Buying a Livable Income Now vs HODL’ing for Retirement?
An important detail about crypto trading bots, and an alternate perspective….
An important detail about crypto trading bots, and an alternate perspective….
I get comments from old-school crypto traders and HODL’ers in the industry saying to ignore the bots and just HODL*.
*HODL — “Hold on for dear life”
But, but, but…. bots are kind of my THANG!
Pretty sure I need to call attention to this important factoid so that my readers are aware and can decide what is best for them individually.
What the experienced old whales are saying here….. I don’t have much doubt that it is true.
Just look at the charts!
Over time, if the goal is to be a multi-millionaire, then it’s better to buy buy buy and hold hold hold.
To that effect, Dollar Cost Averaging is a GREAT strategy.
Beginner’s Guide to Crypto Trading Bots — Part 4 —DCA Bots
Do Yourself a Solid with Dollar Cost Averaging!
The experienced crypto HODL’ers and old-school BTC adopters cringe at the idea of selling BTC / ETH / LTC to pay bills, which is what I am doing with my Martingale trading bots.
Yes, it is true. The crypto I have sold in order to pay bills would likely be several hundred thousand to millions in the future.
So why would I be so stupid?
These bots have a utility for me.
Their sole purpose is to spit USDT at me to pay my bills, so I don’t have to seek employment.
If You Could Buy Yourself An Income Instead of Working For It, Would You?
It only takes about 1 years worth of pay…..
So I can build other businesses that I have fun with, while getting better with automated trading, guitar playing, etc.
I don’t want to trade time for money anymore.
Not 40 hours per week anyway….
And if I don’t have to, why would I?
I don’t advise only running CYPTO/USDT paired bots and expect to operate these forever and compound yourself into a lambo or a yacht.
I’m not going to say it can’t happen, it is within the realm of possibility, however…..
What’s that old saying about too many eggs in a single basket?
You should have crypto HOLDings too!
DIVERSIFY!
In fact, my real goal is to have 5 “Utility Bots” paying for a decent living by the end of this year, then I will start another 3–5 “Get That Bag Bots” in the coming years to raise more crypto holdings that I keep as crypto, safe and secure away from central exchanges.
I am not yet certain if I will use a CRYPTO/CRYPTO pair to accomplish the latter, or if I will continue using the Martingale bots, only instead of keeping USDT, every time I raise an additional 10k, I will buy Bitcoin, and Ethereum, and hold it. Maybe increase holdings in a few others too, like XRP.
If I did that, I would really just be using the Martingale bots to assist in raising money for Dollar Cost Averaging my crypto purchases using money generated by the bots, instead of investing out of my savings or any of my other earnings.
There are many kind of bots with different uses, as you can learn in my book.
Ultimate Beginner's Guide to Crypto Trading Bots
Amazon.com: Ultimate Beginner's Guide to Crypto Trading Bots eBook : Morton, C.W.
How you use the bots is up to you!
Ponder this.
The anxiety I have felt when paying my bills with crypto, subconsciously, is about retirement.
I know that selling this crypto is likely getting rid of an asset that can make me much wealthier later, and we all really love the idea of not having to stress when retired, or even retiring early.
Then I have to remind myself….. I am already not working….
My life is already pretty stress free.
…..What is retirement again?
I’m afraid that when I really think about it, the concept of retirement has lost some of it’s meaning if :
I am not an employee, and
I am pursuing whatever my hobbies and passions dictate
all my bills are paid
Sounds like retirement to me.
What is your Long Term Goal?
Whether or not you attain Lambo money sooner than later, might be relevant if your goal is to live a lavish lifestyle, and this is important to keep in mind!
My goal was to live in the mountains in a nice house, to hike, fish, record music, and explore the outdoors in the pacific northwest.
Where I live, my electric is the lowest in the United States — about $0.06 per Kwh, which enables me to be profitable with a home based crypto mining thing, while others would not be.
My bills are low, my taxes aren’t too bad, and my expenses aren’t much.
I enjoy the outdoors more than the city, and I’m not much for doing the kind of things that a lot of people spend money on.
Some people couldn’t live on the money I earn with bots, because their expenses are likely much higher.
$4500–6000 per month pays all my bills for personal and business and then some, while for other people that might not be true.
While I do want to increase my overall savings for that day when I can’t even pay attention to my online ventures….. such as an unforseen life altering event, health emergency, etc
I’m not going to stress over thinking about all the crypto I have liquidated and what that crypto might have been in 10 years.
If your true goal is lavish wealth in the medium-long term, listening to the whales might a solid way to do it.
Keep that job and buy crypto and hold it.
Disclaimer : This is not financial advice and I am not a financial advisor. This is just what I am doing with my own money. I am NOT an expert. I am some dude on the internet who sees a path sometimes, and takes it.
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris