Topic: My wealth plan for next 3 years - page 4. (Read 934 times)

This is a good approach towards your investment plan. Bitcoin is the best option in my opinion. But it has its own risks, so proceed with caution. I guess choosing gold and silver with bitcoin is the strategy. Because of the price volatility of bitcoin could make it unusable if the price fall below your buying point, and you need to use it in an emergency. So it's a good decision that you also choose gold and silver for a backup plan.
I am not so sure that any alt coin could so as better as you have mentioned here. And what makes you so sure that in 2 years you could get so much in return as profits? One advice I will give you that, try to research a bit more on alts and be sure to take the right decision. In the end, it's your assets and your choice. So good luck.
I don't think this is a good idea to convert everything into bitcoin. As mentioned before, the volatility of bitcoin market could lead to loss in times rather than profits. And as the world is yet to adept to bitcoin fully, in situations you will need to convert it to fiat in order to use them in daily life. So always keep a 2nd option for situations like this. Keep both fiat and bitcoin together so you don't have to face this.
I am not so sure about choosing a stable coin as an investment plan and for a long run, it is not profitable. Also, it is centralized and could be controlled by the government or the team themselves. So I will rather choose BTC if I have to do it.

Although those are my own opinion, so if you can execute your plan perfectly and if it could give you a profit as you said, then good luck for that.

Still, even if it’s zero interest, I would not advise anyone to take a loan and invest in bitcoin. Though bitcoin investment can be a profitable one, but it can also give you life changing losses especially if you are not patient and skilled enough when it comes to highly volatile investments. I believe inflation in the next years will be more inevitable, but always take caution when using your money, as you can only invest on what you can afford to lose.

Excellent response because the OP must have both the long term and short term view in mind. Taking out a loan is invest in bitcoin is very risky but then who are we to say no when maybe the OP already has a loan liquidation strategy. My own opinion and candid suggestion to the OP is that he should break down his 3 years plan into bits and review it every 6 months. Then you can Update it if you feel like.

You must be aware that investing with borrowed money or leverage can amplify both profits and losses. While it can increase the potential return, it also increases the level of risk. So really weigh the risks associated with leverage and consider your risk tolerance before employing such strategies. Furthermore, running different scenarios and stress-testing your investment strategy can help you assess the potential impact of price movements. And diversify; have a contingency plan to set realistic expectations for the strategies you implement.

That seems like such a great plan, lol... very gunny guy! I would like to take it that your joking else, I don't know how to tell you not to go ahead with this as, I could be standing in the way of your success with advices that hasn't properly scrutinise your plans ot looked at the edges you might have considered to have arrived at such a wealthy conclusion.

What I would say to you is that, just as you have made careful considerations that ends in success, you should as well make plans for the worst that could happen as, most plans do fail to materialise. Having a plan B better places you in the way of a get around when your plans fail. Have that and borrowing doesn't seem like a great idea.

Even though it is very obvious that something will happen and we can observe it, he should consider other options before making such a decision. Did he want to take the loan knowing that if he won't be able to pay it back at the time, his family will have to join him in paying the loan, which they weren't aware of at the time he took the loan? I believe it would be better for him to consider what he is trying to accomplish.

Borrowing money to invest in volatile cryptocurrencies, especially without a solid understanding of the risks involved, can actually be a risky decision. Investing with borrowed money will amplify potential gains but also increase potential losses, and it is important to consider the volatile and speculative nature of cryptocurrencies. In addition, you will also have difficulty repaying the borrowed amount. As such, investing in cryptocurrencies is risky, and it is essential to thoroughly research and understand market dynamics before making any investment decisions.

The worst decision to make while trying to invest is for someone to go extra miles in taking loan to invest on a volatile cryptocurrency, i thought in the first place that OP is trying to suggest a way he's intending to use for generating money to be used for his investment in cryptocurrency, we still have along way to go before the bullrun begin which means he could have developed interest in earning bitcoin than lending it for an investment.

Maybe just skip out AIDoge and put those instead to Bitcoin. Just because AI is quite a hot topic now does not mean it can still last for almost 3 years in the crypto market. If you're really serious about AI, at least just put it in non-meme ones.

It's your plan anyway, just sharing my 2 cents in here. I wanted to invest to meme coins back in 2017, but thankfully I didn't. They're just for the short-term hypes and a little bit of utility, but Bitcoin already gave those utility better in some instances.

This also. Although I can't blame the OP and just sharing my insights, loaning itself is already a risky move even if it is in non-crypto related reasons.

