Dogecoin/crypto noob selling question

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Rez Exelon

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I mean that's one way to do it... But paying off everything is a goal, not a method. There's no successful people I know that are debt free. Debt, used wisely, is not a problem... Overreaching your means or taking on too much risk is a problem.

If I waited till I had 5 years in the bank how am I going to start a 401k early when compounding benefits me most? To get a house instead of pissing away money on rent. Even now why would I pay my rentals off when having the money liquid benefits me and the debt gives me a tax break.

Not over extending or taking more risk than you can settle on is key.
 

Rez Exelon

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HaHA! you now know one.
Well of course. You're the most successful person ever. That's why you have so much time to hang out and post here. But to clarify, perhaps better phrasing would have been "There's no successful people I know that didn't incur debt while on their journey there." Although even on the first phrasing, most successful people I know will still carry debt --- again, it's a tool.
 

JD8

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Well my issue is, I don't have the capital to buy the expensive stuff. I like this coin because the cost is still low per coin.

But crypto seems like a way to really earn a few extra bux per week so that's why I am giving it a shot.

I also got some bitcoin fractions on the dip and am investing in that as well as a more long term strategy. But the people who do well seem to buy the coins a a very low cost and then reap the rewards when they shoot up...either that or just take the 25% profit per week (in my case w/ doge). But that is an extra grand per month...not bad for an experiment, but I haven't sold because I wasn't sure how to realize the profits.

So then, lastly, if I sold it all and took the ~250 minus tax & fees, would you then just go right back in with a 1000 and repeat? Or do you wait and see if it drops or what? That is the other part I am not clear on, once I take a short term profit, do people then buy back in and if so, do they take all the initial seed money AND the profit and buy back in, or do they use the profit as income supplement and only buy back in with the seed money? Just can't get it straight in my head so thx for helping me understand it better.

A stock's price has nothing to do with how "expensive" it is. People think "penny" stocks or some of the crypto currencies are cheap, when they are in fact not. You're buying more risk at certain prices due to the fundamentals, or in this case, lack thereof.
 

Mr.Glock

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I mean that's one way to do it... But paying off everything is a goal, not a method. There's no successful people I know that are debt free. Debt, used wisely, is not a problem... Overreaching your means or taking on too much risk is a problem.

If I waited till I had 5 years in the bank how am I going to start a 401k early when compounding benefits me most? To get a house instead of pissing away money on rent. Even now why would I pay my rentals off when having the money liquid benefits me and the debt gives me a tax break.

Not over extending or taking more risk than you can settle on is key.


Bullsheet! Wife and I have never borrowed one red cent in our lives! Have built and remodeled over 20 homes, ran a Dozer Business for 22 years, Rental properties, Farmed and retired from Fire Service. I am filthy rich. I don’t know what you mean by successful! Debt is bad, even the Bible tells you so! Go argue with a pole about that.

You have been duped if you believe that borrowing money is a good thing.
The key is to never “have to pay off debt”. Simply don’t acquire any.
 
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jakeman

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Bullsheet! Wife and I have never borrowed one red cent in our lives! Have built and remodeled over 20 homes, ran a Dozer Business for 22 years, Rental properties, Farmed and retired from Fire Service. I am filthy rich. I don’t know what you mean by successful! Debt is bad, even the Bible tells you so! Go argue with a pole about that.

You have been duped if you believe that borrowing money is a good thing.
The key is to never “have to pay off debt”. Simply don’t acquire any.


I'm happy things worked out for you the way they did. That's fantastic.

Debt is a very powerful tool. Used correctly it can lead to much success. Used incorrectly it can be the downfall of the mighty.

Your story is really super, but you are wrong about borrowing money, when the money is borrowed correctly and used correctly.
 

Mr.Glock

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I'm happy things worked out for you the way they did. That's fantastic.

Debt is a very powerful tool. Used correctly it can lead to much success. Used incorrectly it can be the downfall of the mighty.

Your story is really super, but you are wrong about borrowing money, when the money is borrowed correctly and used correctly.


Go argue that point with the Bible. Simple as that. Debt is a Plague. You’ve been duped as well.
 
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