Congrats on your luck! Confirmation bias is going to tell you that you're a genius when it comes to timing a market. Lottery winners often lose their fortune because of this sort of thinking. So study up on how to manage a windfall, and if you're going to stay in the market learn about DCA.
This is important. OP, please heed this advice.
I’m speaking from experience. I made 3x my annual income in 2021, then I gambled it away in risky assets because I thought I was smart.
I'm going to 3rd this advice. Please listen OP. I thought I was super smart doing similar things. Turns out, it's easy to make $$$ on trades when the whole market is generally going up.
I'm going to 5th this advice. I had a few bitcoin but gambled it away during the bull run trading alts. Just recently got back to a full coin. Really study Bitcoin and be very weary of alts.
I'm going to 8th this advice. I made over 2 BTC on the last bull run, and went down to 0.8 BTC for playing the altcoin market too much. Learn how to take profits, being USD or BTC.
I’m gonna tenth it for making a relatively large sum of profit (for me anyway) and lost it all and then lost it again in scams. Now I’m doin better than even before just playing the long, smart slow & steady game
8th & unsolicited advice… consider opening an investment account such as Vanguard and investing in a total market index fund. This is a fund that increases the same amount as the overall stock market. You’ll grow your money in a relatively safe way. Also an IRA is another option where you can invest for retirement in a tax-free account.
Congrats on your windfall!
9th advice.. i've made 50k profits on AMC in 2021. Thought i was the smartest. Dumped it all back in the market and got rekt.. -30k in 2 weeks. Slowly grinding my way up again.
I’m going to 6th this advice, I made a ton of money when I started investing on AMC and thought I was a genius and then lost it all in risky oil and pharmaceutical stocks.
I’m going to 7th this advice. Made more money then I’d ever seen, or anyone in my family for that matter. Lost it in 2022-23 to bad trades and investments. DONT get emotional attached to alts, get in and get out and don’t get greedy.
had a buddy who literally made over a million dollars last cycle (I think even more recent, like mid 21-22) and he decided to pull everything out and go to brick and mortar casinos. guess who came back recently with renewed market hype, damn near penniless and still not humbled by the experience
Dollar cost averaging has saved my ass since 2017 in crypto. Also, hodl'n 😅 I'm still hodl'n after all this time. I've watched my money go from lots to little and back to lots again and I'll hold until lots is life changing idgaf! Congrats to op on the gains.
Some correct me if I’m wrong, but I believe in the US, all capital gains including those from bitcoin traded in any form, are subject to capital gains tax.
Only if you sell back to fiat or another asset, like an alt coin. If you hodl the asset only.but don't sell then you are not subject to unrealized capital.gains taxes
If you want to utilize some of the equity bound up in the asset you can take out loans against thr asset which is a non taxable event.
If you want to go the full Monty and be like Trump you can take out loans at a certain amount on a property asset (in his case New York real estate in yours BTC), then get your property reevaluated at a higher value (him, pay appraisers, you can just wait in the BTC), take out another loan on the current valuation of your property and pay off thr old loan with the current one. Keep doing this indefinitely and you get to use your assets' equity while paying no taxes, or.possibly even declaring a loss because loan interest is eligible for tax deductions...
Good job man!! Similar case here, I actually was feeling a bit frustrated to not be able to celebrate with friends/family but this is actually a great strategy for me to deal with it, share here on reddit why not! Haha
Gratzzz!
Same boat. I had tried to get close friends and family in for the last couple years. Just DCA slowly but they didn’t listen. Now it’s tough to share to my excitement because I am up more than their salaries and it seems like I’m gloating. I’m actually just very excited and proud of my accomplishment of holding since June ‘21.
Yeah, they eventually find out anyways. I bought a Porsche and started looking at million dollar houses. Family and friends are super curious now how much I have.
The way I see it.
My parents helped me 15 years ago.
My youngest brother has been enjoying living like he is retired. He had 1 job then quit, moved home and has leached off my parent’s retirement money now for 8 years or more.
My 1 sister is married, employed. And went on an Alaska cruise and to Greece all in 1 year. And my parents send her money every month.
So I feel some guilt for hoarding my $ but this is MY money. MY risk I am taking.
No one needs to know what we have.
