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Just sold 15% of my LTC and paid off all my student loans.

Deciding when to take profits was very difficult for me, but it's kind of like falling in love - you just know when you know.

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Good decision! Even if the price goes way up, having that loan monkey off your back is huge. (Especially now that interest rates are going up...)

I wonder how many billions of dollars in student loans will get paid off in the next 6 months. ;)

I love that it's kinda like millennials were fed up with shit and student loans and money in general. "Oh yeah?! Well fuck you, I'll make my own version of money and it'll be better than yours!"

'With blackjack and hookers!'

on second thought... forget the black Jack

The price volatility is enough of a gamble you need need casino games lol

...with black jack, and hookers

And then pay the old money with the new money

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Litecoiner
56 points · 7 months ago

Very good decision. I encourage anyone with debt that's made money off crypto to get out of debt. I know people will give you shit on here but it's the smart thing to do because now your monthly payments can go directly to crypto instead of some big Bankers interest pocket.

I was amazed at how good it felt to finally not have to worry that I might miss a loan payment if I had a slow work month. Now even the lowest-paying tech job I could get would cover my monthly expenses.

Except, of course, for my health insurance, which now is going to be my single largest expense by a factor of more than 2. But at least I don't have to worry as much about choosing between that and a place to live.

Health system would still be the #1 reason people's and families finance gets ruined and bankrupted. SMH, America.

I mean, free healthcare would imply heavy taxes, so either way, health care is still going to cost a pretty penny. All of that tax revenue goes straight to insurance company's pockets because the government has to pay them off somehow, so insurance companies still profit. Depending on the illness/problem you have, you could be waiting a really long time to get treated and Doctors would get paid less so there wouldnt be as big of an incentive to become a physician. There are some massive problems with completely "free" healthcare but the current system has problems too. With all this being said, I'm open to a discussion about healthcare and I'm prepared to get a ton of downvotes from people who aren't so bring it on, I guess?

4 points · 7 months ago

As I understand it, health insurance companies make profit because they supply a needed demand in areas of limited competition due to cost of entry. If those companies make below their targeted growth percentage, they simply stop competing in an area (which is what happened with the ACA afaik). Tax-based healthcare should cost less overall/per capita because the point of a single-payer healthcare or like plan is to increase demand-side negotiating power. All citizens would be negotiating collectively. California's proposed plan was leveraging a payroll tax on companies that are currently paying for health insurance anyway

  • this offsets the existing costs and decreases financial burden on smaller companies, which has the ancillary benefit of being good for business.

Consolidating health insurance would also open the door to standardizing healthcare prices rather than relying on black book (?) pricing and insurance negotiations - if it were govt. run there's also the opportunity of offsetting medical RnD investment costs (which drive up medical prices) through bonds, facilities, tax breaks, etc. This would also give healthcare and government incentive to fund medical education in exchange for free labor (basically an expansion of free clinics w/ mandatory hours at hospitals, now).

There are probably other systems that could replace the US system, too. The point is that the current system doubles up on price ambiguity (insurance vs hospital -> consumer vs insurance) and forces the cost onto the end consumer who has limited negotiating power. Which is why I don't believe something like a voucher program or other ways of increasing market choice are necessarily the solution.

The real issue is that US citizens are allergic to taxes, even if it's saving them money. Which is why Medicare expansion seems to be the golden goose, as I understand it. I wish I could find the link, but there was a panel of health insurance reps, healthcare reps, and former government policy setters talking about the future of healthcare/health insurance and they basically all agreed that the easiest and best way to get massive, well-negotiated healthcare is just to expand Medicare.

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this is why i am investing in crpyto. im kinda going rogue on my payments, making minimums but putting my tiny savings into crypto, its not enough to hurt me if i loose, but ive trippled my initial investment and im hoping to make a dent in my loans within a year or so! gonna keep paying into LTC too. yay blockchain!

You kinda described my strategy. Won't be screwed if I lose it all but I am hoping I can eliminate my credit card debt and put a nice chunk into student loans too. Good luck to ya!

Pretty awesome!

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[deleted]
26 points · 7 months ago

[removed]

Private student loan monkeys are the only species native to North America. They primarily reside on the backs of underpaid millenials.

The Pygmy Marmoset is the smallest type of monkey, with adults weighing between 120 and 140 grams.

Good bot

Thanks! You can ask me for more facts any time. Beep boop.

