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/biz/ - Business & Finance

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3676583 No.3676583 [Reply] [Original]

I'm worth $1.6MM thanks to crypto after one year. I also own a condo in a big city, no debt, some stocks, etc.

My total worth is probably around 2.9MM

Am I in the top 1% of American wealth? Am I finally a 1%?!?

>> No.3676592

>>3676583
Whatd you start with and when?

>> No.3676594

>>3676583
You are worth shit to me.

>> No.3676602

Bread on hood

>> No.3676612

>>3676592
$15k in november 2016

>>3676594
And I care because why?

>> No.3676618
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3676618

>>3676583
Would you care to contribute 0.001 BTC to me, so I can multiply it and invest?
t. poorlad

1DmTKExWYUBXDhT31UFY4Efx84kM4kRWP4

>> No.3676622
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3676622

If this is true, buy 0,5 Btc worth of Chancoin.

https://discord.gg/sZByP

>> No.3676630

>>3676583
hahahaha not even close man

>> No.3676638
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3676638

Top 1% of American wealth differs by age. A baby boomer needs $15 million to be considered a 1% while someone aged 25-35 only needs $1,050,000 to be 1%. Wow that really shows how much wealth the boomers are hoarding .

>> No.3676646

>>3676583

Congrats, hope to be you in a few years. I actually started will barely $1k but I'm getting to the point now where I can easily see your situation unfolding for myself.

>> No.3676647

>>3676583
>2.9 million
>Top 1% of american wealthy

You fucking retard...

>> No.3676655

>>3676618
stick a spoon in your ass (handle first is fine) and write on time stamp "there is no spoon" and I will send you more than that.

>> No.3676665

>>3676630
>>3676647
What is 1% wealth bracket then?

>>3676638
This makes no sense.

>> No.3676680

>>3676583
Tell me Some tricks on How to make it faster bro,

I have around 15k now, it's stuck in link and 0x most of it but i might have Some money soon to invest more, How do i do it

>> No.3676728

>>3676583

Tell us your crypto story OP.

>> No.3676738

>>3676638
its 1% of population not 1% of age group lmao

>>3676583
are you working now? im sure you have enough for a free passive income at this point right?

thats my goal. make enough in crypto to never work again. currently at $55k. any tips on where to go from there?

>> No.3676765

>>3676638
You're an idiot

>> No.3676824

>>3676728
the crypto explosion last spring happened...

>> No.3676845

>>3676738

If you can get 400-500k, Vanguard ETF is supposed to be good.

Real Estate is always good. Depending on how involved you want to be, that means anything from holding vacant property that may be valuable at some point, owning a condo and renting it out, or even flipping cheap houses if you are familiar with that. Or a mix of all.

The door to profitable business ventures really opens up if you have a lot of liquid capital to throw around. You could also just move to a cheaper country and not even give a shit about trying to turn your small fortune by western standards into a large range one. I for one would be content to give no fucks about the gears and cogs of this world, opting out for a life of leisure and creativity. I'd probably get into politics at some point, just meaning I'd like to create a community and push conservative, centric values rather than letting radical idealogical idiots run our country into the ground on both sides of the spectrum.

>> No.3676854

>>3676680
Bet the farm.
I hit XRP, ETH (sold early though), DGB, ANS
If you diversify you'll still make a lot, but I just said fuck it and treated it like gambling. Do your research and don't buy biz bags. Although use biz as a free marketing tool, as is the case with Link right now which will continue to moon

>>3676728
Late 20's, successful job in biotech, quit drinking because it was fucking up my shit, browse 4chan on the weekends, found biz, made a milli, will quit my job if I make 4 milli

>>3676738
Yes I'm still working, but I can work from home once or twice a week so I have a lot of free time.
With 55k you could make half a million with the right move. Use the force, seriously. This is all crowd psychology.

>> No.3676858

>>3676845
He needs to stay in shitcoins if he wants to hit a million. After that he should consider buying more stable assets.

>> No.3676860

>>3676665
Usually the 1% is defined by the amount of money they make, which is about 400k$ per year for some time. But in terms of actual wealth, you are far from being 1% considering there are over 10 million millionaires in the US and over 500 billionaires. You are probably in top of 3 or 2%, but the 1 percenter club is seriously exclusive. Nowadays 1.6 million is enough to be "financially independent" but far from being rich.

