- Aug 15, 2019
- 2
- 0
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:
That’s if it goes according to the plan I’ve detailed here:
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.
It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
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:
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.
It would be interesting to hear if anyone is doing anything similar to this, and what peoples' thoughts are.
