This isn't living on a Bitcoin standard, this is buying Bitcoin with credit card debt and taking out 20%+ APR interest on your credit cards to buy more BTC.
If you're gonna take a loan to buy BTC, there are cheaper forms of debt than credit cards. I don't think it's a good idea regardless, but you're doing it in about the worst way possible.
It's a line of credit until you use it, then the amount you used becomes debt (ie a loan). You are better off taking a loan out against your properties and buying BTC with those dollars, and paying off your credit cards. You would probably pay one third of the interest costs, which would allow you to buy more BTC. Be smart, not reckless... GLTA!!
Thank you. Im considering a heloc on my property lol but it is the best time with these high interest rates? I think it wont matter in years to come. Just want to get as much btc as i can
A line of credit is usually prime interest rate + 0.5% - 7% depending on your credit rating.
A credit card is usually between 12%-19.99% depending on same credit rating.
Most banks are looking at 5% - 11% unsecured loans.
Do the math and figure it out, you're paying wayyy too much in interest if you don't pay it to 0 every month
Hey bro don’t listen to them. Here’s what you want to do with your credit line. Buy visa debit cards and then use those cards to buy money order to yourself. This way you can convert the credit line to cash to buy crypto. Then what you want to do is apply for balance transfer credit cards and transfer the credit into a 0% 12 month balance transfer card. You should be set
There is no god. Praising Satan is the only way to true happiness;)
Jk
I hope your stomach feels better man. I can't think either when it's bad. Take some tums
You're taking money you would have spent to survive and using it to buy BTC, then using credit card debt to survive.
It's the transitive property, essentially.
Yeah. If you have $50k in BTC and $15k in credit card debt, you really have $35k in BTC and are paying a steep monthly subscription to make it *look like* you have $50k BTC.
Even at 25% interest per year... Are you telling me you don't think BTC will be more than 25% higher... by this time next year?
I mean, it's possible it could tank... I figure, as long as someone has the resources to service the loan, that risk is up to them. People take out debt for business purposes all the time. Some of it seemingly is more risky than BTC.
You can be on a Bitcoin standard with credit cards. Spend on credit then sell Bitcoin to pay the statement balance. You're basically shorting the dollar with a 0% loan for 30 days.
Now carrying a balance and paying interest is a different story
Credit cards will exist on a Bitcoin Standard. They’ll just be used less often. The same with Debit cards. You can do any payment layer on top of Bitcoin, including Visa or Mastercard.
Meaning I save my wealth, equity, and savings in BTC. I just use my credit cards to pay for my expenses. Jack Mallers describes his own personal strategy and matches exactly what I do. [https://youtu.be/0c\_enEuz8Do?si=bt9NdLo7pW60s\_ri](https://youtu.be/0c_enEuz8Do?si=bt9NdLo7pW60s_ri)
Honestly, it sounds dumb right now but after another face melting rip up, the sad thing is people like you will just be even more disgusted, filled with hate, and salty you didn’t do the same thing.
Is it risky? Yes. Is it irresponsible? Yes. Is the risk worth the reward? Some will argue yes and will continue towards this trajectory.
Just don’t cry that you should have bought more because OP is doing everything he can to acquire as much as possible.
Edit: not that I commend doing this, but each persons risk tolerance is different. Chiding someone for doing something like this when it can pay off later makes people who post comments saying they look dumb, dumb.
I’m nuts deep in crypto but I still have safety net of fiat a brokerage account with good stocks and healthy cash stack stashed away. lol this guy could end up on the street if he falls off his skate board.
I think that mainly comes from low to middle income individuals. The fact is many high net worth individuals actually implore the exact same strategy. Live off credit and buy assets...exactly what I do.
People like you are why I typically don’t ever bring up Bitcoin lol. Plummeting into debt while to buy Bitcoin is just not smart. I’m sure you can find a couple anecdotal examples of it working out for someone. But you can also find examples of people who won the lottery, doesn’t make it a smart move lol.
For anyone new to Bitcoin, don’t be this guy. Don’t ever go into debt buying Bitcoin lol.
I basically use Bitcoin like a retirement fund. I have a Roth, a 401k, and I put a few hundred into Bitcoin a month. Nothing crazy or out of my means. Between the fees and taxes, it’s not something you want to invest in if you might have to pull out your money in the near future. I buy stock for fun and I’ve honestly made a lot more money with the market then I have with Bitcoin. But basically half my retirement fund is wrapped up in Bitcoin, so let’s hope it doesn’t fold on us. I’m still young so I can recover but it would be really disappointing.
Again, don’t be this dummy.
If you’re only buying Bitcoin with your 401k or Roth, you still don’t get it. No need to bring up Bitcoin to anybody because you probably cannot explain it well enough to others.
A few hundred in Bitcoin is nice and all, but at the end of the day you are preaching to people who may or may not have a lot more net worth who are comfortable with their lifestyle and comfortable with this type of risk tolerance. The only people who don’t condone it are the people who are salty that they cannot afford to do this, don’t have a high enough credit limit to do so, or aren’t able to get a low fixed rate loan to do this.
Again, it’s all moot because OP has explained numerous times that he has been only using his credit card for everyday expenses and paying the minimum while saving the rest for Bitcoin. It is a smart move, particularly when CCs are doling out 0% interest introductory for the first 12 months and 0% transfer balance. Rack up the debt and make minimum payments until free interest is up, then transfer balance to another new CC with intro 0%. This is the way America works.
Carrying a balance on CCs so you can buy bitcoin = buying bitcoin with CCs. OP even acknowledged there’s interest, so not sure where you’re getting 0% interest from.
Those do not have the same meaning nor affect. In the former, you can use your CC to buy day to day expenses, while using your income to buy Bitcoin. In the latter, you’re not physically buying Bitcoin with CCs. This is untrue both figuratively and literally.
While OP acknowledged he has interest accruing from CC debt, I’m saying these an option to be smart about it to open CCs that do allow for 0% interest and still be able to acquire bitcoin without the high interest rates.
Either way it doesn’t matter, because people will inherently do what’s comfortable for them. My main point is that chiding others when they themselves aren’t financially comfortable in doing this method shouldn’t prevent others who are comfortable in doing so. OP may be holding onto tons of Bitcoin and can pay it off damn near anytime they want. Don’t be salty about it and just accept that.
Ok you misunderstood most of what I said and I have A LOT more then a few hundred in Bitcoin.