>> No.3676861

>>3676583
>MM
I know this means million but why 2 Ms? Why not just say $2.9m?

>> No.3676869

>>3676583
I got more poorfag and probably younger.

Also that's not 1% you fuckng broke wage cuck bitch

>> No.3676871

>>3676612
We've been in a bull market since then.

>> No.3676876

>>3676845
pretty much exactly what im doing if i reach ~$500k+ is putting it in a Vanguard ETF and moving to a safe but cheap country and relaxing for the rest of my life. No stress ever again, won't have to answer to anyone ever, no obligations. Going to be the dream.

>> No.3676881

>>3676861
roman numerals

>> No.3676888

>>3676646
how?!

I made 20x on ETH I bought in March to get up to about $20k, then made a few more % during the altcoin boom in July or whenever it was

But since then my portfolio hasn't moved. I HODL well and don't day trade but it's getting boring now. Feels like the boom is over

>> No.3676911

>>3676876

Eh you will still have the stress that comes just with being alive and having to deal with your own discontent. For me financial freedom means being able to really take care of myself and get into tune with my inner yearning, which most people are forced to silence in order just to get by. I'm living extremely thrifty and have literally been living rent free in a yurt on a work exchange property. Free shelter, sometimes food, showers, laundry, etc. and I'm learning carpentry a few days a week and doing a few hours honest labor other three days, which helps keep me sane.

But yeah. Don't let yourself think money alone is going to make you happy. But it is a damn good start.

>> No.3676915
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3676915

>>3676583
>Am I in the top 1% of American wealth? Am I finally a 1%?!?
Depends on what kind of person you are actually. Jamie Dimon has a net worth of $11,200,000,000 yet most people look at him like he's a shit. His waiter probably spits or cums on his food.

>> No.3676919

>>3676583
>i have 2 million dollars /biz/
>am i 1%?
>question literally sitting infront of your mongoloid eyes based on brackets
>nice LARP

>> No.3676943

>>3676888

You can't just hold eth or btc and expect to be a millionair in a year. You have to ride shit like antshares, omg, chainlink.

Think of it like this. You need to hit 4x return on your total stack about 3-4 times to get where you want to be. Look at the coin spread, look at the past few years, be patient and just try to hit your goals a few times a year. As for now we still have time, and you could very well drop 20k on chainlink and just hold that for a year and hit a milli. Even XVG has huge potential and I would hold 1mil of it if I were you just in case wraith turns out to be legit and the social media tipping feature takes off.

>> No.3676958
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3676958

I've lost all the profits I made, because I've listened to the wrong threads on /biz/ and I'm back at my initial investment of $2k. It's nice reading threads like these tho.

>> No.3676973

>>3676888
>I HODL well and don't day trade but it's getting boring now. Feels like the boom is over

Well there's your problem. HODLing only works if the market has loads of new money flooding in.

If you want to make money in a non-extreme-bullmarket scenario then you will have to put in the work and learn how to daytrade.

>> No.3676987

>>3676943
Thanks for the advice

I got in on antshares/NEO, reddcoin at 5 sats, and a few others I can't even remember now. I think my problem might be that I diversified too much. If I'd gone all in on my wins I'd have done the 3-4x you mentioned

But then again I've made some bad decisions, like CIVIC

>> No.3676992
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3676992

thanks anons

>>3676854

yeah I think I just need to find the perfect ICO. Another 0x or chainlink and not be a pussy and actually put in more than 5 ETH.

>>3676845
nice, all sounds good.

here are my different dreams post crypto:

1. buy a 3-flat or some kind of apt building in my city. make the top floor a penthouse and live there and while living off the rent from the apts below me.

2. Move to a little house on a mountain somewhere. Install a bunch of solar panels and get a bunch of mining rigs that will also act as cozy space heaters. Then id just go skiing all day and get a bunch of big doggos

3. Move out to the country and grow all my own food and weed. Maybe get into the politics thing too except Id go the commie route but secretly hold my fortune in monero lol

>> No.3677036
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3677036

>>3676888
>hodlcuck
>whining that they aren't getting rich quick

>> No.3677044

>>3676655
>rich people

>> No.3677060

>>3676583
you are probably 0.1% in US, and 0.01% globally.

