Topic: Investing what you CAN'T afford to lose crew (Read 7489 times)
OP, You lost a lot in the stock market? If it was recent, you must have been making some risky bets - it's like Christmas every time my Fiance opens her quarterrly 401K statement the past couple of years. One more plug for physical silver: it's curently selling for less then mining costs, it's less then half the price of it's high several months ago, the gold to silver ratio (GSR) is over 60 - which definately makes silver attractive and many developnig nations/cultures love it for both it's industrial and store of value/money use. It's a great "long term investment" - a hedge against riskier investments. You can get silver at any coinshop for as little as $3. a coin for old U.S. coins and it's anonymous. And lastly, it's proven over time - since before the birth of Christ! I'm not saying: don't buy BTC - I buy a lot of it too. I'm just saying it may pay to hedge.
Investing what you CAN'T afford to lose is never a good idea, but it is certainly much fun reading about other people doing it!
Here is my take, take it for what it's worth.
1) invest in yourself first and foremost. Get healthy, get fit, educate yourself. Live totally debt free.
2) get your "beans, bullets and bandaids" in stock, at least a 3-month supply, a year is even better. This is your insurance against hard times. You can't eat cash or gold or bitcoins.
3) any extra, store away some gold, silver, and a little cash. Keep a liquid stock, it can come in handy.
4) then any extra still, go for it with bitcoin.
over and out.
Here is my take, take it for what it's worth.
1) invest in yourself first and foremost. Get healthy, get fit, educate yourself. Live totally debt free.
2) get your "beans, bullets and bandaids" in stock, at least a 3-month supply, a year is even better. This is your insurance against hard times. You can't eat cash or gold or bitcoins.
3) any extra, store away some gold, silver, and a little cash. Keep a liquid stock, it can come in handy.
4) then any extra still, go for it with bitcoin.
over and out.
I always thought the three "B's" were beans, bullets and bullion. Now it's four B's: beans, bullets, bullion and bitcoin
Boy scouts need bandaids
Investing what you CAN'T afford to lose is never a good idea, but it is certainly much fun reading about other people doing it!
Here is my take, take it for what it's worth.
1) invest in yourself first and foremost. Get healthy, get fit, educate yourself. Live totally debt free.
2) get your "beans, bullets and bandaids" in stock, at least a 3-month supply, a year is even better. This is your insurance against hard times. You can't eat cash or gold or bitcoins.
3) any extra, store away some gold, silver, and a little cash. Keep a liquid stock, it can come in handy.
4) then any extra still, go for it with bitcoin.
over and out.
Here is my take, take it for what it's worth.
1) invest in yourself first and foremost. Get healthy, get fit, educate yourself. Live totally debt free.
2) get your "beans, bullets and bandaids" in stock, at least a 3-month supply, a year is even better. This is your insurance against hard times. You can't eat cash or gold or bitcoins.
3) any extra, store away some gold, silver, and a little cash. Keep a liquid stock, it can come in handy.
4) then any extra still, go for it with bitcoin.
over and out.
I always thought the three "B's" were beans, bullets and bullion. Now it's four B's: beans, bullets, bullion and bitcoin
It's too late to get into Bitcoin. You're supposed to get into investments when they're venture or in the beginning stage. Bitcoin is already bigger than Western Union or any money transmittor I know about.
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
Nonsense. Bitcoin is a a baby. It has HUGE room for growth, both in utility and price. Crikey, they've only just started installing bitcoin ATM machines round the world. The revolution is just beginning.
I think I'll be in for a much longer wait than you. Cool problem to have though.
It's unfortunate that it made you uncomfortable.
I found the whole thing highly exhilarating, but then again I've decided it's a long term thing for me rather than attempting to day trade. Doing that would take years off anyone's life.
I found the whole thing highly exhilarating, but then again I've decided it's a long term thing for me rather than attempting to day trade. Doing that would take years off anyone's life.
if you had as much coin as I do and no other wealth to speak of, you might feel differently. a 1% trade for me is many thousands of dollars and the equivalent of several months salary. wait until your stake really is worth millions and see if selling or holding is a stress free decision.
It's unfortunate that it made you uncomfortable.
I found the whole thing highly exhilarating, but then again I've decided it's a long term thing for me rather than attempting to day trade. Doing that would take years off anyone's life.
I found the whole thing highly exhilarating, but then again I've decided it's a long term thing for me rather than attempting to day trade. Doing that would take years off anyone's life.
It's an interesting one. I've put in a large proportion of my savings, way more than is sensible but I'm confident for the future. Life will go on just fine if it all turns to shit.
I for one would definitely not be getting into debt for it, but I would never get into debt for anything. If I had big earning capacity and no dependents then perhaps I'd feel differently.
Anyone buying into Bitcoin now is still a ludicriously early adopter. Anyone who tells you otherwise is deluded or has an agenda. The price of entry is perhaps higher than it should be at this point but it's still utter peanuts compared to where it might go sooner than we think.