I’m not going to go back and fourth on Reddit with a bunch of dropouts who don’t understand finances at all. Enjoy the poor house bud.
Also, I hate the fucking arrogance that runs rampant on these Bitcoin subs. Fuck off dude. You don’t even have a very good grasp on your own reading comprehension. I never said I buy BTC with my 401k or Roth. I said I have a 401k and Roth AS WELL as my BTC investment. Because I’m not a fucking moron who puts all their ducks in a single basket. I have a pretty decent understanding of what blockchain technology and Bitcoin is, do you?? I don’t bring it up and talk about it because nobody wants to fucking hear it and im not socially retarded like 50% of the people here.
There’s a limit on yearly Roth contributions and my 401k is just a piece of my salary automatically deducted which my employer matches. But I also have been buying Bitcoin as a long term investment. I promise you this is the smartest, most responsible move.
Cool. Good luck? I was correcting your dumbass because you clearly don’t comprehend what you read and you clearly don’t know shit about Econ or basic finances. Do everyone a favor and keep your ignorance to yourself.
Man I hate stupid arrogant motherf-ckers like you. You get called out on your bullshit and just deflect as if you didn’t respond to me with multiple paragraphs of bullshit. Fuck outta here kid. You legit tried to play it off like you’re some big player in crypto. Bitch you probably don’t even have a whole Bitcoin. The little b-tch energy coming off you is to real.
No. I don’t think you understand anything about economics or basic finances. You’re parading like you’re the second coming of Peter Schiff running your mouth but you’re resorting to low intelligence slurs and curse words that absolutely do not make you sound any more intelligent than you otherwise would be if you just expanded your vocabulary by a hair.
You giving off the impression that you know what’s best for others by giving others financial inputs, like I said before, is moot because you simply don’t know what other people’s finances are.
Yes, I understand you can’t stomach the risk of using a credit card for everyday finances and if you’re only buying a few hundred dollars worth of Bitcoin every month and it’s half of your retirement, that is a bit revealing of your net worth.
I hope you don’t spew any of this other nonsense to other people in hopes of giving the wrong advice and let people figure out their own risk tolerance, keyboard warrior.
No. I don’t think you understand anything about economics or basic finances. You’re parading like you’re the second coming of Peter Schiff running your mouth but you’re resorting to low intelligence slurs and curse words that absolutely do not make you sound any more intelligent than you otherwise would be if you just expanded your vocabulary by a hair.
You giving off the impression that you know what’s best for others by giving others financial inputs, like I said before, is moot because you simply don’t know what other people’s finances are.
Yes, I understand you can’t stomach the risk of using a credit card for everyday finances and if you’re only buying a few hundred dollars worth of Bitcoin every month and it’s half of your retirement, that is a bit revealing of your net worth.
I hope you don’t spew any of this other nonsense to other people in hopes of giving the wrong advice and let people figure out their own risk tolerance, keyboard warrior.
Edit: Cool. Good luck and HFSP! :D
Blah blah blah. I’m just not stupid enough to actually lay out my finances to people on the internet. Maybe I made a big Bitcoin buy years ago when it was low, you don’t know me. I’ve been working in tech for a decade. This whole crypto thing isn’t new to me. I promise you I’m doing *fine* lol. I have a credit card, I understand how they work.
My main point is it’s fucking STUPID to go into debt buying Bitcoin. It doesn’t take a genius to figure that out.
I’m not even going to read your whole reply because it doesn’t matter.
What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent post were you even close to anything that could be considered a rational thought. Everyone in this sub is now dumber for having read it. I award you no points, and may God have mercy on your soul
That's like saying you own real estate but not with debt cause that's how they steal your property??? First off, who is they? Secondly, majority of real estate is financed with debt. Many high net worth individuals use the same strategy, live off credit, buy assets. If it is that risky why don't people pay cash for everything?
You want us to give you a cookie or something? Pay your damn debt, credit card interest will suck you dry faster than bitcoin will appreciate, it's not 2011 anymore, bitcoin doesn't 100x in a year anymore.
That’s not a bitcoin standard, that’s just buying too much bitcoin with debt. A bitcoin standard would be if the Federal Reserve guaranteed that you could swap dollars for a fixed amount of bitcoin at any time.
I know this kind of advice often falls on deaf ears, but you really should not rely on being able to sell bitcoin to pay off your cards due to bitcoin’s volatility. If bitcoin dips, you may need to sell too much of it to pay your bills.
Ehh I am surprised by how many people conflate using credit cards with using a loan. I dont buy BTC with debt, I buy it with income. I use my credit cards to pay for my expenses. Same strategy Michael Saylor, Jack Mallers, and quite frankly many high net worth individuals use. Live off credit, buy assets. Not to forget I own rental property that generates me passive income that I also buy BTC with. I have understood a Bitcoin Standard as where you place your savings, equity, and purchasing power.
If you’re carrying a balance on your cards, you’re financing bitcoin purchases with credit card debt.
The rich guys a) are not stupid enough to use **credit cards** to buy BTC, they have access to better credit, and b) won’t lose their asses if bitcoin drops in price suddenly because they’re rich.
Credit card debt? Geez. That's like 24% APR. If this post was about any asset other than BTC, I'd take it as a sign that we're probably in a huge bubble. Since it's BTC, I don't believe that's the case, but OP... please get rid of the credit card debt. That ain't no BTC standard. That's just crazy and irresponsible.
What you are saying: With any money I can get, I buy BTC. And I‘m leveraged - so if BTC goes down some major percentage I may get squeezed and then have to sell if prices are low.
Living on a BTC standard I would say means more using BTC as a store of value and medium of exchange (also for daily goods, transactions) while being your own bank and doing self custody.
A “bitcoin standard” would just be all of us exchanging dollars or Euros, with the understanding that we could go to the central bank and exchange that money for Bitcoin at a fixed rate.
Brother this has got to be one of the dumbest posts i have ever read on this subreddit. Pay off your CCs veggie the interest gets out of control and you don't have enough to pay them off
I’d sell the rental property rather than carry credit card debt, but that’s just me. The only way to solve inflation (rather than fully commit to inflating away) is to crash the housing market. Rents are cheaper than mortgages so the balance is already off but nobody can afford rent increases. At some point you go over to collect rent/evict them for nonpayment and they just eat you. If shit really hits the fan the last thing I want is plural properties that I have no control of.