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Good bot

Thanks! You can ask me for more facts any time. Beep boop.

You got any of them marsupial facts?

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Its a great decision, people are crazy who never sell. A bird in one hand is worth two in the bush. He paid off his debt so now he doesn't have to worry about that. Next thing he will be doing is buying a house with his LTC in 2-3 years

New User
6 points · 7 months ago

Can confirm. I am currently able to pay off my $20k in loans from my litecoin gains and want to so bad but also don't want the price to double right after.....

If what I have is ever worth $100K, I'll sell half and invest elsewhere. Then if that remaining LTC is ever worth $100K again, I'll sell half again and so on. Hopefully someday down the road it comes to that and I won't have completely jumped out.

Litecoin Rider
3 points · 7 months ago

Are you confident litecoin will be significantly larger or maybe just larger in 6 months or are you saying that as if you are betting on a sporting event?

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I’m accumulating until I have enough for either a down payment on a house or pay off student loans

I’m almost there! Thanks LTC ;)

As someone with a shit ton of student loan debt (crippling, actually) and was late to the party, I salute you. Must have been a glorious feeling

2 points · 7 months ago

Hopfully NONE. 1 FUCK THEM. 2 Roll onto any CC. Even a 25% interest you'll still be making bank!!!!InTheroryButDon'tDoThisLOL

I'm going to play devil's advocate here...if your student loans are at a low, fixed interest rate, you should never be in a hurry to pay them off (unless you are trying to improve your credit score).

Simply move some of your crypto gains into a lower-risk investment that averages higher than your loan's interest rate. If you have enough, you could even set it up to automatically pay your monthly payment from a mutual fund's dividend distributions without ever needing to touch the principal.

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New User
96 points · 7 months ago

So you caused that brief dip a moment ago! Well done.

Arise Chickun
47 points · 7 months ago

Congrats buddy, if Litecoin keeps this shit up I'll do the same tonight. Internet money is great, but losing a $1k/mo bill is better.

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Comment deleted7 months ago

or maybe $200k+ in loans. med school etc is no joke

lol,that's me.

I did just find out I bought some Bitcoin in July 2015 when it was $230. Spent it all though, except for $1.

That $1 is now $50....so I got that going for me.

About the same here. I feel ripped off when people talk about buying houses with their gains smh.

2 maybe, depending on the institution. I know my tuition for a year in undergrad was around 10k, and I went to a decent but by no means great school. I imagine at the big schools its double in some places that so 60 is reasonable.

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Same.

Litecoin Hipster
2 points · 7 months ago

1k/mo? How much did you go into debt for school?

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74 points · 7 months ago

Hate to spoil but don't forget your taxes!

35 points · 7 months ago

Currently in the 15% bracket so a 0% capital gains tax applies if held longer than a year. Fingers crossed it keeps going, don't plan on taking it out anytime soon

How do capital gains taxes even work? How do you pay them?

For real, is there something on TurboTax, do I need to see an accountant, or what

8 points · 7 months ago

TurboTax will ask if you have capital gains. You say yes and put down how much you paid for the asset and for how much you sold.

2 points · 7 months ago

But what if my overall satoshi value is down? Can I report losses even though I've made USD "gains?"

As long as you actually sold at a loss, you net your losses with your gains.

Note that you only report gains and losses when you actually sell. If you bought into BTC at $1 but haven't sold it yet, you still owe nothing for income taxes.

No you can't.

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Comment deleted7 months ago

High schools are too busy teaching parabolas and quadrilateral whateverthefucks instead of useful shit like taxes.

24 points · 7 months ago · edited 7 months ago

So true. Sex Ed and Personal Finance should be mandatory. It's so dumb. Most people I know don't know how to fill out a check. Scary but laughable.

Edit: while we are at it a nutrition class should be mandatory too.

I've been adulting for over a decade and never needed to fill out a check.

I've been adulting my whole adult life and I know how to google how to fill out a check. I've also been doing my taxes since I was about 18 and nobody ever needed to show me, you just read the guide and fill the forms and figure it out yourself. If you can understand cryptos you can understand taxes.

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Sex Ed and Personal Finance: So our kids will know how to fill a check and a chick.

Thanks, public education!

I cackled at this. Beautiful.

Almost 28 here, bought a home, bought a car, have written less than 5 checks in the last 5 years. Taxes are not complicated, if you can't google to figure it out then we have other problems.

