen

legendary

Activity: 1288

Merit: 1081

Goodnight, o_e_l_e_o 🌹

Quote from: isaac_clarke22 on August 30, 2022, 04:53:57 PM

Quote from: KingsDen on August 30, 2022, 01:06:15 PM

~

I would be hella mad to my relatives for such decision like that. Good thing that he did not ask you to pay at his own end in that scenario, since I heard some horror stories of relatives wanting their close ones to pay their debt in exchange of something of "sentimental value" they though.

I would love to know the horror story where someone would be obliged to pay another's debt for some sentimental values or reasons. I am trying to imagine the nature of the story but I can't actually figure out. Maybe it could be some inheritance or wills related issues.

However, I have given my verdict in this post, if he wants to keep investing, it's left for him, now that the market is moving from bear to bearer.

libert19

hero member

Activity: 2520

Merit: 952

You don't know how investing gonna work out, pay the debt first.

Memorabilia

newbie

Activity: 39

Merit: 0

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.

Finestream

hero member

Activity: 3052

Merit: 606

Quote from: NeuroticFish on August 26, 2022, 03:55:46 PM

Quote from: aoluain on August 26, 2022, 03:51:39 PM

Yes it can be risky but it also depends on a few other details which the OP has
not mentioned.

You made a pretty good list, but there's also something we both forgot about:
it's expected that all the prices will grow. So OP will have to also have some backup funds for the winter.
So yeah, not a great time to have debts. I recommend him be overly cautious.

Taking debts will somehow be good and profitable in some valid reasons. However, when it comes to investing, particularly in crypto which is associated with high risks, you can lose them everything if you are not cautious on your part and you’re not skilled yet in making investments. So never invest from taking debts, as much as possible save first before you decide to invest. Because you will never know what will happen in your investments when the market becomes not profitable anymore.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: KingsDen on August 30, 2022, 01:06:15 PM

~

That is pretty much understandable considering that you had related personal experience with it. Surely when a large amount of money arrives and one has a debt, it should be expected that repayment of the debt should be next. I would somehow react the same way regardless especially if we are talking about large amounts in here.
I would be hella mad to my relatives for such decision like that. Good thing that he did not ask you to pay at his own end in that scenario, since I heard some horror stories of relatives wanting their close ones to pay their debt in exchange of something of "sentimental value" they though.

Russlenat

hero member

Activity: 2716

Merit: 904

Quote from: Lafu on August 26, 2022, 01:02:38 PM

I would say that you should be focus on that to pay off your debt first as noorman0 has written already.
If you paid of all then you can think about to invest in anything you want with the rule " Just Invest that much what you can afford to lose "
Playing with money thats not yours is not good and leading to more problems if you losing it .

Learn to be responsible on paying your debt because you also benefited from it before, and now it’s time to pay it back completely. And once you have fully paid it all, it will also bring a feeling of relief on your side. Then it’s time for you to freely start on your plans, if its investments then it will be good for you. Save first before you invest, so that if everything ends bad in the start, at least you have no one to pay and there’s no big regrets as you only invest on your extra money.

Sanitough

hero member

Activity: 2856

Merit: 674

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?

If you want to live peacefully and not be bothered, then never resort into another venture unless if you have done already with your first venture, and that is getting rid of debt by paying it first before its high interests will suck you. After that, then you are free to invest as long as you always invest an amount you can afford to lose.

khaled0111

legendary

Activity: 2702

Merit: 3045

Top Crypto Casino

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.

Vaculin

hero member

Activity: 2940

Merit: 613

Winding down.

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?