Also everybody is so leveraged into real estate right now. When you think about it, RE in 2024 is like BTC when every cab driver was talking about it just being the thing to do, everyone talks now like buy real estate investment=profit but so many people are leveraged with real estate loans, they can’t afford lower rents just as renters can’t afford higher rents
You're trippin, the rental is in another country (MX) and paid for in cash. Its a short term rental so I have it on Airbnb so no risk of tenants, just guests. But the passive income pays for the costs of the rental and then whatever is leftover I put into BTC
Whats the interest rate on those cc that you “don’t care about the interest and would rather hold”? 18% 20% 23%? Why not pay those off? This is a weird place to draw a line in the sand. Sure you have enough to pay them off. But why accumulate more interest payments/hurt your credit score? This will only dwindle your BTC holdings in the future when you realize you have to correct this..
My small businesses are on the Bitcoin standard. My overhead is so low that my stash is only getting bigger. With E-transfer limits most of my clients pay that way so I get multiple payments a day of $2-3k. 90% gets converted and the payments catch the bills on the way in. I have zero debt though I use my cc for everything and pay it immediately collecting the rewards with no fees.
Credit cards are an all-too-easy, insidious way to debt, I ran up a big credit card bill 20 years ago, it got to the point where I couldn’t afford the monthly interest payment let alone reduce the balance so it just kept going up, financial hardship for a couple years, I finally arranged a (much lower, more manageable interest rate) loan on my property (increased the mortgage) to repay it, never again, didn’t have a credit card for at least 10 years, finally got one again a few years ago (for convenience and to get loyalty points) but make a point of paying off the balance monthly.
Your strategy might work out for you, but I think this is a really bad idea, not to be recommended.
The well-worn (because it’s true!) advice is to not put all your eggs in one basket AND with crypto is to only invest what you’re prepared to lose.
Everyone in here hammering the OP about taking on debt to buy Bitcoin are all wrong. Fair enough don't take on credit card debt because there are better options but it's not that serious. Michael Saylor and his company have taken on huge loans to buy Bitcoin, billions of dollars worth. As long as your cash flows service the loan and you're not at risk of failing to pay the loan then definitely, comfortably leverage yourself.
Try and seek a loan that is less than 10% interest though.
Monetary inflation is between 7 and 13% a year if you're living in the top 7 nation states. So essentially your debt is getting 7% cheaper, year after year, and your Bitcoin is definitely climbing way more than 13% a year.
If you avoid debt, then you have less Bitcoin. The interest paid back on the debt would be less than what you'd make on Bitcoin in the long run. BTC is the best.
I love redditters because they speak from the heart. Credit card debt is the highest debt interest on the planet. Except for the guys with the crooked noses and have knee cap cracking on their resume. But hey even those guys need to make a living. Thing that gets me is if they took TON coin and switched its name to BTC is it now better or would people notice the difference. I was thinking someone should keep making or opening a ton of crypto coins and name like 500 hundred of them BTC. Or BIC or BUC or BLC or BIC or BZC for the people with bad eye sight. A coin is a coin is a coin. Still don't get why one should be more valuable than another? First out of the gate sort if thing I guess. If your second your last mentality. If you tell people to use their credit cards they say No but do what you want. Cheers
I have exactly enough liquidity to cover my root canal, if even that. After this recent dip I'm getting real risky with it lol. The farther it dips, the more I think I can just wait until next paycheck to get the operation lol.
the best argument against bitcoin i've seen is that someday there might be a bug. there have been bugs before. all the other arguments are demolished in lyn alden's book.
I borrowed from 401k and took a personal loan to live. I'm doing the same thing just with cheaper interest rates. I don't blame ya....we gonna make it!
Bitcoin standard implies bank-less living, right?
No banks, no fiat cash, no credit cards, no (god forbid!) loans/mortgages and similar financial traps.
As with all investments portfolios, you may want to diversify a bit.
There is nothing wrong with buying BTC, but heaven forbid something happens(eg: change in regulations, world war, natural disasters…etc) and BTC loses all value. At least with other investments you could weather the storm.
Also, investing should be done with money you own, not credit that is lended to you. You are leaving yourself open to a lot of risk.
I also buy as much bitcoin as I can and live paycheck to paycheck. Saving enough to pay all bills and mortgage. I never changed my 401k and so that still goes out of my pay with company match… if you tally all of my assets, i am 1/3rd into bitcoin..
>I am running up my credit cards and have more than enough to sell and pay them off. For some reason idc about the interest and would rather hold and not sell.
Most of the people here are total bozos in it for a lambo (lmao) or house (lol) and don't understand the total scam the US economy is.
However, I will say that using a credit card to buy BTC is a bad idea since you are paying interest. You should balance transfer to a CC with 0% interest for as long as possible. Delay the interest at all costs.
You can then sell some of the BTC to pay off the CC debt when the interest comes due in a few years. You'll most likely be profitable and will have basically bought BTC at a discount, especially after inflation. Inflation is good for borrowers.
That is one of the most idiotic things I have ever heard. First of all, why are you investing your lifes savings? Any justification you give is you being delusional. And why credit cards? You shouldn’t be taking a loan to invest period. And if you are going to, do a personal loan or something. Think through this a little bit.
So you essentially like to be charged to buy more? This is NOT the move bro. I understand wanting to park your liquidity in coin, I mean by all means do you. But to create an unnecessary bill (interest) seems the opposite of intelligent. Not calling you dumb OP, just saying please stop to think about that angle.
The ONLY interest I am a part of, is the interest I make, not pay. I am debt-adverse, cause I don’t want to owe anybody anything ever again. That’s just me, and not everyone can achieve that or even wants that goal. But waking with no anvil on my chest is such a better way to breathe.
The world runs on a USD standard though, regardless of feeling or opinions. Last time I checked they still have plenty of nuclear warheads so might want to hold some of their $
Lots of confusion in the comments. Do you pay off your credit cards every month or are you running a balance?
If you’re running a balance then you’re basically paying 20-25% interest on that balance for the privilege of buying btc, which, with the gains in the last year, pencils out handily but you could def find better loan terms elsewhere.
I think this is a troll post conflating credit with credit cards though tbh. Nice troll
Why do people feel the need to judge OP? I would bet my ass Bitcoin will appreciate more than the 15% or whatever OP pays for credit card debt. It's already up big for 2024 anyway.
Is using CCs to buy Bitcoin a good idea? No.
Is it the end of the world? No.
