/biz/ - Business & Finance

[Anonymous No.30142768]

$1000 in checking
$40,000/yr salary
$9000 credit card debt
$20000 in crypto

Should I cash out $9000 to pay off my credit card debt bros?

[Anonymous No.30142831]

>>30142768
I used to have 70k saved up but I'm building a house. I say a worthy investment.

[Anonymous No.30142833]

>>30142768
why are you so poor?

[Anonymous No.30142845]

>>30142768
I mean, debt increases the more time passes, so why not?

[Anonymous No.30142849]

>>30142768
if the gains are less than the interest payments

[Anonymous No.30142850]

>>30142768
$8 in checking
$100,000/yr salary
$1000 credit card debt
$500,000 in crypto

get on my level

[Anonymous No.30142857]

>>30142768
depends on your monthly payment, maximize your cashflow into crypto unless you are getting fucked by interest. My CC payment is like 150 a month so I just pay the minimum until I have 10x my debt amount.

[Anonymous No.30142882]

>>30142768
how is this even a question... yes

[Anonymous No.30142922]

>>30142768
Lock up your crypto on compound.finance or cream.finance, take out a stablecoin loan against it, use the stablecoins to pay off your debt

If crypto drops in value you'll get liquidated and it's like a forced sell. If crypto goes up in value the loan will be a lot cheaper to pay back

[Anonymous No.30142966]

>>30142922
thank you genius anon.

>>30142833
i'm working on it man :(

[Anonymous No.30143214]

>>30142850
Cringe and faggot pilled

[Anonymous No.30143316]

>>30142833
the REAL answer is getting completely fucked by medical bills + i only got this relatively well paying job this year. looking forward to doing better going forward :) i'm pretty frugal so i was thinking of just paying it off organically but it might be best to do what the anon said about taking out a loan.

[Anonymous No.30143368]

$6 in checking (payday is tomorrow)
$5 in savings
$25,000 a year wagecuck
$330,000 in crypto
am i going to make it?

[Anonymous No.30143398]

>>30143368
unironically yes. what do you hold bro?

[Anonymous No.30143440]

>>30142922
cant tell if this is awful advice

[Anonymous No.30143455]

>>30143398
11k link
20k dip

[Anonymous No.30143694]

>>30143455
>dip
Chad detected

[Anonymous No.30143938]

>>30143440
There are downsides:
- gas fees could be around $20-60/txn, and several txns will be needed. and more to pay back
- you need 150%+ collateral. so for 9k that's locking up ~14k collateral
- getting liquidated sucks: you get an immediate 8% haircut (goes to liquidator) and usually it'll happen during a dip

[Anonymous No.30144043]

>>30142768

Balance transfer the CC debt or get a lower interest loan to pay it off. Stay invested in crypto it’s your only way out of 40k a year hell, your salary is too low to ever make it from wagecucking. Or take the Sam Hyde pill and just don’t pay the CC bills lol

[Anonymous No.30144139]

>>30142768
No. Just get a collateral loan from Celsius network that way you don’t have to sell your entire stack. And in the event of a moon, you won’t miss out.

[Anonymous No.30144187]

>>30142768
$1 in checking
$150,000/yr salary
$0 debt
$75,000 in crypto

fuck taxes and fuck wasting my time in college for so long.

[Anonymous No.30144235]

>>30144043
>>30144139
Thank you guys very much. Deep down I know that crypto is my only ticket out of slavery and I feel like $20k is a good spring board that is enough to some day make it.

I'm all in on FTM. Am I gonna make it bros

[Anonymous No.30144307]

Throw your crypto into bitcoin on coinbase and leverage a loan they let you take 35% at 8% interest. Pay off your cc debt and ride the alt season to pay off your bitcoin loans. Use any remaining profit for physical silver.

[Anonymous No.30144407]

>>30142845
Because if investments are earning faster than debt is accruing then paying more than the minimum payment is dumb.

[Anonymous No.30144488]

>>30142768
just pay off chunks of it every few months. i’m doing the same thing with student loans

[Anonymous No.30144615]

>>30142768
Are you me?

Literally same everything except I have $24k in crypto. I'm not cashing out though. I'm not stressing over credit debt. I'll just pay it gradually.

[Anonymous No.30144621]

>>30144235
Yes

[Anonymous No.30145772]

>>30144235
yea why not, trade more maybe?

