Re: What is your plan for the next world wide recession. Are you planning on such?
Interesting poll, but I couldn't choose a single answer mainly because I have a mix of everything.
I have reduced my debt to zero (paid off all loans and don't owe a single penny to anybody now). I have accumulated enough fiat to retire so I have minimal risk in case my income reduces in the future. Not to mention I have ample crypto in cold storage and continue to accumulate more by trading / investing.
I have reduced my debt to zero (paid off all loans and don't owe a single penny to anybody now). I have accumulated enough fiat to retire so I have minimal risk in case my income reduces in the future. Not to mention I have ample crypto in cold storage and continue to accumulate more by trading / investing.
I'm doing the same. Was gonna just live off liquidation of altcoins but at these prices may be a year short of my goal of 66 years and full retirement soc security etc...I have
2.5 years to go, retired Jan 14th, 2018 when BTC and Altcoins were high *guess I broke the works*. So probably will have to tap into Bitcoin Hoard at year 65 a year early
at this rate. One good thing is next year is the last year to spend crypto on Health Insurance ($12,800 per year for only Silver Plan available...because of mining income
that is without any subsidy). Anyway, when you turn 65 years in the USA, you can get Medicare/Medicaid (not sure proper term for retired), so that will help a bunch.
I'm figuring as I said on a recession and just taking all my traditional investments, no debt, and reducing crypto and all the stuff by 1/2. As a result, I made 35k before
working with the dev disabled before I retired, I easily can make 35K in these next 2.5 years in full retirement, even if BTC tanks more, then at 66 years w/o the social
security figured in again $35k (47.5k or so after soc sec check). Thus, the only risk is to my ego if it all goes 'tulips' and BTC and crypto are 'worthless'. Again this is with
crypto/traditional stocks/staying out of debt all cut in half. (Fun fact about the USA, that can change quickly and go to NEGATIVE NUMBERS OF $$$ IN A HEARTBEAT, IF YOU
HAVE SUDDEN MEDICAL PROBLEMS, THUS AQUIRE DEBT! (knock wood I stay healthy, that will be my only debt concern and/or a depression could shoot the works as well.
I'm just a happy 'ray of sunshine' in this post, huh?
Angle, you always need an angle. Also, if I'm wrong and we have another boom in the economy to compensate for the 7-10 years of the crash that drag'd us down,
I"m still golden, for being incorrect. But again, I kinda doubt it and betting on a 40% correction and ugly recession at least, IMHO.
Always, best to cover your butt. (too bad I did not think that with my 'moon fairy dust/unicorn and pixie fart view' when BTC was 18k or so. (sigh)
Again, only do crypto with what you can afford, and 'desensitize' your ego. Bitcoin is an 'evil wench' and likes to mess with your mind on WTF is actually going on.
later
Brad