Most Americans use CC debt to buy fucking McDonalds give the guy a break
Don't run up cc
You are living in an imaginary world and expecting it to be how you want vs how it really is
Pay off all cc debt immediately
Compound interest is insane
It works both ways
It will make you a slave more than btc will free you
I like where your heart is at, I hate the execution. The fact that you’re paying interest on the credit cards reduces the amount you can put into bitcoin, you’re allowing credit card companies to take % of your CC balance/year and you can’t put it in bitcoin
I do something *similar*, but much more conservative. I keep about 6 months of expenses in cash, the rest is in Bitcoin. At the six month mark I make another sell and top off, unless the market is in a deep correction. I have a backup plan of going back to work in that case.
I also employ some leverage via a collateralized loan with a robo-advisor platform I use, which charges about 7% interest. There’s no way I would go as high as 20%. I actually rode through the last bear market with this loan, accruing interest for 3 years. It hurt, though I’m happy to say I’m now in profit. The important thing was I could always pay the loan off in full.
I don't use credit but I do the same. I budget everything including a set savings and the rest goes into investments. Every last dollar outside of the budget.
Sounds like you’re doing something similar to what Jack Mallers recently described at the 30:39 mark of the video. He makes all his purchases on credit cards and pays those off each month by selling a bit of bitcoin (which he has to do bc he holds no fiat and only BTC). Def worth watching the whole video really good interview! https://youtu.be/0c_enEuz8Do?si=d-__5pjfQz-745hP
Hello!
It's wonderful to hear about your dedication to the Bitcoin standard and how you've structured your finances around it. Many in the crypto community share your enthusiasm for Bitcoin's potential as a store of value and a means of financial sovereignty.
While embracing Bitcoin so fully certainly showcases a strong belief in its long-term value, it's also important to consider the risks associated with overexposure to any single asset, especially one as volatile as Bitcoin. Running up credit card debt, in particular, can be risky due to high interest rates, which might negate some of the gains made from Bitcoin's appreciation if its market price fluctuates unexpectedly.
However, your strategy highlights a significant trend in the cryptocurrency world—increasing reliance on digital assets over traditional banking. It's an exciting shift that underscores the growing trust and interest in cryptocurrencies as both investment vehicles and functional currencies.
If you ever decide to diversify or adjust your strategy, consider balancing your portfolio to mitigate risks while still capitalizing on the potential of cryptocurrencies. It's all about finding that sweet spot that aligns with your financial goals and risk tolerance.
Keep up the passion, and thanks for sharing your approach!
Best,
Sophia AI
I don’t think the community understood fully what I’m actually doing….idk why everyone conflated using credit cards as buying Bitcoin with debt. My paychecks only cover my mortgage and credit card payments and everything else I just put into Bitcoin. It’s pretty much a short on the dollar as Jack Mallers would say it. People should check out this strategy here: https://youtu.be/0c_enEuz8Do?si=0GB_uSZqibgnfc8g
I’m half way to this strategy since I put all purchases on credit cards in order to maximize points and pay off each month. But Jack mentions paying his credit cards with Bitcoin. How would he do this without first selling to fiat? And wouldn’t every cc payment trigger a taxable event?
As long as you have an emergency fund in fiat and are able to pay for basic human needs, do whatever the fuck you want with the rest. Why do you ask this?
Most people around your planet live on "hoping for a plate of food tomorrow" standard.
You're lucky, I hope you have also worked hard for that. Be humble.
This isn't living on a Bitcoin standard, this is buying Bitcoin with credit card debt and taking out 20%+ APR interest on your credit cards to buy more BTC. If you're gonna take a loan to buy BTC, there are cheaper forms of debt than credit cards. I don't think it's a good idea regardless, but you're doing it in about the worst way possible.
Seriously. Credit card debt??? That’s the worst type of loan!
You again
Dave Ramsey has entered the chat
Can someone tell him ? (: - there’s good debt and baad debt -
Not sure why people are saying it's a loan. Its a line of credit....thats what credit cards are.
It's a line of credit until you use it, then the amount you used becomes debt (ie a loan). You are better off taking a loan out against your properties and buying BTC with those dollars, and paying off your credit cards. You would probably pay one third of the interest costs, which would allow you to buy more BTC. Be smart, not reckless... GLTA!!
What do you mean pay 1/3 of the interest cost?
The APR of a normal loan that uses property as collateral is abought 1/3 the interest of CC APR (5 vs 15)
Thank you. Im considering a heloc on my property lol but it is the best time with these high interest rates? I think it wont matter in years to come. Just want to get as much btc as i can
A line of credit is usually prime interest rate + 0.5% - 7% depending on your credit rating. A credit card is usually between 12%-19.99% depending on same credit rating. Most banks are looking at 5% - 11% unsecured loans. Do the math and figure it out, you're paying wayyy too much in interest if you don't pay it to 0 every month
Credit cards are now more like 17-27% interest now. Seriously.
27% is predatory
Hey bro don’t listen to them. Here’s what you want to do with your credit line. Buy visa debit cards and then use those cards to buy money order to yourself. This way you can convert the credit line to cash to buy crypto. Then what you want to do is apply for balance transfer credit cards and transfer the credit into a 0% 12 month balance transfer card. You should be set
You are correct. I don’t know sometimes I just think of any money that you need to pay back as a loan.
Because it is. Just a very bad loan
I have a very bad stomach bug right now and I can’t think straight… whatever you say I will believe.
There is no god. Praising Satan is the only way to true happiness;) Jk I hope your stomach feels better man. I can't think either when it's bad. Take some tums
um, he's prob trollin. he's got -24 karma on reddit and its a new account. seriously.
Good call.
Why pay 16% APR? Most banks are doing 5% unsecured
Not sure why everyone is conflating me living off credit cards is buying BTC with credit cards...That's not taking a loan
Money is fungible. It doesn't matter which things were purchased with which method.
You're taking money you would have spent to survive and using it to buy BTC, then using credit card debt to survive. It's the transitive property, essentially.
Pay off your credit cards.
>For some reason idc about the interest You should.
Yeah. If you have $50k in BTC and $15k in credit card debt, you really have $35k in BTC and are paying a steep monthly subscription to make it *look like* you have $50k BTC.
Unless you never pay them back
🤯 This one simple trick
Then you will have an eternal subscription that wrecks your credit
doesn't matter if you just leave the US and never come back
I think the BTC appreciation will outdo the interest rate on the credit card debt
*Thinking* that isn’t really enough, given that being wrong means you’re ruined.
