Hello,
I'm a 36 year old in a well paying position where I max out my IRA & Roth every year, while also getting contributions to a pension in a field that I'm very happy in, and want to work in at least part-time until I die. I also usually take a few thousand from my savings and invest in index & individuals stocks after taxes each year.
In early 2016, I got interested in crypto and put down at the time a substantial amount of my flex spending into Ethereum on coinbase over a few months. I watched the 2017 bubble come and go, and watched a %15000 return trickle back down into a %3000 return on roughly 600 coins in the course of a year. I've already sold my principal (about $10k) and am looking for advice on if my exit strategy sounds reasonable:
When the market hits $1000/eth again, begin selling off 50k a day and don’t stop until 1/2 my coins are sold
I estimate this will give me a windfall of about $255,000 return after taxes.
-Split between 3 separate FDIC insured banks.
Hold for 1 year while consulting CPA in advance on minimizing tax burden.
-Talk to a fee-only financial advisor about how to split investment
among total market index funds/bonds
-Repeat process each time price doubles past $1000 (i.e. 2,000 or 4,000)
I understand that not selling at current prices (about 300/ea) is a significant risk, but based on my current retirement track it seems like a calculated one to me. I'm on track to retire with a comfortable nest egg at 60, but holding off and selling a little more strategically could shoot me into semi-retirement by my late 40's and give me a lot of flexibility on my shorter-term financial goals (traveling, more selective work projects, ect). What do you all think?
Submitted July 06, 2019 at 08:44PM by Financethrowaway998 https://ift.tt/2XwCQb0
