Subnostr

So I'm a self employed freelancer and I underestimated how much I'd owe in taxes this year and I bought too much #Bitcoin ... I think I've decided not to sell any and just pay w my line of credit instead. (I think I can pay it off in 3 months, interest is 6%) I've been DCAing for a few years and if BTC went up to a million dollars tomorrow I won't be a millionaire if you catch my drift; I don't wanna part with a single sat!!

Not looking for financial advice on the internet, I promise... BUT just out of curiosity... WWYD?

Is there like a mathematical formula for these kinds of decisions?! 😂

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Discussion

HoloKat 2y ago

I think that depends on where the person plans to sell their bitcoin in the near future.

If I were planning to sell and I expected my returned to be more than 6%, I might use a line of credit to pay taxes. Id probably calculate the tax burden on the sale of bitcoin as well, to make sure it’s really better to hold.

But, seeing as how I don’t plan to ever sell, I’d definitely pay on credit and try to learn from my mistake going forward.

🫎 2y ago

Friend, we're engaged in a revolutionary war.

No taxation without representation.

How much have they stolen from the population through money debasement?

Not paying your taxes if you decide to sell your BTC is a very peaceful, acceptable form of civil disobedience.

Fuck em.

emily 2y ago

I love this in theory but I don't want trouble or for my life to get harder.

I'd feel better about that if I were contributing to society in any other meaningful way but I'm really... not...

🫎 2y ago

I understand if that doesn't sit well.. if you do decide to sell some, you could work out a payment plan, maybe defer a payment or two..

We gotta make it as painful for them as possible.

emily 2y ago

Now that I can get behind. They definitely made it painful for me 😂

emily 2y ago

I don't plan on ever selling... at least not for many years (I might want a house someday in the distant distant future lol) so this makes sense

TK SuitCoin.exe 80HpW 2y ago

I mean best to just pay it off by maybe lightening up on the sats obsession least til you pay it off? Maybe just buy any dips of 10% or more?

emily 2y ago

I think the return could likely be more than the interest in 3-4 months

liminal 🦠 2y ago

I've had a similar realization with that as well 😅, real slap in the face. Playing the long game still means that you have to still get yourself across the finish line, by any means. **Stay humble** & stack sats. The humble part is super important. Relevant podcast episode 🤙

https://fountain.fm/episode/14367717553

emily 2y ago

Thanks!! I just downloaded it. Looking forward to listening to it on my flight today!

Bohemia 2y ago

Personally wouldnt sell and would pay the 6%. Thats a pretty small rate for keeping freedom on ice imo.

Paul 2y ago

⚡️Zapped ⚡️

💜 Followed 💜

🙏 ₿oosted 🙏

🤙 #plebchain 🤙

Avoid paying interest if you can. If you can’t avoid it, view it as if your personal wealth is on 🔥, which it is - it’s burning away unless it is offset by incoming cash flow.

emily 2y ago

Thanks Paul!!! ❤️‍🔥🙏🙏

I decided to do the line of credit ... but I actually already finished paying the whole thing back, just yesterday! Maybe it's just in my slightly-more-anxious-than-healthy nature to view my personal wealth as being on 🔥. Gotta love the unpredictable and often delayed paychecks that come w the freedom of my self employment... haha. I'll def try to avoid it going forward, it was just not worth the stress haha! And it's definitely not worth having to do math haha.

Now with my leftovers, I have to buy some MORE btc (going to El Salvador next week!!!)

Thanks for the zap, friend! Followed you back 🙂

🫂 #plebchain ⚡️