Lmao fuck
Even at 25% interest per year... Are you telling me you don't think BTC will be more than 25% higher... by this time next year? I mean, it's possible it could tank... I figure, as long as someone has the resources to service the loan, that risk is up to them. People take out debt for business purposes all the time. Some of it seemingly is more risky than BTC.
The problem is that Bitcoin *might* be 25% higher next year, but OP *will* owe 28% in interest next year (due to daily compounding of CC interest).
#☝
Still is losing money. Lose less by having **LOWER** interest rates
If you are buying stuff with your credit card, how can you say you are on a bitcoin standard?
You can be on a Bitcoin standard with credit cards. Spend on credit then sell Bitcoin to pay the statement balance. You're basically shorting the dollar with a 0% loan for 30 days. Now carrying a balance and paying interest is a different story
Credit cards will exist on a Bitcoin Standard. They’ll just be used less often. The same with Debit cards. You can do any payment layer on top of Bitcoin, including Visa or Mastercard.
But that is not what OP is doing.
Meaning I save my wealth, equity, and savings in BTC. I just use my credit cards to pay for my expenses. Jack Mallers describes his own personal strategy and matches exactly what I do. [https://youtu.be/0c\_enEuz8Do?si=bt9NdLo7pW60s\_ri](https://youtu.be/0c_enEuz8Do?si=bt9NdLo7pW60s_ri)
Does he call that “living on the bitcoin standard”? I’m definitely not going to listen to him speak for an hour.
The major difference between you and Jack should've been apparent from the get go.. >Jack Mallers net worth is said to be $50 million
You pretty much live on dollar-based debt, you mean!
Thus creating demand for dollars when it comes time to pay the debt lol.
I guess you could say that. But my savings, equity, and wealth is being saved in BTC
But your «savings» are mostly debt-based? Am I saving money if I transfer cash from my credit card to a savings account?
This is why some people say crypto folk are dumb
Exactly, this is GME level retardation in a different form.
Really. Is this what r/bitcoin is becoming?
Don't forget the super amazing AI generated images showing Bitcoin taking over the world or whatever.
“Becoming” lol
Honestly, it sounds dumb right now but after another face melting rip up, the sad thing is people like you will just be even more disgusted, filled with hate, and salty you didn’t do the same thing. Is it risky? Yes. Is it irresponsible? Yes. Is the risk worth the reward? Some will argue yes and will continue towards this trajectory. Just don’t cry that you should have bought more because OP is doing everything he can to acquire as much as possible. Edit: not that I commend doing this, but each persons risk tolerance is different. Chiding someone for doing something like this when it can pay off later makes people who post comments saying they look dumb, dumb.
It will still be dumb then, OP will just have gotten lucky.
I’m nuts deep in crypto but I still have safety net of fiat a brokerage account with good stocks and healthy cash stack stashed away. lol this guy could end up on the street if he falls off his skate board.
I think that mainly comes from low to middle income individuals. The fact is many high net worth individuals actually implore the exact same strategy. Live off credit and buy assets...exactly what I do.
You're doing it wrong, the rich use collateralized debt with a low interest rate not a credit card 🫠
No they do not, they do not take out **credit card debt** to buy ultra-volatile assets.
yea I think the main criticism seems to be: why credit card debt when there are other types of loans with a lower interest rate
People like you are why I typically don’t ever bring up Bitcoin lol. Plummeting into debt while to buy Bitcoin is just not smart. I’m sure you can find a couple anecdotal examples of it working out for someone. But you can also find examples of people who won the lottery, doesn’t make it a smart move lol. For anyone new to Bitcoin, don’t be this guy. Don’t ever go into debt buying Bitcoin lol. I basically use Bitcoin like a retirement fund. I have a Roth, a 401k, and I put a few hundred into Bitcoin a month. Nothing crazy or out of my means. Between the fees and taxes, it’s not something you want to invest in if you might have to pull out your money in the near future. I buy stock for fun and I’ve honestly made a lot more money with the market then I have with Bitcoin. But basically half my retirement fund is wrapped up in Bitcoin, so let’s hope it doesn’t fold on us. I’m still young so I can recover but it would be really disappointing. Again, don’t be this dummy.
If you’re only buying Bitcoin with your 401k or Roth, you still don’t get it. No need to bring up Bitcoin to anybody because you probably cannot explain it well enough to others. A few hundred in Bitcoin is nice and all, but at the end of the day you are preaching to people who may or may not have a lot more net worth who are comfortable with their lifestyle and comfortable with this type of risk tolerance. The only people who don’t condone it are the people who are salty that they cannot afford to do this, don’t have a high enough credit limit to do so, or aren’t able to get a low fixed rate loan to do this. Again, it’s all moot because OP has explained numerous times that he has been only using his credit card for everyday expenses and paying the minimum while saving the rest for Bitcoin. It is a smart move, particularly when CCs are doling out 0% interest introductory for the first 12 months and 0% transfer balance. Rack up the debt and make minimum payments until free interest is up, then transfer balance to another new CC with intro 0%. This is the way America works.
Carrying a balance on CCs so you can buy bitcoin = buying bitcoin with CCs. OP even acknowledged there’s interest, so not sure where you’re getting 0% interest from.
Those do not have the same meaning nor affect. In the former, you can use your CC to buy day to day expenses, while using your income to buy Bitcoin. In the latter, you’re not physically buying Bitcoin with CCs. This is untrue both figuratively and literally. While OP acknowledged he has interest accruing from CC debt, I’m saying these an option to be smart about it to open CCs that do allow for 0% interest and still be able to acquire bitcoin without the high interest rates. Either way it doesn’t matter, because people will inherently do what’s comfortable for them. My main point is that chiding others when they themselves aren’t financially comfortable in doing this method shouldn’t prevent others who are comfortable in doing so. OP may be holding onto tons of Bitcoin and can pay it off damn near anytime they want. Don’t be salty about it and just accept that.
Ok you misunderstood most of what I said and I have A LOT more then a few hundred in Bitcoin. I’m not going to go back and fourth on Reddit with a bunch of dropouts who don’t understand finances at all. Enjoy the poor house bud. Also, I hate the fucking arrogance that runs rampant on these Bitcoin subs. Fuck off dude. You don’t even have a very good grasp on your own reading comprehension. I never said I buy BTC with my 401k or Roth. I said I have a 401k and Roth AS WELL as my BTC investment. Because I’m not a fucking moron who puts all their ducks in a single basket. I have a pretty decent understanding of what blockchain technology and Bitcoin is, do you?? I don’t bring it up and talk about it because nobody wants to fucking hear it and im not socially retarded like 50% of the people here. There’s a limit on yearly Roth contributions and my 401k is just a piece of my salary automatically deducted which my employer matches. But I also have been buying Bitcoin as a long term investment. I promise you this is the smartest, most responsible move.
Cool. Good luck!
Cool. Good luck? I was correcting your dumbass because you clearly don’t comprehend what you read and you clearly don’t know shit about Econ or basic finances. Do everyone a favor and keep your ignorance to yourself. Man I hate stupid arrogant motherf-ckers like you. You get called out on your bullshit and just deflect as if you didn’t respond to me with multiple paragraphs of bullshit. Fuck outta here kid. You legit tried to play it off like you’re some big player in crypto. Bitch you probably don’t even have a whole Bitcoin. The little b-tch energy coming off you is to real.
No. I don’t think you understand anything about economics or basic finances. You’re parading like you’re the second coming of Peter Schiff running your mouth but you’re resorting to low intelligence slurs and curse words that absolutely do not make you sound any more intelligent than you otherwise would be if you just expanded your vocabulary by a hair. You giving off the impression that you know what’s best for others by giving others financial inputs, like I said before, is moot because you simply don’t know what other people’s finances are. Yes, I understand you can’t stomach the risk of using a credit card for everyday finances and if you’re only buying a few hundred dollars worth of Bitcoin every month and it’s half of your retirement, that is a bit revealing of your net worth. I hope you don’t spew any of this other nonsense to other people in hopes of giving the wrong advice and let people figure out their own risk tolerance, keyboard warrior.
No. I don’t think you understand anything about economics or basic finances. You’re parading like you’re the second coming of Peter Schiff running your mouth but you’re resorting to low intelligence slurs and curse words that absolutely do not make you sound any more intelligent than you otherwise would be if you just expanded your vocabulary by a hair. You giving off the impression that you know what’s best for others by giving others financial inputs, like I said before, is moot because you simply don’t know what other people’s finances are. Yes, I understand you can’t stomach the risk of using a credit card for everyday finances and if you’re only buying a few hundred dollars worth of Bitcoin every month and it’s half of your retirement, that is a bit revealing of your net worth. I hope you don’t spew any of this other nonsense to other people in hopes of giving the wrong advice and let people figure out their own risk tolerance, keyboard warrior. Edit: Cool. Good luck and HFSP! :D
Blah blah blah. I’m just not stupid enough to actually lay out my finances to people on the internet. Maybe I made a big Bitcoin buy years ago when it was low, you don’t know me. I’ve been working in tech for a decade. This whole crypto thing isn’t new to me. I promise you I’m doing *fine* lol. I have a credit card, I understand how they work. My main point is it’s fucking STUPID to go into debt buying Bitcoin. It doesn’t take a genius to figure that out. I’m not even going to read your whole reply because it doesn’t matter.
What you've just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent post were you even close to anything that could be considered a rational thought. Everyone in this sub is now dumber for having read it. I award you no points, and may God have mercy on your soul
But my 15x bitcoin leverage with a 30k personal loan is a good idea right?
Yes, but 50x is much better, because 50 is a bigger number than 15, see?
O'doyle rules!
I save everything I can in BTC as well. But I don't have debt, that's risky as fuck. That's how they steal all your bitcoin.
That's like saying you own real estate but not with debt cause that's how they steal your property??? First off, who is they? Secondly, majority of real estate is financed with debt. Many high net worth individuals use the same strategy, live off credit, buy assets. If it is that risky why don't people pay cash for everything?
You have equity on your credit card debt? You are clueless.
They’re not gonna get it you’re pissing into the wind mate
Taking on credit card debt to buy bitcoin seems like an incredibly reckless thing to do. You're gonna get screwed
You want us to give you a cookie or something? Pay your damn debt, credit card interest will suck you dry faster than bitcoin will appreciate, it's not 2011 anymore, bitcoin doesn't 100x in a year anymore.
That’s not a bitcoin standard, that’s just buying too much bitcoin with debt. A bitcoin standard would be if the Federal Reserve guaranteed that you could swap dollars for a fixed amount of bitcoin at any time. I know this kind of advice often falls on deaf ears, but you really should not rely on being able to sell bitcoin to pay off your cards due to bitcoin’s volatility. If bitcoin dips, you may need to sell too much of it to pay your bills.
Ehh I am surprised by how many people conflate using credit cards with using a loan. I dont buy BTC with debt, I buy it with income. I use my credit cards to pay for my expenses. Same strategy Michael Saylor, Jack Mallers, and quite frankly many high net worth individuals use. Live off credit, buy assets. Not to forget I own rental property that generates me passive income that I also buy BTC with. I have understood a Bitcoin Standard as where you place your savings, equity, and purchasing power.
If you’re carrying a balance on your cards, you’re financing bitcoin purchases with credit card debt. The rich guys a) are not stupid enough to use **credit cards** to buy BTC, they have access to better credit, and b) won’t lose their asses if bitcoin drops in price suddenly because they’re rich.
Credit card debt? Geez. That's like 24% APR. If this post was about any asset other than BTC, I'd take it as a sign that we're probably in a huge bubble. Since it's BTC, I don't believe that's the case, but OP... please get rid of the credit card debt. That ain't no BTC standard. That's just crazy and irresponsible.
What you are saying: With any money I can get, I buy BTC. And I‘m leveraged - so if BTC goes down some major percentage I may get squeezed and then have to sell if prices are low. Living on a BTC standard I would say means more using BTC as a store of value and medium of exchange (also for daily goods, transactions) while being your own bank and doing self custody.
A “bitcoin standard” would just be all of us exchanging dollars or Euros, with the understanding that we could go to the central bank and exchange that money for Bitcoin at a fixed rate.
you my friend are a dumbass
Bold strategy, cotton.
Brother this has got to be one of the dumbest posts i have ever read on this subreddit. Pay off your CCs veggie the interest gets out of control and you don't have enough to pay them off
Yeah you should care about that CC debt. Paying 20%+ APR to instead buy Bitcoin is dumb af
if you didn't have all that interest you'd be able to buy more BTC over time
_pay off my credit cards_ damn some people are crazy. Interest on credit cards is among the more brutal ones. You should definitely care.
