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Vision: A debt-free society (Patreon)

Published:
2021-09-11 15:35:19
Edited:
2021-09-11 15:54:08
Imported:
2022-03

Content

Hi Team

I have a vision to help people get out from under debt (hi interest credit card debt, bank loans, car loans, student loans, HELOC etc).  While I realize it takes money to make money I want to explore ways I can create solutions to help others get out from under the smothering blanket of Debt. 

I would like you to comment in one of two ways below:

1) how debt affects you - how it prevents you from getting ahead and financially free

2) your dream mechanism - to eradicate your debt

3) any other matters relating to the above

#FinancialFreedom begins with #DebtManagement #GiveBack

Comments

Anonymous

Alex + James = 💥💥💥👏🏻🙌🏻👍🏻

Anonymous

Ooo this is exciting!!! James what are you cooking for us! 🍽️

Anonymous

Any creative low cost ways to eliminate debt James would be groundbreaking. Let's go!

Anonymous

Amazing James!!! ❤️

Anonymous

James they should write songs About you. Your a living Saint.

Anonymous

Great idea. It’s hard to pay off debt when cash flow doesn’t cover expenses and then it’s cyclical downward trend. . Are there better options to pay debt in that scenario?

Anonymous

Share portfolio on YouTube :c

Anonymous

So excited!!!

Anonymous

I would like to see more ways in which a 60 year old can enhance retirement savings in a 3-4 year window

Anonymous

I don’t have any debt, other than my soul which is shackled to a job I can’t stand.

Anonymous

Indeed vision.

Anonymous

New passive income methods to pay down debt would be interesting

Anonymous

Dream mechanism is to leverage debt to buy the highest and best real and digital assets

Anonymous

Have Celsious take on someone's CC Debt.in lieu of Crypto deposit to cover such debt, with a very small interest attached to it. When debt is paid off, cypto is released back to bebtor.

Anonymous

Im just bough house morgate and tru to came up way to invest more in crypto

Anonymous

I entered the crypto currency world to learn as much as possible and pay off my debts, buy a house and help my kids. I know I will get there! My biggest problem with this is that I live in Washington state and can’t use Celsius!! I do not understand the problem with Washington and New York - ok I understand NY a bit more, but Washington state?!?!?

Anonymous

We are truly blessed to have James in our lives. Thank you James! You should be rewarded 10x for all that you do for humanity.

Anonymous

Student loan debt is a killer right now for my family. My wife is in the loan forgiveness program but we see how the government is coming through with that 🤦‍♂️. We are waiting to see if her loans are forgiven and if not we will refinance private with like SoFi but would love to hear how Celsius could help as well. 🙌

Anonymous

It would be great to discuss how to borrow a down payment to allow a family or company to buy positive cash flowing assets such as rental properties, etc

Anonymous

Bring Celsius back to the uk PLEASE!! 👏🏾

Anonymous

Student loan debt over 200 K and adding up at 7% annually. Gov't loan. Go figure. The goal is to pay it off someway somehow. Any advice is welcome.

Anonymous

Some debt is good, like starting a business or investing in yourself/education. Teaching people to live within their means and have discipline while investing and building wealth for the future is what I believe is needed.

Anonymous

I am not sure what the loan terms are in general on Celsius. But if Celsius offered longer term payback periods so possibly people could borrow against their coins maintain a very low interest rate over a longer period of time. That might allow a lot of people with very high interest credit card payments to get rid of debt much more quickly.

Anonymous

having a manageable amount of debt has allowed me to utilize my income for fruitful investing.

Anonymous

I'm afraid to take on debt in case the rates go up dramatically. Here in Sweden you can only lock your rate for a few years.

Anonymous

Regulation regulation regulation... unfortunately turning me pessimistic on ground breaking Defi, wish we could do a segment just on the risks

Anonymous

6 figures of education debt put me into a very a deep depression. Fortunately, I was able to live like a very poor person and paid of my loans in 3 years. Being in heavy debt prevented me from taking educated risks in the stock market and crypto. In hindsight it would of netted me greater returns if I had put in 6 figures into Crypto from 2016 to 2019.

Anonymous

As one that has experienced the harrowing depths of crushing debt and had to fight voraciously to claw and scratch out of that pit, I recommend not forgetting to focus on an important aspect of getting out of debt. Hope. This is key. Without hope, and occasionally seeing light, one may give up. Another key aspect is focusing around growing income. It’s hard as hell and sometimes impossible for people to get out of debt without growing income.

Anonymous

This is an incredible goal to have, especially for millennials and Gen-Z. Almost all of my friends have held off on purchasing homes or starting families solely because of their student debt and not having good financial education to begin with. Give plp a starting point that they can grow from, not being indebted during the prime of their lives.

Anonymous

Quarter of a million in debt after attending law school. Low starting salary but potential to pay that off with just one case/client and also potential for massive gains once I start brining in more clients, which unfortunately could take years. Would be nice to somehow earn a passive income from crypto to help pay off loans while saving any fiat I mine to purchase a house. There is one crypto, Illuvium (ILV) that offers 100% revenue distribution to token holders but their product has yet to be released yet.

Anonymous

I’m 26, and getting my MBA right now. I got a job as a financial analyst but it’s going to take me about 4-6 months to get through all the tests, and I’m looking to buy my first home very soon. I recently started a company as an MBA Project and it’s going very well. I have not horrible but pretty bad credit card debt. I live in NY so it’s not possible for me to work with celcius. If I did a 35% LTV loan it’d more than take care of my debt. I can’t get approved through any traditional lenders because I don’t have “2 years of pay stubs” to prove I can make a 300 dollar monthly payment. So my credit score will be lower until I can figure this out. Please ask about NY!!!!!!

Anonymous

Hi James! While i am fortunate enough to have no debt, my girlfriend has student loans through sallie mae. During covid they bumped her interest rate up to 12.5% while many other companies slashed rates. She has been doing a good job of putting extra cash into them but they compound so quickly. I would like her to one day invest with me but all her money goes into them with marginal progress. Most companies that buy loans will only do so after you are out of school (she has 2 years left). I would love to find a way for her to borrow the full loan amount maybe through crypto lending platforms at a lower rate using maybe my btc as collateral or something along those lines! Thank you for all you do!

Anonymous

Good day, I have no debt and would love to learn how to use/leverage some debt to build wealth. I own a small house and have a small crypto portfolio and a small stock portfolio (based on your suggestions) I also have small regular income from ER nursing. I live well below my means. I am a saver, learning how to invest. My goal is to leave nursing. It sucks.

Anonymous

Wife and I paid off CC debt, car loan, we just have her Student Loans left. We’ve been adding Matic to Celsius. Just started Gemini dollar. And also just started SOL on Exodus wallet.

Anonymous

I put together a 5 year debt free plan in order to get out of "a system" that didn't care about me - banks, slave work/tax world, worked the plan, bought some property, and then was open all summer to finding my new path...when I found you, James. Now, I'm able to select work that helps me buy bags in my portfolio and not simply pay my bills to survive until the day I die. Please find a way to help others who weren't as fortunate/lucky as me. I'm a teacher and a researcher. I think we need to "teach" people everything from money management to the psychology of it all to finding what we truly want. Many people are so overworked/underpaid and stressed, that they don't even know what they want. If you can't envision it, how can one create "it"?

Anonymous

3) building a healthy relationship to money. *debt free?? Now what. How to avoid getting back into the red...

Anonymous

1) I would like to ask Alex if it's possible to get a Fiat loan for less than $15,000 which is Celsius is current minimum. 2) And give a little further detail about the tax implications of getting a stable coin loan which has a minimum of $500, which is more accessible to the average person

Anonymous

wow… I can only imagine how many lives can be changed by that 🙏❤️

Anonymous

I haven’t staked coins yet because of SEC so I would like to know how and do I hold my keys or does Celsius hold them? What happens to us when they come for Celsius?

Anonymous

James, Not all debt bad. Current systems allows certain debts to offset income/capital gains. How can this be maximized by the small guy?? Where does crypto come into this equation?

Anonymous

This is amazing James! Congratulations and super exciting! 1) - I ’ve witnessed my parents on the edge of a personal bankruptcy and they had to put their house on sale, because the bank wasn’t willing to renegotiate their mortgage. The interest rates were around 1.5% at the time, but their mortgage is around 5%. The bank, and other banks, didn’t offer any opportunities to help financially. No flexibility whatsoever - I was trying to get a personal loan, but the bank and lending industry is so strict and paranoid now, I wasn’t able to get even 5.000 euros. I have enough room with my income, but the main reason is because I have a child and childcare expenses they see as a risk. I managed to get a (higher) loan at Celsius, putting my BTC down as collateral. These numbers aren’t that impressive perhaps, but this is life changing… 2) ideal scenario would have been to refinance the mortgage, to bring their monthly costs down significantly

Anonymous

Are we talking getting a 1% loan from Celsius to pay down higher interest loans? Makes sense. Say you have a credit card debt, usually charging atleast 20% apy- take the Celsius loan, pay off the bad debt completely- then pay the Celsius loan down and effectively save yourself 19%

Anonymous

make sure it’s not fake Alex, check ID!

Anonymous

I was in debt until recently and it wasn't until I had paid everything off that I finally felt comfortable to start learning stocks and crypto to better prepare for my retirement. Now that I've started I'm hooked and it got me wishing I had started sooner, but it takes money to make money. Current systems seem to punish poorer people or people in debt and reward people who have the money. I find myself thinking if I had x amount of cash I could think of so many things I could do to make even more money. A person in debt or who's poor doesn't get opportunities like that. Sorry for the wall of text! Thanks for everything you do James!

Anonymous

Many have Crypto IRAs. What r the best ways to extract the Crypto out of the IRA into a Roth IRA that would minimize the tax impact.

Anonymous

Student debt should never be federally guaranteed. It should remain on the balance sheets of universities and dischargeable in bankruptcy. This (should) push these institutions to be better allocators of their resources and be more focused on the earnings potential of their graduates. ROI for many students I suspect is quite low and for a scary percentage possibly negative when debt servicing costs follow them for decades/life.

Anonymous

This is needed so badly in this world of manipulation and control by the top tier of society.

Anonymous

A good topic would be good debt vs bad debt and what role Celsius plays in both.

Anonymous
>>67631945

Second idea: if we could refinance a loan on a crypto platform and then the interest that would usually be paid to me would instead be used to pay the loan lender. Essentially, it would be an "interest free" loan but the lender is still getting compensation

Anonymous

snowball affect, psychologically paying something 100% off gives you strength to keep going. I have a few credit cards that i need to pay off and the way i handle it is pay each minimum + 2% and put the rest of the money into the one with the lowest balance to pay it off as soon as possible so you can pay it off faster than the others. Then the money piled into that card the next month is used on the next smallest balance. This method keeps me encouraged when i get behind on credit cards. While this method may increase interest paid i find it keeps me motivated.

Anonymous

I still remember one of your video when you talked about stop buying coffee at Starbucks vs making it at home. When you crunch out the numbers on how much we could save. It was mind blowing.

Anonymous

Life is debt, college debt, home/house loan, I’m so happy to have found your channel and be on Patreon, I think is a blessing the last 3 months, you changed my mind, any thing you say to help, I’m Shure will ⭐️🌟🌟 even when I’m not a wholecoiner of BTC, there will be a time when we talk about Solana Wholecoiners 💛

Anonymous

The young generation is suffering, they cant buy houses, they cant invest Also freelancers have a very weak economical position, while I believe they are the motor of economies

Anonymous

James, I’m so in debt it’s embarrassing. Personal and business. Five years I got divorced from husband and the business we had together. I just walked away and to save my reputation with my clients I incurred a huge amount of debt that I still have and have added to it trying to stay afloat. I know my traveling so much is a money issue but in my mind I was making up for lost time. Just yesterday I took the time to write down every Penny of debt I have🤯

Anonymous

how exciting James!!

Anonymous

Hi James and all, 1) Debt has kept me from making decisions that could improve my life and financial standing (moves, change of jobs, etc. I've had credit card debt, tax debt, loan debt for years and a few years ago I moved to Mexico and live very simple, low rent, etc while still working. I paid off half of debt and earlier this year got into investing crypto at the ATH. Now starting to make gains and want to amortize the remainder of debt. 2) Dream mechanism #1 is moon shot, of course, but if I could put my invested BTC/Alts -- staked or interest bearing in Celsius -- to work to tap off gains to pay debt without having to sell the crypto and possibly incur taxes, lose future gains --- that would be a solid dream/reality scenario. Looking forward to learning from James and Alex, the meeting of minds for financial freedom!

Anonymous

James, I love this. “The borrower is slave to the lender”. I think in addition to creative lending options, you have to address the behavior of those in perpetual debt. The fomo attitude drives people to buy what they cannot truly afford, and become slaves in the process. The same folks that talk about not having enough retirement at 60, have (on average) been paying a car payment of $500 a month for years on end. Think of how their retirement could be different had they been investing that money the ways you teach for all of those years. Contentment is not sexy, but I feel is something the general population needs to learn in order to truly succeed with money on an emotional level.

Anonymous

🤔 just a suggestion but maybe we could start with any members in this community that may have themselves in a difficult situation… Debt can be soul destroying I’d hate to think there are people here that are suffering from the stress that being in debt brings to them on a daily basis

Anonymous

@orange_Kraken 6.54% currently

Anonymous

I want to retire in Portugal with my coins in Celsius and take a loan to pay my living expenses.

Anonymous

James, you're going to go down in history as a champion of the little guy. Thank you for this

Anonymous

All of the above , all three points you've indicate would resonate with majority of the people and it's a spiral you can't easily escape from unfortunately.. Financial Education is key here.. There is absolutely no way the world is going to flip a switch and turn of debt even if that switch takes 10 years to turn.. there's simply too many times governments have gotten away with things over the last century...