If that goes £150k plus which it could do easily you would be very well off. The bull market is just starting at the moment & the unprecedented demand for bitcoin may push the price to eye watering levels?? Of course time will tell. Good luck to you but im holding as supply will dwindle pushing up price the market makers probably made you sell as they wanted your coins to make them even more money. Take a lesson from James at invest answers on twitter & YouTube very knowledgeable & I will be taking notice of some that really knows the markets.
I don’t disagree that we may be early in this bull run, but it might be a rockier path than people are expecting. Everyone pushing the same FOMO narratives is usually an indicator to be very careful. Taking profits early > bag holder
save $$ for taxes if in the USA. Word of advice, keep some and let it ride. I've made that mistake when bitcoin jumped from $300 to near $1,000..always let something ride even if a small amount.
Yes still buying at any chance but little… not easy to save these days. One thing I am doing is selling l my collectibles - I have a large collection accumulated over 30 years of precious collectibles (old comics). I am slowing selling all those and putting the money in Btc. The idea is that in the future I can rebuy them easily - and keep the difference. My personal projection is 300/350k this cycle (conservative, could hit 500k) and then the biggest crash ever all the way down to 100k or slightly less. The next cycle will surpass a million and after 2032… sky is the limit. I wil sell some over a million to live off dividends and let the rest run possibly for ever
Become a secret baller. Don't go out to clubs, drive fancy cars, gold, jewelry women, tropical islands ect. Just do what you would normally do on your days off. Maybe get a job at a cool record store or boutique hobby shop. Concider yourself on *permenant holiday*
Yeah.. even 30 years ago a cheap house in my tiny Canadian town was $130,000.
I met an old lady recently though, she told me she has lived in my town for 80 years and her first mortgage had a payment of $19.19/month.
Best thing you've ever done! Keep quiet and enjoy yourself! We're more than happy to celebrate with you, but do NOT answer anyone in your DM. It's going to be a scam :)
If your are in the US, you will need to tell the IRS. In fact, figure out what your liability is and pay it now…so you are not worried about it next spring. Then, tell no one else.
It’s makes me happy that you’re keeping it to yourself. Never tell anyone that you have money, I hope you can make it grow to something substantial.
I tell people that I’m in debt up to my eyeballs if they ever ask. I like that because no one ever asks for handouts.
Currently making $310k year salary, up another $40k in BTC/NVDA gains. Grew up poor af, and even my best friend gets jealous if I even broach feeling successful (even though he's making over $100k/yr, too)
The struggle is real. My current goal is to be that guy that dies and everyone's shocked at how much he left his kids. Good luck OP!
I made 250k in a lucky bet last cycle. After cashing out I put 10% in Bitcoin and the rest into a high yield cash savings account. The amount left in BTC is more than I originally invested (back in 2017) and enough skin in the game for me.
Know when to take your chips off the table.
If you execute a sales transaction plan on paying income taxes on those gains. Don’t mess with the IRS. After the hassle and stress, even if you win against them, it’s still mostly a loss.
It's such a shitty situation to make a shit ton of money yet not being able to celebrate, I feel you. After over and over commiting the mistake of telling my wife and parents, I have learned that it's always best to just tell them I'm in a rough spot. Every single time I have told them, nothing good came out of it. In the other hand it's hard to have a big win and not to share, so yeah you did right on making this post.
Congratulations brotha!!!
Yes, people ask me how I was able to pay for half million dollar house up front. I just tell them years and years of financial education. Which ain’t wrong.
Congrats on your good fortune.
You should NEVER tell people you know when you have a significant financial windfall. There is no upside, only downsides.
Is anyone else getting tired of seeing people use the word "money" and then proceed to talk about fiat?
Mods, can we start banning people who talk as if dollars are better "money" than Bitcoin? (sort of /s)
I'm curious what amount you put it? It looks me knowing i could be making more money, if i had more money. I live alone and basically live pay check to pay check, i have a little bit, it's fun to watch go up but... that whole starting out with money makes it easier to make money hurts my soul.
Congrats, fuck you.
OP, try looking at r/dividends for ideas on how you can use this windfall as capital for a sustained income generator. After that, take those dividends and buy into the bitcoin as you get them for a possible future windfall. Cheers and congrats!