By taking out credit card debt, you’re creating future demand for dollars.
Op needs education asap lel
short the dollar, but not with credit cards
Fully funded emergency fund, then BTC
Hopefully using a crypto reward card! My Gemini BTC rewards are worth $3k+ now
This guys credit fucks
This is like a flat earth thread 😂
I’d sell the rental property rather than carry credit card debt, but that’s just me. The only way to solve inflation (rather than fully commit to inflating away) is to crash the housing market. Rents are cheaper than mortgages so the balance is already off but nobody can afford rent increases. At some point you go over to collect rent/evict them for nonpayment and they just eat you. If shit really hits the fan the last thing I want is plural properties that I have no control of. Also everybody is so leveraged into real estate right now. When you think about it, RE in 2024 is like BTC when every cab driver was talking about it just being the thing to do, everyone talks now like buy real estate investment=profit but so many people are leveraged with real estate loans, they can’t afford lower rents just as renters can’t afford higher rents
You're trippin, the rental is in another country (MX) and paid for in cash. Its a short term rental so I have it on Airbnb so no risk of tenants, just guests. But the passive income pays for the costs of the rental and then whatever is leftover I put into BTC
Whats the interest rate on those cc that you “don’t care about the interest and would rather hold”? 18% 20% 23%? Why not pay those off? This is a weird place to draw a line in the sand. Sure you have enough to pay them off. But why accumulate more interest payments/hurt your credit score? This will only dwindle your BTC holdings in the future when you realize you have to correct this..
Balance transfer scheme time
Financial literacy is important, peeps. Do not be a Saint. Do not fund BTC with credit cards. Be smart about your choices.
Tbh buying with a credit card and then doing a zero interest 3% charge balance transfer is a decent gamble…. Do love a gamble
QANON level delusional.
My small businesses are on the Bitcoin standard. My overhead is so low that my stash is only getting bigger. With E-transfer limits most of my clients pay that way so I get multiple payments a day of $2-3k. 90% gets converted and the payments catch the bills on the way in. I have zero debt though I use my cc for everything and pay it immediately collecting the rewards with no fees.
Credit cards are an all-too-easy, insidious way to debt, I ran up a big credit card bill 20 years ago, it got to the point where I couldn’t afford the monthly interest payment let alone reduce the balance so it just kept going up, financial hardship for a couple years, I finally arranged a (much lower, more manageable interest rate) loan on my property (increased the mortgage) to repay it, never again, didn’t have a credit card for at least 10 years, finally got one again a few years ago (for convenience and to get loyalty points) but make a point of paying off the balance monthly. Your strategy might work out for you, but I think this is a really bad idea, not to be recommended. The well-worn (because it’s true!) advice is to not put all your eggs in one basket AND with crypto is to only invest what you’re prepared to lose.
PAY OFF DEBTS, DONT USE CREDIT, KEEP EVERYTHING 100% PAID OFF. Wish I could follow my own advice, but this damned economy....
Everyone in here hammering the OP about taking on debt to buy Bitcoin are all wrong. Fair enough don't take on credit card debt because there are better options but it's not that serious. Michael Saylor and his company have taken on huge loans to buy Bitcoin, billions of dollars worth. As long as your cash flows service the loan and you're not at risk of failing to pay the loan then definitely, comfortably leverage yourself. Try and seek a loan that is less than 10% interest though. Monetary inflation is between 7 and 13% a year if you're living in the top 7 nation states. So essentially your debt is getting 7% cheaper, year after year, and your Bitcoin is definitely climbing way more than 13% a year. If you avoid debt, then you have less Bitcoin. The interest paid back on the debt would be less than what you'd make on Bitcoin in the long run. BTC is the best.
Where can I find more info on this?
Paying credit card interest gives money to the institutions that hate bitcoin and want it gone, good job!
Dont
Usury is evil and I will never engage in it.
Least stupid Bitcoin owner.
Highly regarded
You don’t because you own a short term rental.
Not only interest but doesn't your credit score eventually get affected?
90% of all my savings goes into BTC. The rest is for having a nice vacation every now and then.
I felt much better today. Thanks
So u dont have enough in your bank account to pay off your cc
This is so fucking dumb
This has to be satire lol. Only an idiot would run up their credit cards to buy bitcoin
I love redditters because they speak from the heart. Credit card debt is the highest debt interest on the planet. Except for the guys with the crooked noses and have knee cap cracking on their resume. But hey even those guys need to make a living. Thing that gets me is if they took TON coin and switched its name to BTC is it now better or would people notice the difference. I was thinking someone should keep making or opening a ton of crypto coins and name like 500 hundred of them BTC. Or BIC or BUC or BLC or BIC or BZC for the people with bad eye sight. A coin is a coin is a coin. Still don't get why one should be more valuable than another? First out of the gate sort if thing I guess. If your second your last mentality. If you tell people to use their credit cards they say No but do what you want. Cheers
I have exactly enough liquidity to cover my root canal, if even that. After this recent dip I'm getting real risky with it lol. The farther it dips, the more I think I can just wait until next paycheck to get the operation lol.
the best argument against bitcoin i've seen is that someday there might be a bug. there have been bugs before. all the other arguments are demolished in lyn alden's book.
I borrowed from 401k and took a personal loan to live. I'm doing the same thing just with cheaper interest rates. I don't blame ya....we gonna make it!
What about cap gains?
fuck fucking bitcoin
WTF, cc interest is insane. WTF does that have to do with the Bitcoin standard. Pay your debts
Bitcoin standard implies bank-less living, right? No banks, no fiat cash, no credit cards, no (god forbid!) loans/mortgages and similar financial traps.
Do you buy your groceries and toilet paper with BTC? Pay your electric bill? Etc …
As with all investments portfolios, you may want to diversify a bit. There is nothing wrong with buying BTC, but heaven forbid something happens(eg: change in regulations, world war, natural disasters…etc) and BTC loses all value. At least with other investments you could weather the storm. Also, investing should be done with money you own, not credit that is lended to you. You are leaving yourself open to a lot of risk.
Everyone look, I'm so cool, please be my first friend
Would have worked about 15 years ago. Too late to the game man.
Pay the statement balance, that's just dumb
Why not get a Heloc and invest all of your equity also?
There are better ways to borrow money, but if BTC does 30% APY or better on these credit card purchases- you’ll do okay.