Anonymous

1. It can weigh down on me mentally. I dislike being in debt, but ironically, once you have debt you can also sometimes feel better about it by spending money and making it worse. 2. Consolidation into a single locked account that you cannot incur further debt on that has a preplanned repayment schedule that is taken from your account at regular intervals. It should have a reward system baked into it, something that makes you feel like you are achieving your goal maybe a fun "game" where you level up as you pay your debt and receive encouragement to stay debt free. 3. student loans and credit cards feel predatory to me at times. It can be too easy to access debt - I'm big on personal freedom, so I don't take any suggestion of curtailing choice lightly. I think there is still scope to reign in institutions preying on people - even if its just an education campaign

Anonymous

1.It stops many of us from moving ahead because now we really do have to borrow to own stuff and with inflation and wages staying the same it hard to pay down any debt.

Anonymous

Got a question for you. Let’s say I want to hold all my crypto on Celsius to earn yield and I’m willing to lock up for a period of time can I gain more yield and are there extra security measures I can opt into and even pay a fee that can be done to make 100% sure that it’s me making a withdraw.

Anonymous
>>67632023

This is an important question. I am trying to get as much interest as I can now, before the SEC possibly shuts it down. But I worry that my coins will be stuck. Also I hope that's not your real name, for security reasons.

Anonymous

Looking forward to learning more James. An additional financial option for people is always good. Thanks for all you do.

Anonymous

A mechanism where you could pay off debt with the yield you make on your coins???

Anonymous

One of the most egregious bits of legislation was allowing banks to issue insanely large lines of credit on credit cards. Some senator from Deleware fought for nearly 50 years to legislate the circumstances that have Americans drowning in credit card debt. What a guy.

rscx
>>67631947

That’s awesome on being debt free! I’m hoping to get there eventually too! Sorry to hear nursing is so bad, I can only imagine the last year and a half has been very tough on your profession, so I hope you meet your goal!

Anonymous

That's amazing James. Congratulations. The only debt I have is my car. But I would be interested in taking on more debt, say through real investments and learning how your Celsius plan could be applied.

Anonymous

Your doing great things James, it a nice quality to have and great inspiration to help other people get ahead in life 😀

Anonymous

Dream mech. Being able to stake enough crypto on Celsius to retire in spite of inflation. Ways to teach younger gen about financial fundamentals with possible rewards through the app for them showing they have retained knowledge on financial fundamentals.

Anonymous

I pay $800 per month into a debt recovery program. It would be great to buy and deposit a certain amount of BTC and Celsius keeps it with the belief Celsius would be able to surpass the value of that debt payment by hodling that piece of BTC. For example, if I still owe $8000 towards debt recovery plan. After I deposit the necessary amount into Celsius (say $1,500, which is 5% of BTC current value). As BTC price rises, Celsius gets future returns that are much higher than the original loan. In other words. Celsius bets on the future value of BTC.

Anonymous

Hi James, high interest unsecured loans are just a hamster wheel that keeps people slaved Knowing BTC is property, there is an argument that a HELOC against your BTC could work, using a checkbook account to direct deposit salaries to reduce daily accruals can help pay debt super fast, but Celsius will need to work with fiat and allow fiat deposits… Anyway, my 2 sats, thanks for all you do!

Anonymous

I still have Plus loans from my 35 year old daughters BU education. My special needs teenager is in a private school. Consequently I'm in a negative cash flow racking up credit card debt and paying off when I refinance my house. Trying to invest kn crypto to break the cycle and get our from under. Unfortunately I invested in BTC, ETH and alt coins last April and May, did not sell before the crash and had no means to buy the dip. Am on the verge hopefully of my last refinance. Trying to decide whether I finally pay off that Plus loan and credit cards or invest in crypto, hopefully double my money by end of year and finally have a clear path to retirement.

Anonymous
>>67631916

eradicating 6 figures of debt in 3 yrs is solid work man, congrats. Now that same mentality to create wealth

Anonymous

James Credit card debt is like a dark cloud that always follows you. When you sleep, you know it's there. When you wake up, it ruins the mood for your day. When you live with it long enough, you get used to it, but wish it would go away. I can see Celsius providing a road map/ calculator to help people input the amount of debt they owe; then by using the Celsius 0% - 1% interest loans, pave a way to a debt free life of FREEDOM.

Anonymous

I bought myself a Bentley GT for my 60th birthday (paid cash). When I was introduced to crypto, I sold it and invested in Bitcoin. You can't achieve wealth in the future without a small amount of sacrifice today!

Anonymous

Most people's debt gets so big that it seems out of reach to pay off. So they just keep spending. Or worse borrow money to pay off credit cards then carry on using the credit cards. You have to accept you are poor first and can not afford things. Then you can build a successful future.

Anonymous

Two bachelor's microbiology, and nursing. 6 figures in debt. Places like Sallie Mae are criminal! It was my only option at the time for student loans and was 11% interest. I could never even pay principal just cover the interest. I've since refinanced to 3%. This has impacted my life greatly because I've never felt I could afford to buy a house or have a family. I'm not sure what a solution would be. I suppose some sort of staking for student loans. Thanks for what you do James! You're a life changer for us all!

Anonymous

I’m in the real estate institutional space; I have confidence moving money around. How I experience how we can assist others is advising them the metrics, do this, do that, and timing - this space is new to me. (B of A still hasn’t confirmed my account for Celsius set up) errr. Let’s assist others that a four month loan (timing) to pay down or offer X Y Z- if you can refinance a home at 2.3% (that’s free money against inflation) do not “pay off your home loan if you have inflation adjusted “free money” - use cash to crypto buy then borrow against that and pay off taxes, CC - give ideas timing, time value of money - thanks for all you do James to make a difference in people’s lives. ❤️✨❤️

Anonymous

Yes, thanks so much. For me option 2) sounds compelling even though I don‘t have any debt as of now, fortunately.

Anonymous
>>67632232

Would love to have Celsius loans in Ireland. But not here yet. :(

Anonymous

Wanting to help people genuinely from your hearts really captivating a lot of people in this space. You guys are truly giving hopes to many like myself. Pls let me know if I could help or contribute in anyway.

Anonymous

I am heavily indebted with CC debts, Heloc, student loans and personal loans. Mortgage and rental property , I am hoping that I would be able to pay off these debts while enjoying a comfortable retirement with the investments I’ve made in cryptos In 2-3 years

Anonymous

Thanks for all you do James! I would like to see a way to help senior citizens on SSI. After working their whole life in a rigged financial and health system they deserve to live worry free in retirement! Low interest rate loans for their credit card balances plus prescriptions &amp; medical bills. Perhaps a crypto insurance plan for seniors.

Anonymous

Would love to hear about your solutions. I carry a high amount of credit card debt, not because I can't pay it off, but because my returns on crypto investing are far higher than the debt that I'm carrying. Ie the credit card companies are effectively funding my crypto purchases (but I never buy crypto with credit cards ). The only thing it impacts is credit rating due to high debt to line ratio, but still the crypto returns far outweigh this negative. I could take out a BlockFi/DeFi loan and just pay everything off, but again I don't consider this the best use of this capital at this time . If you have a better solution, all ears!

Anonymous

I’m in the 15 percent tax bracket so based on that everytime I get ahead financially I have an event. Car repairs, medical emergency, increased taxes. Very hard to get ahead, contemplating working a 2nd job.

Anonymous

Sold a portion of my SOL today to clear all my debts. I feel like i can breathe more deeply now. Now i can get back into SOL with a clear mind. #noregrets

Anonymous

My debt is low rate mortgages and it is amazing how it allows me to control a large asset and to benefit from the inflation of the asset and deflation of my debt.

Anonymous

Try to live within my means but i know a lot of people who are trapped in such situations you’ve explained. Just incredibly human for you to put yourself in people’s shoes like this. Why can’t governments or politicians think like this? The world will be a better place with a lot more James. My only contribution will be that you formulate a very balanced tool that will make anyone who qualifies for such a program to commit and stick to the agreement to avoid anyone getting into further debt.

Anonymous

53- small business owner in Ireland. No debt but only 25% of what I would like in my pension. I have 70K in crypto split the way you suggest. I could risk another 100-200k if I knew when and where. Follow you everyday and read all I can. Had 19k in profit last week ( now about 9 again😫) . Can’t figure how to take profits while staying in the game- even though it’s long term I’m really investing for. ( I keep my dancing shoes on!) Happy to invest till 2030 if I had enough info on staking or could copy a suggested portfolio. I am so afraid about what I don’t know. All of your education and advice is invaluable but I feel I need more hand holding as I only investing since April. Thank you for being so self-less and spreading such good karma in this troubled world. It is appreciated.

Anonymous
>>67631905

You can just send an email and renew literally forever. Celsius loans are secured loans so they don’t have a problem keeping your coins and making yield.

Anonymous

Hi James this would be a very good topic to discuss on as I am struggling to pay off my credit cards. I have being investing for a while now but still struggling to with the in and out of investing I feel like my portfolio isn't growing as I imagine it would be please any advice on how I could grow my portfolio

Anonymous

Ironically, I want to get under that blanket of debt I have always been afraid of debt. My house is my only debt and I pay off my credit card monthly. I have been exploring ways to use debt. ie I need a new car ( I want a tesla). I also want to refinance my house.

Reign2294

As per your questions James: 1) I am a student who graduated two years ago from university. My parents were unable to help due to their financial situation. Therefore, I had to work, take a full course load, and take a significant student loan out for living and school expenses. As a result, even two years after graduation, while just starting my professional career, I am more than 40K USD in debt. With what I made last year and the expenses of living in this city. I will likely need 4-5 more years to pay this off. Thankfully the interest rate is nowhere near credit card levels. However, the thought of the debt looming over me has always been a depressing life factor. NA education is overpriced and undervalued is today's society. As per your 2nd question: 2) I'm really not sure what could help. I had some money early on from a sports injury settlement and I'm sure some high-school students also leave to university with some savings. It would be great to have education on how and where to invest early on. We get no dime of financial advice early on, yet I see credit card promoters coercing new students at university all the time. So, somehow, without an ounce of financial knowledge, we're supposed to maneuver our way through using credit, dealing with loans, and budgeting to avoid decades of crippling debt? I guess what my idea is that education is so important in this field, and it should start young. And 2) credit card companies should also be rigorously looked at for their predatory recruitment tactics. Because the way they do things ruins lives while layering the the company's pocketbooks. Other than that, I'm not sure. I hope this helps however. P.S. on a side note, I sent a private message a little while back through patreon. I was hoping to make it in to your third tier sub here so I could participate more actively in the community and learn at a deeper level. I appreciate all you do, James. Much love, up here from Vancouver, Canada 🇨🇦.

rscx
>>67631942

I’m in a not to dissimilar situation. My wife and I have bad credit card debt that’s built up over the last 5 years and while our spending is better now the interest is killer. While I have a strong history of employment I have been having trouble getting a loan to pay off the debt even though I only need 25k and own my own home (paying the mortgage still but with 50% equity) and no traditional banks or even non traditional ones (Sofi, Prosper, Marcus, Best Egg) will give me a loan that isn’t under 8-9% yet they advertise I could be eligible for 3-4%. It’s really frustrating.

Anonymous

How debt effected me - personal but real, better half had a partial hysterectomy, still could have children but can not carry, we needed a surrogate, asked family but too personal to commit, surrogacy + legal fees, etc was, about 150k 15 yrs ago, tried to get a loan on top of the house mortgage, school loan, cars, home improvement, was denied, over and over, 150k was too large of a gap for that dream to happen...we moved on, we are good, but that would of been awesome.

Anonymous

First off, I live in Washington state. I want to be able to join Celsius but am unable to. Can Celsius please help correct this?

Anonymous

Honesty my only "non-good" debt is my student loans. All of my other debt is on income producing properties. But to be honest I would very much like to see the most efficient ways for passive income. Whether that be staking or lending of crypto. My goal is to have enough crypto where the staking and lending will give me my financial freedom so I don't have to lose any of my original holdings. In the meantime I'd like the staking to help me kill my student loans as they cost myself and my fiance about $1,100/month.

Anonymous

#Debt Management; Financial Freedom I filed Chap 13 at 100% due to the no $$$ during the Lockdown. I refused Chap 7 because I want to retain my credit and it will slowly return to 750 + in two more years. It was 797 before Covid. For me Crypto is necessary to rebuild! I’m not young at 64 in “two more days”!! I Love Celcius and think Alex and James can build a better world together! Thanks 🙏🏽

Anonymous

I dont have debt but i know i will have to take care if my mom, sister and daughters in the near future. My expenses will exponentially grow. I want to master options trading (practicing already and learning fast) as I see , this more of a tool for passive income in addition of crypto that is for my own retirement.

Anonymous
>>67632091

Yes. Federal backing also artificially increases the cost of the courses. It's not sustainable and it's predatory.

Anonymous

Never had dept, got rid of my credit card this year after 5 years, 5 months ago I starting chasing my dream by starting my business, started my crypto journey, 3 months back, fascinated and learning slowly.

Anonymous

James, thank you for taking up this matter. My husband and I are debt-free. We pay off our credit cards every month but we have a hefty mortgage (7-figures). Because we have no other debt we are not stressed in making the monthly obligations. We both have credit scores above 800 so it is easy for us to get loans but we do not want to do that. The challenge is deciding if we want to pay off our mortgage quickly or invest in crytocurrency and pay the mortgage off at the agreed-upon contract since the interest rates are low. I am debt-averse yet I don't mind having a mortgage. I am learning to remove emotion from the equation and let the Math help me to decide the more sensible route to take. A paid-off mortgage would be a dream come true but the unrealized potential of focusing on that instead of investing in the crypto market has me scratching my head. I'm curious to hear what you and Alex are putting together. I know it will be good.