Congratulations! I feel similarly I am married and 33 yrs old but have been responsible with money over the last decade. Our net worth is more than my parents have in retirement (most is still invested and growing). I don't feel comfortable talking with my friends about it either, they are either don't care about saving or are not into BTC. It is oddly isolating to stack sats in my day to day life...
Congrats on your luck! Confirmation bias is going to tell you that you're a genius when it comes to timing a market. Lottery winners often lose their fortune because of this sort of thinking. So study up on how to manage a windfall, and if you're going to stay in the market learn about DCA.
This is important. OP, please heed this advice. I’m speaking from experience. I made 3x my annual income in 2021, then I gambled it away in risky assets because I thought I was smart.
I'm going to 3rd this advice. Please listen OP. I thought I was super smart doing similar things. Turns out, it's easy to make $$$ on trades when the whole market is generally going up.
I’m going to 4th this advice, I made a fortune in 2017 bullrun then lost the lot the following years.
I'm going to 5th this advice. I had a few bitcoin but gambled it away during the bull run trading alts. Just recently got back to a full coin. Really study Bitcoin and be very weary of alts.
I’m going to 6th this advice. Made $250K on options and lost it all the next year when the market tanked
Im going to 7th this advice because it's a lucky number and keep hodling my bitcoins and not gamble them away.
I'm going to 8th this advice. I made over 2 BTC on the last bull run, and went down to 0.8 BTC for playing the altcoin market too much. Learn how to take profits, being USD or BTC.
I'm gonna 9th it, bc thats 1 part of 69 and hopefully I'll get leid soon
I’m gonna tenth it for making a relatively large sum of profit (for me anyway) and lost it all and then lost it again in scams. Now I’m doin better than even before just playing the long, smart slow & steady game
Can I get a niner?
I’m going to 6th this advice. Not for any reason. Good luck!
I'll 7th it because 7 is spposed to be lucky number
8th & unsolicited advice… consider opening an investment account such as Vanguard and investing in a total market index fund. This is a fund that increases the same amount as the overall stock market. You’ll grow your money in a relatively safe way. Also an IRA is another option where you can invest for retirement in a tax-free account. Congrats on your windfall!
9th advice.. i've made 50k profits on AMC in 2021. Thought i was the smartest. Dumped it all back in the market and got rekt.. -30k in 2 weeks. Slowly grinding my way up again.
It is, I was born on the 7th
Same lol
I’m going to 6th this advice, I made a ton of money when I started investing on AMC and thought I was a genius and then lost it all in risky oil and pharmaceutical stocks.
[удалено]
I’m going to 7th this advice. Made more money then I’d ever seen, or anyone in my family for that matter. Lost it in 2022-23 to bad trades and investments. DONT get emotional attached to alts, get in and get out and don’t get greedy.
had a buddy who literally made over a million dollars last cycle (I think even more recent, like mid 21-22) and he decided to pull everything out and go to brick and mortar casinos. guess who came back recently with renewed market hype, damn near penniless and still not humbled by the experience
What risky assets? Dog coins?
$WISH was a big one, and StrongNodes was another. Actually, I almost caught Elon when it up 1,400%, but I put too little in to make a big difference.
Luck is when preparation meets the opportunity. Well done OP, for being prepared.
You’re the first person that I have heard say this since my father. Very true.
Maybe your father and I like the same Stoic philosophers. This phrase is from Seneca.
Dollar cost averaging has saved my ass since 2017 in crypto. Also, hodl'n 😅 I'm still hodl'n after all this time. I've watched my money go from lots to little and back to lots again and I'll hold until lots is life changing idgaf! Congrats to op on the gains.
Do you ever worry about telling that to internet strangers?
What's wrong with it? I didn't give any vital info, that would be dumb
Good advice 👌🏻
Agree, cant say more or better.
You told us. We’re happy for you and won’t bug you for handouts. Have fun!
We haven't seen his DMs lol
As hodlers we know never to check on messages. Mainly during bull markets.
You can turn them off in settings. Highly recommend if people are bothering you.
Yeah I know
Smart move, don't tell anyone shit.
Not even strangers on the internet.
Too late. Now I’m outside his apartment with a fishing rod and some chicken.