The mitochondria is the powerhouse of the cell.

5 points · 7 months ago

Since taxes is just reading a form and doing basic arithmetic I think they got it.

My highschool has a mandatory finance class, it was where I learned how to write a check.

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Litecoin Hodler
6 points · 7 months ago

most people pay someone to do their taxes. Im going to say this now, if you are scared about your taxes find an accountant to do your taxes the year you sell this. If you made 10k~100k or whatever off this pay someone 200 and get it done right.

20, have to learn how to do taxes bc of LTC. Never talked about it in personal finance.

It's quite alarming, frankly.

bruh we don't have capital gains to need to do this lol. this is new for us.

Honestly, no. I just turned 19 almost a year ago, a lot of this is brand new or barely in my memory

You declare the acquiring cost of any goods, when you sell them and either realize loss or profit. Loss and it can used to offset some other gains. If the total is in the positive, you pay a tax rate depending on short or long term hold.

So if I hypothetically bought in to LTC at $100 and sold $100 now to get my initial investment back, what would I claim? $100 as a gain?

4 points · 7 months ago

This is where it gets tricky. Say you bought 1 LTC at $100, then sold $100 worth of LTC when it hit $400. You sold .25 LTC for $100, when your original cost basis of that .25 LTC was $25. $100-$25 = $75 net profit on the sold asset. So $75 of those dollars are taxable.

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They always forget but the state never forgives

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148 points · 7 months ago

Raise that loan, buy more LTC!

Original Poster48 points · 7 months ago

Yeah for real. It doesn't make sense on paper to cash out when you compare ROI and interest rates, it's just a mental game I guess.

Comment deleted7 months ago
Litecoiner
27 points · 7 months ago

For real. Student loans are my plan.

[deleted]
7 points · 7 months ago

Same, if it goes up to bitcoin prices I actually might be able to

I sold some Litecoin and a tiny bit of bitcoin yesterday and today. I do have a decent stash that I am HODL until the end. GLTA HODL

[deleted]
1 point · 7 months ago

I bought litecoin at 100 and it’s fucking locked in for 8 days because of coinbase. I have no choice but to hodl

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Bearish
2 points · 7 months ago

Me too brother, me too, here is hoping!

Same gl brothers

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61 points · 7 months ago

Nah man, it makes a lot of sense. If LTC goes to shit now, you've used it to pay off your fucking student loans — and if LTC will still grow a lot more, you'll reap all the benefits because you've only sold 15%.

[deleted]
14 points · 7 months ago

it's a smart move.

[deleted]
10 points · 7 months ago · edited 7 months ago

100% a smart move. A lot of people have lost a lot of money by waiting a bit longer. My parents had stock in a company that was worth 47k, were waiting for it to go up the last 3k before cashing out to put a down payment on a house, then the stock ranked and they had to cash out with it worth under 3k. Paying off his student loans was an extremely smart move.

Edit tanked not ranked

2 points · 7 months ago

They should have maybe held on to the stock, unless it ended up dissolving or something.

[deleted]
3 points · 7 months ago

It never bounced back. They’re extremely well off finacially these days so it’s not something they are upset about. It just came up in casual conversation about this litecoin gold rush, that was the first time I learned about it.

2 points · 7 months ago

That sucks.

If it makes you feel better, I bought 1/10 of a bitcoin when it was $1000 and then used most of it to pay for some domain renewals a few months later (when it was around $500 - so $50 worth of domains... which I could have not used, and had $1700 today).

[deleted]
1 point · 7 months ago

Mannnn back in college I was all about the Silk Road (used to heavily use drugs) and bitcoin was 6 dollars. I never bought any because it seemed too complicated. Hindsight is a bitch ain’t it lol.

Dollar cost averaging your way out is just as good as dollar cost averaging your way in.

If it keeps going up I will regularly sell a certain percentage, but I will never sell it all (except maybe to rebalance my cryptoportfolio).

To the Moon!
19 points · 7 months ago

Yeah with hindsight, but what if it tanked. You still have you student loans paid off.

26 points · 7 months ago

And he ONLY sold 15%.

[deleted]
5 points · 7 months ago

Exactly. Which means that this mofo is rich lol

4 points · 7 months ago

Or he only had $100 left on his student loans...

