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2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

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16993411 No.16993411 [Reply] [Original]

I cashed out half a million from crypto in early 2017 and quit my job. I swore to myself I'll never work for anyone ever again. Fast forward to 2020. Sold my 2018 Porsche after two failed businesses and few stupid financial decisions, I'm left with a few thousand in cash leftover in savings, enough to survive for another few months. Girlfriend left because I was not able to pay for our vacation, parents stop talking to me and friends are just laughing cuz I've been calling them out for being wagecucks all their lives. If Bitcoin isn't going to pump soon, should I call it and start over by looking for an entry-level job at 30?

>> No.16993417

Build a tiny home in the boonies and wait for everything to collapse

>> No.16993420
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16993420

>> No.16993424

>>16993411
>Dubs of confirmation

Congrats you wagecuck nigger

>> No.16993427
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16993427

You could've just put that half a million into a low-risk portfolio and have lived off of the interest, anon.

>> No.16993440

what biz did you failed ?

how did you blow 1/2 mil ?

>> No.16993444

>>16993417
This

>> No.16993461

Anyone reading this.. just put your winnings into the S&P500.

>> No.16993462

>>16993417
What's Collapse?

>> No.16993463

>>16993440
Bait. Blonde girl pic is a flag.

>> No.16993479

>>16993411
No offense you have a nigger brain. You never learned about passive income. Really sad but you’re destined to be a wagie. Try apologizing to your friends and family. Prostrate yourself before them

>> No.16993484

>>16993427
I overestimated myself thinking building a company from the ground up was cheap and easy

>>16993440
My buddy and I started an app, we hired way too many developers but have no specific business plan, after six months of burning money on marketing, my partner quit. Dude is rich so he's fine; me, on the other hand, have no other income source.

>> No.16993512

Fucking idiot. You fucked up the biggest chance to actually make it in your life.

>> No.16993517

>>16993479
I started a mining farm in Vietnam and build a tech company, they could sustain themselves if I did things correctly

>> No.16993526

>>16993417
i think the fed can keep the show going for another couple years - potentially more

>> No.16993528

If no LARP what was your cashing out process like OP? How did taxes go and what did your bank do when 500k just landed in your account?

>> No.16993533

>>16993411
why did you parents stop talking to you?

>> No.16993556

>>16993528
I have relatives in Vietnam, banks over there don't care about where the money came from. The interest rate is roughly 8% a year.

>> No.16993563

>>16993533
Because they wanted me to be a wagecuck and start a family.

>> No.16993579

>>16993411
I'd love to know what you blew it all on
You did buy a house didnt you?

>> No.16993595

>>16993484

How much did you blow on the app ?

Were you hiring dev from asia or something ?

>> No.16993734

>>16993411
Take a loan and put everything you have into crypto and wait a few years. You have another chance. Don't fuck it up.

>> No.16993738

>>16993411
The Lord giveth, and the Lord taketh away

>> No.16993802

>>16993484
What did the app do? You sound eerily like a potential future me, which has me concerned.

>> No.16993811

>>16993411
You're actually retarded and morally fucking bankrupt. Are we supposed to pity you or something?
>my parents stopped talking to me because I wouldn't wagecuck
Your fucking parents stopped talking to you because you're a selfish entitled asshole embarrassment who can't even maintain a GIANT pile of money. I'd tell you to kill yourself but you'd probably fuck that up too.

>> No.16993816
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16993816

>>16993461
Next time just do this. If you had put 500k in the S&P in 2017 you would have 735k today.

>> No.16993819
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16993819

>>16993738
Some proverb about many talents. Eh, I don’t feel like quoting it.

>> No.16993832

>>16993411
>cashed out half a million
>my porsche
knew the rest of your story after that

>> No.16993874

>>16993484
You sound like a pretty cool dude. You're on the right track, just got to stop spending money wastefully. And get a plan toward a clear goal, that you are sure is going to work

>> No.16994040

>>16993811
this anon is 100% right

>>16993802
you know what did I realize after blowing 1/2 mil? A good idea never works, it's either too simple others can copy or too complicated the market doesn't need it. It's the execution that's more important.

>>16993595
my partner and I blew 200k on the app, half of it on payroll, we had to hire a really good senior tech lead since neither of us has any background in app dev

>> No.16994126

>>16994040
How do I execute well?

>> No.16994139

500k is NOT enough to retire off of, you damn underaged kids

>> No.16994150

>>16994126
my advice to you is to start small and take your time, pay attention to data and willing to pivot

>> No.16994189

>>16994150
if you can own property in vietnam you shoulda bought a nice apartment

bet that shits a goldmine

>> No.16994225

>>16994189
nope it's the other way around
pay is a fraction of US but real estate price is same as NYC

>> No.16994364

>>16993411
>Sold my 2018 Porsche after two failed businesses and few stupid financial decisions...

At least you tried to contribute to the economy as opposed to half of the other guys who made it blew their cash solely on the luxury life.

>> No.16994473

>>16993832
This lol

>> No.16994484

>>16993411
Hahahahahahahahah

anon u fucking moron

hahahahahahahahha

when poor people get lucky and rich quick

>> No.16994521

>>16993411
anon you legit made it, you could easily have grown that money and yet you fucked up... damn dude. You're pretty retarded, like when I really think about it, you're probably really fucking arrogant, or were. I bet this humbled your ass to shit. Good. Start over.

>> No.16994918

>>16993411
you'll make it anon just keep at it
but you are going to have to wagecuck

>> No.16994920

500k

Retire with 500k and buys a new porsche

Holy fuck actually kys

>> No.16994965

>>16994040
What was the app exactly?

>> No.16995381

>>16993411

What in the world made you think you are good at business?

>> No.16995392
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16995392

>>16993411
ahahahahahahahhaahhaah
>2018 porsche
>gf left because i couldnt pay for more vacations
ahahhahahahahahh what an absolute moron.

>> No.16995398

>>16994126
if you wanna not fail miserably like that anon don't try to boostrap an app unless you have a dev on your team.

>> No.16995407

>>16994139
It's not but if he had just sucked it up and wage cucked another 5-10 years while investing that money in the stock market it would turn into a million+ and then he might actually be able to. Instead he took a risk starting his own business thinking money would just roll in when he didnt know what he was doing.

>> No.16995413

>>16995398
Do you know how many fucking programmers work on some app in their spare time thinking itll make them a millionaire. Less than 1 in 100 succeed.

>> No.16995421

ITT: White Privilege

>> No.16995423

>>16993411
Is that 500k after taxes? Did you pay your taxes? If not you are beyond fucked now assuming you live in the US.

>> No.16995445

>>16995413
and those programmers didn't have to hire a programmer to find out it didn't work. if you're trying to bootstrap some project and you don't even have a software dev on your team already it's already a failed project. get someone else to fund it at the very least so you don't waste all of your own money

>> No.16995496

>>16995445
Agreed, but no smart investor will give you a bucket of cash just to be the "idea guy".

>> No.16995513

>>16993411

Is pic related going to prison?

>> No.16995519

>>16995496
idea guys are dumb as fuck holy shit I've humored a few of them in the past and one tried to get me to develop a crypto ponzi scheme with them.

>> No.16995527

not gonna lie think you should just fuckin call it quits get a job or some shit idk man

>> No.16995533

>>16995423
Taxes go back 3 years and it's now 2020. He is Home free

>> No.16995538
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16995538

Alright you fucking smart bastards, what is the best way anon could have grown his money and had enough to live on?

>> No.16995592

>>16994521
Yep I was the worst. But you know what, after all I don’t regret a thing, running your own business is exciting, I enjoyed learning, traveled alot, met great people, found love. I had a fucking great time. It’s only for 3 short years but my roommate wagecucked the entire time when I was gone and still end up having the same in savings. So I guess to live is the profit.