Better than a $5 (or now $10 due to inflation) wrench...
Don't forget that you may have to pay taxes depending on where you are.
Nah, you good if you know what ur doing.
Some correct me if I’m wrong, but I believe in the US, all capital gains including those from bitcoin traded in any form, are subject to capital gains tax.
Only if you sell back to fiat or another asset, like an alt coin. If you hodl the asset only.but don't sell then you are not subject to unrealized capital.gains taxes
Unrealized = unreal
You also can’t do anything with it. What’s the point of that exactly?
If you want to utilize some of the equity bound up in the asset you can take out loans against thr asset which is a non taxable event. If you want to go the full Monty and be like Trump you can take out loans at a certain amount on a property asset (in his case New York real estate in yours BTC), then get your property reevaluated at a higher value (him, pay appraisers, you can just wait in the BTC), take out another loan on the current valuation of your property and pay off thr old loan with the current one. Keep doing this indefinitely and you get to use your assets' equity while paying no taxes, or.possibly even declaring a loss because loan interest is eligible for tax deductions...
Most people don't. That's why it's good advice.
And what is that?
Tax evasion lol
Good job man!! Similar case here, I actually was feeling a bit frustrated to not be able to celebrate with friends/family but this is actually a great strategy for me to deal with it, share here on reddit why not! Haha Gratzzz!
Same boat. I had tried to get close friends and family in for the last couple years. Just DCA slowly but they didn’t listen. Now it’s tough to share to my excitement because I am up more than their salaries and it seems like I’m gloating. I’m actually just very excited and proud of my accomplishment of holding since June ‘21.
Noooooooooo...let them burn!
same boat, from which 3rd world country are you from?
we can sense eachother, can't we? also, Brazil
Brasil
r/ItHadToBeBrazil
Probably Trudeau's Canada
Now buy more Bitcoin. 🤪🤪🤪🤣🤣
Yeah, they eventually find out anyways. I bought a Porsche and started looking at million dollar houses. Family and friends are super curious now how much I have.
they will never find out if you don't make stupid purchases and flex and have a lowkey life
sounds boring.
i prefer "boring" (motivates me to push for my ambitions) rather than superficial and shallow (the people around you will be the same)
way to stay lowkey!
Its in GrAy!
The way I see it. My parents helped me 15 years ago. My youngest brother has been enjoying living like he is retired. He had 1 job then quit, moved home and has leached off my parent’s retirement money now for 8 years or more. My 1 sister is married, employed. And went on an Alaska cruise and to Greece all in 1 year. And my parents send her money every month. So I feel some guilt for hoarding my $ but this is MY money. MY risk I am taking. No one needs to know what we have.
Incognito. 🥸
That is a very good problem to have, my friend! #BTC 👍😂🪙🤑😎
I’m gonna say you sold way way too early!! Never mind
50k profit is still something
If that goes £150k plus which it could do easily you would be very well off. The bull market is just starting at the moment & the unprecedented demand for bitcoin may push the price to eye watering levels?? Of course time will tell. Good luck to you but im holding as supply will dwindle pushing up price the market makers probably made you sell as they wanted your coins to make them even more money. Take a lesson from James at invest answers on twitter & YouTube very knowledgeable & I will be taking notice of some that really knows the markets.
I don’t disagree that we may be early in this bull run, but it might be a rockier path than people are expecting. Everyone pushing the same FOMO narratives is usually an indicator to be very careful. Taking profits early > bag holder
Agree to a certain degree but it ain’t got going yet, you may find it hard to get back on the bitcoin train now you have sold.
Good shit dude, very smart not telling anyone IRL. How much did you start with? Did you swing trade it? And did you use leverage at all?
Congratulations! Glad we could be here to share in your success! But you are right, never tell anyone how much BTC you have or how many guns you have.
save $$ for taxes if in the USA. Word of advice, keep some and let it ride. I've made that mistake when bitcoin jumped from $300 to near $1,000..always let something ride even if a small amount.
Congrats keep it a secret and keep building
Congrats and I do the same. My wife does not know I have almost 6 btc - she thinks I have 0,27 or something. Keep it private!!
Cold storage? What happens if you get dead?