Anonymous

Incentivise faster / consistent loan repayment ie - (great idea by Lawrence Davis), Cel take on someone's CC debt and incentivise the faster loan repayment by reducing Celsius rate for higher than agreed monthly repayments and/or consecutive monthly repayments without defaults but with an "allowance" of monthly defaults over the term. It's really encouraging to see guys like you and Mike reaching out to people like this - there are many reasons why the TradFi system is broken for ordinary folks and my sincere best wishes to you both for trying to fix at least some part of it. Kudos to James &amp; Mike.

Anonymous

I know a lot of people who struggle with credit card debt, luckily I have always planned and cleared my CC’s monthly. I refuse to pay interest. However, I’d love a solution to help build a property empire (actually just a couple of houses to let). Luckily all the debt built up in my teens and 20’s on education (and having too much fun) has been paid off. However, it’s only a matter of time until I want to support the family through higher education, buying first cars and houses.

Anonymous

don't buy what you can't afford with your own money.

Anonymous

I have a feeling that James has already thought of something more innovative than we will dream up.

Anonymous

I used to have a 800+ credit score. Got in a relationship that was great at first but then she had a back injury. After she recovered from surgery she had no motivation to get a job. The most she did was a half day at one place then quit. I started drowning in debt just trying to keep everything afloat and was on the verge of bankruptcy. Credit score tanked. No longer with her. Still have a good chunk of debt so I took on a second job to pay it down. Still at this pace it will take a couple more years of working 70 hours a week until I'm debt free. It would be nice to consolidate at a lower rate but with my credit it's not worth it. Once that goes up I can look at better options. It's amazing how fast your score goes down but takes years to go back up. Once I'm debt free I'm not going down that road ever again!!

Anonymous
>>67632881

I am similar to Vinny, but I am 61 and still have to work so I can afford healthcare. I need passive income so I can afford to retire. I would like help for the best way be it staking or borrowing on my crypto. I have taken your advice about 1/3 in Celsius, but I need further help.

Anonymous

I manage my debt well, after many painful years o learning how it can keep you in chains…now I just need to learn how to create left changing wealth from what money I do have.

Anonymous

Love that this is even on your radar, let alone all the incredible work you do here! Student Loan debt has been an anchor for myself, wife and two kids for the last decade. I'm a teacher in NYS, so needed my MS to teach. I talked my wife into going to be a Earth Sci Teacher when we got married. To keep things afloat while she was in school and pregnant with our first born, we maxed out student loans. My foolish thought at the time was that once we dedicated her salary to the debt we could pay it off in a few years. Unfortunately she was not able to find a job at the time. She stayed home with the kids as they grew up, and we made minimum payments. The interest caused the balance to grow. Now we are in our mid forties, kids in middle school, and just starting to make some progress on the debt. It's our own doing/choices, but I didn't recognize the impact this would have down the road. My wife now works as a youth programmer at the public library, and i'm still teaching. While the careers are rewarding in their own way, they just don't pay enough have the leverage to unload the debt. Now the ball is finally rolling a bit, but nothing saved for kids college or retirement. Other than my pension, but the value of that looks a bit bleak compared to when I started. We also never qualified for any forgiveness programs. A bit painful to through this out there, but if helps to see how it happens to people... Discovering James this last month, and getting some SOL;) has been the first financial breath of fresh air in a long time! Love to see what you guys come up with, although not sure a Celsius option is viable for us in NYS.

Anonymous

1) I have zero dept. In all my live i avoid loans. That have get my have a very simple life and some times a nomadic like one. 2) i believe if i have dept, a way to auto invest and stake/lend my income to pay a part of my dept is a good idea. 3) i believe it could be a great idea to provide examples to the users where they put their dept, the income they can provide monthly for this purpose and the celsius platform to provide with a probable date or route to get out of dept and to make suggestions for adjustments for a faster way out. Also i have one more suggestion that might be a good idea, im not sure. I have help nicehash mining platform to translate their miner in greek language and got 50usd in bitcoin. It could be awesome if there is also in celsius a way for the community to provide services and get an extra reward back. Just like when we are referring the platform to our friends.

Anonymous
>>67632677

Hope, pray and wait for a dip and buy SOL. Matic is also bound to run.

Anonymous

I live in the UK but managed to get a Celcius account before they moved to the US. Unfortunately I couldn’t get my wife and kids an account in time so can get some interest on their crypto. My debt is mortgage and a car loan. I was lucky enough to be able to work through Covid and lock downs and have been doubling up on mortgage repayments so no money left for vacations etc. I am trying to improve my small crypto investment portfolio to get debt free with your guidance James which myself and my family are very grateful for.

Anonymous

Personally, I don’t think all debt is bad! As long as interest is low or 0%, you are able to comfortably afford the repayments and the money has been put into an appreciating asset (BTC, property) then it can be a good thing

Anonymous

Being the first one in my family to goto college and medical school at one point i was half a million in debt. Despite a physicians salary its hard to pay off this high interest student loan delaying investments and purchasing a home. Its like trying to win a race wearing heavy ankle weights. Something to talk about is taxes related to interest payments with loans. Student loans are limited for tax deductions. Will interest associated to crypto loans be deductible? Can you look into tax implications with this debt?

Anonymous

Debt often starts with a person wanting something .. a new car, a big TV, clothes , trainers. Then this as added to because they then need money for something , car broke down, house repairs, new washing machine. The first is based on what a person at the time thinks they can afford. The second is where it can become unaffordable because this wasn’t planned debt, so often the term becomes longer to lower the payment. The APR also plays a big part in what that payment will be but besides a mortgage it is normally the smaller loans which can get out of hand when refinancing occurs to the point there is no spare money to keep up with the payments. Ideally to be in a better position to pay current debt u need to pay less interest / no interest with the same amount so it’s paid off quicker. Crypto can either provide passive income to help clear it early or hopefully increase enough to allow you to pay off completely.

Anonymous

Debt free for 6 years &amp; I can't believe what a difference to my wellbeing &amp; mental health. Wish I'd started working towards this goal decades ago instead of following the typical American cycle of making more money to spend more money.

Anonymous

Is anyone staking via Ledger Hard Wallet is it even possible?

Anonymous

As a young person, it is really difficult to get out of debt or loan payments because the system is designed to label us as high risk. Which to a degree I understand, but it only compounds that problem because we have to pay for our mistakes that can set us back a decade or more in building financial wealth. I came from a family that was terrible with finances and even though I spent the time learning how to have good credit and have a emergency savings, things like a first time car loan and insurance coverage kills a young persons ability to have that extra 100 dollars a month to put into savings or investing. If I had the ability to take out a loan on a car that wasn't at 8 to 9 percent interest on a used car 2 years ago I could be a whole coiner today, because with my student loans, rent, etc. I felt it would have been irresponsible to invest in BTC without building up my emergency savings first (which I needed BTW because I was out of work for 5 months during C19 and need a decent chunk of that money)

Anonymous

This sounds like a great idea. FREEEDOM! ... just slightly concerned about the SEC &amp; lending/staking platforms like Celsius going forward.

Anonymous

I never had any debt, but I know this is very common in the US, I feel compassionate with those affected...

Anonymous

Hi James, did you hear about MELD Protocol, it is a DeFi Project on Cardano. They plan to offer self-paying loans. Basically, your collateral will be put to work and pay offs the principle. I think this is a big step forward to financial freedom. I would love to see something like this also implemented in Celsius with a free Crypto to Fiat Ratio.

Anonymous

1. My wife and I put off having our first child and probably won't have a second. We barely made it into the housing market with the help of my parents. We're likely stuck in a bad neighborhood as the good areas are exploding in price and we cannot get ahead, even to come up with the required down payment. 2. Student debt is the culprit in our life. We are VERY frugal. No credit card or vehicle debt. Again My parents came to the rescue and paid off $90K worth but that still left us with around $60K. When student debt forbearance ends we will be selling things to make payments. 3. I can help with this James. I'll DM you.

Anonymous

Once I paid off all of my credit cards I couldn’t believe how much money was left over each week and I started putting it into crypto.

InvestAnswers
>>67631844

you are too kind but I think many would do this if they had the chance. \it is the most rewarding work

Anonymous

If you feel you've missed the boat in the 30's you haven't missed out. As James once said think of buying BTC on the penny it was once .30 but it's now its .45 cent. Whales are accumulating again, keep chipping away. You never know what surprises September has in store for us.

Anonymous

I wish I had discovered your channel earlier and thank you for putting this out. I would like to know more about the advantages of Celsius.

Anonymous

Took me 20yrs to clear myself of debt. Now looking to build wealth. If I could say anything to myself 20yrs ago, it would be focus on paying off any expensive debt, then build wealth over cheap debt

Anonymous

The Covid shutdown destroyed my business so I do have some unsecured debt now that I would greatly like to get rid of.

Anonymous

I have a house loan and Businsness loans. With your help I have invested into crypto and hope to release some equity next year to ease the debt. I would very much like to learn how to earn a passive income and hope you can teach the community on here. This way I can sell one of my business and pay off some of the loans. Appreciate if you can look into that James.

Anonymous

I don’t have any debt right now but definitely want to use platforms like Celsius to borrow using my crypto. Specifically mortgages and cash out loans. The recent actions from the SEC in regard to Coinbase and stable coins has me worried and must be certainly concerning to Alex. Part of the reason I’ve just left the U.S.

Anonymous

Debt is suffocating. Unfortunately once you’re in it, it’s extremely difficult to get out of it. Ironically, if you pay monthly, never default etc your credit rating goes up if you stay well within your credit allowance. And so the vicious cycle continues as you’re paying off the interest but very little of the capital borrowed. How it affects me? It’s a mental and emotional drain. Unexpected events such as sudden family illness can tip you over the edge of your equilibrium financially speaking. Even in death you have to worry about inheritance tax and how your children will cope. I see financial freedom as very different to simply accruing wealth.

Anonymous

Create localized risk/debt consolidation pools backed by tokens that can be traded on markets like energy credits while saving the honest bagholders from being held back in such an important time

Anonymous

Is there a future possibility of getting a loan from Celsius which is not a balloon payment at the end? For example, something that you pay off monthly?

Anonymous

Credit card debt is my downfall. A couple years ago I decided to pay for all of my everyday purchases via debit card - groceries, meals out, clothes, etc. I recently paid off 1 of 3 credit cards, mostly have 2nd card debt free and making progress with the 3rd. Fortunately for me, my husband is way more disciplined than I am with finances. The only major debt we have are 2 houses, one is rented clearing monthly mortgage. Our sons were able to attend state colleges debt free, have stock investments growing and we have beaten it into their heads no credit card debt! My husband walked away from his job nearly a year ago; fed up with corporate BS! Hence, retirement came about 5 years sooner than we planned. We are in a good long term financial situation thanks to my husband’s savings and investment decisions but I know many baby boomers are drowning in debt and cannot really afford the retirement they desire. Crypto is my way of giving back to our savings in a small way while managing my cc debt.

Anonymous
>>67633309

James did a full video on Celsius. Check it out, it's good

Anonymous

Nutshell: only hold a mortgage and had intended to pay it off, but over the years and with good financial advice decided to max my refi payout and invest in crypto - along with other funds I’m willing to lose. Saylor and others say never sell your Bitcoin, take loans against it (DAN) and avoid taxes while experiencing growth. Leveraged living means more debt, but if we keep the debt low (25%?) In relation to assets then risk will be low.

Anonymous

Amazing! Thank you for all you do! While I’m currently debt free, there was a time I had student loans and it was really tough to pay off. I think a Student Loan specific program could be incredible! I wonder if there could be a person/foundation that offers matching funds to help pay down student loan debt faster? Once the crypto fund reaches the amount of the student debt, the assets (coins/stocks) sell automatically and the loan is paid off in full. The matching funds would not only speed the process, but also incentivize paying down the debt while also mitigating the risks for the person in debt. Also, it would get people investing and inspire them to continue thereafter. I’m 49 and made my first investment 8 weeks ago with you! Needless to say, it would be great to get young adults investing earlier. Along those lines, I’d also suggest gamifying investing for youth willing to go through an 6-week online investing course. Upon completion of the course, they are given X amount of play money to invest and they can win prizes depending on how they do, with risk management being prioritized rather than profits alone. Obviously, the main goal would be to get younger people educated on finance and compounding interest. I think this could be done via age brackets as well, so “student investors” compete against their piers, like in a running race. Anyway, thank you again!!! Oh, and for me personally… I’d like to see a program created to fund education in Africa and the developing world. It’s so cheap and yet so very necessary. I’ve micro-funded education in Tanzania and Rwanda and it’s only a drop in the bucket compared to what I’d love to see accomplished. So, in truth, that’s what I’d be most excited to see 🙏🏼

Anonymous

Debt holds people hostage to bad marriages and bad jobs. I think the questions are: is debt self-imposed from shopping for wants versus needs? Is one’s debt acquired due to a lack of financial literacy? Or is debt inevitable and essential for survival because we are underpaid, undervalued, housing and transportation is too expensive, or major medical expenses? My dream mechanism to stay debt free is great invest returns. I also plan to hold onto my 2010 vehicle for as long as possible, and to continue to accumulate investments instead of savings beyond emergency funds. I am lucky, I currently have no debt; however, I am one vehicle breakdown or major medical issue away from it. Thank you for exploring this topic. I hope to contribute to a solution!

Anonymous

This is great!! I appreciate who you are James, you have great goals

Anonymous

It’s so touching to see how there are people like you who genuinely care and want to help. I myself have an idea of a plan but honestly I don’t know how to translate it into real life, because DeFi, staking and borrowing against crypto is all too new at this stage but I would love to use all the tools. I can see the light at the end of the tunnel. Also, just as a quick reminder… not everyone gets into Debt because they are buying TVs and cars they can’t afford.

