Author Topic: Becoming Financially Free With Bitcoin  (Read 3811 times)

FinanciallyFreeFox

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Becoming Financially Free With Bitcoin
« on: August 27, 2019, 02:55:27 AM »
Everyone has a slightly different method for becoming financially free, based on their personality, skill-sets and appetite for risk.

I haven't come across many other FIRE/financial freedom enthusiasts though that are using Bitcoin to become financially free, so I thought it might be interesting to share what I'm doing.

My plan, simply put is:

Invest a % of my Income into BTC (£100,000 / $120,000) - I have almost completed this step
Wait for that investment to grow by 5-10x
Pull out my profit and invest into residential property
Live off the rental income (passive income will be £100,000 / $120,000 p/a)

That’s if it goes according to the plan I’ve detailed here: https://youtu.be/SiYc6ipKefQ 

It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.

Some may perceive my plan as extremely reckless.

I know I could potentially lose everything that I invest, but I’m prepared to take that risk, because in my mind the potential reward outweighs the potential risk.

If Bitcoin goes to 0, then it will be a major setback. It won’t ruin me, but it will take me two years to save up that money again (saving £50k from my £75k post tax income).

If it pays off, my route to financial freedom will be LIGHT YEARS faster than I could ever expect from property, gold, bonds, or investing in the stock market as a whole.

Although I fully understand the risk involved, I don’t see this as a gamble. I truly believe in Bitcoin as a technology. I’m willing to bet on something that I believe will have a positive impact on the world going into the future.

If I’m wrong, I’m wrong. That’s it. Start again.

But if I’m right, my life will change.

That’s really just a brief summary of my investment strategy (there is actually a bit more to it) - I’ve created a video, also linked to above, with a clearer explanation here: https://youtu.be/SiYc6ipKefQ

It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
« Last Edit: August 27, 2019, 03:07:09 AM by FinanciallyFreeFox »

SteveGood

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Re: Becoming Financially Free With Bitcoin
« Reply #1 on: December 08, 2019, 11:14:43 PM »
Hi,


Most of the countries not accepted bitcoin transaction. How can market this product all over the world?.

ksuhawkeye

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Re: Becoming Financially Free With Bitcoin
« Reply #2 on: December 09, 2019, 08:34:56 AM »
OP - I like your thought process from the standpoint of your understanding the risk/reward scenario.  I tend to agree with what you said and doing something similar just not at as big of a level/exposure as you are.  Good luck to you and thanks for sharing.

david123

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Re: Becoming Financially Free With Bitcoin
« Reply #3 on: December 09, 2019, 01:44:23 PM »
Not criticizing your approach, but I'm too risk adverse.  Mutual funds are about my risk tolerance - not even willing to chance it with real estate.

Having said that, bitcoin to me are too much of a gamble.  They may go up a lot, they may go away completely.  At least with tangible assets, there is some underlying value.

Good luck.

couchfi

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Re: Becoming Financially Free With Bitcoin
« Reply #4 on: January 01, 2020, 02:12:39 PM »
I have some bitcoin as well, but it's <2% of my family's net worth. If it does a 5-10x, great! It just turned into 10-15% and we can accelerate our FIRE plans, if it goes to 0, then it's just a bad day in the stock market.