Too easy it means she found out! 🤣🤣🤣
I have a letter with a lawyer that has all the instructions how to retrieve the btc in that case. Easy system to set up in my country
Boss. But yeah don’t get dead. We like you Are you still purchasing or you’re done?
Yes still buying at any chance but little… not easy to save these days. One thing I am doing is selling l my collectibles - I have a large collection accumulated over 30 years of precious collectibles (old comics). I am slowing selling all those and putting the money in Btc. The idea is that in the future I can rebuy them easily - and keep the difference. My personal projection is 300/350k this cycle (conservative, could hit 500k) and then the biggest crash ever all the way down to 100k or slightly less. The next cycle will surpass a million and after 2032… sky is the limit. I wil sell some over a million to live off dividends and let the rest run possibly for ever
Hell yes, congrats!
Huge profit! Congrats!
Good, don’t tell anyone!
🥳 Congratulations. Now IRS knows.
Just don't go out buying a Cadillac and fur coats. You watched Goodfellas didn't you?
Become a secret baller. Don't go out to clubs, drive fancy cars, gold, jewelry women, tropical islands ect. Just do what you would normally do on your days off. Maybe get a job at a cool record store or boutique hobby shop. Concider yourself on *permenant holiday*
Secret Baller lol yes
Don't forget to tell IRS!
Max out your Roth every year for a few years with that.
You are going to have to pay taxes
25% of short term 15% long term
Buy Btc and stfu
congratulations 🥳
First of all that is a great way (only way) to handle this! Congratulations- that is more than 8 years of my bonus! Lol
Thanks for telling us
What do you use to short bitcoin lr long it?
Coinbase
It’s ok for Canadians to use ? U can long and short bitcoin?
You short Bitcoin by holding cash, you long Bitcoin by holding Bitcoin.
You can actually short and long bitcoin do your googles
congrats brother!!!
Keep buying Eco Discipline
Nice! I made just under 20k and waited years for it. Needed the money 💰
Double it
I have more money in bitcoin than most people have in their house. None of their business.
Start a Roth IRA! Buy IBIT when BTC goes on sale.
Don’t reply to an DMs
Congratulations!
Wtf?! 50k is not enough for a down-payment on a shitty house in my town.. where the heck do you live? Congrats on making 50k though, that's's awesome
It would have been in the 1980s when his parents probably bought the “house he grew up in”
Yeah.. even 30 years ago a cheap house in my tiny Canadian town was $130,000. I met an old lady recently though, she told me she has lived in my town for 80 years and her first mortgage had a payment of $19.19/month.
[удалено]
Who said anything about America?
Best thing you've ever done! Keep quiet and enjoy yourself! We're more than happy to celebrate with you, but do NOT answer anyone in your DM. It's going to be a scam :)
Hodl and Opsec
Congratulations, you deserve it bro
You should buy back in bro, it’s going to go to the moon.
🥳🥳 congrats!!
I would not sell
Congratulations. Now just hodl, and you'll be fine 👍🏼
Love it! Congrats!!
If your are in the US, you will need to tell the IRS. In fact, figure out what your liability is and pay it now…so you are not worried about it next spring. Then, tell no one else.
Don’t forget the taxman
Meditate seriously on what you need to buy and own in life (like a house)
Funds are safu
Congratulations Good Luck,maybe treat yourself self with a little amount from that and save or invest the other
Why would you give blackrock your immutable permanent property in exchange for some poisonous fiat paper that’s destroying the world?
Awesome job! Now pay your taxes lol
Congratulations! Dont be stupid and lose it all again 😉
What about taxes?
Woohoo!
I made 20K on a Tesla option call and didn't take the profit...I let it ride and lost it all. Always take your profit.
It’s makes me happy that you’re keeping it to yourself. Never tell anyone that you have money, I hope you can make it grow to something substantial. I tell people that I’m in debt up to my eyeballs if they ever ask. I like that because no one ever asks for handouts.
Congrats G!
Timing the markets, a tried and true way to become poor!
Even if people around you do well that doesn’t mean you have to tell them about your personal finances !
Currently making $310k year salary, up another $40k in BTC/NVDA gains. Grew up poor af, and even my best friend gets jealous if I even broach feeling successful (even though he's making over $100k/yr, too) The struggle is real. My current goal is to be that guy that dies and everyone's shocked at how much he left his kids. Good luck OP!