Anonymous

James &amp; team...thank you. I only have 2 thousand dollars left of student loan debt. I don't use credit cards or live outside my means for the last 15 years. With that said I would like to use something like Celsius or other Staking -Yield Farming to help me make the money I do have work for me in a legit and safe (as can be) manner. I think it's a bit confusing still so need it explained elementary...( i am watching your old videos as maybe you already explain it well like the celsius one:). What prevents me from getting ahead is the knowledge/confidence to apply it in my own life. I was never taught about these things and so I really have no life skill when it comes to building wealth. I think as elementary as possible to get our feet wet and see a little result . Hope this helps. Thanks Again!

Anonymous

In my 60s now, I have used lending platforms to borrow against my Eth &amp; btc , to buy more of the same, when the two coins were st their low points in May. I know it is not good practice ( because there was a chance _and still is- that the market becomes a full fledged bear…(

Anonymous
>>67632949

inflation reduces your debt so it makes sense to keep a mortage if you can make the payments and the rates are low. Your crypto returns will be much higher. Look at it like a loan to buy crypto with the low rates of a mortgage and the stability of realestate. IMO.

Anonymous

It would be helpful for people taking on consumer debt to understand what limitations this places on them 20-30 years later. Even those who pay it off have lost the opportunity to have invested those repayments and got ahead. Mechanisms would be education and ease to switch to lower interest rates and then turn the tables by staking, investing and being the interest receiver rather than payer.

Anonymous

I can assure you one thing: "A debt free society" will not sit well with the shadowy banking elite. They are sucking us dry with that technique and they are not going to be interested in seeing the end of it. We're going to have to do this together as a group - we cannot be divided on this

Anonymous

After an acrimonious divorce &amp; being a single parent with no help. I have found it extremely difficult to buy property and kept in a vicious circle. The bank doesn’t think I can afford an £800 per month mortgage, even though I have been paying £1500 per month rent since 2016! I’m apparently high risk 🙄 The above then has a knock on effect of how much spare cash I have to invest and achieve financial freedom. Passive income methods would help me tremendously! I’ll keep pushing 💪🏽

Anonymous

every one start working on passive income streams. If you have crypto you can stake Refinance/replace high interest debt with low interest debt. If you have crypto assets. Put them up as collateral at celsius and get a low interest loan and do just that Invest a certain portion of your portfolio for debt reduction purpose. Cryptos are the best vehicle to make good gains and allocate some of your profits to paying down high interest debt. So you see all roads lead to crypto. At the moment I do not see any better opportunities for us.

Anonymous

Tough questions. I never cared much for debt, therefore, I don't have much to show for it. I think the hardest part about borrowing against crypto to invest in real estate is the "meantime". Perhaps develop a way to defer instalments until the investment starts generating revenue. This might be as easy as distributing 90% of the funds and an auto-pay repayment schedule set up for the first year of the term.

Anonymous

Getting rid of debt, except the mortgage, is one of the best things that I did. I tell my kids 'never' carry a balance in their cc. Unfortunately, corp greed had 'brainwashed' our culture. But maybe people like you can influence the future generation. You're a superhero James.

Anonymous

Very lucky to have no debt other than mortgage. Being away from home working for the man, working for that paycheck every month. Its a killer. I miss my family. I want time with my wife and kids. Need to find a way out. Every last bit every month goes on bills and crypto. Not enough from the monthy paycheck to be financially free from crypto even in 10 years. There must be other ways for me to make money to MAKE REAL MONEY. I'd love to dedicate all of my time to doing something which will cover all the stress and worries so that I can appreciate my family. Thank you for everything, James. This group is the best thing I have ever come across online and you are an incredible human being. We all love and appreciate you.

Anonymous

I feel that many students are misinformed about the debt that they incur for their college education. Those huge debts effect the rest of their life. Some students are still paying education debts decades later. There has to be a better way. I'm hoping Celsius can help with this huge problem.

Anonymous

Drowning in high interest rates which is resulting in it being harder to make monthly payments. This creates a "snowball" in the wrong direction with multiple cards. Car payment is fixed rate but as always would love to lower that. Eliminating these significantly creates an advantage for more investing. Stdt loans are low and fixed. Money served better elsewhere rather than paying off right now. Dream mechanism would be a epic bull run this cycle that allows me to get out from all debt (minus house pymt), and have enough money left over for a down payment on a rental property. Wonder if there is some kind of group investment token we could all work together towards to make that happen? Not sure how to define eligibility requirements for something like that to prevent fraudulent behaviors.

Anonymous

My debt is house loan and I HATE to do my day job but I have to do to pay mortgage and I also have 2 young kids whose college education may need to be taken care. I like to retire early and give back to society if I can.

Anonymous

Today I do not have debt, but due to addiction I never got going until later in life, and only started saving a little at the age of 30, into a retirement annuity. Today at age 54, I am fortunate to have 2 decent jobs, a small retirement annuity and a small pension which will be available to me. However, I live in South Africa, where inflation, corruption and bad governance are eating away at our standard of living, our savings, and prospects of retiring with a decent standard of living. That is why I'm here - I need to learn how to make the little that I have work VERY hard for me in a relatively short time, or I will be in debt in the future.

Anonymous

Great idea James! Debt has been abhorrent to me ever since I was a young man and heard the wisdom from that passage in the Bible, "the borrower is SLAVE to the lender". That hit home for me so very hard. So when I learned the lesson of fiat money I exited the system on principle, too bad guys like Peter Schiff are around to lead people astray. I would be a VERY wealthy man. I am one of the few people that can state proudly and confidently that I paid for my first home entirely with cash, I saved the whole amount first. I have been listening and learning, and have taken some low interest debt to buy Bitcoin last year... Thank you James. I think it is important to think of debt like a gun or knife, that it can be an important tool to help or improve your life as long as it it not pointed toward you.

Anonymous

I paid off my line of credit with fait cash from my government retirement savings plan, got hammered with taxes. Found it funny i was paying off debt with debt fait. This has allowed my to free up cash for "alternative" investments . paying off a mortgage and vehicle would be amazing and further allow us to reach our goals of being independent of a very controlling government/financial system. Hopefully crypto is that vehicle that we can achieve this through. My only fear is through out history every time the little guy starts to make it the powers to be crush us.... Im watching the USA sec very closely and am nervous. (Im not an American, but realize every time the USA sneezes the rest of the so called free world catches a cold)

Anonymous

Such a difficult question It is inherently a social problem with many expressions and root causes Personal circumstances, cultural conditioning, chaotic and unpredictable factors leading to debt. I was spoon feed "never a lender nor a borrower be" and "there is no such thing as a free lunch" so have always been debt free. I work and save for the things I NEED and then have them. But my circumstances have been fortunate with my upbringing, my education and skills/health. So many are forced into debt to survive. Which is why this is a social problem and requires a change in education, politics and awareness. Thought Experiments like Universal income and The Venus Project try to address such problems. Like so many of the world's problems the solutions are available, sadly it doesn't fit the model of the deciding few. Edutainment is the way...and you kind sir....are doing a commendable service with your endeavours.

Anonymous

I like to understand more about good debt. From listening to the community I learnt that borrowing against bitcoin if bitcoin will never fall below 25k is smart. I know people buy real estate with debt, but I don’t know how. I like to learn how to live on debt while making smart investments. There’s a lot in the web on how debt is bad for you but I know the 1% billionaires use it to their advantage by not paying tax, living with it and using it to buy good investments. Please teach us.

Anonymous

Lack of financial education and training have led to poor financial decisions and CC debt . However Crypto is helping me to change that, more so for me to leave something for our children and granddaughter but maybe it will have life changing wealth for my wife and I before my time is up. James you have become an integral part of my financial education, cannot thank you enough for all your doing.

Anonymous

Debt and debt to income ratio have basically held me back my entire life… my first instance was when I was first finished graduate school and my wife finished her undergrad degree. We were working full time jobs, applied for a VA loan (I’m a member of the Army band), and we’re denied a home loan in a small city in North Carolina because of our debt to income ratio… we had three college degrees between the two of us, we were in our early 20s and we were paying more in rent than our mortgage would have been.. Then, rents in our town increased every year along with the cost of living, but wages were left in the dust. I soon found myself having to put basic living expenses on my credit cards while also dealing with the sudden death of my father. I was finally starting to feel the shame that often comes with debt and kept closing myself off more and more from everyone and everything while trying to grieve. Finally, my wife and I had enough and we left everything behind to find better opportunities in California in late 2019. I sold my car and most of our belongings and we left. We lived in the road for a month out of my wife’s Subaru with our two cats while traveling cross country. We arrived in Los Angeles, found jobs and were starting to get back on our feet. Then everything shut down because of covid. We were both laid off and the city was shut down while being left in the dark about how long the shut downs would go on. We stopped paying our 55,000 worth of credit card debt that we had slowly accumulated over 9 years, stopped paying our rent, and just hunkered down while we hoped unemployment funds would start coming in. In June of 2020, my wife broke her knee and her foot. This was the same time cars were being lit on fire in protests about 2 miles from our apartment. The next several months we’re spent helping my wife recover and go to physical therapy. In March 2021, she was finally back on her feet and decided to take a road trip to visit her grandparents in Kansas for a couple of months. This is when I started devoting all of my time and money saved from unemployment into crypto. On my wife’s return trip home, the engine in the car seized up. I had to rent a car to go rescue her, pay the rest of the loan off on the car and sell it at a loss to a scrap yard. Then the May crypto dump… I didn’t have a car or a job and wasn’t sure what was going on with covid so I stopped doing anything that wasn’t crypto related. So here I am now with over 55,000 worth of credit card debt that’s been sold to debt collectors, 85,000 worth of student loan debt, 30,000 worth of back rent, no car and no job, and now my wife is pregnant with our first child. I withdrew all of the funds from my Roth IRA to invest into crypto and trying to setup the proper business infrastructure to initiate a crypto self banking strategy and to shield any money I do have from any potential collectors. I’ve managed to turn $12,000 into $30,000 so far. I’m 33, have a masters degree in music, am a sergeant in the army national guard, have never made over $40,000 a year and have held nothing but bad debt my entire life. Someone in another discord recommended a tax firm that they used. I paid for a consultation and was basically told, “yeah that’s a hell of a problem you have.”… $200 down the drain. I’ve dug a hole so deep that some days I don’t even want to come out anymore.

Anonymous

Hi James, my husband and I are in awe of your commitment to empowering others and supporting them find financial freedom. I do not know if this has been mentioned- I feel mindset is critical. To break debt cycles, and short term thinking re finance we need to think and perceive money in new ways, and also understand ourselves, reasons for buying/accruing debt and how to change those circumstances where possible. This ensures debt is not managed or paid off simply to be created again. Thinking of younger me who had student loans and personal loan debt, education to teach and change my mindset would have been beneficial. Also the opportunity to pay it off without interest compounding. Thank you for all you do. Much gratitude and appreciation.

Anonymous

I got my first Celsius loan last week! Using it to pay down credit card debt first, then move on to auto loan. Just refinanced home to 15 year with a great rate so that can ride.

Anonymous

Let’s start our own fund or investment company that’s owned by the investors, TRULY FOR THE INVESTORS that includes the options trading you like to do so much - with, of course, you James, as our captain!

Anonymous

In 2018 we sold our house to get out of debt, and I've been debt free since then. If I can't pay cash then I don't buy it. Being debt free is liberating. I was all in on the Dave Ramsey plan, but I do think mortgages and buying rental property with debt are ok. But cars, vacations, and credit card debt are not part of my financial future.

Anonymous

My dream mechanism would be to not lose what I’ve currently invested in crypto for the long term, whilst having an opportunity in the short term to pay off what I owe to then free up more to invest 😃👍

Anonymous

I’m curious if a reverse mortgage type loan is possible except using crypto. At retirement age or before, the value of crypto is collateral and fixed monthly payments are made to the borrower. Loan amount is paid back at death or sale of the pledged collateral. Also wondering if the lender guarantees a future value to limit problems with volatility. They would get the reward for any increased value above their guaranteed future value. They would have risk for real market value that falls below guaranteed future value. For example, I could get loan on my Bitcoin at guaranteed value of $120k/btc and get payments of $1k/month for 10 years. If real value becomes higher, lender gets the benefit. If value is lower, borrower gets the benefit. Cost would be I guess similar to how insurance is calculated and what the risks are for each party based on the guaranteed value. Anyways, this post got me thinking and I am just rambling and just a thought I had:) appreciate what your doing James!

Anonymous

Most working class people are obligated to stay in their dead end jobs to make ends meet and pay off their debts..this could take a toll on one's mental health as it's always on the back of our minds..it's a vicious cycle which most of us want to get out of so we could spend more time doing things we are passionate about.. Would love to gain the knowledge and build the fundamentals to invest and trade successfully.. PS: Thank you for being so generous in sharing your knowledge and thoughts with us..always learn so much from your videos..

Anonymous

Hi James. In my case I live in Colombia and I would like to invest more heavily but I pay rent and I need to take care of my mom that is and elder and her"pension" is low compared to her expenses (medical and food expenses) and I'm saving to buy a house so don't want to risk those savings because that is the only thing that me and my family have. Since that prevents me to invest more, my little investments needs to grow exponential to archive the financial freedom. For example I'd like to have a bigger bag on BTC because of the security that it represents but I always need to take a look on high risk assest that give me a better return like SOL and other altcoins. I wish I could have a way to buy at least half BTC and don't risk my family wealthness.

Anonymous

A list of reasonable &amp; ethical CPAs and financial advisors (maybe with a similar philosophy to help people) that are savvy about crypto around the US to help with tax &amp; retirement concerns.

Anonymous

The thing I have never liked about the Celcius loan program is that you don’t earn any staking rewards on the tokens you are using as collateral . You can get a 1% loan if you put up four times the loan amount as collateral. For instance, if you want to borrow $10,000 in USDC, you only have to pay 1% interested on the $10,000 ($100), but you lose 9% interested on the $40,000 you are putting up as collateral so the cost of borrowing is really $3,700 ($100 interest plus $3,600 in lost staking rewards on the $40,000 collateral). The real cost of borrowing is 37%. That is no bargain!