I for one would definitely not be getting into debt for it, but I would never get into debt for anything. If I had big earning capacity and no dependents then perhaps I'd feel differently.
Anyone buying into Bitcoin now is still a ludicriously early adopter. Anyone who tells you otherwise is deluded or has an agenda. The price of entry is perhaps higher than it should be at this point but it's still utter peanuts compared to where it might go sooner than we think.
I hope so... the last month has been pretty boring imo. I want to experience the price skyrocketing for once while my money is in the line... I bet it's a great feeling. RISE MY MINIONS!
A skyrocketing price can be a horrible feeling. the November ramp up probably took a year of my life because of the stress. You never know until after the fact when you should have sold. I finally started selling about 1% after every 10% rise in price, but then tapered off after $900 to ab out 0.5% because I thought the rally might have more legs. I had less dry powder to buy back in after the crash.
Maybe I spoke too soon and jinxed my position way too much? I'm actually nervous right now with Ghash.io getting close to having majority hash power and all the FUD that's being spread around. Hold me guys 
. Lots of folks on here are suggesting that you diversify. You know what they say about making your bed. Well I'm "diversified" into LTC and NMC as well... although I count all crypto's success highly dependent on bitcoin. I'm not touching the stock market because that is a truly manipulated market where the common man is at a disadvantage... i've lost enough in the stock market, never again. I don't want to invest in Gold and Silver either... they have been going down and I want more reward out of my investments.
It's too late to get into Bitcoin. You're supposed to get into investments when they're venture or in the beginning stage. Bitcoin is already bigger than Western Union or any money transmittor I know about.
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
Wat?
Ask your friends and family what they know about bitcoin. Bigger than western union with a $12 billion market cap... what is that compared to the global economy?
I definitely agree with you that LTC and NMC don't realistically offer any diversification -- if bitcoin crashes big, it is going to take every altcoin down with it. As speculative a gamble it is to invest in bitcoin, altcoins are even more of a risk (although I've still got a small amount of a bunch of them, because I think the higher risk is offset by a potential higher upside too). Btw, stock splitting has zero effect on the amount of money you make from a stock investment. It simply means that if you previously owned 1 share worth $10, you now own 2 shares worth $5 (assuming a 1 for 2 split). Also, Amazon hasn't had a stock split since 1999, so not really relevant in this case. Companies mainly do stock splits for one of two reasons: either the price is getting so high that it is posing a psychological or real barrier to retail investors' ability to trade, or the price is so low that the stock can't be listed on a major exchange (in which case, the company can do a reverse split). E.g. to be on NASDAQ stocks generally have to have a share price of at least $1, among other requirements.
Investing what you CAN'T afford to lose is never a good idea, but it is certainly much fun reading about other people doing it!
Here is my take, take it for what it's worth.
1) invest in yourself first and foremost. Get healthy, get fit, educate yourself. Live totally debt free.
2) get your "beans, bullets and bandaids" in stock, at least a 3-month supply, a year is even better. This is your insurance against hard times. You can't eat cash or gold or bitcoins.
3) any extra, store away some gold, silver, and a little cash. Keep a liquid stock, it can come in handy.
4) then any extra still, go for it with bitcoin.
over and out.
Here is my take, take it for what it's worth.
1) invest in yourself first and foremost. Get healthy, get fit, educate yourself. Live totally debt free.
2) get your "beans, bullets and bandaids" in stock, at least a 3-month supply, a year is even better. This is your insurance against hard times. You can't eat cash or gold or bitcoins.
3) any extra, store away some gold, silver, and a little cash. Keep a liquid stock, it can come in handy.
4) then any extra still, go for it with bitcoin.
over and out.
There are always boring periods. It helps to fuel the ones that make your head spin. I think prices will wander up, down and sideways for a while yet. It'll make the subsequent explosion all the sweeter.
It's an interesting one. I've put in a large proportion of my savings, way more than is sensible but I'm confident for the future. Life will go on just fine if it all turns to shit.
I for one would definitely not be getting into debt for it, but I would never get into debt for anything. If I had big earning capacity and no dependents then perhaps I'd feel differently.
Anyone buying into Bitcoin now is still a ludicriously early adopter. Anyone who tells you otherwise is deluded or has an agenda. The price of entry is perhaps higher than it should be at this point but it's still utter peanuts compared to where it might go sooner than we think.
I for one would definitely not be getting into debt for it, but I would never get into debt for anything. If I had big earning capacity and no dependents then perhaps I'd feel differently.
Anyone buying into Bitcoin now is still a ludicriously early adopter. Anyone who tells you otherwise is deluded or has an agenda. The price of entry is perhaps higher than it should be at this point but it's still utter peanuts compared to where it might go sooner than we think.
I hope so... the last month has been pretty boring imo. I want to experience the price skyrocketing for once while my money is in the line... I bet it's a great feeling. RISE MY MINIONS!