[Anonymous No.30145914]

>>30144621
>>30145772
Thanks for the hopium guys... I have a really low bar for making it as I live a very simple existence and my goal is a very cheap destination (like I said, only reason I have debt is cause of medical bills)

[Anonymous No.30146137]

No... stake in pancakeswap and repay your debt gradually with cake gains.

[Anonymous No.30146300]

>>30142966
Don't bow to that troll retard, despite your massive debt you're doing fine.

Just pay it off

[Anonymous No.30146383]

>>30146300
Thank you for being kind.

[Anonymous No.30146463]

>>30142768
$300 in checking
$2000 in a savings account
$90,000/yr salary
$0 credit card debt
$80000 in crypto
$60000 in 401k

$360000 Mortgage debt - house is probably worth almost 400k atm
$28000 Auto debt - resale value of cars right now would probably be 6k and 20k

Wife also has around $15k in normie savings aka bank account. I don't want to tell her about crpyto because I dont want her to know about my stack. but damn i got get her in something better like index funds i dunno. Im clearly not smart with money

35 y/o married. going to start trying for a kid soon

What would your next move be? Sell 1 car ? (we can easily share 1 car and i like to bike) I just have an old muscle car with not much sentimental attachment but a strong desire to keep for pure want which i know qualifies me for NGMI status. It's the bulk of the auto loan payments.

[Anonymous No.30147052]

>>30146463
eh having 2 cars is pretty useful, especially if you're gonna be goin for a kid soonish.

[Anonymous No.30147352]

>>30142850
massive faggot

[Anonymous No.30147484]

>>30142845
With the gains he will make on crypto it would probably be net to keep the debt in the long term lol. That being said his credit score he needs to keep up or else he can’t get cheap money. I would pay off debt

[Anonymous No.30147645]

>>30143368
>>30143455

the hoot is dip

[Anonymous No.30147709]

>>30143214
>>30147352
thank (You)

[Anonymous No.30147831]

>>30147645
etherisc
decentralized insurance powered by chainlink

[Anonymous No.30149436]

$500 in checking
$500 in a savings account
$15,000/yr salary
$0 credit card debt
$25000 in crypto
$9000 in stocks

[Anonymous No.30149508]

>>30149436
oh also 100 oz of silver

[Anonymous No.30149581]

I would credit card debt adds up fast. You're paying 25-28 percent compounding interest a year. I am not saying crypto won't out perform it but it probably doesn't help to watch your cash disappear

[Anonymous No.30150425]

I started paying off credit card w crypto and stopped after realizing that crypto was appreciating much faster than my interest. Debt isn’t a bad thing. Look at it this way, you are betting that your crypto will appreciate more than 20% per year. If it does than you make out with debt

[Anonymous No.30151061]

>>30150425
My APR is only (?) 13.99%

[Anonymous No.30151576]

$4000 in checking
$0 salary
$30000 credit card debt
$150000 in crypto

i defaulted on all my debt and been on gubbermint gibs for over a year now

[Anonymous No.30152200]

>>30142768
No just ride the debt out as long as you can and buy more crypto

[Anonymous No.30152378]

>>30142768
you pay more in interest than you make in returns. would you advise someone to buy 9000 in crypto with their credit card? you are effectively deciding to do that every day you let this continue

[Anonymous No.30152517]

>>30142850
This is also a retarded way to live.

[Anonymous No.30152684]

>>30142850
So you have basically no actual money, just internet pixels?

[Anonymous No.30153934]

>>30142850
Why would list $1k cc just pay it off it will take 2 seconds

[Anonymous No.30154765]

3500 In Savings
7000 In Credit Debt
9k In Crypto
2400/Month on Biden BUX

[Anonymous No.30154935]

>>30142768
>35% APY on credit card debt
uhh

[Anonymous No.30155184]

>$1,500 in bank
>$2,500 in credit card debt
>$18,000 still owed on car
>$9,000 in crypto
How fucked am I?

[Anonymous No.30155627]

>>30154935
Mine is 13.99%. Wtf?

[Anonymous No.30155950]

>>30155184
why would you ever have a car that expensive with those numbers

[Anonymous No.30155982]

>>30155184
i mean if you have a job.... 0% fucked? 2500 is not much at all.

[Anonymous No.30156646]

>$300 in checking
>$30,000/yr salary
>2800 left on car loan
>$6000 credit card debt
>$20,000 in student loans
>$1000 in boomer stocks
>$6000 in crypto

my life is a joke

[Anonymous No.30156719]

>>30142768
$150k income
$200k in stocks
$85k in crypto
$40k in gold
$20k in cash

My mistake was not going 100% crypto this whole time.