Anonymous

Hi James, thanks for posting this. 1. I'm mid 40s and I only have 30% mortgage debt that I can pay right away but I'm investing in crypto any disposable fiat. I still work for a company 9-5 job and I want to reach my freedom in no more than 10 years time. I'd like to be able to get a passive income, I can't see myself working until age 68 (pension age in the UK). We would like to move to a bigger house next year and will need a big mortgage. We don't have kids so we don't want to leave any property, crypto o anything after we die, we want to enjoy it all ourselves, if we could have some form of passive income to cover the bills I'd quit my job this year. I want my financial freedom but we have sometimes get into debt to get the things we really want 2. I'd like to be paid for my property before I die, like a reverse mortgage but with decent fees, not like the current rip off of the banks. Maybe crypto investors pay us monthly for whatever amount of time we are alive and living in the property, and when we die they take ownership. There is variables there like age, health, condition of the property, live expectancy... But I think it can be possible.

Anonymous

1)Stopped taking on consumer debt 6 years ago after reading Rich Dad Poor Dad

Anonymous

I started with crypto for a couple reasons, mainly to replace the income I used to have from real estate (rehabbing) which had been planned for retirement. I also really want to build up some cash for medical treatment/therapy. Obviously paying off our current mortgage would be great too especially as we are in our later 50s. We aren't unreasonably stretched with debt--only medical debts--no consumer debt. I am very skittish about using crypto for collateral after losing a good sized bag in May on nexo. Thank you so much for caring! It is an honor to be a part of the community. A couple animal suggestions: There is a spay/neuter organization in Panama--free. And also can you look into helping the people or animals in Madagascar?

Anonymous

I have been blessed within the last 15 years of being out of debt and now completely debt free beyond my house . When I was in debt in my younger days, I had this philosophy of buy now pay later and instant gratification and I wanted things. I believe if we can teach people responsibility with the credit card that is half the battle. If Celsius had a way of rewarding the use of their cc and also rewarding people that pay it off every month that may teach people how to utilize cc's the right way. The credit cards of today and the past want you to be in debt and pay the high monthly fees. What if you could pay yourself those fees? I don't know...just spitballing over here.

Anonymous
>>67631896

BEEN THERE. Feel your pain. My notes were 9% I had 5 at $1000 a mon. First consolidate them into one, try to get better rate. Then keep paying what u were paying. My loans went from $1000 to $600/mon. I kept paying 1000. In 2 monthly to interest. Paid off 110k in 6yrs. Good luck it sucks

Anonymous

I currently have enough crypto profit to put a down payment on my first home. But 2 collections are bringing down my credit. Preventing me from getting the mortgage. If I pay the collections I won't have enough for the down payment. So I'm stuck in this payment cycle that will last years affecting my credit score

Anonymous

Wealthy people have personal wealth advisors to help them grow and keep their wealth. The average Joe and poor people have credit/debt advisors. Both charge fees. How about face to face offices/program(s) - Maybe call them “Unbanks” - and possibly software to use and monitor progress for the 2nd group - where they have access to personal financial advisors that help folks set up plans AND ACCOUNTS (because the space can be intimidating) to get people started in the right direction. Then follow-up visits.

Anonymous

I am pretty debt-free these days -- and I was lucky to avoid student debt one way and another. I did get caught with a horrible Chase HELOC for a while. Despite having income and assets, it was never enough to refinance it at a reasonable rate. I would be happy to see the banks sink, but it seems that they have the regulators in their pocket.

Anonymous

I would love if there was a solution to paying for college, buying a home, etc. using my crypto as either collateral or selling it off a little at a time VS. having to dump it all to pay for these big ticket items.

Anonymous

James and Team, thank you for the vision of helping people to get out of debts. I started to look at ways to borrow against my crypto using defi platforms such as Celcius or AAVE to become debt free in the next few years, especially my mortgage. I am looking forward and waiting to see what you and Alex (Celcius) have to offer. Great jobs and thank you for the support.

Anonymous

The word "Debt" should never be used on its own; it is too nondescript. "Debt" needs to be clearly delineated into: 1. "Debt for appreciating assets" (a home, real estate); 2. "Debt for depreciating assets contributing to cash flow" (a basic vehicle for work); 3. "Debt for depreciating assets of luxury" (new car, vacations, non-necessities). They are three completely different concepts with radically different financial outcomes. I pity, respect and try my best to help someone working multiple jobs to put food on the table, yet still living a thrifty lifestyle. But then I hear complainers who say they have no money (true), but are driving around in a brand new $70k pickup truck to achieve a highway commute to an office....for those, I have zero empathy.....they have made their choices, and are reaping their reward/punishment. People have to learn to perceive choices in this world as opportunity cost. I would urge that the pros/cons of debt/lending always be promoted in context of the underlying asset. I have never purchsed a brand new car in my life, even though I could buy several in cash, and a fleet of them with debt. I was able to purchse my first crypto years ago and have filled my bags since then because I have a modest house and older, yet functional vehicles. And by absorbing James's exceedingly helpful non-financial advice, my large crypto bags keep on growing. I am confident that I will be at a point someday (perhaps not long from now) where true luxuries and generous charitible giving will be easy to accommodate. Remember the pizza purchased with 10,000 bitcoins back in 2010.,,,it really matters "when", in "what form" you choose to store your wealth.

Anonymous

Champ 💪

Anonymous

Mortgage loan, car loans and student loan are the brakes in improving my family’s financials.

Anonymous

2)Would love to hear Alex’s ideas for helping people get free from debt

Anonymous

I've been with Celsius since they began and I vetted their project. My plan is to become debt free on my home which is 70% paid off. I work for a big company that pays well but I work with pain in my arm and hand every day. My goal is to transition to passive income as my majority source of capital. The sooner the better because working in pain sucks but I will be patient with the process. The debt prevents me from retiring today and transitioning to Celsius passive income. My dream mechanism is to transition a large enough amount of capital to Celsius to sustain growth faster than inflation while also providing monthly cash flow of at least $3000 per month. Looks like I will need an amount a little over $1M in Celsius to achieve this and beyond to beat inflation and maintain compounding growth. How about a retire on Celsius Google sheet and video from your point of view and calculation? If you need X per month, you need Y invested with Celsius with conservative growth metrics. :)

Anonymous

Will Celsius eventually become available people in the UK &amp; Europe?🙏🏾

Anonymous

James has found the Holy Grail of happiness. Imagine giving back to society and seeing what a huge difference it makes for your fellow human beings. Time to contribute - what do you want us to help with - James?

Anonymous

So so so love this. Thank you James for all that you are doing for humanity. Many blessings.

Anonymous

Hi James. Earning some passive income off crypto would be great. I used to use BlockFi but have left that platform as I lost trust in them. My questions to Alex are: what is the likelihood of Celsius again opening up access in the U.K. where I live and secondly, does he worry about the SEC (and other regulators) banning the earning of passive income in the future.

Anonymous

Personally I am debt free after selling a home. I now rent. I drive an old car but have done well with Crypto after investing the proceeds from sale of house. ( I sold because of divorce, not because I wanted too invest in crypto) The worrying thing for me is Capital gains tax. I left my employment due to doing well in crypto but this makes it hard to get a loan and despite having enough crypto to buy a house I would literally be paying double the price for it due to CGT. If only there were a way for a company like Celsius could lend based on not only security of crypto, but security in property also. Or perhaps there is and I don't know about it. Cheers James for your insights.

Anonymous

Hi James, my Son is 18 months old, he has quite a lot of savings since he was born (during lockdown), worth putting some into BTC yet or should I wait?

Anonymous

Unfortunately I got into debt early and chased fulfillment with material things. The debt load has kept us living from paycheck to paycheck and never being able to start our own businesses. Our current debt load is under better control but now stands in the way of retirement in addition to starting a company. So we are trying to power through the next few years of paying down the debt so we can retire and finally focus on some of the things we are passionate about. The perfect solutions given no constraints: debt forgiveness. Next would be 0% loan. maybe just a low percentage consolidation loan. 😀

Anonymous

3) Would be good to show people what they could potentially earn if they put the money that they currently pay on certain debts like car payments per month and invested it in crypto, what their gains could possibly be. Might make people think twice if they really need that shiny new car instead of retiring a lot earlier. That’s now my main focus

rscx
>>67632850

I don't think that is up to them, I think like NY it is the state government that is refusing to let them operate there.

Anonymous

I agree with many who have said that people need to use debt responsibly. Without learning that, even after getting out of debt, they may turn around and get themselves back into the same situation. Many people have not had family or mentors to learn about investing, borrowing and saving from. This is why I think a program focused financial planners for poor, medium income and the indebted may be a way to help people most.

Anonymous

I use the debt snowball to eliminate debt. Write down all your debts starting with the smallest amount. Once you finish with the smallest amount, add what you were paying to the next largest debt. Continue this until you finish paying all your debts.

Anonymous

I love this...I want to be involved some how. I do a financial literacy workshop for college and high schoolers. Debt is a very limiting. Our young people can't prosue their dreams because of credit card debt and student loan debt. This is a literacy problem but also because of bad banking practices.

Anonymous

I invested in Crypto hoping to supplement Social Security after my husbands death. My debt is mostly paid off by the sale of our house, but S.S. doesn't cover moderate monthly expenses so I'm just holding. I've been following BTC since early days but didnt know how to buy

rscx
>>67632785

I'm really sorry to hear that happened to you. Definitely awful that it cost so much to begin with and that there wasn't anything in place to help out a family in that position.

Anonymous

#1 Debt affected my wife and I by the time it stole from us because we had to constantly be a work paying it off. Nothing against work, I actually love to work, weird I know but that is just me. #2 When I learned of crypto a year ago I just about fell out of my chair. I scrapped together enough money and bought 3 BTC currently trading at 18k. I began to learn to trade it and the rest is history. We paid off our house and all our high interest rate credit card debt in less than 8 months. This whole crypto thing amazed us. #3 We just used Celsius last week (Aug. 2021) to take out a loan to buy some things and fix up the house. Now if I could figure out a way to get that loan to pay itself off I would be set. :)

Anonymous

Come back to the UK!

Anonymous

James, I come from a family where every penny saved made a long way to running the household with 2 children (me and my younger sister). I have seen our family almost becoming homeless... 1. Debt always had a negative feeling. But in a financial system it is "required" to show how well you manage debt 🤣 it confounded me to no end. I want to build wealth, not just for me but for mom who has never enjoyed a single thing in life because "this money would be useful for kids, I'll save it up" ... it pains me to see she has absolutely NO life. 2. I was very apprehensive about Bitcoin, until I started watching your videos. It's the single most important step I have taken to get out of the "fiat" mindset and going down the proverbial Bitcoin rabbit hole has opened up opportunities I never thought I could have !! I plan to build my crypto bag and not see another frown on my family members' foreheads about money (or rather, the lack of it)

Anonymous

Unfortunately Celsius does not provide services in Washington state where I live.

Anonymous
>>67634826

This is exactly what I am creating. We should chat. I have the vision written out and more.

Anonymous

I would like to see a way in which companies like Celsius could offer mortgages. I don't like using high Street banks as they are often invested in unethical things. Maybe not The Co Operative Bank, but the rest are. Mortgages are the biggest loan we take out usually so that would be useful.

Anonymous

I would love to learn the best to make money, get out of debt, with a small amount of money…say $10-20k a year of savings …how can we put that amount of money to work for us? I would love to do options trading and learn puts/calls etc but do not have $25k to sit in an account to back up my trades. I feel there are a lot of us that would benefit from creative ways to invest using smaller dollar amounts.

Anonymous

I often question is it better to save and generate income/savings (for example crypto) or to focus more on paying off debts.

Anonymous

Thanks so much for this James!

Anonymous

This is a huge subject and needs attention from a broader perspective re lack of personal finance education, including relationship to individual psychological health in order to dig up the roots, but addressing it from any level or angle is truly helpful and really impressive, James and Alex. I once heard bankruptcy described as the system's motivation and cure for taking on risk, but there is so much space to address on both sides of risk and reward, and looking for creative options in the middle is way forward IMHO, so thanks for this.

Anonymous

In my mind it may not make sense to tackle student loans as there is so much talk about forgiving student debt. My only interest would be in mortgages.

Anonymous

Buckle up, she's a long one. 1) I just started (past 2 years) to feel more empowered about my finances and feeling more in control of my debt/having a clear path and plan for it. Before that though- my debt made me feel shameful, silly/stupid and a liability. It's also made me feel that I couldn't achieve certain things such as, having children or buying a house. In the past, lack of finances coupled with debt had made me feel I couldn't even think about it, hope for it, or want it. I also went through a breakup that left me financially devastated. This was 6 years ago. I was told to claim bankruptcy because of my previous bills (student loans and credit cards) and after my separation, I was charging groceries, gas, therapy, etc. to my credit cards- yikes. I didn't claim bankruptcy. I made some tough choices and kept making sacrifices for awhile. I allowed myself to heal and re-focus. But I still had money issues/money "stories" I told myself. Then, I happened upon crypto/blockchain. This was in 2017. I allowed myself to immerse and geek out on it. It's really become a passion of mine and people are always surprised because I'm female and a Social Worker. Through crypto, I realized I had a clear path to build security, wealth and eradicate my debt (if I choose to). I then was able to buy a house a few years ago in a quickly appreciating housing market and this has enabled me to build equity, have a roommate that pays over half my mortgage, and allows me more capital to invest in... crypto! 2) My home and crypto portfolio have become my dream mechanisms to achieve wealth and eradicate my debt. I know some people say a house is a liability but it has given me the opportunity to settle, grow roots and feel safe. This safety then lends itself to me having energy to deep dive into interests and passions- such as, crypto. I've also mastered living below my means and have been chipping away at my debt. I'm not laser focused on my debt, as I am using much of my capital for investing in crypto at this time. My debts are manageable, I now have a plan and I figure if one morning I wake up and I want them gone- I could likely do that within a year. However, if I hadn't discovered and went deep diving into crypto and blockchain- I'm not sure if I would be feeling secure right now. I suppose I could still be stuck in the energy I was 5-6 years ago. Crypto has truly opened a door for me and in 5 years, I believe will have completely changed my life- because I already see it having done so over the past few years. 3) You've already spoken about this, James but I try to introduce investing, crypto and blockchain into conversations with everyone I meet and especially, with women. I keep it simple and really hone in on how mastering your money/currency/wealth not only positively impacts you but also, your family and community. Women who identify as wealthy are more likely to give back and invest in their community compared to their male counterparts at the same/similar wealth level. When I come from this perspective, I think it gets a bit more interesting and connects deeper meaning. Thanks for asking these questions, James &amp; thanks for everything you've done this year. I believe I happened upon and subscribed to your channel this past DEC/JAN and your videos are always a treat! I'm excited about your connection with Alex and Celsius. I just bought an "Unbank Yourself" t-shirt a few days ago. I'm hoping it will spark up natural and curious conversations.