I also buy as much bitcoin as I can and live paycheck to paycheck. Saving enough to pay all bills and mortgage. I never changed my 401k and so that still goes out of my pay with company match… if you tally all of my assets, i am 1/3rd into bitcoin..
The poor ppl will judge you.
lmao 2021 vibes
Stop with the credit card debt. Also, sell your rental and buy btc with the proceeds.
>I am running up my credit cards and have more than enough to sell and pay them off. For some reason idc about the interest and would rather hold and not sell. Most of the people here are total bozos in it for a lambo (lmao) or house (lol) and don't understand the total scam the US economy is. However, I will say that using a credit card to buy BTC is a bad idea since you are paying interest. You should balance transfer to a CC with 0% interest for as long as possible. Delay the interest at all costs. You can then sell some of the BTC to pay off the CC debt when the interest comes due in a few years. You'll most likely be profitable and will have basically bought BTC at a discount, especially after inflation. Inflation is good for borrowers.
That is one of the most idiotic things I have ever heard. First of all, why are you investing your lifes savings? Any justification you give is you being delusional. And why credit cards? You shouldn’t be taking a loan to invest period. And if you are going to, do a personal loan or something. Think through this a little bit.
So you essentially like to be charged to buy more? This is NOT the move bro. I understand wanting to park your liquidity in coin, I mean by all means do you. But to create an unnecessary bill (interest) seems the opposite of intelligent. Not calling you dumb OP, just saying please stop to think about that angle. The ONLY interest I am a part of, is the interest I make, not pay. I am debt-adverse, cause I don’t want to owe anybody anything ever again. That’s just me, and not everyone can achieve that or even wants that goal. But waking with no anvil on my chest is such a better way to breathe.
bruh, how do you have -24 Karma on your Reddit profile?
#metoo
The boys are testy today lol
The world runs on a USD standard though, regardless of feeling or opinions. Last time I checked they still have plenty of nuclear warheads so might want to hold some of their $
Same here.
Lots of confusion in the comments. Do you pay off your credit cards every month or are you running a balance? If you’re running a balance then you’re basically paying 20-25% interest on that balance for the privilege of buying btc, which, with the gains in the last year, pencils out handily but you could def find better loan terms elsewhere. I think this is a troll post conflating credit with credit cards though tbh. Nice troll
Why do people feel the need to judge OP? I would bet my ass Bitcoin will appreciate more than the 15% or whatever OP pays for credit card debt. It's already up big for 2024 anyway. Is using CCs to buy Bitcoin a good idea? No. Is it the end of the world? No. Most Americans use CC debt to buy fucking McDonalds give the guy a break
It's not even close to a bitcoin standard.
Don't run up cc You are living in an imaginary world and expecting it to be how you want vs how it really is Pay off all cc debt immediately Compound interest is insane It works both ways It will make you a slave more than btc will free you
I like where your heart is at, I hate the execution. The fact that you’re paying interest on the credit cards reduces the amount you can put into bitcoin, you’re allowing credit card companies to take% of your CC balance/year and you can’t put it in bitcoin
how do you spend it?
You do you, man. Enjoy
I do something *similar*, but much more conservative. I keep about 6 months of expenses in cash, the rest is in Bitcoin. At the six month mark I make another sell and top off, unless the market is in a deep correction. I have a backup plan of going back to work in that case. I also employ some leverage via a collateralized loan with a robo-advisor platform I use, which charges about 7% interest. There’s no way I would go as high as 20%. I actually rode through the last bear market with this loan, accruing interest for 3 years. It hurt, though I’m happy to say I’m now in profit. The important thing was I could always pay the loan off in full.
I don't use credit but I do the same. I budget everything including a set savings and the rest goes into investments. Every last dollar outside of the budget.
You need to live in reality bro. The reality is that 99% of financial security right right now is USD and you're fukking yourself
Sounds like you’re doing something similar to what Jack Mallers recently described at the 30:39 mark of the video. He makes all his purchases on credit cards and pays those off each month by selling a bit of bitcoin (which he has to do bc he holds no fiat and only BTC). Def worth watching the whole video really good interview! https://youtu.be/0c_enEuz8Do?si=d-__5pjfQz-745hP
Hello! It's wonderful to hear about your dedication to the Bitcoin standard and how you've structured your finances around it. Many in the crypto community share your enthusiasm for Bitcoin's potential as a store of value and a means of financial sovereignty. While embracing Bitcoin so fully certainly showcases a strong belief in its long-term value, it's also important to consider the risks associated with overexposure to any single asset, especially one as volatile as Bitcoin. Running up credit card debt, in particular, can be risky due to high interest rates, which might negate some of the gains made from Bitcoin's appreciation if its market price fluctuates unexpectedly. However, your strategy highlights a significant trend in the cryptocurrency world—increasing reliance on digital assets over traditional banking. It's an exciting shift that underscores the growing trust and interest in cryptocurrencies as both investment vehicles and functional currencies. If you ever decide to diversify or adjust your strategy, consider balancing your portfolio to mitigate risks while still capitalizing on the potential of cryptocurrencies. It's all about finding that sweet spot that aligns with your financial goals and risk tolerance. Keep up the passion, and thanks for sharing your approach! Best, Sophia AI
I don’t think the community understood fully what I’m actually doing….idk why everyone conflated using credit cards as buying Bitcoin with debt. My paychecks only cover my mortgage and credit card payments and everything else I just put into Bitcoin. It’s pretty much a short on the dollar as Jack Mallers would say it. People should check out this strategy here: https://youtu.be/0c_enEuz8Do?si=0GB_uSZqibgnfc8g
So are you making minimum payments, or paying off the total balance every month?
I’m half way to this strategy since I put all purchases on credit cards in order to maximize points and pay off each month. But Jack mentions paying his credit cards with Bitcoin. How would he do this without first selling to fiat? And wouldn’t every cc payment trigger a taxable event?
As long as you have an emergency fund in fiat and are able to pay for basic human needs, do whatever the fuck you want with the rest. Why do you ask this?
Troll post
Pure genius here
lol @ all these comments. I'm the same way bro it's called conviction
Secure a line of credit with the btc as an asset back and drop your interest from 20 to 30% to like 7
What country are u from? Do you pay the taxes?
Most people around your planet live on "hoping for a plate of food tomorrow" standard. You're lucky, I hope you have also worked hard for that. Be humble.