Jump to content
Toroth

What to do with a million $ worth of xrp?

Recommended Posts

Guest ripplehodlr

I'm not selling until $500

Share this post


Link to post
Share on other sites
1 hour ago, JA8 said:

I bet once you achieved the $1m (or indeed the $3m as per RegalChicken's post) your idea of wealth would have changed accordingly, and you'd be setting your sights on $10m. I reckon you'd leave it all in XRP. Or most of it ;)

I know it's not wise to announce ones holdings on the internet but XRP only needs to hit $3 for me to make my first million and I have no doubts about it reaching the double dollar digits.

ETH already paid for a significant sum of my first house and first new car. Both of which I needed as my apartment complex was threatening to kick me out for having a certain dog breed and my other car had 250k miles on it. 

I guess I'm just having another existential crisis but, this time, involving me potentially having more money than I'd know what to do with. I'm only 28 and single with a well paying job that I enjoy. If I had multiple millions of dollars 5-10 years ago I already know that I would have quit work and probably blown a lot of it on stuff I now find frivolous. 

Edited by Toroth

Share this post


Link to post
Share on other sites

At a million, I'd quit my job (at least temporarily) and take 3 months to 1 year off and go enjoy life off of some cash that I have in the bank.  In my line of work, I could pick up some small side work here or there to comfortably pay for my lifestyle.

After a year, I'd hope that that million becomes a few million.  If it stays the same I probably keep doing what I'm doing.  Down and I get back into full time work again.

At a few million I probably sell up to 50% of my xrp and put it into low cost index funds and bonds, so that I have enough at a 3% withdrawal rate as to never have to work again if I don't want to.  The rest gets held long term.

The lambos and **** come in when I have excessive wealth.  I don't really care much for material things, just freedom.  I would probably buy a house for or pay off the current one for my parents and siblings before I'd waste money on a luxury car or fancy house though.

The people on this forum would do well to read reddit/r/financialindepence and Mr Money Mustache

Edited by mrhat75

Share this post


Link to post
Share on other sites

 

1 minute ago, onemillionxrp said:

Here's some advice to anyone who strikes it rich with their XRP: do not change your lifestyle. The most important thing you can buy is time. I live a very frugal life. The property I own is probably 1/4 the size of what people with half of my net worth would normally own. I am wealthy because I don't have to go to work in the morning, and I won't have to for several decades (or hopefully ever again - I'm in my 30's).

you are me next year i hope

Share this post


Link to post
Share on other sites
10 minutes ago, onemillionxrp said:

Here's some advice to anyone who strikes it rich with their XRP: do not change your lifestyle. The most important thing you can buy is time. I live a very frugal life. The property I own is probably 1/4 the size of what people with half of my net worth would normally own. I am wealthy because I don't have to go to work in the morning, and I won't have to for several decades (or hopefully ever again - I'm in my 30's).

First off, congratulations.

Second, do you not find it boring by not having a job/career? Unless of course you have a pationate hobby...?

Again, 5-10 years ago, I would have no qualms about quiting work and just playing computer games for the rest of my life but now....

Share this post


Link to post
Share on other sites
47 minutes ago, UrzasLegacy said:

$1mil in low risk index funds can net you an average safe withdrawal rate of $30k per year after accounting for inflation.

Assuming that's your only income in the U.S., that's $25.5k per year post tax for doing nothing.

+1

this is exactly what i plan on doing

Share this post


Link to post
Share on other sites
18 minutes ago, Toroth said:

First off, congratulations.

Second, do you not find it boring by not having a job/career? Unless of course you have a pationate hobby...?

Again, 5-10 years ago, I would have no qualms about quiting work and just playing computer games for the rest of my life but now....

I'm not at that point yet (bored), but I could see it happening in the future. I do have hobbies which keep me busy, but I wouldn't be against going back to work, on my terms.

Share this post


Link to post
Share on other sites

With 1 million, I would still keep my job.  I agree with onemillionXRP.  That won't get you far.  Buying a house, you have to factor real estate taxes and expenses.  Buying a car, it depreciates and would need a new car in 5 to 10 years. I don't think I would retire till I have min $15Mil.  That allows approx $10M after taxes.  Withdrawing 3% till I die, hopefully in 40+ years before it runs out.

Share this post


Link to post
Share on other sites

Create a llc business and have it buy “Municipal bonds” I’d look for a low risk 4% bond and a higher risk 6% bond. I’d like to put 2 million in each. Receive a cool 80k from one and 120k from the other tax free each year. Id try add 25k to each of the bonds every year. Then I’d have it handed down the family line and Let it keep doing this forever with the stipulation descendents can’t touch the principle investment or sale the business ever.

Share this post


Link to post
Share on other sites

×
×
  • Create New...