Topic: I've made 600k in Crypto - When to call it quits - page 24. (Read 15599 times)

Last few hours bitcoin value seems reduced in the price chart so you can check and invest with the complete 600k USD or with the half of the fund in ethereum and bitcoin splitted each other. There are many people turns to altcoins so you can invest on bitcoin and I think your investment will boost the price for some little cost at least in the price chart. So wait for sometime.

Also - your friends are financial idiots - I can tell that by what you said about them. If they are telling you to buy a house, a car and "live a nice lifestyle" - they don't have money and don't know how much capital it really takes to "live a nice lifestyle." You can't do that on your returns safely until you hit low 8 figures (which you can at your age with your nest egg) net worth.

Do not buy a house - buy a multiunit building - live in one unit, rent the rest. Thereby you both get a great cash producing investment and you also eliminate your housing expense completely - accelerating the race to more wealth.

600Kcrypto - I'm roughly 15 years older than you - 40. The time is going to rush by for you - 26 today - 45 tomorrow.

I make my living as a vulture investor -always looking for what is underpriced and cheap. But also I only buy things which produce flows of cash through time. Cryptocurrency by definition is not an investment - it is a speculation (a bet on the future price of an asset). A key point to remember is that if you overpay a little for an investment you will most likely still make money in the long run because it produces cash every day/quarter/year. Reinvested cash, over and over - will make you insanely rich over the years.

I buy stocks, commercial real estate (apartment complexes, mobile home parks) - and now for some diversification I am looking at putting maybe 1-2% of my portfolio in a small crypto mine (I have a commercial building sitting on land I own with great electricity prices in a cold climate). But I would never gamble my entire net worth on any one asset - once you are rich (and you are at the beginning stages of being rich) it is not worth it.

$600K is a sum large enough to almost guarantee you will become truly rich over the years - and it is a sum you may have a very hard time saving up if you don't take steps to protect it NOW. Time is your friend - make 10-15% per year from now on out on that nest egg and you will be stupid rich while you are still young enough to enjoy it.

You have done an amazing thing - accumulated a significant nest egg at a young age. My best advice to you would be to take your money off the table at this point. Find a nice mix of value stocks - or if you want something more active that can yield higher returns over time - get into commercial real estate. Find some underpriced small apartment complex or mobile home park around $1M in value, buy it with your $600K and then rapidly pay off the debt (should be 5 years if you buy correctly).

When the debt is paid you should have yourself a multiunit building or trailer park of 50 lots or more which gives you a cash flow of greater than $100,000 USD per year for the REST OF YOUR GODDAMN LIFE.

And you will be only 31 years old my friend.

The beauty is you can go back to school maybe - or just keep working - in the mean time your money works for you. You will be 31 - prime of your life young man. You'll have a full time income from your job PLUS $100,000 per YEAR to REINVEST in a wide variety of cash producing assets - more apartments with higher leverage ('cause it's your second deal you can borrow more), value stocks, etc.

You'll easily have $10M in today's money by age 50 - maybe 40 if you really hustle.

But get your money out of crypto - you are WAYYYYYYYY too concentrated in an extremely speculative asset class.

Get back in after a crash. Or at least reduce it to 10% or less of your holdings. Buy some mining gear at good prices if you like so you're actually producing the asset not just purchasing and speculating.

With this plan you are almost guaranteed to become very very rich in life. If you stay in crypto at this point you are gambling with your money. You have a $600K nest egg - a GIGANTIC head start in the wealth game. Use it wisely.

Also more advice:

-STOP TALKING RIGHT NOW ABOUT YOUR GODDAMN WEALTH TO YOUR FRIENDS. NO GOOD CAN COME OF THAT.
-Get educated - if you do not yet understand and are educated about modern portfolio theory and behavioral finance, economics and statistics - make it your biz to learn. For the record I don't believe MPT holds water but you need to know it because it underpins almost all financial advice given by pros (again I think they're wrong - I'm a value fan of Ben Graham and W Buffett). You MUST understand discounted cash flows, time value of money, net present value, internal rate of return and other core finance topics because they are the foundation of all wealth building and investment analysis - take a course at your local jr. college if you have to

Best of luck - remember the #1 rule of investing is DON'T LOSE MONEY.