Anonymous

Thank you for this James! For me it's HELOC and mortgage. Dream is a at least a 4X during this bull run. Plan: Cash out 80% which pays off all debt and leave 20% invested to grow. Then continue to DCA in. Biggest help from Celsius would be tutorial videos on mechanically how to use the app and live customer support willing to guide you through on boarding with zoom screen share if necessary. The biggest barrier for me in this space is the mechanics -the literal "click this then that" Example, I am stuck trying to use metamask -got $500 in that shows in Etherscan but $0 balance shows in metamask so I can not use metamask until I dive in and try to figure out the sequence of clicks to get it to show and use it. Overall, there is a massive training video and on-boarding across all apps support opportunity across this space. I have missed so many opportunities because because of fear of using a new app. I am fully KYC'd to use FTX for example, but it totally confuses me so I haven't used it. I can't imagine I am alone feeling challenged by this. If money were not at stake, I would probably be calmer messing around to figure it out but it's sometimes paralyzing because of fearing a misstep with thousands at stake.

Anonymous

I have a $15k car loan at 8%. Debt has crippled me throughout life as a uni student and I had to file a part 9 debt agreement (basically file for bankruptcy - with a promise to pay back 80% of all my debt) straight out of uni I had a debt of $35k most of it at interest of 18-27%. I have become much more fiscally responsible since then but it took 7yrs before a bank would touch me. I was even declined a savings account from one bank. I would love Celsius to provide an easily accessible credit/debit card that can allow me to use my crypto as collateral and allow me to micro borrow from my crypto with every transaction so it isn’t a taxable event. I want to be able to deposit my work money into Celsius as stablecoins or crypto and then be able to use that card to borrow those stables for purchases easily and all around the world like a regular Visa card. I don’t want to sell my crypto to use the card - that’s a key difference between what I want and what is currently on the market. Current crypto cards make u sell ur crypto into fiat I want to borrow against my crypto into fiat using visa or MasterCard and when I pay the fiat back I want to earn yield against my stables/crypto again.

Anonymous

1 . Debt free after Divorce; Made 360 life change ; 2. Make a bot; James AI bot on / with Celsius platform with your math/ put $ correlated to 5-7-9 yrs return time on your debt , all per your money possibilty / math/money/freedom formula; I trust you James; I would give 50% of gewinn to pool for Collateral for all those that can not afford $\speed Ration on return; also, I would transfer my all Crypto to Celsius to make a Mass change to make it Safe to run that kind of AI bot 3. Thx James;

Anonymous

When I was about 20, my banker decided to give me a nice credit line that I never asked for. Being young and naive, I went on to spend 6 grand on frivolous materialistic items. It took me 5 years to get rid of that debt because I had let the interest (20%) run wild. Debt is modern slavery. I wish I had understood this before I lost so much time in my financial life. Financial Education is the only mechanism I wish I had.

Anonymous

1. I like hearing about instances where crypto is helping low income / economically vulnerable people avoid being abused or crushed by the system. The top-of-mind instances of this are remittances (sending BTC instead of losing 10% or more in wire transfer fees) and safe harbor digital currency in countries where there is rampant inflation. These are already huge wins, so how do we add to them? 2. James you are right that the next level would be to help people avoid the worst of abusive lending practices; high rate credit cards, payday loans, inescapable student loans (it's immoral that bankruptcy is not an option for this). It would be helpful to many to have a new set of financial tools for debt consolidation at lower rates, maybe where a portion of good faith payments could be allocated to simultaneously grow savings while shrinking debt until there is a "flip" in value. 3. Utopian thinking. We should allow ourselves to aspire to the biggest picture thinking as well. To me Elon Musk is the patron saint of "why not?" and even further "I'm already doing it". We have technological tools at our disposal that previous generations could never dream of. We can do a lot more than optimize advertising. I would make the case that any child born in the world today should have a share in the digital economy, like a BTC retirement account that can grow for 60 years and that they can use as a financial tool to borrow against for education or a home. Bigger still I feel like blockchain economics has opened up a huge toolset for incentivizing desirable outcomes. Is it possible to tokenize protection of the rainforest, or a universe of charitable kickstarter programs? Could be the ramblings of a madman... but crypto and tech in general should lead us to expansive and creative thinking of how to move toward the world we want and not the world as it has been up until now. The productivity explosion coming from technology needs to be channeled into a better future. All of this energy needs to land in the most effective places that affirm the best in humanity and protect the environment. We need a system with less waste, inequality, and negative externalities like climate change and pollution. Apologies for the rant, but when I think of the potential of the tools at our disposal, we have what we need to solve our problems. Thanks as always James. Your generosity of spirit is truly inspiring.

Anonymous

1/ I’m lucky enough to have bought a house albeit with a huge mortgage. My income is variable and my mortgage repayments consume anywhere between 50-70% of this in a good month, around 50:50 ratio principal &amp; interest with over 20 years to go. What little remains mostly goes on cost of living with a tiny amount to DCA into crypto and some fun if I’m lucky. 2/ I have to pay, by law in my jurisdiction, 10% of my income into a superannuation fund. This managed fund which is traditional stocks &amp; shares is currently nearly half the value of the remaining mortgage debt. If there was a way to use this value to offset the mortgage debt I could reduce the interest and accelerate the repayments, potentially shaving half the interest and life of the debt and also increasing my disposable income. Moreover, wouldn’t it be great if I could use some of this fund to hodl BTC until retirement! I don’t think this is possible at the moment but I’m hopeful it can happen one day, maybe even through DeFi. 3/ I dream of turning one of my hobbies into a business but don’t want to get a huge business loan and for numerous reasons I’m highly doubtful a bank would approve such a loan anyway. I’m working towards building a business slowly under my own steam but solving the above mortgage problem earlier would accelerate my dreams. I hope that my (currently tiny) crypto stash may one day be enough to use as collateral to help realise this dream.

Anonymous

2) A dream mechanism I see there being two parts to the problem; getting someone out of bad debt, and keeping them out of bad debt. I feel the starting point should be education followed by action. Perhaps having an online course with a simple quiz at the end of each section, for people to be reward with crypto like CEL for completing. So by learning about how to solve their problem, they are also earning a little asset that can be used later on. The next step would be taking action. So refinancing their existing credit card/personal loan debt into say a Celsius loan, so the interest rate they are paying is substantially lower than that which they are currently paying. This could help create a breather as the lower rate means the old minimum payment can now eat into more of the principal, so it is being cleared faster. Then have them close their existing credit cards and take up the Celsius credit card when offered. Possibly have a two card system. One card to pay for monthly expenses that gets cleared at the end of the month. The other is used to smooth out the cashflow for larger purchases. (There are credit cards that split a purchase of &gt;=$100 and &lt;=$1000 into 3 monthly payments, and it splits a purchase of &gt;=$1000 into 6 monthly payments) This helps people to manage their cashflow for larger bills like insurances, or an unexpected repair. So they now have the knowledge, their debt refinanced, and the two credit cards to manage their cashflow going forward. Perhaps even give a reward in CEL for making on time payments on their loan and credit cards. Next we need an incentive to help them dream and be inspired. Create an "option" allowing them to purchase part of a BTC or ETH at today's price. And they will be paying it down in instalments with the CEL that they are earning. Have a higher price at which they can exercise it and then use it to clear the loan and have the rest to buy themselves something nice. Or if they have been diligently paying off the option with their CEL, they will have more of the option paid off, so there will be more of the BTC/ETH to give them a foundation for whatever they want to do to have a better life. Best of luck with your plans to help others! :)

Anonymous

Hello James! I have large a debt, But I try to find ways to invest too( other I pay the bank, other I invest to a better future). More financial freedom I have, more time I have to spend with my family, kids. The time go fast this days when you have kids. I Try to do my best with crypto to have financial freedom And paying my dept. ( try to learn more every day) # with discipline, and control of your spends, and smart invest, and more important, Knowledge! ## must control your debt before he control you. ### we must give back, I help animals shelters, and I feed a lot is stray cats here I live and give love to them. 🙏 thanks for sharing your knowledge James!

Anonymous

1 Bad debt is like having a deep down dark secret inside you that negatively affects all aspects of your life. 2 My dream way to irradiate debt is a pro active system where young people receive financial education to learn how crushing bad debt is therefore never getting buried in it

Anonymous

I was raised to work hard, keep you head down and live within your means so never been one for loans other than first car and mortgages. It worked well for me however i think it also limited what could be so financial education really needs to be addressed. Sometimes i feel somewhat illiterate on the topic

Anonymous

Number 2 please. Able to get to whole coiner, modest ETH, and SOL plus little bags of LINK and Matic inside IRA so feeling proud and still dragging debt that takes a toll emotionally and physically.

Anonymous
>>67635056

Same. I work as a freelancer and I make good money but at some point I'll need a loan to buy a house.

Anonymous

James you really onto something with teaching people... 2 things schools should be teaching every student before they graduate. 1) Financial know-how (everyone should know how to balance a chechbook, power of compounding interest, debt, crypto, stocks) 2) Goal setting for their future.... believe me the world would be a better place.

Anonymous

The financial system and country for that matter wants us to be forever I debt via house, car, student loans, credit cards becuase they’ve inflated the price of things beyond a normal persons reach. Especially if you start with nothing. The American dream is dead. It’s now the American nightmare. We need a way to quickly squash this existing debt, through possibly a system that allows the crypto gains to be moved over to tackle debt in a seamless process. And begin to use Celsius or a crypto exchange to hold funds and not be at risk of a huge crash and lose everything. So we aren’t in an out and in and out to much. Living with debt, needing to work, is living in fear. I want my kids to have a way to pay for college that doesn’t include them having 100k in student loans that they will take a lifetime to pay off. An idea could be something like the company acorn that rounds up spending and invests it. Celsius could provide such a service that rounds up spending on their debit card that holds USDC or whatever, and apportion it into debt repayment, savings, play money, kids education. However you want to allocate. Also if there is a way they might have a master algorithm to invest for you so you catch all the dips and sell on the peaks that would take the stress away from following it yourself. So like a fund manager. Thanks for working on this for all us normies.

Anonymous
>>67634097

Can I ask how you lost crypto on Nexo? Was there a sudden change in the levarage due to a correction? I was planning on leveraging some to get a deposit for a house.

Anonymous

I'd like to pivot off of what Mangauk stated. Revamping how mortgages are structured is essential. The typical amortization scheme for mortgages (with a higher proportion of interest being paid during the 1st half of the lending period) kills equity, positive financial leverage, and wealth building for home owners - especially if you have to sell before the full term of the loan ends. Moreover, the 'effective interest rate' of mortgages, compared to advertised loan interest rate, is deceiving to the average homebuyer. The entire system is past due for substantive reform...

Anonymous

Debt is paid off just have mortgages on properties I own. Always on the fence wether to pay them off or keep the tax write off. Stupid low interest rate suggests not paying them off and fiat continues to devalue.

Anonymous

would love to see a vehicle through celsius that supports “micro-banking” by groups with common interests—e.g. by extended-family members, close friends, co-workers, church groups, etc. something that allowed small groups to contribute fiat, crypto or other digital assets to the greater good of that small, uniquely connected coalition. perhaps i might have a whole coin i could offer up/deposit and still earn proportional interest against while contributing to the appreciation of the larger shared assets being leveraged by the group. some millennials in my family/group might be able to stake a portion of their monthly pay contributed through direct deposit, etc. loans against those interest earning deposits could even be voted on by the group (student loan for a high school senior in the family, down payment on a house for a young couple at my church, etc). what better way for me to continue trying to get ahead while contributing to the betterment of others that i have a special interest and connection with? all for the greater good of the micro-banking group we established through celsius and heart felt appreciation to james for giving so much of his time, energy and knowledge to the (his) IA community! much appreciation and respect for all you do for us james—cheers and O&amp;U (Onward &amp; Upward)!

Anonymous
>>67634829

I think the not knowing how/where to buy or the space being too intimidating so fear keeps people out is common. Even once you buy, then you have the issue of transferring to earn interest and or hodling in hot or cold wallets and fud. It stops people before they get started.

Anonymous

I listened to Dave Ramsey podcasts for inspiration to pay down my debt. Haven’t had to listen now for years. Debt is mind blowing when you consider the lost compound interest and opportunity costs.

Anonymous

Hi Jake, I read your whole post. I don’t have anything to offer, but your story touched me. my thoughts and prayers are with you and your wife and upcoming child. You clearly have lots of strength and resilience, and I know you will figure it out. There is a lot of potential here to help you turn it around. IMHO

Anonymous
>>67632554

Wow, dangerous game. Wish you the best, and James is an excellent mentor... I like your odds. I trick I used when I had CC debit was to keep my score high as possible, and flip debt to new cards that had a 0% inductory rate for 6 months, next line up another 0% rate card and so on. It helped a lot. Just an idea, the market may have changed that was YEARs ago.