[deleted]
2 points · 7 months ago

Well that wouldn’t be something to brag about then lol

Depends how poor he is

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Could be worthless in the future. I sold my only bitcoin at 8000 dollars last month. It was a bad move after the fact, but now I am debt free and my original cryto investment was free. Poofing money into thin are is always a good thing regardless of results after the fact. And don't get me wrong, it stung hard when I saw bitcoin was almost 18000 last week. Missing out on 10k free money hurts, but you get over it quickly.

How was it a bad move if you made a profit large enough to pay off your remaining debt? Fuck, some of you are real greedy and are incapable of accepting a good thing when it’s come your way. Get some perspective.

Did you only read the first two sentences and reply?

Literally the next sentence, "Poofing money into thin are is always a good thing regardless of results after the fact".

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[deleted]
5 points · 7 months ago

I think this will make you the happiest. Worst case that it collapse, you're debt free. Good job!

It doesn't make sense on paper

It absolutely does. Congrats on putting college behind you!

you paid off your student loans with only 15% of your LTC. that's the definition of a win

3 points · 7 months ago

Uh, it's actually an extremely smart move. Really chapping my ass reading comments like this telling people what they are doing isn't smart or doesn't make sense. You're clearly injecting your own financial situation and assuming everyone has the same thought process as you. Paying off a loan with profits from 15% is genius really. How exactly are you comparing ROI with something you cant predict further than 30 seconds in front of?

It makes perfect sense. The future of LTC and all cryptos is unknown. They could all tank in 2018 and then OP would have nothing. Instead, they now are student debt free!

I'm in cryptos for the long haul, but if I have the opportunity to pay off my mortgage, I'm going to withdraw a portion of my coins to do so.

It's extremely tempting. This thing is out of control.

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Congrats man!

Only 15%! Easy choice. Ridding yourself of that debt load must feel incredible. Congrats!

Can't even be upset with you, you're still holding the bag and took a huge weight off your shoulders. Good on you.

you still have 85% of your leg in!!!

26 points · 7 months ago

I know people are saying he should've hedl but fuck I know his 85% is way more than my 100%.

His 15% is more than my 100%.

3 points · 7 months ago

Oh 100%

Arise Chickun
6 points · 7 months ago

Good for you! Debts suck! Enjoy your newfound freedom ;)

6 points · 7 months ago

How'd a student afford to buy that much LTC

I feel like I'm the only person in the sub who isn't investing thousands.

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New User
4 points · 7 months ago

Congratulation

You either have a small student loan balance or a crap ton of litecoins to use only 15% of them. Either way, that's a win! Congrats

Don't forget your taxes.

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Original Poster12 points · 7 months ago

I'll be that guy eventually.

Comment deleted7 months ago

Fuck fiat. It's a dying breed.

3 points · 7 months ago

Well done lad, happy for you!

That was the absolute best decision. Now you can take absolute profit of whatever you do and diversify into several ways of investing, including this one!

Congratulations.

Good for you, my friend.

Congrats! Love reading things like this. I still don't know if crypto is going to be a safe long-term play, and I still haven't decided how long I'm going to hold, but seeing people use it as a stepping stone to more long-term stability makes me really happy.

Captain Crypto - destroyer of debt!

congrats. great use of the money

New User
2 points · 7 months ago

That's my aim too man, no way it's happening any time soon for me but at least it's progress.

Congratulations to you dude, hope it's brought you a sense of relief!

New User
2 points · 7 months ago

Congrats!!! I’m waiting for the day I can write this post! It’s gonna be many years though since we have enough loans to buy a townhouse in Cali... but wow i can’t imagine the weight lifted off your shoulders! Happy for you brother!

This is a huge goal of mine, congrats man - youre free!!!

Learner
2 points · 7 months ago

This is the dream. Congrats man :)

You still have 85%

Wiping out your debts just gave yourself a pay raise and less stresss. Congrats.

you will still need to pay capital gains tax on that transfer from exchange to checking.... don't forget about that...still awesome though

aLTCoiner
2 points · 7 months ago

or income tax if it was held for less than a year.

Don't forget to pay taxes

Well done buddy, good decision.

Congrats! I plan on doing the same!

Holy crap, congrats OP

Litecoin Hodler
1 point · 7 months ago

You absolutely did the right thing. Though unlikely this whole crypto thing could go sideways. Freeing yourself from debt is part of what this is about. Good for you.

Damn man, that’s a lot of coins for that To just be 15 percent.That’s awesome.

Hell yeah man good for you!