The #2 rule is - SEE RULE 1.

If you do not want to earn more, take some cash out and buy a house or a car or you may organize you own business in real life. Othewise, just have some fun. And remember not to keep all eggs in one basket.

 
You are the same as me, if i have 1000000 $ i would feel so empty because i dont know what to do with it, and i don't want people to look at me as a rich guy.

With 600k it's a huge amount so you can invest. Your portfolio is quite good with strong peers, so I just wonder why you only invest in bitcoins with a very small amount, since normally you should keep more bitcoins. For you DCA coin drops, that's about your backup. I think you should keep yourself more bitcoin, that's my advice.

Damn that's some profit you made there with a very unique portfolio. Every single coin mentioned has a bright future, so you could just hold onto everything and wait till it grows to $1M or just sell half of it and play around with the other half. Either ways, your majority investments being XRB and PRL is just crazy as both have high potential for growing.

Very very strange portfolio 

Why not Monero?
Forget your friends, keep Hodling!

I think OP can definitely diversify his portfolio more, but he's definitely gotten to the point where if he grabs even just some of his gains and brings it out, he can put it into long term investments like mutual funds/stocks and make even more a bit more safely. OP, I suggest you take some out (not all in case your predictions are true), and make sure you keep enough in so that any profits you make will still be relevant. Regardless, you always want to look to come out positive and remember that with crypto trading (and trading in general), you haven't made any money until you convert it to fiat.

For some reason this sounds like that trevon james character from his portfolio (the oyster coin gave it away cause he was wondering to buy some or not in one of his recent yt videos) and he just posted a video 3 hours ago saying the same thing essentially:
I am going to sell all my crypto/bitcoin!

Are you saying you've never taken profit to USD? You've been actively trading altcoins.... what is your tax situation? How do you plan to deal with the capital gains?

Raiblocks has already seen phenomenal growth. Sure, another double is possible, but the idea of not taking some profit off the table seems certifiably insane to me.

Your portfolio is not well-diversified. I would stop thinking about buying people houses and start thinking about better diversification and overall exit plan. You especially need to craft a tax plan that considers short term vs. long term gains and maximizes the capital you can reinvest. Remember, none of this is real until you have some of that USD value stashed in real bank accounts. It's prudent to put some gains away for taxes and a few years of living expenses, while reinvesting profits from your remaining capital investments.

Sell, pay your taxes call it quits.

You are a newby in the forum yet you´ve made a small fortune in crypto? Ok, let´s assume that´s true and thus my advice is sell half and keep playing with the other half.

Hi Guys

I've been in the crypto scene for many years now, first time post here over a dilemma I am facing.

So, I am fortunate enough to make 600k from buying and trading Bitcoin and other crypto assets, and I don't know what to do with the money. Personally I think this is the year I will become a millionaire, as I can only see the marketcap of all coins growing. But friends close to me think I am an idiot for not selling yet, and if it were to collapse to zero, I would never forgive myself. But they don't know the market like I do, and I do believe that it is only the beginning. They say I should sell 95% buy a house, a car and live a nice lifestyle. I am frugal, have always lived within my means and never spent any crypto money as of yet, but I am tempted to start spending some of it now. I am 26 years old, rent an apartment and drive a car worth less than most peoples pushbikes.

My portfolio currently looks like this....

43% Raiblocks
40% Oyster Pearl
5% Enigma
4%Dash
1.5% Bitcoin
and tiny holdings in Waves, Lisk, Stratis, Game.....

I think that both XRB and PRL can double easily this year.

This is not based on greed btw, I want to make enough money so I can buy my siblings houses and see them mortgage free.


What would you do if you were me? When do we call it a day and give up trading?

Many thanks for your help in advance.