Anonymous

Lots of embarrassing information here: 1) how debt affects you - how it prevents you from getting ahead and financially free I’m 54, and I should have my last student loan paid off next year. Unfortunately, I co-signed for my daughter, and the daughter of somebody I was briefly engaged to, so I’m not going to be free of that any time soon. Overall, I have $108,000 of unsecured debt. It’s literally 100% my fault. I didn’t have cancer. I wasn’t unemployed. I just didn’t spend within my means. That said, it’s suffocating, and it’s preventing me from investing. It takes nearly every dime just to keep it current. Fortunately I picked up a new job at a substantial raise, and I am about to refinance my house at a much lower rate so that should take out most of it. This year has been pretty good to me though, I’ve made a ton of cash in the past 3 months ($3000 leveraged 50% in FTM at $0.20 that I sold at $1.90) in Crypto, and I’ve been able to pull out some of the profits and pay off four different loans (1 personal loan, one CC, and two store loans). Two months ago, my total unsecured debt was $125k, so it’s helped quite a bit. At the moment, I’m debating pulling out all of my crypto, and using it to pay off (almost) every unsecured debt. It’s a question I struggle with quite a bit. Unfortunately, this new job is a bit shaky still, so I like the buffer it provides. I am the worst person on Earth in regards to living within my means. I’m done with CCs after this. I’ve already moved all of my bills to one CC, and I’m closing the others the moment the refinance funds. This LAST credit card will not be paid off as part of the refinance or crypto sale (if I do that). I’m going to keep it open, and I’m going to pay it off over time. Fortunately, with most of the other debt gone, that shouldn’t be too much of a problem, and since it’s already maxed, it’s not going to make things any worse keeping it open. Talking about this is actually quite embarrassing, but you asked for information. Some people like me are pretty dumb, and we’re looking at crypto as our life raft.

Anonymous

A. How debt affects people: Fortunately, I don't have any "bad" debt - the long-term debt I have is for my mortgage and my car. I did this intentionally because I free up as much cash as I can to invest in equities and crypto. However, I work in the banking industry and I have a deep understanding of how the underbanked and non-banked population is exploited and pushed out of opportunities to build credit and someday buy a home, invest for the future or create generational wealth. A lot of people who don't have emergency funds also end up vulnerable when they have an unexpected illness, job loss, or other life events that have a sudden negative impact on their finances. Of course, this also has a lasting impact on their mental and physical health that spreads to families and whole communities. Finding ways to financially equip people in these situations, provide resources to build up/establish their credit in creative ways, giving them exposure to higher interest-earning accounts like Celsius offers (for long term saving), and most of all - not exploiting them with fees, penalties, jacked-up interest rates, and not having a dismissive attitude of "sorry, you don't qualify for anything, we can't help you, good luck". B. Ideal mechanisms: 1. Using a rewards card (debit and credit) to pay for as many monthly expenses (gas, utilities, food, etc) as possible (ONLY if you can pay off the total amount each month) so you can earn cash back to reduce long-term debts. 2. Not letting cash sit in a traditional bank earning .5%. As an alternative, using Celsius to earn more and keep that money "out of sight and out of mind" for the long term OR for when a goal amount is reached to pay off a major debt. 3. Allow for the ability to have shared goals (partners, spouses) in a shared account that couples/families can grow and track progress together 4. A one-stop shop where customers can deposit their paycheck, pay bills and convert FIAT to crypto &amp; earn interest. 5. The ability to pay rent or mortgage each month with a cash-back card that earns cash back/crypto (only if the customer has the cash to pay it off each month) - which can then help renters build positive credit toward purchasing a home and help everyone build wealth &amp; pay down debt with those cash-back rewards. Building up a better credit score would also help customers qualify for lower interest rates on loans. 6. Tools that can help customers decide how to maximize their earning potential. For example - a tool that helps you see the impact of refinancing to a 30 year loan to reduce your monthly payment so you can invest more cash now into crypto or equities, etc. 7. A dream mechanism would be automatic once I set everything up. In one space I would have my budget, my bills paid, my cash invested, my timelines for reaching financial goals like when I can retire, when I can (or should I) pay off my home, send my kid to college...everything I need to confidently know I've done all I can to make the most of what I earn. 8. Lastly - we need institutions that are transparent and fair. Wouldn't it be innovative and radical if banks showed you how they make money from you and treated you as an equal partner instead of tipping the scales in their favor? I know that seems silly to some, capitalism doesn't seem to work that way. But I would prefer to do business with a bank/exchange/lender that sees me as a partner, not as a faceless account holder to exploit. End of rant :)

Anonymous

While my life is hardly a dream (health issues and such), becoming debt free was one of the best things I've accomplished. It gave me freedom and confidence to take some calculated risks. My life is much better for it. While I don't need your help in this regard, I want to thank you for your mindfulness! I know I'm fortunate and most people are in a debtor's prison of some sort. In true superhero fashion, the powerful should protect the vulnerable.

Anonymous

My parents migrated to another country in their 30's. With only their knowledge, they managed to get a car, get jobs and secure a house. This however meant that they have gotten loan upon loan. My life has been comfortable, but my mum or dad have never been on a vacation, never really relaxed, and money has always been a problem. I just want them not to worry about the next bill.

Anonymous

Hi, could you guys talk about how to use reoccurring loans in retirement to avoid selling your crypto and avoid capital gains tax?

Anonymous

A dream mechanism for debt for me, would be that, if Celsius views my credit worthiness as a $2k line, that they would instead offer me a $1k line, and if I took that $1k, I get $1k sent to me to use as a loan and they set aside another $1k(totaling my $2k credit worthiness) into their highest interest earning asset. This would mean, they essentially could offer me a $1k line of credit at a negative interest rate. So I get a $1k loan at -8% interest annually for example, because as the $1k in the interest earning asset earns interest, those payouts are used to pay down my $1k loan. This would probably be the first negative interest rate loan for the average consumer that ever existed. This would mean, if I was unable to make any payments, my loan would simply get smaller instead of larger in the interim. This might cause problems with people having no incentive to make payments though, so I'm not sure how that is addressed. Could also have the $2k for this come from a micro lending program. Could even have it be that those who contribute capital to the micro lending, get back a rate of return of 2% while the person receiving the loan gets a negative 4% interest loan. ($1k of the $2k loan is earning 8% interest, and the micro lender gets half of that, which would be 2% return on a $2k investment, while the borrower gets the other half, which would be a -4% interest rate on their $1k borrowed.) And the micro lender would only ever be risking half of the amount they put in, to be able to help someone.

Anonymous

I’m a big fan of Celsius. This is the future of banking and I promote it to my family in the US and India. This is a great topic, and I was thinking about this issue. Thankfully, I do not have high interest debt anymore. Soon after college I did have over $20K in CC debt. (this was before crypto) My income vs. expenses was out of control. Eventually, with help from my parents and serious lifestyle changes, I was able to pay everything off. At the end of the day, it was my choices that got me in trouble. However, young people do not get the needed financial education at an early age. It’s like, you must figure out everything on your own. I’m thankful to have YouTube where I learned a lot about investing and discipline, especially thankful to be part of this community. 1) how debt affected me: For a few years, I felt depressed about the debt, and it felt impossible to get out. I couldn’t think about RE investment or any positive moves because I was working just to cover my expenses and debt payments. When I would seek help from banks, it would mean just charging fees to add to my balance and interest rates/payments were still high. 2) your dream mechanism: Since I had no assets - a low interest (1-2%), unsecured installment loan with a longer loan term for low payments. At that time, it would allow me to save and still pay off the debt. 3) any other matters you think we should cover: With credit card debt, I think financial education is the most important. The main thing is to know that you cannot use your credit card if you have a large balance that you cannot payoff. It seems simple, yet so many people fall into this trap, especially at a young age. With crypto, now anyone can own digital property. The barrier to entry is low. Owning digital property, borrowing against it is a relatively new concept. I find it fascinating, and it can give people hope once they are educated about it. Showing a plan on a spreadsheet to pay off debt, gain assets and save on interest would be a good tool.

Anonymous

One of the realities is that a lot of people do not have the time or have knowledge to help themselves. People like you James are already helping them with your videos and posts and I think some sort of do this and do that guide with a clause at the top saying NFA would be the obvious way. Of course this brings other problems but it is the easiest way I believe. You are pioneering this area of financial freedom, keep going

Anonymous

Hi James, Dream: Putting BTC collateral and refinancing existing loan debt into a Celsius loan (low rate/0 rate), with reimbursing monthly the loan. Possibility to lower the loan using BTC in the hypothesis of substantial growth in value $ every Q. Looking forward to your magic idea!

Anonymous

Thrilled to see the gears turning on this topic. Thanks for all you do!

Anonymous
>>67633016

Don't sell the community short... Oak trees grow from acorns. I believe in us and James.

Anonymous

I love Celsius. All my Matic and 80% bitcoin is stored there!!

Anonymous

Debt keeps you from moving forward by forcing you to look back. When there is no extra money to invest and the smart ones are buying the dips, you wish you'd been "smarter." A possible mechanism could be buying into tokenisation of assets that will always appreciate :)

Anonymous

Hi, i have a friend who has her own cleaning business. She works crazy hours, but she hardly can mange to pay her bills just to survive. She is bringing up 2 children all by herself. She very often says that as soon as it seems things get better something happens that ruins everything. She is such a lovely person and i wish she could be helped somehow. I think a 3 month interest free loan, provided you pay regular money into your account would help someone like her get out of working just to pay back high interest loans. Maybe her clients could pay directly to the account? She recently had an accident whilst working and lost two teath falling down stairs. She was unable to work for 2 weeks, and had no income. We pay her 3 months in advance to help her.

Anonymous

I went through and read all these brilliant ideas fellow community members have posted and it seems like the consensus is better access to financial education. If the ultra wealthy can get financial advising, how can we make it more equitable for the middle and lower class? What if celcius offers online classes similar to Coinbase Learn (but more in-depth) and participants can be rewarded in crypto? The content could cover all things crypto, your model for analyzing crypto as an investment, and the power of yield and staking! Then users would have access to debt restructuring calculators that calculate the cost/benefit of allocating a certain amount of debt payments to crypto (and how much the appreciation along with the apy would help them either get out of the debt faster or achieve their other investing goals. Thank you James.

Anonymous

Student Loans and already paid off medical collections that won't be erased from my credit history has kept my credit right at "fair" for years which has hurt my ability to buy investment properties.

Anonymous

Hi James, I work 60+ hours a week while caring for a home and family. My debt to asset ratio was on an upward trajectory up until I got remarried. Don't get me wrong, I did it because I know that love and family is the most valuable asset on Earth. That being said, I want to feel confident and secure in my ability to care for and provide for my family. I'd like to learn the art of trading stocks but have little time to allocate to watching charts. I have been looking for a solid edjutainment service that provides solid trade advice that is simple to manage. I love your Retire on X portfolios but it's difficult to become a Patreon Capitalist. I understand that there are a lot of people out there stealing your work but I feel that easier access to them would be incredibly helpful and valuable. Thank you for all you do! Jacob

Anonymous

Not falling back into debt is the biggest challenge. Breaking the cycle is what it is really about.

Anonymous

For me debt is a good thing, helps you leverage and build a better future. I could reimburse my debts but I prefer investing and have my money work for me. David from Belgium.

Anonymous

How debt affects: Like the saying goes, the debtor is slave to the lender, it sure does feel that way. Having debt has affected every part of my life's decisions from moving, vacation, eating, the car i drive etc... because I have this "thing" behind me called debt. Systems I have used: I've used credit counseling services and then Dave Ramsey's debt freedom system. It was when I used his system that i "woke" to many realities and focused more on getting out of debt as quickly as possible. Although I agree with MANY of his recommendations if I followed it correctly i would not be here nor investing in stocks and crypto 😊, so that says something. What he doesn't know is that I have been able to take profits and pay for repairs and "things" that happen in Life. I still dread to pay every month those debt payments and I would hope to make enough through my investments to pay for that completely. Student loans have been with me for 20 years!!! The only thing I am thankful is that when I didn't have enough to pay i didn't have too, but it's a cycle that's difficult to get out of. I am not sure that there is a mechanism that someone could do to get them out if debt, it would be nice if there was.

Anonymous

I teach my kids that debt (frivolous) is a hindrance to freedom. Debt as leverage if used with a strategic purpose, can allow you to get further towards your goals. Basically no credit cards, no car payments, no student loans. It’s becoming more difficult for young people to get ahead with suffocating debt and government regulations. It is possible to break free…..just need a plan and discipline.

Anonymous

I would love to help my parents pay their endless mortgage and buy the house next to theirs. I wanna give them a good life in their 60's and 70's

Anonymous

A debt clearance and savings Dao perhaps… and, with the greatest of respect, anyone that is able to ‘willingly’ carry debt is not truly in debt, Covid has screwed my finances well and truly! There must be millions of us!!!

Anonymous

One of the hardest things in life is that some of its tragedies are so dependable. I am very old and have experienced a lifetime of crippling physical illness since my early teens with frequent interruptions and readjustments to my career path. I'm smart and aware but both of those things vary with my physical state. Recent pharmacology has discovered and marketed very effective biologics, and very expensive to all but the destitute. I have accumulated about $35K in medical costs. I now have a crypto portfolio worth about $50K. I would like to meet my debt and preserve my assets because everything in the past will happen again and maybe with less insurance coverage. I don't play like it's not going to happen, though it would be lovely to be surprised and flush. you have a fine mind, young James, and a finer heart. Live long.

Anonymous

1) DEBT tethers me to a career that is largely unfulfilling and stressful. It makes me worry about ability to retire comfortably, and be able to afford to grow old in this country! 2) My dream would be to be financially free, able to provide better for my family, pay off my daughter's grad school debt so that no longer hangs over her and do more to support our charity efforts in the Philippines!