>> No.3677069

>>3676583
>Am I in the top 1% of American wealth? Am I finally a 1%?!?
1% is not that impressive desu. A upper middle management person probably makes ~500k a year, which is the 1%. You want to aim for UHNW.

>> No.3677078

>>3677060
>you are probably 0.1% in US, and 0.01% globally.
He is not in the .1%.

>> No.3677179

>>3676655
>>3676655
how much and are you still here

>> No.3677229

>>3677078
you underestimate how poor the US is.

reading about it, 0.1% is 1.5MM a year, so OP isn't really 0.1% if he can't strike dumb luck again this year so you are kind of right.

>> No.3677243

>>3676583
Have you bought a car OP? What have you done with your money so far? just curious.

>> No.3677336

>>3677179
things people will do for 4 bucks

>> No.3677396
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3677396

>>3676655
Same. Still here.
I'd do it if I know the price. I lost 25$ today. I feel like shit and ready to do it. Show us any proof of your wealth and i'll do it.

>> No.3677462

>>3676583
Cmon op, give us a proof and a reason to become shameless human.

>> No.3677679

>>3676854
You need more than $4M to retire, I'd shoot for $7M

>> No.3678284

>>3676583
How much did you start with?

>> No.3678319

>>3677679
Yeah, the average American retires on at least $5 million.

Most people need at least $200,000 a year to live any kind of comfortable life.

>> No.3678359

>>3678319
Most people live off 50k or less, dude. And the average American doesn't even retire on one million.

>> No.3678367

>>3677179
.25 BTC

>> No.3678384

>>3676583
hope you're ready for the IRS knocking on your door

>> No.3678391

>>3677243
I went on a super lavish vacation in Europe and blew about 20k on the hottest escorts you can imagine. That's about it. I was already doing well before crypto, not going to buy a lambo or anything, just looking for good investments, might buy another condo.

>> No.3678420

>>3678391
Willing to give some or not ?

>> No.3678424

>>3676583
How manny ppl you had to rip off for that amount of money? Like the bots controlling the amount of tokens on it? Or the pumpn dumbs on shady sites just to steal from other ppl? We are on 2 you boyz.

Or enough BTC to this adress is fine 2 :)
1AroCQV49Q3sFsTk12Jpu4tPsxHsc61n3L


1AroCQV49Q3sFsTk12Jpu4tPsxHsc61n3L

>> No.3678539

>>3677060
>0.01% globally
I don't think you realize how poor the world really is... Get outside more man. Most of Africa lives on less than a dollar a day. Same with large parts of Asia and SA

>> No.3678600

>>3676583
You are in the top 1% of LARPing.

Enjoy your mother's basement.

>> No.3678631

>>3676638

What the fuck am I reading?

>> No.3678697
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3678697

>>3678367
1D9NMG61tAGCmvCKLMqNAoJS4RSCMrpzrT
i am poor and this was hard to do
pls have pity

>> No.3678704

>>3676583
>Am I in the top 1% of American wealth? Am I finally a 1%?!?

No, probably not. I took a look into this, as I have $5.4 MM in crypto.

>1 percent threshold for net worth in the Fed data was nearly $8.4 million

https://economix.blogs.nytimes.com/2012/01/17/measuring-the-top-1-by-wealth-not-income/

You see a range based on whether or not your house is counted.

And that was in 2012. Given the rate at which the wealthy are accruing money I wouldn't be surprised if it's $10MM plus.

Most private banks won't touch you unless you give them $10MM-25MM minimum. So we're still poorfags to someone.

>> No.3678710

>>3678600
is it really that hard to believe that certain people here are somewhat wealthy?

>> No.3678722
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3678722

>>3676638
So... this is the power of /biz/ intellectuals...woah...

>> No.3678725

>>3678697
too blurry, retake the photo without blur.

>> No.3678739

>>3678710
nah he's gotta play the larping card so he can feel better about himself.

