24 and 100K on the side

[cryptobird]

Hello thank you for having me on that forum!
So I made like 100k on the side and currently have everything in cryptocurrency.
To be honest, I am lost and starting to spend those numbers on some useless spendings like girls and stuff.
I'm aware of my age and potential people that will contact me to make money "together".
I am thinking of joining the mentor group too but I don't know what to expect.
Open to every perspective from you guys, and again thank you!

Last edited: Nov 6, 2023

 

[JohnnyDoe]

Joining the mentor group gold would be a smart small investment.

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[denniz07]

Hi there,
to be honest if 100k is your total networth. The best thing in my opinion is to reduce you exposure to Crypto. 100% is too much in that case.
Few years ago I would have said go 100% to MSCI World ETF or something like this. Currently not sure, maybe it is not a bad move as well at your age and keep a bit in crypto.
And try no to touch it for 10 years.

Just as a side info 100k for you age is awesome and amazing. But I would not consider you "rich" because, it is not enough to buy property for example in most countries.

 

[Marshal]

You will spend it on girls and stuff when you are 24. There's no way around it when you are at that age. Especially if it was easy money. My advise would be to keep it in crypto. For this amount there's no use in diversifying it much. If you have spare time on your hands learn how to trade crypto. Keep in mind you can lose it just as quickly as you earn it. All depends on your risk appetite and what's your goal.

Last edited: Nov 6, 2023

 

[cryptobird]

denniz07 said:
Hi there,
to be honest if 100k is your total networth. The best thing in my opinion is to reduce you exposure to Crypto. 100% is too much in that case.
Few years ago I would have said go 100% to MSCI World ETF or something like this. Currently not sure, maybe it is not a bad move as well at your age and keep a bit in crypto.
And try no to touch it for 10 years.

Just as a side info 100k for you age is awesome and amazing. But I would not consider you "rich" because, it is not enough to buy property for example in most countries.
Click to expand...

I do not consider myself rich at all, I would like to see this money long term and growing but like I said me as a youngster want to have fun but the other part is saying "you have to grow that money smartly". Thank you for the advice and for the compliment!

Marshal said:
You will spend it on girls and stuff when you are 24. There's no way around it when you at that age. Especially if it was easy money. My advise would be to keep it in crypto. For this amount there's no use in diversifying it much. If you have spare time on your hands learn how to trade crypto. Keep in mind you can lose it just as quickly as you earn it. All depends on your risk appetite and what's your goal.
Click to expand...

Ultimate goal is to build something somehow very stable, funny thing to say when you have 100k in crypto.

Last edited: Nov 6, 2023

 

[Marshal]

100k in BTC today can be 200k next month, and 50k in 3 months. That's how crypto is for now. If you want something stable, you can for starters convert it to stablecoins (f.e. USDT, USDC) if you haven't done already.

 

[denniz07]

Marshal said:
100k in BTC today can be 200k next month, and 50k in 3 months. That's how crypto is for now. If you want something stable, you can for starters convert it to stablecoins (f.e. USDT, USDC) if you haven't done already.
Click to expand...

I think stable coins is a bad advice. First they are not always "stable". Second you can get about 5% interest from banks on 100k. That is 5k a year or nearly 500$ a month, not that bad (for girls ; ))

 

[JohnnyDoe]

Marshal said:
If you want something stable, you can for starters convert it to stablecoins (f.e. USDT, USDC) if you haven't done already.
Click to expand...

stay away from stablecoins unless you want to enrich Deltec and the likes

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[cryptobird]

denniz07 said:
I think stable coins is a bad advice. First they are not always "stable". Second you can get about 5% interest from banks on 100k. That is 5k a year or nearly 500$ a month, not that bad (for girls ; ))
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Last girl got 15k (in 2 month) out of me and she tried to get herself pregnant, I think that 500$ won't fit my criteria in terms of girls lol.

 

[JohnnyDoe]

23389 said:
Last girl got 15k (in 2 month) out of me and she tried to get herself pregnant
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That was probably a vampire or a well trained Ukrainian.

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[void]

Marshal said:
100k in BTC today can be 200k next month, and 50k in 3 months. That's how crypto is for now.
Click to expand...

it's totally possible - how probable is that?
more importantly what is the probability distribution for the year or two? this kid has a life time opportunity now to stick with BTC and level up pretty safely (doesn't mean 100%)

Marshal said:
If you want something stable, you can for starters convert it to stablecoins (f.e. USDT, USDC) if you haven't done already.
Click to expand...

why the hell would he do that?

 

[Marshal]

void said:
why the hell would he do that?
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Not everyone can easily cashout $100k in a short period of time. First you fix your crypto in stablecoins and then
sell it/convert to USD in cash. After that you are free to invest it with traditional banks as someone in this thread already suggested. It's all about risk and reward. With traditional banks you get around 5% interest and with stablecoins you can get 15% interest.

void said:
it's totally possible - how probable is that?
more importantly what is the probability distribution for the year or two? this kid has a life time opportunity now to stick with BTC and level up pretty safely (doesn't mean 100%)
Click to expand...

I would say he would be safer with real Gold, but that's me. It's still early to call BTC a "bullet-proof" investment.

denniz07 said:
I think stable coins is a bad advice. First they are not always "stable". Second you can get about 5% interest from banks on 100k. That is 5k a year or nearly 500$ a month, not that bad (for girls ; ))
Click to expand...

$500 a month for girls. How far will it go? Probably enough for one night if you are lucky (or not so...) to find some "budget" girls smi(&%

Last edited: Nov 6, 2023

 

[denniz07]

23389 said:
Last girl got 15k (in 2 month) out of me and she tried to get herself pregnant, I think that 500$ won't fit my criteria in terms of girls lol.
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Lol. Ok please tell us more ; ) Just curious how that happend and where you found her.
Guess you have told her about the 100k.

 

[TheCryptoAnt]

denniz07 said:
to be honest if 100k is your total networth. The best thing in my opinion is to reduce you exposure to Crypto. 100% is too much in that case.
Click to expand...

why? im getting close to 5Ms and im like 92% crypto.

Telling people that they should avoid crypto until they have money is the backwards thing to do imo as this industry is the one that prints the most new millionaires every year.

 

[cryptobird]

denniz07 said:
Lol. Ok please tell us more ; ) Just curious how that happend and where you found her.
Guess you have told her about the 100k.
Click to expand...

Too personal to give details but you guessed it right for telling her about the money...

TheCryptoAnt said:
why? im getting close to 5Ms and im like 92% crypto.

Telling people that they should avoid crypto until they have money is the backwards thing to do imo as this industry is the one that prints the most new millionaires every year.
Click to expand...

And you are not getting your account frozen for unknown reason too, that's the biggest part that make me love cryptocurrencies.

 

[jafo]

23389 said:
Hello thank you for having me on that forum!
So I made like 100k on the side and currently have everything in cryptocurrency.
To be honest, I am lost and starting to spend those numbers on some useless spendings like girls and stuff.
I'm aware of my age and potential people that will contact me to make money "together".
I am thinking of joining the mentor group too but I don't know what to expect.
Open to every perspective from you guys, and again thank you!
Click to expand...

Just two things because I have been in your shoes (but not with crypto, just actual money when Swiss banks were the sh1t in the 80s).

(1) Do NOT get into ANY deals/investments with ANYONE contacting you via PM. If they do, confirm their offer with all of us in Mentor Group Gold.

23389 said:
for telling her about the money...
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(2) Never ever do this! Don't even tell your OWN mother (definitely NOT your father). It doesn't mean they are bad, it just means it adds NO added value. People will look at you and think they deserve ALL your money. People have swindled Usain Bolt out of his money. Think about how crazy that is. The fastest man on the planet and yet someone thought they deserved his money.



Follow the same course that made you this money!

Now, join the Mentor Group Gold. 😎

JohnnyDoe said:
stay away from stablecoins unless you want to enrich Deltec and the likes
Click to expand...

@23389 - Listen to @JohnnyDoe on this. I was going to swap my BTC to USDt a few months back and I'm glad I listened to him and started reading more and studying this area. I used USDt & USDC to pay suppliers and receive payments from customers, but then I immediately convert them to BTC. Stick to what works.
RIPCORD!

Last edited: Nov 6, 2023

 

[diatessaron]

Spot long Bitcoin. It is in bull territory.

 

[cryptobird]

jafo said:
(2) Never ever do this! Don't even tell your OWN mother (definitely NOT your father). It doesn't mean they are bad, it just means it adds NO added value. People will look at you and think they deserve ALL your money. People have swindled Usain Bolt out of his money. Think about how crazy that is. The fastest man on the planet and yet someone thought they deserved his money.
Click to expand...

That's why I am not crying about it, I take full accountability for talking too much and I am learning to stop doing this because I am sure it can bring me to very bad people.

 

[Mercury]

TheCryptoAnt said:
why? im getting close to 5Ms and im like 92% crypto.
Click to expand...

Since you successfully achieved financial freedom, would you mind sharing some particular tips regarding crypto investment strategy (beyond the usual buy low/sell high and hodl)? What worked for you?

Also, what is your plan and assets allocation until next bull run top and for the following bear market?

 

[TheCryptoAnt]

Mercury said:
Since you successfully achieved financial freedom, would you mind sharing some particular tips regarding crypto investment strategy (beyond the usual buy low/sell high and hodl)? What worked for you?
Click to expand...

I dont do onchain stuff nor trade shitcoins.
Focus on BTC, just one chart, and go high timeframe.

Most (if not all) trading strategies you see online are a variation of 'support and resistance' trading, master that and you are good.

This being said I have an ETH and BNB bag, but I only 'actively' trade BTC.

Mercury said:
Also, what is your plan and assets allocation until next bull run top and for the following bear market?
Click to expand...

Mostly BTC, then ETH then BNB. When things start to get heated I start selling some BTC (boys gotta eat) and start hedging spot on inverse perps.

You have to be on the right side of the bell curve to understand trading, but on the left side to do execution in my experience.