It's an interesting one. I've put in a large proportion of my savings, way more than is sensible but I'm confident for the future. Life will go on just fine if it all turns to shit.
I for one would definitely not be getting into debt for it, but I would never get into debt for anything. If I had big earning capacity and no dependents then perhaps I'd feel differently.
Anyone buying into Bitcoin now is still a ludicriously early adopter. Anyone who tells you otherwise is deluded or has an agenda. The price of entry is perhaps higher than it should be at this point but it's still utter peanuts compared to where it might go sooner than we think.
I for one would definitely not be getting into debt for it, but I would never get into debt for anything. If I had big earning capacity and no dependents then perhaps I'd feel differently.
Anyone buying into Bitcoin now is still a ludicriously early adopter. Anyone who tells you otherwise is deluded or has an agenda. The price of entry is perhaps higher than it should be at this point but it's still utter peanuts compared to where it might go sooner than we think.
Maybe I spoke too soon and jinxed my position way too much? I'm actually nervous right now with Ghash.io getting close to having majority hash power and all the FUD that's being spread around. Hold me guys
. Lots of folks on here are suggesting that you diversify. You know what they say about making your bed. Well I'm "diversified" into LTC and NMC as well... although I count all crypto's success highly dependent on bitcoin. I'm not touching the stock market because that is a truly manipulated market where the common man is at a disadvantage... i've lost enough in the stock market, never again. I don't want to invest in Gold and Silver either... they have been going down and I want more reward out of my investments.
It's too late to get into Bitcoin. You're supposed to get into investments when they're venture or in the beginning stage. Bitcoin is already bigger than Western Union or any money transmittor I know about.
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
Wat?
Ask your friends and family what they know about bitcoin. Bigger than western union with a $12 billion market cap... what is that compared to the global economy?
It's too late to get into Bitcoin. You're supposed to get into investments when they're venture or in the beginning stage. Bitcoin is already bigger than Western Union or any money transmittor I know about.
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
You could had bought Amazon stock at $10 with $500 and probably make crazy money (since they've had stock splitting)
Bitcoin is still in it's infancy stages - no where near "big". When you can get in before Wall Street you're getting in extremely early.
Maybe I spoke too soon and jinxed my position way too much? I'm actually nervous right now with Ghash.io getting close to having majority hash power and all the FUD that's being spread around. Hold me guys
. Lots of folks on here are suggesting that you diversify. You know what they say about making your bed. Up-too-late metaphysical question: Is it possible to invest what you can't afford to lose? Or does the act of investing something mean, by nature, that we can afford to "lose" it?
On a more serious note: If you are "invested" in bitcoin - in its meaning, its value, its possibility, then you cannot lose. Even if the value of your investment goes down, the act of investing in something meaningful is in fact a win.
On a more serious note: If you are "invested" in bitcoin - in its meaning, its value, its possibility, then you cannot lose. Even if the value of your investment goes down, the act of investing in something meaningful is in fact a win.
Yeah, the kid spending all his student loans on bitcoins was more than he could afford to lose. If it tanked he would have gone bankrupt. But since he grew up really poor and his parents never had anything, he figured, "So what?" He took a big risk and got lucky.
If anyone on here took out a second mortgage on your house to buy bitcoins, then yeah, you'd lose your house if it tanks. That would fall under most people's idea of "can't afford".
If someone took out 0% credit card loans to buy bitcoin but really couldn't pay them back without bitcoin succeeding, then yeah, that also falls under "can't afford", because your credit score will be jacked up for years.
I'm all in on fiat debt and bitcoin holding. Inflation versus deflation is the theory, hope it works out.
What are your plans for the best case scenario and what are your plans for the worst case?
Best case is to sell them for $10000 each in the next 24 months and buy a house in Spain. I'm not expecting anything like the 5000% growth of previous years though.
Worst case is I lose all my holdings to a hacker or some such and have to work for half a year to pay it off. I am also quite wary that bitcoins will be overtaken by a superior altcoin, but I think the more likely proposition is that bitcoins usability problems will be overcome by a services running on top of it. If this does happen it would maybe take me a bit less time to pay off my debts, as I would get a % of my money back from selling them before $0.
I don't see being in debt up to my limit being a real problem due to the way the value of the £ is being eroded by QE.
Maybe I spoke too soon and jinxed my position way too much? I'm actually nervous right now with Ghash.io getting close to having majority hash power and all the FUD that's being spread around. Hold me guys
lovely
But your still making an assumption. That's not advise, that's telling people your opinion.
"If you talk to a lot of financially successful people, many of them will tell you that they made a lot of good and bad financial moves in their life, but there were 1 or 2 big risks that they took that actually paid off (many by luck) and led to where they are at today."
And there you have it.
But your still making an assumption. That's not advise, that's telling people your opinion.
"If you talk to a lot of financially successful people, many of them will tell you that they made a lot of good and bad financial moves in their life, but there were 1 or 2 big risks that they took that actually paid off (many by luck) and led to where they are at today."
And there you have it.
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