>> No.3678741

>>3678725
it ain't that easy, and i don't have access to a mirror
rest assured that is my ass and that is a spoon in my ass and i didn't have fun

>> No.3678754
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3678754

>>3678725
I've got a girlfriend and need BTC
I'll mail you some used underwear

>> No.3678764

>>3678741
rest assured that you're not getting any BTC unless the picture is in focus

>> No.3678788

>>3678764
can i do it without timestamp now? that's the hardest part

>> No.3678867

>>3676638
>what is compound interest

>> No.3678871

>>3678391
Lol I’d probably do the same thing

>> No.3678872

>>3678710
Why don't you tell me what's easier to believe... That this board is full of millionares or a bunch of losers with nothing better to do then pretend they are?

Let's think. Most people on this site do not have enough capital to get returns like that, they are broke, sheltered neckbeards with no job and no money. Even if they did have the funds, most of them are too stupid to make the right decisions in trading. Then you have the fact that the anonymous culture of this board lends itself to posing and pretending, which people frequently abuse. How many "girls" on this site do you think aren't actually lonely, depressed men?

Are there millionares on this board? Sure. Maybe about 1/100 that fronts like they are without a shred of proof (like OP).

>> No.3678886

>>3676612
how do taxes work with all these coins and shit?
Is it only taxed when I sell? or? I mean gains are gains right?

>> No.3678896

>>3678886
Nobody knows.

>> No.3678899

>>3678788
no

>> No.3678905

well OP. i put 50k in crypto in the last 2 months. hopefully i am where you are in 5 years

>> No.3678922

>>3678896
sounds like a solid plan to get sent to prison for tax evasion.. no really im curious its one of the reason I am still scared to start investing.

>> No.3678937

>>3678899
i'm not gonna be able to deliver a pic to your satisfaction, but i hope you at least got a laugh out of it
congrats on the gains op, enjoy your cash and have a happy life

>> No.3678939

Really, Trout?

>> No.3678945

>>3678886
yes. its either taxed at ordinary income or capital gains

>> No.3679012

>>3678764
faggggggggg

you're not sending anyone anything. go fuck yourself

>> No.3679017

>>3678945
so when I sell or yearly will I be presented with something for my accountant like my mutual funds do or will I need to keep my own records on this stuff? Sorry asking the dumb questions now so if I get involved and dont lose everything uncle sam cant take the rest

>> No.3679036

>>3678319
Wtf are you talking about? First of all that is false as any statistic will show you and second of all why the fuck would youneed 200k to live a comfortable life??

Are all americans really this stupid?

>> No.3679073

>>3679036
no anon... I actually live comfortably now on 50k a year, but was told that when adjusted for inflation and whatnot to live at the same comfort level I would need around $2m saved.

>> No.3679085

>>3679073
That's assuming you retire at 65

>> No.3679094

>>3679073
Yeah, that sounds more reasonable and 1.8-2M would be safe for that

>> No.3679125

>>3678319
/biz/ - The bait.

>> No.3679154

>>3676638
Lmao, no one understands the simple point being made in this post.

>> No.3679428

>>3678886
I just paid income tax on the gains I cashed out. The IRS treats crypto like property so you don't pay taxes until you sell it. Inter-coin trading is considered 1031 exchanges... of course you'd need to submit a 1031 but it's not that big of a deal if you don't. As long as you pay what you own you should be fine.

>>3679036
Sure, if you're a poor peasant eurofag you can live off 20k a year, but if you want to enjoy your old age decently then you'll need 200k a year or more.

Much of that goes to the feeling of financial safety, since you can no longer work.

>> No.3679512
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3679512

>>3677396
>lost $25

>> No.3679704

>>3678764
just dropping by to say you suck, and I don't care about you, bye

>> No.3679714

>>3676583
if you werent lying you'd post some screenshot confirming it, why do people larp

>> No.3679726

>>3678886

This might be useful to you

https://www.reddit.com/r/ethereum/comments/6gxyv0/crypto_gains_taxes/

>> No.3680001

>>3679704
no u

>> No.3680068

>>3676618
>Begs for 4$
Jesus Christ, you'd be better off with a coffee cup on a street corner.