Today Im debt free

debt23

So......

I've not been here for a while, and its funny looking at my old posts and seeing the debt in my siganture, well today i have a nice update.

I'm debt free.

I'd love to say I did it with hard work etc, but I pretty much just lucked into it.

My luck has even come about because I am an idiot who gets himself in debt to follow schemes that never work out.

Five years ago someone started raving to me about a little known thing called Bitcoin, and as im a sucker for any get rich quick scheme i went into debt to buy some.

But it looks like the universe finally decided to let me win, as today i have just paid off my last remaining bank debt with some bitcoin i sold at the start of the week.

I dont think ive been debt free since i was 16 !!!!!!!

Of course, in my case, its a cautionary tale, in that i know i need to resist the temptation of debt again. Easy to say i will, but my life is very much in a different place at the moment, good job that i love and great life all round, so im confident going forwards.

And Ive still got some bitcoin tucked away :-) :-)

Best of luck to all, esp those still struggling - i wish i had some words of wisdom but i dont, other than this forum is a great place when times are their darkest

enjoyyourshoes

Good fortune.

Why not sell all of the Bitcoin as the price seems to be great at the moment and when the frenzy has dissipated it may not be as buoyant?

Start planning your finances to meet your financial envelope. Accrue for medium term costs.

Plan monthly for all SO/DD and income.

Keep a running balance on main account with all daily expenditure and analyse these for savings monthly.

Look at Pension and S&S ISA for investments and do some regular savings accounts.

Save for the purchases instead of CC !

debt23

All good ideas :-)

Im going to hold some bitcoin for the future, it has more than repaid me so i can let it ride, and if it goes to zero nothing lost at all.

With all my wages coming to me now and not any debt repayments i should be more than fine and not need to stick everything on the plastic anymore

thats the plan anyway !

fermi

Congratulations, however it was achieved! :j

Pop on to the: The Debt Free Roll Of Honour

enjoyyourshoes

Do you need to change your pseudonym as it may be 'tempting fate'?

debt23

Hmmm....no, maybe serves as a reminder !! :-)

enjoyyourshoes

Re bitcoin not selling, depends on your attitude to 'loss'.

If you sold now, just think of the 'opportunity cost' (or value?)

You may rue the day?

S&S isa, deposit for house, pay off mortgage, pension etc etc ?

debt23

No, the only regret i could have with bitcoin is selling now and then seeing it go to 100,000 ! Ive had more than enough from it, and today im debt free because of it - really a large chunk of money would do very little for me at the moment - no mortgage to pay off or anything. i love my job and its very easy so i dont even need the money to retire - ill let it ride but im going to stop watching it that closely :-) ....honest

debt23

oh, and ive even been sensible enough to put the tax aside for capital gains as well - though probably difficult to avoid (not that you should) as im sure my bank has had to notify someone of such large sums of money going in recently !

jamie75

Well done debt23. All the best for the future too.

Jo3y83

Wow, did Bitcoin really pay out almost £70k? (just looking at your signature)