[Anonymous No.30156791]

>>30155950
My father cosigned and he had been paying for it (he made 6 grand a month in gibs), then he died, and I'm scrambling to deal with all the bills while I finish my degree.
>>30155982
I'm approximately $400 in the hole every month. I do have my $800 tax return coming, plus maybe $1400 biden bux, but I'm slowly but surely running out. I'll have my A.S. in Electrical Engineering in about a year (I'm not able to go full time), so maybe with that I can try to get a higher paying job, but I was desperately hoping to make a few grand at least in Crypto, but things aren't going well so far. I'm legitimately considering the possibility of throwing all my shit in a storage unit and living in my car at this point.

[Anonymous No.30156980]

>50k income
>12k in crypto
>7k in checking
>0 debt

21 years old, I feel like it's too late this cycle to put any more money into crypto

[Anonymous No.30157045]

>>30156791
sorry to hear about your pops anon
i guess let this be a lesson about taking out loans you can’t yourself pay for
again sorry that happened

[Anonymous No.30157381]

>>30142768
$0 in checking
$-4k credit card debt
$2500/month after tax income
$18k PMs
$40k stonks
$19k crypto
$9k cash
$paid off house supposedly worth $230k
$massive stack of guns/ammo

t.32

am i going to make it bros?

[Anonymous No.30157710]

>>30146463
Move into a cheaper house and put the difference in BTC. You're wife won't let you but itd be the easiest way to hit 7 figures within 5 years. Gl anon.

[Anonymous No.30157882]

>>30157381
Not bad.. Dump your shiny rocks for crypto jarjarbinks

[Anonymous No.30158147]

>>30142768
Cant believe im the first Daveposter

> Dude, cash it out, TONIGHT

[Anonymous No.30158364]

>>30142768
>1150 in checking
>25,000 annual salary
>no debt
>15,000 crypto
>10,000 stocks
>35,000 gold and silver
Feels good for 19

[Anonymous No.30158383]

How do people have credit card debt?
Just don’t buy what you can’t afford

[Anonymous No.30158516]

>>30157381
that sounds like you already made it to me anon ngl.

[Anonymous No.30158665]

>>30143214
>>30147352
>>30152517
>>30152684
Is biz full of newfags now? I hoped we had a little longer.

[Anonymous No.30159035]

23, feeling doubtful if I'm gonna make it
$10000 in checking with measely 2% APY, but needed for emergency since burgerstani with poor health
$4500 in crypto
$41000/year salary
Currently a miniscule 401k
Hoping to get a home soon, fiance's rich grandma died with a massive inheritance so we have enough for a down payment. Can take out a fixed rate loan before 2023 so Biden + incoming hyperinflation don't fuck us.

[Anonymous No.30159135]

>>30158364
WTF how did you get there?

[Anonymous No.30160263]

>>30142850
Fuck I can't believe the newfag responses to this. This board is a bunch of broke ass low IQ ngmi teenagers now, there will never be another link desu

[Anonymous No.30160270]

>>30142768
Declare bankrupcy

[Anonymous No.30160641]

>>30143368
>>30142850
My suspicions that cyrptos are merely a tool to strip the upcoming middle class of their wealth is confirmed by these two post. I hope these are troll posts.

[Anonymous No.30160794]

>>30160641
nope this is the life i live anon
i spent $4k in 2017 on link

[Anonymous No.30160958]

>>30160794
Do yourself a favor and do this ONE thing.

Get $1000 dollars in cash and just stash in somewhere. You'll sleep better at night.

[Anonymous No.30161344]

13K in checking
85K salary, super comfy job honestly
15K crypto + 40k stonks
Just turned 26 and unironically still feel like a poorfag

[Anonymous No.30161367]

>>30142768
Don't forget to pay taxes on that crypto sale before you spend anything on yourself. Israel needs that money!

[Anonymous No.30161533]

>>30142850
~900,000 NW
250k yr/tc
feels weird man

[Anonymous No.30161598]

>>30156719
Nice, yeah me too anon.

[Anonymous No.30161657]

>>30142768
$2000 in checking
$0 a year salary
$0 debt
$0 crypto
ford fiesta

[Anonymous No.30161820]

>>30161657

[Anonymous No.30161917]

>>30161820
I don't get it

[Anonymous No.30162145]

>paid off house, value around 900k atm
>180 - 200k annual salary
>0 debt
>$150k savings
>0 investments in crypto or stocks
>22

i feel like I already made it so dont give a shit about investing

[Anonymous No.30162188]

>>30162145
Larp or trust fund fuck off

[Anonymous No.30162447]

>>30144187
what do you do for work?

