[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance

View post   
File: 177 KB, 409x409, 1566193700291.png [View same] [iqdb] [saucenao] [google]
29212649 No.29212649 [Reply] [Original]

Hey guys I left the crypto space for quite awhile (since 2018) but recently came back after realizing its back in a bull run phase.

I have about 600k in BNB which I bought for around 15-20k back in 2018 after the bubble popped. Im wondering if I sell this is there anyway to make passive income off of this amount enough to live off? I currently live with my parents and so I barely have any expenses I spend like 1k a month tops and maybe a few hundred for utilities that I chip in.

Anyone got any good ideas ? thanks in advance.

>> No.29212692

>>29212649
no you need at least 15 million BARE MINIMUM

>> No.29212717

No I'm not giving you financial advice for free. Do your own research.

>> No.29212726

>>29212649
BoringDAO is enough to retire on. but how many if you wanna retire now. what if it pumps? what if it dumps?

>> No.29212822

Don’t listen to the idiots here.

If you have 600k self made at that age you will probably find alpha in the future as well.
For example, cash out half and let the rest ride in LINK and Hbar. You now have good money to live the life you want while knowing you will make a fuckton more in the coming 1-2 years.

>> No.29212891

>>29212692
why so much bruh theres no way i need more than 1.5 mil but im not sure what is the margin of safety i need

>>29212717
i was thinking about cashing out and buying stonks but i heard there is staking now you can do on defi exchanges or something or there is also tether loaning options which yield like 7% or something

>>29212726
sounds interesting can you explain more?

>> No.29212974

It’s a bullrun atm so there will be another crash on the horizon, who knows when but it’s inevitable at some point

Best advice like other anon said is to cash out half, maybe buy a cheap house outright you can let out to people and make pure profit with and sell if housing prices in that area go up, let the other half just ride in crypto or split it amongst stuff

>> No.29213030

>>29212649
Bancor staking.
do 1/3 of it for like $500 a day.

>> No.29213050

>>29212649
Buy three houses, rent two only to whites, live in the third one

>> No.29213068

>>29212649
move to a foreign country where everythings cheap

>> No.29213108

>>29213068
this
if you live on streetshitville 600k is like 600M

>> No.29213185

>>29212822
>If you have 600k self made at that age
At what age? OP didn't mention any age whatsoever. NGMI

>> No.29213224

>>29213030
This or similar is a good idea

>> No.29213234

>>29212649

Don’t listen to fags here with ridiculous minimums to retire on.
Sorry no, 600,000 probably ain’t enough. You need to sit down figure out how much you need to live on, you age and where you can put your capital so it earns a return (interest) without taking a risk of losing it all. That’ll give you a figure of how long you can make it last.

$1,000,000 is generally thought to be able to a person $20,000 a year for up to 30 years. That’s like having a $20,000 year salary despite neeting. You can figure if that’d be enough for you.

>> No.29213263

consider getting a skill/job you virgin freaks

>> No.29213560

>>29212649
Find a way to cut expenses to a minimum, then a way to cover this remaining expenses. So probably food and shelter - lets say 1600 per month rent (idk where you are exactly, could be more or less) and maybe 400 per month on food if you eat kinda badly. 2000 per month, that's 24k per year. If you can find a way to get your 600k making you 24k per year, you're free. You've won life and anything else you do is yours to play with. Realistically if you hold a decent amount in blue chip stocks you should make up most of that 24k, but make some decent trades in crypto and you'll grow it even faster.

>> No.29213592

No, inflation will reach 35% this year alone and will rip through your savings (why do you think boomer institutions have been buying bitcoin?)

Normally, 1.5 mil would be enough to be financially independent. Perhaps a lot less than 1m if you just want to live alone inawoods.

So, yeah, hang on to your coins.

>> No.29213644

I honestly wonder if it'd be best for you to buy BTC and get out of all the shit coins period. Buy a house with a bit of that 600k and the rest in bitcoin.

>> No.29213686

>>29212649
>>29212891
I really really hope you sold your BNB

$600k is not enough but it's a great start
if you wanna keep gambling just put it in ETH & BTC and forgot about them until October

Although, if you want to get into defi, you can park your $600k in stablecoins on curve.fi and get more than enough to live on.
Still, smart contract risk.

>> No.29213858

If you want to live on passive income from stocks you need a stack that you can sell off 4% every year and live in that salary. That accounts for inflation or bad cases in the stock market. I wouldn’t recommend selling off all your crypto, keep some on you maybe even some in. Stablecoins to buy the bottom when the bubble inevitably crashes. If you’re patient enough you can ride the next bubble cycle in 4-5 years.

>> No.29213976

>>29213858
Why sell off? You can get 4% from dividends

>> No.29213996

>>29213185
Im 21 lol currently an undergraduate after finishing a short stint in the military (conscription)

>> No.29214030

>>29213560
1600 rent?? I live in a first world country and pay 500 for a decent sized house in a normal neighborhood.

>> No.29214070

>>29212649
Open up a business. Buy real estate. I don't get why people who have thousands don't open up shops

>> No.29214276

>>29213234
Hmm, I don't know if it is a ridiculous minimum since I live rent free apart from $100-200 in utilities i share with my family. Most of money is spent on food which is $300-500 I cook/eat out and the last 500 bucks is for other products like taking public transport (dont live in the us) and healthcare products + occasional vidya title /rec activity

>> No.29214393

>>29213263
im an undergrad though
>>29213644
honestly im thinking of cashing out of crypto space since I saw how badly it ended in 2017 maybe get like a 80/20 indexed equitiy/bond AA

>>29213686
I sold a small portion like 200k im thinking about selling the rest maybe leave like a 100k to run. I don't really understand the crypto space since I haven't kept up to date since 2018 lol

>>29214070
what would I sell? I live in singapore so rental is expensive, fortunately i live with my parents so rent isnt a big issue but opening a shop with a physical presence would be insanely expensive

>> No.29215097

>>29214393
It's better to convert to stablecoins than cash out, at least in the US. But since you live in a country where you aren't a tax slave, cashing out is more viable.

Still though, you're better off just going stablecoins since you don't want to be pushed into a higher tax bracket.

>> No.29215534

>>29215097
crypto isnt taxable here

>> No.29215709

>>29215534
Oh, well in that case cash out when you want.

I don't know about Singapore, but USD inflation is going to be intense.