Focus first on paying completely your debt, that way you will not be bothered at all whatever the result of your planned investment. As much as people would want to seize every opportunity to invest and generate profits, but that also comes with right timing and best entry to invest. Otherwise, you will waste all your money and effort because you did investments at a very wrong time. DCAing for bitcoin is good, but you can’t focus on it if you have not settled with your previous loan, so pay it first.

m2017

legendary

Activity: 1792

Merit: 1296

Crypto Casino and Sportsbook

Quote from: KingsDen on August 30, 2022, 01:06:15 PM

Quote from: isaac_clarke22 on August 29, 2022, 04:49:42 PM

Quote from: KingsDen on August 29, 2022, 04:16:30 PM

~

Same thoughts, KingsDen. It feels good to at least not having the liability to pay someone. Knowing that all your net profit is all yours and nothing will go to payment of your debt.
This thought of mine came from when I usually pay my bills monthly and I admit that I feel sometimes unsatisfied knowing that a portion of my earnings would go to payment of bills, but hey I would not be able to work if I did not pay my usual monthly dues.

Going back to the topic, if one would go for loan or borrowing money, at least make sure that the money would indeed guaranteed to be paid back at its due. I kinda feel bad to those people that got buried in debt from their stories in Reddit.

Yesterday I approached this topic aggressively, I just re-read and understood I was somewhat aggressive. Why I reacted that way was because of the experience I had of my in-law. He is a retired civil servant who borrowed money for many things waiting for his retirement benefits or gratuity to repay. When the gratuity came, instead of him to clear the debt he started renovating his house and making other expenses. I was so much upset at what he did. So, when I read this topic, it occurred to me that I might be seeing a second version of my inlaw.

Anyone who has ever encountered a debtor who spends money on anything but does not repay his borrower may react aggressively to the story in this thread. It is the majority of those who recommend paying off the debt first who have this unpleasant experience. Personally, I have a negative attitude towards such individuals because of their irresponsibility and unwillingness to fulfill their obligations. Therefore, if OP listens to my words, then I can only say that he first needs to pay off his debts and only after the full repayment of debts think about investments. In order to better "feel" the situation, he should put himself in the place of the borrower. That's when, OP will not be repaid debts for a very long time or will never be returned at all, then he will not have a dilemma "return $6k or to keep DCA".

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: khaled0111 on August 30, 2022, 01:48:48 PM

Right now the best and the right thing to do is to focus on repaying the loan.

Focus on paying debts, meaning the OP must sell investment assets in a down state. This is really a polemic that often happens to traders who do not consider the risk of debt for trading or investing. But I never felt comfortable investing with borrowed money or debt, this I never did even though at the same time I had the opportunity to make a profit.

Some people do not care about the risk of price fluctuations so that sometimes it is very extreme to sell valuable goods just for trading or investing. Some do take out loans, but they don't really understand how the market works for them. Finally, loss is the most realistic thing for them because the debt repayment deadline is coming soon.

khaled0111

legendary

Activity: 2702

Merit: 3045

Top Crypto Casino

Quote from: Huppercase on August 30, 2022, 01:30:16 PM

If the lender can extend the duration of your loan, if you pay back the loan now, there wouldn't be any way to get back the losses you have had and you may be stranded a while. Tell him to give you more time and use that opportunity to buy more good coins at low prices and sell at high price, if you make more profits then you can now pay back the loan you have carried and everything balance.

No, this isn't a good idea and he definitely shouldn't do that. The last thing OP should do is to invest more in cryptocurrencies, he tried it and failed. Besides, we are in a bear market and there are no guarantees the market will recover before the payment day. Investing more will likely make things worse and OP may find himself unable to repay the loan.
Right now the best and the right thing to do is to focus on repaying the loan.

Huppercase

hero member

Activity: 952

Merit: 552

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?

I felt bad seeing this, didn't you consider safety and risk management into precautions? This is one of the first thing you do before entering into crypto trading, buying and selling.
If the lender can extend the duration of your loan, if you pay back the loan now, there wouldn't be any way to get back the losses you have had and you may be stranded a while. Tell him to give you more time and use that opportunity to buy more good coins at low prices and sell at high price, if you make more profits then you can now pay back the loan you have carried and everything balance.

KingsDen

legendary

Activity: 1288

Merit: 1081

Goodnight, o_e_l_e_o 🌹

Quote from: isaac_clarke22 on August 29, 2022, 04:49:42 PM

Quote from: KingsDen on August 29, 2022, 04:16:30 PM

~

Same thoughts, KingsDen. It feels good to at least not having the liability to pay someone. Knowing that all your net profit is all yours and nothing will go to payment of your debt.
This thought of mine came from when I usually pay my bills monthly and I admit that I feel sometimes unsatisfied knowing that a portion of my earnings would go to payment of bills, but hey I would not be able to work if I did not pay my usual monthly dues.