I can't even pay 15% of my student loans right now.

I am planning on doing the same, but I must ask... seriously though, what are the fees involved in all of that?

if you're referring to his student debt, in the US anyway, all loans (federal and private) are mandated to have no prepayment penalties. so 0. most consumer loans work this way. if you're referring to taxes, depends on his holding period.

2 points · 7 months ago

I suppose i should of specified, but I was curious the fees involved of selling, transferring, etc of large sum of currency over the exchanges. But good information regardless, the prepayment penalty was something i didn't consider, but have heard of before.

Clearing your debt is always a win. Take it every time you have the chance to do so. I just cashed out 4gs to pay off my truck... Next working on paying off my house.

I don't have enough to pay off my student loans, but I do have enough to take care of a decent chunk of my tuition for next semester when I sell. Then I can start buying back.

the absence of financial stress is a better thing than LTC reaching even $1000 tbh.

Congrats man! This is ultimately my goal with crypto as well. I'd love to be able to pay off a huge mistake and get on with my happiness.

I only really started paying attention in September but man it's been a wild ride. I lost my relationship and my dogs because I got so obsessed with wanting to find a way out/way to pay for our future. She thought it was all dumb.

Guess who was right....

Congrats!

I 100% agree with your decision to sell, this decision to me seems like a no-brainer. I would easily sell off 15% simply for the peace of mind you must have now.

New User
1 point · 7 months ago

It was better than my idea of selling at 197 expecting a pull back and having to get back in at 245. I lost 3 coins trying to predict this crazy uptrend. Lol

Well done! I think you made the right decision. Who knows, now that you have that huge bit of debt off of your chest, maybe you could use some of those extra funds to buy more crypto.

If we hit $1k, I can pay off some of my student loans -- does that count? Lol, it sounds so sad but DAMN school is EXPENSIVE.

Any idea how much you'll be paying in taxes?

congratulations, man. you made the right decision. greed isn't as productive as making real changes in your life. plus it sounds like you still have 85% of your holdlings.

Badass! Good work.

New User
1 point · 7 months ago

This made me happy.

New User
1 point · 7 months ago

Congrats man, that is awesome!

That's my moon!!!!! Congrats, enjoy that!

New User
1 point · 7 months ago

Congrats! Now HODL the rest til you can buy a house :)

Great decision tbh.

Set personal goals not monetary goals. It makes it much easier to sell. You did it the right way.

If I wait for X dollars to sell I will buy a car, house, pay off loans, etc.

God bless, my friend, that is my goal as well.

Haven't taken any profit yet myself but as it stands it looks as though a very small investment in bitcoin not even a month ago [how insane is that] may help pay for my wedding in 2 years.

Congrats man! This gave me a nice feeling inside.

Serious question. How did you handle the taxes part of it. Assuming you’re in the states. I’ve made some monies but not sure how to go about it when I partially cash out.

Wondering the same.

You’re my dream, bro.

I got into the crypto game fairly late and after a wedding, so I didn’t have a lot of extra cash to play with. I’m quite jealous. $210k of student loans to go and nowhere near enough crypto to get me out of debt.

To the Moon!
1 point · 7 months ago

Sell the other 85% at $500 and buy a house with cash!

Congratulations bro 🙌

New User
1 point · 7 months ago

Hey, me too :)

(I should add that I'm Norwegian, so I only pay about 100usd per semester, but ... yeah)

Congrats man! These things make me happy. I'm late to the party, but maybe it explodes and I'll have a similar post in a couple years.

Litecoin Miner
1 point · 7 months ago

Congrats! It makes me happy to hear crypto is paying off in real ways for normal people.

Good for you man!

Told myself I would cash out when my portfolio hit $10k. That I would invest in a Real Estate Investment, my first property. I hit $10k today on this upswing. I feel like I can't miss out on 2018. I think the growth in 2018 is going to be fantastic. It is hard to know when.

I hope you take that income that you freed up each month and make more wise investments and continue to build in 2018.

Litecoiner
1 point · 7 months ago

I only have like 3 LTC, but I hope I can make enough to pay off my loans and get a car. Shooting for the Moon!

That's awesome, congrats. Paying off my student loans is the whole reason I started buying LTC in the first place.

Entrepreneur
1 point · 7 months ago

Man, I gotta try the same.

New User
1 point · 7 months ago

Debt Free Is The Way To Be

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