[Anonymous No.30162668]

>>30142850
Absolutely based. I had about $3 in cash and $250k in stocks up until two weeks ago. Sold the top and now I'm slowly buying my way back in all the way :)

[Anonymous No.30162744]

>all those tax evaders talking about their "hidden" cryptogibs on an anime image board compromised since 2008
Can't wait for the pink wojacks due to irs crackdown

[Anonymous No.30162975]

>60 bucks in checking
>8k in Stock Market
>0 credit card debt
>10k student loan debt

[Anonymous No.30163038]

>>30142768
Your credit card bag is guaranteed to appreciate in value. Your portfolio is probably a house of cards.

[Anonymous No.30163727]

>>30142768

This is not going to be a popular answer but, with that much debt, you should. I work for a debt settlement company. This is always how it starts... The APR on credit cards is just way too fucking high for people to reliably pay off if you keep letting this shit go... if the market goes tits up, your life is fucking over. Think about it this way: let’s say your card has around a 20% APR. 20% of 9000 is nearly 2 grand. What this means is that you would have to be absolutely correct that the market is going to soar before your next payment is due for this gamble to be worth taking. Otherwise, you are going to owe nearly 11 grand, and you might even be down from 40k if the market does depreciate. Most likely, an epic moonshot isn’t going to happen. We are in an extremely unstable period in crypto history. Hell, bitcoin could double top at 52K, or we could get some awful new regulation from Gensler. If that happens, a cryptocrash is almost certainly imminent. The market is so inflated, and I think the high taxes are going to start driving out a lot of old whales at the same time that new money enters the space. These are just my opinions, but I don’t feel as though you should risk ruining your life and having to settle or go bankrupt because a meme salesfrog forum told you not to pay the kikeman.

Besides all that, assuming you put your debit card money towards the debt, you will still have 32K in crypto holdings after you pay your debts... and there’s also the fact to consider that you are likely to accumulate even more credit card debt, whether or not you pay off your current debts. That means you could be looking at even more losses in interest payments if you do not pay.

[Anonymous No.30163938]

$1200 in checking
$600 in meme savings
$5800 in credit card debt
$800 left in car payment
$3600 in crypto
$6800 left in student loans
I had around 2500 in my checking account a few days ago, but March 1st rolled and shit had to get paid.
Waiting on my Biden bux. Already got my return and put most of it into LINK.
And counting on the old fuck to get rid of my student loans so I'm not even worried about that anymore.

[Anonymous No.30164616]

>>30142768
Either somehow finance the debt with a set rate, or pay it off. You don't want to be holding variable debt like CC debt if our funny money kicks in.

[Anonymous No.30165437]

4.69 in chequing
0.01 in savings
<30,000/yr income
10 bucks cash in my wallet
380 in crypto
300 in silver

a-am i gonna make it bros? I also have a retro videogame collection worth around 2000 dollars and around 3000 dollars of musical instruments and equipment, that counts towards my net worth r-right?

[Anonymous No.30165827]

3500 in checking
no savings
120 in crypto
don't make any car payments cuz i'm not a dipshit who doesn't know fuck about cars

i'm gonna make it cause i'm not retarded like most of you

[Anonymous No.30165910]

>>30163727
good advice anon.

[Anonymous No.30166574]

>>30163727
Thanks so much. This is very good advice. I don't think I'm going to accrue more credit card debt simply because this was an extenuating circumstance; I had never had debt before. But thank you so much, I really appreciate your sobering advice.

[Anonymous No.30167235]

>>30165827

>120
you already fucked up and you are also now on the government list of coin retards

[Anonymous No.30167334]

>>30142768
only if it's profit then yes

[Anonymous No.30167402]

>>30142850
>>30162668
yeah, i'm thinkin based

[Anonymous No.30168558]

BEING POOR IS FUCKING SOUL CRUSHING I DON'T EVEN HAVE 1K I HATE MY FUCKING LIFE

[Anonymous No.30168828]

>>30142768
>paying off debt in the middle of a golden bullrun right before hyperinflation hits

ngmi

[Anonymous No.30169157]

>>30156791

sell the car, get a beater and dump the loan. reduce all your expenses as much as possible and sell off what you dont need.

if you AS in electrical engineering doesn't get you anywhere consider learning a trade if possible.

You can get out of the hole quicker than you think.