Going back to the topic, if one would go for loan or borrowing money, at least make sure that the money would indeed guaranteed to be paid back at its due. I kinda feel bad to those people that got buried in debt from their stories in Reddit.

Yesterday I approached this topic aggressively, I just re-read and understood I was somewhat aggressive. Why I reacted that way was because of the experience I had of my in-law. He is a retired civil servant who borrowed money for many things waiting for his retirement benefits or gratuity to repay. When the gratuity came, instead of him to clear the debt he started renovating his house and making other expenses. I was so much upset at what he did. So, when I read this topic, it occurred to me that I might be seeing a second version of my inlaw.

BitKongy

member

Activity: 405

Merit: 19

Pay your debt first before investing in anything, it's for your own sake, you will have a peace of mind, investment is also risky so you don't want to do that while paying off a debt, you might get frustrated easily.

Bhig Daddy

member

Activity: 364

Merit: 13

Alot of people have come with alot of opinion, to me I think your should pay off your debt first not because it bad to invest when you owing someone but this person showed up for you when you really needed the money, so it will be kindred to repay him when you can now. Your investment can go wrong and you will still be owing him, so pay him off now and then invest when you can.

LogitechMouse

legendary

Activity: 2576

Merit: 1043

Need A Campaign Manager? | Contact Little_Mouse

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?

Pay your debt first. That must be your first priority. Is it a good debt or a bad debt?

Debt will make you stressed and then there will be a time that you will be depressed if that debt keeps increasing because of compounding interest. Forget DCA first and focus on paying your debt. After that, focus on doing DCA.

In that way, that would be better for you. Your main problem will be solved (debt problem) and at the same time, you will manage to do DCA without thinking of paying your debt anymore. I've seen people here in my place that can't invest their money because all of their salary goes out to pay their debt and the cycles keeps going which is very unfortunate.

Kasabus

hero member

Activity: 2814

Merit: 576

Quote from: noorman0 on August 26, 2022, 12:34:04 PM

Pay off your debt first, the borrower needs the money more than you know. This is not just repaying a debt, but repaying the kindness of people who have been willing to give their trust.

Another general advice, don't invest anything from borrowed money. The current position, you are doing that.

Settle with your current debt first, and when you’re done repaying, that’s the perfect time to venture into an investment. But always DYOR first on your prospect investment so you won’t end up falling into wrong investments that will only waste your money and effort. As there are risks associated in every investment, the reason why you have to be very careful and just invest a portion of your hard-earned money, not the borrowed ones.

Gozie51

hero member

Activity: 2660

Merit: 630

Vave.com - Crypto Casino

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?

Have a good conscience to repay the money borrowed to you first. The person that released such money or maybe those different people will be in need of it except you ask for their permission to continue holding the money or trying to reinvest the money and to invest it you don't have guarantee to get the profit from it. My opinion is don't play on the intelligence of those who gave you money during the time of your need, you may still have some needs on that in the future and they won't render it if you don't repay what you borrowed from them. They say one good turn deserves another and you are not sure of profit from the investment.

isaac_clarke22

sr. member

Activity: 1610

Merit: 264

Quote from: KingsDen on August 29, 2022, 04:16:30 PM

~

Same thoughts, KingsDen. It feels good to at least not having the liability to pay someone. Knowing that all your net profit is all yours and nothing will go to payment of your debt.
This thought of mine came from when I usually pay my bills monthly and I admit that I feel sometimes unsatisfied knowing that a portion of my earnings would go to payment of bills, but hey I would not be able to work if I did not pay my usual monthly dues.

Going back to the topic, if one would go for loan or borrowing money, at least make sure that the money would indeed guaranteed to be paid back at its due. I kinda feel bad to those people that got buried in debt from their stories in Reddit.

Topic: in debt but want to invest. - page 3. (Read 980 times)