Taking out loans to invest might enhance your potential returns, but it also increases your risk and necessitates a good repayment strategy. Bitcoin, gold, and silver investments can provide growth potential, but market volatility should be considered. The significance of stablecoins such as USDC as global reserve currencies is unknown, and legislative changes may have an influence on their value. Consider employing a dollar-cost averaging method while investing in USDC or other assets to limit the impact of short-term price changes.

$ 1000, is not small money, friend, with small capital, you will still get a small profit compared to investors with large capital, so it's a lie if you say that with small capital, you will get a lot of profit
if you only have 100$ capital even though 1000x you will still lose with investor 10k$

You are correct here.
Nice to see smart person like you Are.
Actually... Money the fiat currency are expensive now the fed can Do last 25 b point rate hike then it would reach the resistance and top.
So If money is expensive it's always smart to sell money the money is not so expensive yet... let's wait for one more rate hike then the price of money Will reach to top.
Also the hyperinflation inflation will be huge in the next few months specially we go in the war situation the currencies Will be near to devaluation some days in the next few months.

I don't think that is a good decision for you to make because you can't take that long-term risk with the money you want to borrow from the bank because you also know that there is risk involved when investing in bitcoin. In fact, I can't advise you to take that much risk with the money you loan because it is too risky. Look at it. Do you believe you will be able to repay the money without selling any of your assets if the price of bitcoin drops by the time you want to invest in it? You're taking a big risk by doing this.

I appreciate your courage in taking high risks. That is investing from the results of borrowed money. But I also don't know whether your step is a bold step or a slightly reckless step. because I don't know if you have other sources of income to cover the loan when it is due to pay and it turns out that BTC did not have a high increase in the 3 year period. or maybe you have a guarantee that makes you less afraid if you don't succeed in paying off the loan in its entirety.

But if Bitcoin experiences a high increase even in the next 2 years then of course your plan will meet with success. You can certainly pay off debt from the profits you get. and you also at the same time have avoided inflation which always has an impact on fiat money.

I hope you are still active in this forum for the next 3 years. because I want to hear your story after 3 years. good luck.

and that too with a risk that is as big as the possible benefits that will be obtained.
to build wealth in the future there are many ways and if at this time the salary you get is only able to make ends meet then I think it's better to find a side job or open a business.
because if you are forced to invest to the point where you have to cut money for life now, it is not certain that you will be able to succeed in the future.

To be successful and rich, of course we have to have the courage to do many experiments, if we get a monthly salary that is sufficient for 1 month's needs then we must dare to speculate, cryptocurrencies provide great opportunities for us to become millionaires with small capital, many people invest $ 1000 then in a few years profit up to 1000x because there are many surprises if we invest in cryptocurrencies.

He's actually avoiding the effect of inflation while earning profit at the same time. The purchasing power of your USD may have a huge difference in the next 3 years or so - so that's what of the goal and perception of the OP. And, that's not a crazy idea, but an intelligent one as long as he's able to pay this debt in his own term. The only difficulties I find in this situation is when he chooses to invest in a shitcoin rather than bitcoin or any top alts in the market. Can't risk any further in investing to altcoin when you're capital came from a debt.
However, not all loans requires collateral though, some lending companies will only need to check your background and financial capabilities to return what you owe from them.
This might work or not, but atleast he have tried to escape the day job cycle and have a financial freedom.

So basically you are thinking of borrowing money to invest in Bitcoin and Dogecoin and hoping that it will give you high returns and make you a rich man over the next few years and then you will only be paying the interest? okay that's a pretty crazy idea in my opinion, why I say that because you are brave enough to go into debt to invest in crypto. Of course you need collateral to be able to get this loan and what if this plan doesn't work out the way you imagined? you have to be prepared for the possibility that you will be stuck in debt and you might be in a difficult position in the next few years. But if this works, maybe you will become as rich as you imagine and that is very cool.

Your plan is ridiculous, and proof of this is the majority of the responses, even if they don't say so clearly. Borrow to buy other assets and in 2 or 3 years end up in Bitcoin? If you say to buy Bitcoin directly it would make more sense now that we are at the bottom of the cycle and by that time we will probably be in a bull market, post halving, but what you want to do is to time the market, including planning to hit the jackpot with a shitcoin. In short, total nonsense.

Yeah, I may be too soft on that fantasy that he's thinking but I hope that there will be some knock for his reality that it's not gonna happen even in his dreams.

It's no doubt that many have made a lot of money from those meme coins. And if you're hoping that something the same with aidoge that you're trying to give us an idea that it is what you're aiming for, wish you luck. With that idea of missing and regretting that you've never been into those mooning meme coins might even get you to actual lose.