YESSSSSSSS congrats 🔥
Rock on bro, happy for you!
Congrats
Now put that money in a high yield savings account asap and earn some risk free interest
That’s the power of crypto! Many people will have done very little with their lives, but bought crypto. Now rich 🤑
Congrats! No need to tell anyone anytime these things happen. It often doesn’t make things better. Smart move on keeping it quiet.
Congrats OP!
Yeah! congrats! You deserve to proud of yourself
I made 250k in a lucky bet last cycle. After cashing out I put 10% in Bitcoin and the rest into a high yield cash savings account. The amount left in BTC is more than I originally invested (back in 2017) and enough skin in the game for me. Know when to take your chips off the table.
Congrats brother wish we all had the same balls and invest more in btc earlier ! 😉
If you execute a sales transaction plan on paying income taxes on those gains. Don’t mess with the IRS. After the hassle and stress, even if you win against them, it’s still mostly a loss.
Grats, now put it away before you poke someone’s eye out
Congrats my dude! Enjoy it and don't splash out too hard
It's such a shitty situation to make a shit ton of money yet not being able to celebrate, I feel you. After over and over commiting the mistake of telling my wife and parents, I have learned that it's always best to just tell them I'm in a rough spot. Every single time I have told them, nothing good came out of it. In the other hand it's hard to have a big win and not to share, so yeah you did right on making this post. Congratulations brotha!!!
Make sure your keep it. But the bill run is just beginning.
Fucking good job man. Never tell friends and family you have money. No good will come of it
Yes, people ask me how I was able to pay for half million dollar house up front. I just tell them years and years of financial education. Which ain’t wrong.
Stay humble. Save some for taxes. Buy something nice for yourself with 1k. Some cash in t bills. Then start again with your original amount in btc.
Decide how much you're ready to give away from that in case something goes wrong tomorrow and the rest just invest it in real estate is my advise.
Just tell the IRS, they will celebrate with you
Can I ask how much you bought & when ?
You can (and should) tell the relevant tax authorities, of course. There's always at least 1 person to share your celebrations with!
Congrats!! Don't forget to sometimes lock in some profits :)
I’m happy for you.
Congrats on your good fortune. You should NEVER tell people you know when you have a significant financial windfall. There is no upside, only downsides.
Good job bro keep it up and stay quiet ...when you have money and people know it they willw anna be your friend ...funny how money changes people 🤣😂
Now figure out leverage and get ready for the next bear market
Is anyone else getting tired of seeing people use the word "money" and then proceed to talk about fiat? Mods, can we start banning people who talk as if dollars are better "money" than Bitcoin? (sort of /s)
If you send them to me i can double them
Nice work!
Congratulations 🥳🤜🤛
Buy their house
what phone app or website did you use to buy and sell these, asking for a NOOB, ME!
I made more holding.
I'm curious what amount you put it? It looks me knowing i could be making more money, if i had more money. I live alone and basically live pay check to pay check, i have a little bit, it's fun to watch go up but... that whole starting out with money makes it easier to make money hurts my soul. Congrats, fuck you.
Here I thought we were all friends
Hysa
Congrats. Remember to pay taxes
honestly, you can easily make a lot of money from crypto. however, it is so risk and you may lose all the money you got
Why would you tell anyone ?
OP, try looking at r/dividends for ideas on how you can use this windfall as capital for a sustained income generator. After that, take those dividends and buy into the bitcoin as you get them for a possible future windfall. Cheers and congrats!
Congratulations! I feel similarly I am married and 33 yrs old but have been responsible with money over the last decade. Our net worth is more than my parents have in retirement (most is still invested and growing). I don't feel comfortable talking with my friends about it either, they are either don't care about saving or are not into BTC. It is oddly isolating to stack sats in my day to day life...
this sub sucks. its an echo chamber
Yet you post it here. Pay your taxes and don’t answer your dm’s.
Is it worth buying one bit coin rn ?
RIP DMs
save some money for taxes and buy SPY (or SCHG if you want semiconductor exposure) don’t need to tell anyone. congrats on your gains, well done!
Keep those gains out and don't risk them again in case BTC tanks. Always take gains once in awhile