Hey guys,
Throwaway account for obvious reasons, but I would like some collective advice on life in general. I don't really have any adult figure in my life that has any grasp on their finances, and I don't trust anyone's financial advice in my life because it is usually chalked full of misinformation and some bull****.
Anyway, I have recently make a "big" divest from cryptocurrency land and am looking to reallocatethese funds, but am also looking for a bit of advice all-up with my financials. I guess let me start by laying out some numbers on what I am holding, what I am currently doing, and what I was sort of planning on doing.
About me: US citizen, Late 20's, just quit my job (105k/y) to pursue a lifelong dream of living overseas, and think I am financially smarter than I am. I think I just have more luck than brains, though, as you will see from my portfolio.
Currently I am sitting on:
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$95,000 cash (depending on how taxes go, $6,000 or so of this will end up being a tax obligation for my bitcoin sale. I sold some of them overseas as an overseas resident and will pay taxes on them here too (I think? still looking into this) so I might need some advice on what this means for my tax obligation in both countries, or if it could be classified simply as a remittance?)
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$50,000 (at the time of this writing, anyway, haha) crypto currency. 18 Bitcoin and about 2 Bitcoin worth of alts (Ethereum, and some others).
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$36,000 stocks - Split between mostly VTI, and some, what we'll just call "Snowflake Wallstreet/Millineal darling" stocks. I could elaborate, but that is not important.
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$13,000 401k, mostly left it in my old company stock because the military industrial complex isn't going anywhere. I probably should have contributed way more of my salary to this, as the company did a 50% match up to 4%-5%.
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$12,000 MTG playing cards calculated below TCG Low (I'm content with this investment, as I've had these cards a long time, but they are the only asset other than some fancy clothes that I have that are worth anything. My car is shit, the rest of my belongings could be cleared out in about a $1000 moving sale.
From what I have gathered lurking in this sub on my other account, people with a portfolio like mine is literally vomit inducing and anyone who suggests a portfolio like mine or has a large amount of money tied up in cryptocurrency or magic cards is a complete imbecile, but to be honest, they have outperformed any other high risk investment I was looking into at the time, and the volatility of the crypto market has taught me a lot of discipline in trading and how to profit (4 years ago, as you probably could imagine, I ended up giving back a lot of my profits after the big run-up and crash, because I was an inexperienced investor, ignored warning signs, and was just too damn greedy.
Currently I am taking year off work, possibly more, living in a foreign country pursuing a life-long dream of mine. During this time I probably won't have any job that matters financially (maybe bartending to improve my language skills and meet friends, for example), and am living pretty cheaply while I am here (rent is $600 a month, for example). Finances have been giving me anxiety because this is the first time in a while I've quit a job and said "ok, well I have to be OK with going without a job for a year or more, and I don't want to spend all my time day trading cryptocurrency or Options contracts. I feel as though I am getting better at them, and they've taught me a lot about markets in general, but I need to force myself to step away from money, something that has been at the center of my universe the past decade or so (My Grandfather would be proud), and focus on myself (exercise, reading more books, making friends, and trying to keep my stress and anxiety levels in check while I go through this transition.)
Here are some things I am considering doing with the $95,000 so far:
- Opening a ROTH IRA, dumping max in for the year, and next year so that will be -$11,000 (Probably just going to open one with my Stockbroker?)
- Putting another $20,000 in index funds. So far I have slowly adding a few thousand everytime something crazy happens in the world that causes markets to poop themselves (My last addition to this was after Brexit, for example).
- I will need about $25,000 for rent, tuition, and expenses for the next year, which is giving me a generous budget to travel to surrounding countries between classes, provided I don't eventually work part time gigs here, which could give me back around half of that, I'd imagine.
- I have been looking into some other high risk funds, but haven't really given anything too much thought, but will probably look to allocate 10k across the market in some way.
So that leaves me with around $40,000 that I don't know what to do with.
Another point of anxiety is that I left a field that is booming right now. People are being offered ridiculous salaries that have my knowledge (One person just left our company for a large competitor who offered to double their salary). I have had similar offers and the opportunist in me is thinking I chose to pursue my lifelong dream at the wrong time, and that if I went back to work, I have a $140,000 p/y offer on the table for me (almost 40% increase...).
To wrap up, I'm debt free, in my 20's, single, and am by and large an idiot with trust issues when it comes to my money, but I would love any insight to my situation. I am finally realizing that although I have been extremely lucky with investments as an adult, and an extremely tenacious saver when I had a bad salary (the past couple years have been pathetic for my savings, and I was slowly addressing lifestyle creep at the tail end of when I was working.) I still don't feel very financially literate, on a macro level, but I imagine it is a lifelong struggle, I don't know.
Lastly: I'm assuming no one here is offering formal financial advice, aren't financial planners, so save yourself the disclaimer and just know that this would be the equivalent of me asking you "If you had like 50k, how would you invest it?" type of question.
Footnote: If you are going to bash my investment choices, or the fact that I am still holding large amounts of crypto, while I respect your opinion, and may sell that down myself over the coming months, I am not looking to be badgered on that. Please respect that choice. I am by no means advocating that anyone go put all your money in that stuff (especially now). I just made a bad decision chasing bad money with good, and 4 years later it somehow paid off. Also, don't worry about telling me the whole "you shouldn't be looking for real financial advice from people on the internet" routine, I know what I'm doing. I'm a big boy (sort of... I mean, I'm kinda tall?). Anyway, Thanks everyone and sorry for the long post. Somehow writing this out has made me feel a lot better today...
Edit: Formatting (Proper Bullet Points). Edit 2: I'm American, cuz that matters!
Submitted June 17, 2017 at 12:47AM by financialadviceplz12 http://ift.tt/2sbiFhx