>> No.16995593

>>16995533
>How far back can the IRS go to audit my return?
Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don’t go back more than the last six years.

>> No.16995604

>>16993411
It's not as bad as it looks.
You put most of it into your own business? What did you do as a CEO? Say you did business development, just look for a senior role doing that, you can sell that story to companies no problem, just don't mention the Porsche and crypto.
>Girlfriend left
good
>parents stop talking
mend the relationship, but don't degrade yourself
>friends are just laughing
laugh with them

>> No.16995613

>>16995538
40% boomer stocks
40% DCA in crypto after the crash
10% emergency

Wagecuck or live extremely frugal on the 10%. No spending.

>> No.16995615

>>16995423
I moved overseas to cash out and to do business. I travel back and fort between but didn’t plan to live a lavish life in the US. Technically I still have to report international incomes but the US has no jurisdiction in many Asian countries so I’m safe.

>> No.16995618

>>16993411

LOL

WHAT A FAG

>>16995593
unless you don't file anything, then they can go back forever

>> No.16995644

Thank you for providing instructions on exactly what not to do when I make it.
Ps holy shit 500k? Pathetic

>> No.16995675

>>16995421
Shut the fuck up.

>> No.16995695

>>16994139
If invested well it is. You certainly would never have to work full time again.

>> No.16995703

>>16993411
Have you heard about project called UOS, I believe that this will save many people in 2020 worth to check it out

>> No.16995709

>>16993462
the one we're living through

>> No.16995711

>>16993411
Don't beat yourself up too bad Anon. Everyone has 50/50 hindsight and every fat balding 40yr old is an armchair quarterback that knows better than the refs.

Trying to do something with the money and not succeeding? Hey, you tried.
Buying a Porsche... I hope it was cheap, or you really really wanted it
Hitting a 500k jackpot on highly speculative investments then teasing your friends about waging? This is the only thing you should feel bad about. The rest, you tried, it didn't work, you learned some things.
Everyone has a smartass comment they could throw out, like hey, dividend stocks has historically yielded 11% for the last xx decades and 500k could've made you comfortable being a barista at Starbucks or working any other low stress job of your choosing. No matter what you did with the money some anons on here would've still called you retarded so don't sweat it. Moral of the story is you've learned something very valuable that most never do.... Managing money is often harder than making the money.

>> No.16995828

>>16993417
classic
kek

>> No.16995837

>>16993411
>thinks 500k is fuck you money
Damn, you're retarded. I'm not cashing out till I hit 2 mil.

>> No.16995850

>>16995837
Wtf can you buy with 2 millies? It is 50 at least

>> No.16995855

>>16993411

Hey retard ttm.ohni@gmail.com

you can join my business.

>> No.16995859

>>16995711
good comment

>> No.16995874

>>16995711
This anon.
I was relatively similar. Put $15k into crypto when BTC was about $1.5k. Traded my 10 BTC up to 42 BTC. Screwed a huge margin trade, came back by buying 2.2million of Tron at 20 stats. Eventually had a few more margin trades go against me in a big way. I got about 25k out, still have a couple BTC sitting on exchanges. It was a hard lesson to learn, but man, I learned it.

I'm living frugally, have about 50k in value stocks, dividend stocks, and bonds. A few stocks that are more risky, but absolutely no tech stocks. I'm comfy for somebody my age and where I live. Workca bar job that pays well. Learning to code because I'm networked up the ass and can probably land a job soon in that field. Restarting isn't the worst. You can do it anon.

>> No.16995931

Fuck all those ppl laughing at OP.
He tried, he failed, he learned. The fact that you used the money to start a biz makes you stand out compared to niggers and 80 percent of the people here that would spend it on a house or some shit like that. You will bounce back, keep the faith. I would buy BTC here. It will trade above 50k soon.

>> No.16995959

>>16993411
>parents stop talking to me and friends are just laughing cuz I've been calling them out for being wagecucks all their lives.

Felt sorry for you up until this point. Don't be a cunt when you make it other anons. Karma doesnt exist but people who become arrogant after success often end up losing it all

>> No.16995982

>>16995959
this
imagine thinking youre hot shit with 500k
Some of his wagecuck friends probably have more saved up

>> No.16996049

>>16995538
Buy several apartments (pay only the down payment, take a loan out for the rest, even if you had the cash). Rent them out. Use Excel to make sure you can pay the loans and interests and still make enough profit to live on. After some time, refinance to get new apartments and more income. Rince and repeat. Initially you'll get enough profit to live a luxury life.

Renting out is still a great way for (almost) passive income. The biggest treshold is the down payment, which is solved by crypto profits. People should understand the leverage a cheap loan can provide them.

>> No.16996076

dare I say, theranos was the B S V of PHAR MA CY.

>> No.16996083

>>16995874
I like your attitude. You've made some mistakes that would make others bitter for life but no good thinking what if forever

>> No.16996373

>>16995413
almost every business fails, be it apps, web pages, blogs, brick and mortar, online sales, etc

>> No.16996414

I thought the norm was 7/8 businesses to dail in the US
Keep trying, be controlling and dont kys

>> No.16996426

>quitting his job without a good alternative stream of income.

You treat it like a lottery, then you get what you deserve.

>> No.16996439

>>16995855
Don't trust any "business" that can't even afford his own domain.

>> No.16996477

>>16996049
This.

>> No.16996529

Your efforts were admirable but soz mate looks like you need to get back to waging

>> No.16997469

>>16993462

The Wu-Flu collapse, bud.

>> No.16997583

>>16993816
And if u put 500k in stonks today you'll have 120k by 2025

>> No.16997704

>>16995421
this.

>> No.16997713

>>16995675
White fragility

>> No.16997740

>>16993411
Should have put that money into TSLA like a proper boomer

>> No.16998042

>>16993411
You got lucky in 2017 but you clearly lack the skills necessary to accumulate wealth. Yeah, get a job.

>> No.16998071

How does /biz/ STILL fall for these LARP threads? Most gullible board on the net

>> No.16998108

>>16995593
>we
How could you work for the IRS?

>> No.16998175

>>16997740
TSLA was like 180-200 in 2017: it clipped 550 the other day. Would’ve been a killer trade.

>> No.16998192

>>16998175
Whoops 300

>> No.16998206

>>16995592
You can tell yourself that anon, but you could have lived like that for the rest of your life, lmao.

>> No.16998351

>>16996439
It’s a throwaway you dumb fuck. Imagine actually giving out your IRL contact info on 4chin.

>> No.16998609

>>16998108
I think he was quoting

>> No.16998645

>>16993411
I have a similar story OP.
Cashed out 2 million and quit job.
Bought a second hand lexus for 25k.
Made trips with gf but left her in the dark about how much money.
Never said too much about it to friends and never mocked them.
Diverdified into gold stocks, PM's (rhodium baby), boomer stocks, cash and back into crypto when btc was 5-6k.
Started a company that didnt do well.
Now 3 Million and getting married.
Maybe its because I'm a year older?

>> No.16998703

>>16995592
pure cope.

>> No.16998723
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16998723

>>16995593
>we
You know the drill boys.
Act cool.

>> No.16998818

>>16994040
>neither of us has any background in app dev
Sheeeeeeeeeeeiiiiiiitttttt.

>>16993484
>My buddy and I started an app,
You have my sympathies, but holy fuck was that a dumb idea.

My former employer was a small computer-accessories hardware manufacturing business. They decided they were going to "do an app" and went through contortions to come up with something that wouldn't compete against the existing apps but which still used our products, hired a development team, and burned through a fortune trying to build something that never ever could have returned the money thrown away to build it.

They were literally burning more cash for the ten American software developers than they were spending for the entire 200-person Asia team, including all the electronics designers and mechanical engineers and legal staff and executives.

Then the money ran out and the ungrateful American developers turned into giant flaming assholes about "their" intellectual property.

>> No.16998822

>>16998645
This is how you do it lads.

>> No.16998831

>>16993411
>Half a mill
>Buys a Porsche

Fucking kek.

>> No.16998855

>>16993411
>If Bitcoin isn't going to pump soon, should I call it and start over by looking for an entry-level job at 30?
Well, I hope you still have some BTC in your bag, then. I expect we'll see a bubble over the next two years, then it will stabilize at $30K or so.

But you don't need to look for an entry-level job. What you did was still a valuable learning experience. You could probably get hired for a managerial job somewhere. When they interview you, just talk about "lessons learned" instead of whining about failure.

>> No.16999169

>>16993411
Did everybody from the 2017 bullrun blow all their money in 2-3 years? These threads keep popping up.
Anyway, yeah OP you're probably going to be back waging. Get a job that you can leap frog from to another position. Try to get some money coming in and continue to invest.
I personally still have faith in another bullrun so you might be in luck.

>> No.16999191

>>16993411
Also, your gf was just a gold digger so you're better off in that department.

>> No.16999192

>>16993417
Unironically this

>> No.16999210

>>16998645
Nice

>> No.16999246

>>16993411
500k is like pissing in the ocean, you were a retard trying to living the high life spending a 1/4 of your profit on a fucking car. Then because you have some sort of narcissistic ego complex you think you can throw a measly few hundred grand at a "business" and make millions. I made 300 k in 2017, I bought a house payed off all my debts and invested conservatively in a vanguard fund, also i still work as an electrician because im not a complete retard thinking 500k is enough to retire on. You need at least 2 million to comfortably retire on, which conservatively you take 4% PA to live on and the rest is reinvested into the fund.

>> No.16999264

>>16998645
It's nice to see some success stories.

>> No.16999301

>>16994040
>you know what did I realize after blowing 1/2 mil? A good idea never works, it's either too simple others can copy or too complicated the market doesn't need it. It's the execution that's more important.
There is truth in this.
But there are a few other factors that I have found:
1) Customer service - if you build a reputation of having solid customer facing support, you can use this as a market amplifier bonus point to offset the other factors a bit
2) actual quality of product. Find competitor product weakness, hammer the shit out of it

>> No.16999481

>>16997583
so average in and live conservatively

>> No.16999515

>>16993734
>>16993734
>Take a loan and put everything you have into crypto and wait a few years. You have another chance. Don't fuck it up.

Unironically this. I fucked up big time in 2017 but took a loan, started from nothing, and now have 3x more than at the peak anyway.

OP also working for yourself is a bit of a meme, joining an existing company is nothing shameful and likely will provide better money and conditions.

>> No.16999525

These threads make me feel so much better about not cashing out a thing in 2018 and still having over half a million in crypto. Keep them coming retards kek.

>> No.16999602

>>16993411
>Girlfriend left because I was not able to pay for our vacation


proof women don't love men.

>> No.16999632
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16999632

Damn these threads give me the goosebumps. Thanks to your sacrifice I will never do stupid shit like this if I ever get any bigger sum of cash.

>> No.16999720

>>16993427
>living off the interest from only a half million in a low risk account

2.5% on $500k is only $12,500 a year anon

>> No.16999837

>>16999720
That's more than the annual average income in a lot of countries.

I burn about $20K/year. I could cut that to $15K/year if I moved to a cheap apartment instead of the luxury one I'm in now, but I like my ocean view from the top floor.

>> No.17000096

>>16999837
Sir, sir! Please stop talking. You will not make it.

>> No.17000114

>>17000000
Test

>> No.17000141

>>16999837
>living on 15k a year
yes, but no one likes to live like a fucking hobo

>> No.17000278

>>16995421
I'm brown.

>> No.17000947

>>16993411
If you only had half a mill and bought a porsche instead of real estate you are a retard and don't deserve shit.