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Debt, spending, and "digital assets"?

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puppyandcats
New Member

Debt, spending, and "digital assets"?

I have $68,770 total remaining in "digital assets". 

 

Cards: 

  • $15,500/41,000 NFCU More Rewards
  • $6,400/(no limit) AMEX Gold
  • $4,300/8,000 Discover IT
  • $0/6,200 Citibank Costco 
  • $0/3,000 NFCU More Rewards 
  • $0/1,100 Capital One Savor

Consolidation loans:

  • $11,500/15,500 NFCU 
  • $9,600/13,500 Discover

Student loan balance: $20,290/20,901.00

*I've paid $2,400 on this and don't know why it hasn't decreased.

Car note: $22,100/24,000

 

Temp Contract Income: $70,100 before tax.

Credit scores in the mid 700s. 

 

I genuinely feel like depressed and cry when I look at my "digital assets". I am always wrong. Doing the wrong thing. Selling too low. Selling when it's high. Selling too much. Selling too little. I haven't purchased any new assets in 3 years, I trade what I have. This has been an obsession for 5 years; today, I don't have a single thing to my name. I rent and my vehicle is financed. I don't have a business or anything to be proud of. 

 

I've been selling small sums of my "digital assets" to pay down debts and fund vacations, I thought it was a normal thing to do for my age group (22-25). Wrong. FTX collapsed a while back and I lost my house. My family laughed at me for losing my home. Now they tease me for not owning property, not traveling internationally, and not buying Birkins. I cried every night when I lost my house and no one cared. I don't know the first thing about owning property. I'm afraid to fly overseas. I don't like Birkins. I euthanized my dog because his vet bills increased to $600/mo.

 

I don't even have that much money. Can someone tell me what to do here? If I sell all my digital assets, if/when BTC goes up to $100,000 or $1,000,000 I will be miserable for selling and missing out on thousands or literally millions of dollars. If I don't, I am trapped in trading-trading-trading until it's better. Or it will maliciously and randomly crash out as it always does and I will lose it all for the third time. It's a stressful cycle, I'm not aware of other opportunities that seem to just generate money, for lack of a better term. My stress is genuine and not sarcastic or rude, I am not well equipped or knowledgeable about anything else.

 

With my skills, there are no six-figure jobs coming my way. I don't know how to operate a business, so digital assets is it. I'm tired of all the nonsensical highs and lows, and I'm tired of accumulating debt- knowing I can pay it off but terrified to act on anything. I also don't enjoy paying the IRS such a high amount every year because I am selling "digital assets" I have had for years with the purpose to pay debts, its frustrating to pay them anything but I understand its that or literally jail.

 

I don't know what to do. I am depressed and stressed.

Message 1 of 4
3 REPLIES 3
SouthJamaica
Mega Contributor

Re: Debt, spending, and "digital assets"?


@puppyandcats wrote:

I have $68,770 total remaining in "digital assets". 

 

Cards: 

  • $15,500/41,000 NFCU More Rewards
  • $6,400/(no limit) AMEX Gold
  • $4,300/8,000 Discover IT
  • $0/6,200 Citibank Costco 
  • $0/3,000 NFCU More Rewards 
  • $0/1,100 Capital One Savor

Consolidation loans:

  • $11,500/15,500 NFCU 
  • $9,600/13,500 Discover

Student loan balance: $20,290/20,901.00

*I've paid $2,400 on this and don't know why it hasn't decreased.

Car note: $22,100/24,000

 

Temp Contract Income: $70,100 before tax.

Credit scores in the mid 700s. 

 

I genuinely feel like depressed and cry when I look at my "digital assets". I am always wrong. Doing the wrong thing. Selling too low. Selling when it's high. Selling too much. Selling too little. I haven't purchased any new assets in 3 years, I trade what I have. This has been an obsession for 5 years; today, I don't have a single thing to my name. I rent and my vehicle is financed. I don't have a business or anything to be proud of. 

 

I've been selling small sums of my "digital assets" to pay down debts and fund vacations, I thought it was a normal thing to do for my age group (22-25). Wrong. FTX collapsed a while back and I lost my house. My family laughed at me for losing my home. Now they tease me for not owning property, not traveling internationally, and not buying Birkins. I cried every night when I lost my house and no one cared. I don't know the first thing about owning property. I'm afraid to fly overseas. I don't like Birkins. I euthanized my dog because his vet bills increased to $600/mo.

 

I don't even have that much money. Can someone tell me what to do here? If I sell all my digital assets, if/when BTC goes up to $100,000 or $1,000,000 I will be miserable for selling and missing out on thousands or literally millions of dollars. If I don't, I am trapped in trading-trading-trading until it's better. Or it will maliciously and randomly crash out as it always does and I will lose it all for the third time. It's a stressful cycle, I'm not aware of other opportunities that seem to just generate money, for lack of a better term. My stress is genuine and not sarcastic or rude, I am not well equipped or knowledgeable about anything else.

 

With my skills, there are no six-figure jobs coming my way. I don't know how to operate a business, so digital assets is it. I'm tired of all the nonsensical highs and lows, and I'm tired of accumulating debt- knowing I can pay it off but terrified to act on anything. I also don't enjoy paying the IRS such a high amount every year because I am selling "digital assets" I have had for years with the purpose to pay debts, its frustrating to pay them anything but I understand its that or literally jail.

 

I don't know what to do. I am depressed and stressed.


IMHO you should sell it and pay off your debt.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 712 TU 710 EX 708

Message 2 of 4
NoHardLimits
Established Contributor

Re: Debt, spending, and "digital assets"?


@SouthJamaica wrote:

IMHO you should sell it and pay off your debt.

Consider this:  Is it realistically likely that your short term digital gains would outpace the interest you are sure to incur if you don't payoff your highest APR debts ASAP?

 

My opinion is to sell your remaining digital assets and pay off your credit card and consolidation loan debts.   As for the other installment loans (car and student), are the interest rates relatively low?  Could your student loans be included in some type of forgiveness or deferment program?

 

It's unfortunate that you have suffered these large financial losses, but you are still very young and have plenty of time to recover.  

May 2024 Scorecard: Clean, Thick, Mature, New Revolver
FICO8:
FICO9:
VantageScore3:
Inquiries (n/12, n/24):
AAoA: 10 yrs | AoORA: 36 yrs | AoYRA: 0 mos | New Accounts: 1/6, 1/12, 3/24 | Util: 1% | DTI: 1%
Message 3 of 4
Brian_Earl_Spilner
Credit Mentor

Re: Debt, spending, and "digital assets"?

Here's the thing with any investment, they're absolutely worthless until you cash them out. You can dream about a big payout all you want, but if crypto crashes or you have a group like wallstreetbets manipulating the market, you may end up with nothing. You know how Bitcoin millionaires became millionaires? They sold their Bitcoin instead of sitting on it. You sound young. If you are, once you're older you'll realize peace of mind has a very high value. 

    
Message 4 of 4
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