Anonymous

Debt prevented me to go to my dream college because it was too expensive. I am trying to make money from Equities and Crypto so I can transfer and pay for the tuition.

Anonymous

No debt here, but a great topic!

Anonymous

Do you think regulation could be a black swan event in crypto in the coming weeks?

Anonymous

James, I am 44 years old and was married young. I walked away from what little equity I'd accumulated in my 20's when I got divorced. My 30's were spent getting my career up and my feet under me. Now I'm saving and investing at a good pace, but unless crypto pans out the way we hope my chances of retiring ever are nil. Stressing me more is that the environment in corporate world is more and more toxic to me. I need an escape hatch from the hamster wheel. I don't necessarily need total financial freedom, but I need enough that I can go do something else that I enjoy more but likely will earn less. I'm not sure how long I can stay on the corporate slog. I used to think that rental properties was the way to go but with recent politics and the eviction moratorium crud that seems less and less desirable.

Anonymous

Hi James. Where to start? 1) Debt affects me in every possible way it seems. It limits my opportunities in so many ways. Trips to see family, friends, or even simple vacations are all impacted or curtailed. It deprives me of joy because it hangs over me as a burden, a guilty feeling that somehow I failed to make the most basic financial decisions correctly or prudently. My preccupation with my debt has suppressed much of my creativity as I feel an urgency to make something happen to pay down debts. I could go on at length about how debt has changed my career path but suffice to say it (debt) has been central to much stress, uncertainty and unhappiness. 2) A dream mechanism? That's a tough one. If I were to pick an idea that would help me sleep knowing I was buiding a financial footing to get out from under debt and build properity, I would say some system/service that would guide my crypto investing. Real hand-holding kind of stuff. Some sort of automated signal investing using risk tolerance as the model, or, advisor-based. 3) Perhaps some strategies on how to tackle overwhelming dept with a concerted effort to simultaneously invest and accrue wealth, however modest that may be. Thanks for you interest and concern.

Anonymous

I have credit card debt but I also have some Bitcoin. It has been a difficult decision for me but I have sold some of my Bitcoin to pay off one credit card and am considering selling off another chunk of Bitcoin to pay off the majority of a second credit card. I know you always say to never sell your Bitcoin but I have made the decision to use my current profits to pay off this debt. I believe I need to pay off the debt first to have real financial freedom. I have a Swan Bitcoin account where I DCA and buy a small amount of Bitcoin each week. That Bitcoin account will not be touched so I will have a small stash of satoshis that I am adding to weekly.

Anonymous

My only debt is my mortgage, and I want to retire early and be financially free... banking all I can into crypto and following your "edutainment" James!

Anonymous

Maybe there is a way for those of us who are fortunate enough to have assets to parley that into helping others while minimizing too much risk. . If Celsius could tap into a home LOC for instance that could be used to pay debt off for someone else and receive in turn, BTC, or other remuneration.

Anonymous

Maybe this is obvious to everyone else, but to me when I started out I needed to figure the following out. To eradicate debt I had to be able to make decisions between wants and needs. When you start to make/have more money you will naturally have the ability to look at things that were out of your price range and now add them to the want list. I have always kept "Being Debt Free" at the top of my "Want List". The other thing I had to understand was that if I chased being "Debt Free" and made that my sole focus that I would eventually feel like I "deserved" something because of all my hard work of reducing my debt. I would then go buy something beyond my means because I "deserved" it and would put myself right back where I started. So right under "Debt Free" on my want list was "Reward Myself". It could be as simple as going out to dinner one night. The point was to let myself know that I could do things for myself that did not reduce my debt, but I needed to still stay within my means when "Rewarding" myself. Once I did that the urge for those big ticket items pretty much vanished and working toward the want of being "Debt Free" became much easier for me. I became 100% debt free last year.

Anonymous

James, after reading this post I was floored! The implication of this collaboration is incredible. Your quest to procure financial freedom for others is far beyond what I expected when I joined IA. During your interview with Alex I was pleasantly surprised to discover he, like you, turned out to be of good character (rare in the crypto space). I became a huge Celsius “Fan Girl” after that. lol! CANNOT wait to see what transpires when two great minds collaborate!! #MMF #powerhouseteam #luckyrus

Anonymous

I know I’m a strange one because in my mind, for decades now is too see how much money I can save/month. I know the average American household has 10k in credit card debt and that was a number like 20 years ago, and so it’s probably even worse. I do pay off my entire credit card debt monthly unless I have a 0% interest credit card for a specific time period. I know this is not easy for most to do and if you cannot do this then first thing is to stop or really curb using it altogether because if you send in only minimal requirements, you will Never get out of this bad debt or compounding interest working against you. Try to start thinking in your mind that you have to pay in full by the end of the month. Definitely consider a side hustle or part time, spare time job for awhile, so you have more money to throw at it each month. This can really help you get out of debt, sooner vs. later. To save on the food bills, buy local produce at your farmers markets where it’s a lot cheaper, fresher, and your supporting local farmers vs. your local grocery chain. Also eating out at restaurants/fast food adds up quickly so another reason to eat at home plus obviously it’s healthier. Farmers markets are actually quite fun too, especially since they can have local artists playing music in the background and the environment overall is very festive like. Also a person could start buying edible plants their too. You could actually start growing your on garden. Imagine the off-set in food costs. You don’t have to have an acre of land to start. Just start small with like some lettuces, radish, herbs, sprouts, tomato, zucchini, ect.. these types of plants are easy to grow and you can put them in plastic containers even if you only have a small patio. Un-plug electrical appliances your not using 24/7, turn lights off if your not utilizing the room, dress warm during winter. I saved on my energy bills in the winter, wearing mostly micro fleece clothing. It really traps the heat in well, since it’s made out of polyester. I think showering Everyday is not necessary either unless your rolling around in the mud, lol. Consider taking a sponge bath instead of running the water 15-30 minutes/day. Your water bill will thank you. One thing I remember learning while in financial services decades ago was the saying, “it’s not what you earn, but it’s what you keep,” that is so very important. You don’t have to make a ton of money to become rich, you just learn to invest in BTC these days and watch your money grow over a relatively short period of time. In my days, I just tried to save money in my savings/checking accounts. Maybe a CD account, which when factoring in inflation and paying your favorite uncle every year, really doesn’t yield you much. Also if you keep your side hustle awhile you can save even faster then if you have just one job. I’ve typically always had more then 1 job or (just over broke)It’s a good thing to have several streams of income and then start buying BTC✨. Investing in an efficient car, like a Toyota Prius, will save you 1,000’s on gasoline over time. Get rid of the cable and watch great you-tubers, like Invest Answers😉 and other things of interest so your not just vegging out but actually learning something. Get good at protecting your environment too. Stay away from the negativity and watch things that are inspiring. I stopped watching the news like 20+ years ago because it’s mostly negative and if it’s that important, I will here about it via social media, friend/family. If you have a spare bedroom or 2 consider a roommate or Airbnb it. My mortgage expenses are paid for me monthly doing this. Taking the necessary sacrifices or opportunity costs now, for a better tomorrow and will be so worth it in the long run. Bottom line is focus on your Needs and not all the Wants because it’s easy to fritter your money away on unnecessary items. I takes forever to save and no time to spend, so try and live below your means for awhile. I’ve probably gone long enough on here and have more ideas but I gotta get some things done before my trip home to visit family and friends. I hope my ideas are inspiring as I’m speaking from experience and it does work. I’ve come from a poor family background and currently at age 53, own 2 homes by myself. That’s huge since I lived in apartments all my live growing up as a kid/teenager. Plus I’ve owned a few businesses all on my own without help from parents. Just have sacrificed and worked a lot and saved as much as I could to get here today. Now thanks to learning about crypto currencies my money is growing like never before.

Anonymous

1) how debt affects you - how it prevents you from getting ahead and financially free: MEDICAL DEBT - I had about $60k in medical debt by the time I turned 20years old. I worked in food/bev and barely made enough to get by, so I didn't even try to pay it back. I had heard medical debt wouldn't hurt you as bad as credit card debt, so I formed bad habits of just ignoring any medical bills I got from then on out (not wise, I know). Now that I'm in my 30s and have a good job with a good salary, I'm able to make payments but it seems like a lost cause - my credit is already impacted by multiple accounts being sent to collection agencies, and I've heard that making payments after it's been years, will likely result in more negative impact to my credit. I got into crypto in the 2017 bull run and made some lucky picks that put me ahead. I live a very modest/minimalist life and pay all my credit cards in full each pay cycle, so I'm really optimistic about the future, but man was it a bumpy decade trying to become an adult. Education on these things is the biggest thing needed. 2) your dream mechanism - to eradicate your debt I think platforms like Celsius are doing an amazing job at becoming the 'new' bank for people to save money and benefit from compounding returns, but learning about debt and understanding how to fix it is something that still feels super complicated. It would be great to have a resource center that helped people address various kinds of debt (medical, credit card, student loans, etc.) in a user-friendly interface. (think TurboTax for handling debt and improving a person's credit score. I feel like the equation would ultimately be math + money = freedom 😃 3) any other matters relating to the above While we can't all get access to the best stock/coin picks and other info that gets served through Patreon content, I feel like debt and credit education is something that can be shared with everyone, without diluting the benefit. (With crypto/stocks, there's a winner for each loser, but for helping people get out of debt and make smarter decisions with credit lines, everybody wins!)

Anonymous

Can I be added to the discord? My account is connected here

Anonymous

1. I want to pay off my 75k student loan. 2. I wish to obtain financial freedom during this amazing crypto times, and enjoy my kid.

Anonymous

I'm amazed by the quality and quantity of comments. James, I salute you. You seem to be an individual who had some sort of Epiphany and found you are receiving back more than you give. It is inspiring to me personally.

Anonymous

my timing was off, i sold my house to soon and been fornthe pasr

Anonymous

My dream would be to fund my retirement successfully with my 1 BTC. I don’t think I’m alone but much of the crypto talk seems to be focused on younger people. I would love for a little focus on our ‘older’ folks who just don’t have enough to live on through retirement. I’m still so able a d ready to work so that I can but more crypto. Thank you for any advice you have.

Anonymous

Hi James, Would it be a good idea to get a home equity loan to buy bitcoin at a fixed rate and use it to buy bitcoin and then borrow From Celsius to buy bitcoin at lower percent to pay off the home equity loan?

Anonymous

Oops typos ‘us’ older folks.

Anonymous

I know a few people who have had to take out payday loans because they need money quicktime and can't wait to get approved or denied a personal loan. These have such high interest that people can never escape from them. Therefore I really like the ability to take out crypto loans instantly at pretty low interest, this seems to be an almost perfect solution to traditional credit ratings and high interest loans. However the one problem I see with these is that the crypto market is so volatile that a single market manipulation dip doesn't just liquidate leverage but also loans and it means people can never be fully confident that they are 'safe' and do actually have the agreed payback time to repay the loan. My suggestion would be to allow some timeout clause in crypto loans that allows a dip into the LTV range without liquidating the loan, say 1 hour, 6 hours, 1 day etc, even if that comes with a small fee or higher interest - this will negate those events where a ridiculous dip occurs and then shoots back up again: and make crypto loans more reliable

Anonymous

for the past two years been waiting for the housing bubble to crash lol The only thing that crashed is my funds. (not being smart and investing) . I have been doing crypto and hope to recoup and carry on my goals .

Anonymous

I think what would be the biggest help is financial education. We just don't get enough of this early on. I know Pomp is working to try and fix this.

Anonymous

Medical debt is the worst. That's not something you can control. There are non-profits out there that by medical debt and forgive it.

Anonymous

Great topic

Anonymous

Great Topic

Anonymous

Free online education on managing money might be the most cost effective way to help long term

Anonymous

One of the lucky few here. Born into a very poor family. Got good grades which meant I got some scholarships (some based on merit some needs based). Worked through undergraduate studies. Got accepted to dental school. Undergrads debt was 26k. I was one of the few student who didn’t own a car my first two years. They girls didn’t think that was too cool, but I persisted. Worked a little through dental school. And graduated there with 200k debt. If you go to rural Nebraska to work they forgive some of your debt. They forgave 75k. I’ve never owned a new car. I’ve never lived in a nice house. My practice that I bought was struggling and now it produces twice as much…so I doubled the value of it. I now take any debt that I can under 4.5% and have invested in crypto or equities with your guidance. I watch you every day and I thank God I found you! I want to meet you in person to shake your hand, but I’m sure I if I ever see you I won’t be able to stop myself from hugging you. I grew poor like I said so I’ve never had an issue living frugally. I still wear t-shirts I owned from when I was in high school. I only buy two new outfits a year. Any credit card bill gets paid monthly so I only earn points and never pay interest.

Anonymous

For me, achieving financial freedom is about putting most of my income into the proper channels to grow while also working to pay off my debt. You’re definitely already helping me with the former! Can’t thank you enough!

Anonymous
>>67633570

This is important. James please read, and incorporate into results.

Anonymous

1) how debt affects you - how it prevents you from getting ahead and financially free. It just slowed me down. With 2020 I had to close my gym and later in 2021 go bankrupt. 2) your dream mechanism - to eradicate your debt. I believe Crypto is the best vehicle, and I am beyond thankful to have met you, and lucky enough to join your community. I take full ownership for my situation and I seek to learn how you do what you do so that I can learn to fish for myself and then help others as well. I have the mindset, now I seek to acquire the skills to execute. Thank you so much for all that you are showing us and teaching us!!

Anonymous

I discovered the 10-10-80 plan many years ago and it was life changing! It took some time before I could FULLY implement it, but I was able to accomplish that once I started working towards that goal. The Plan?… 1.) Give 10% 2.) Save 10% (6% long term, 2% 5+ years, 2% short term) 3.) Live with joy and freedom on the 80%

Anonymous

My parents instilled in me to never have debt. if you can't afford don't buy it. I heard a story that the original divide amongst native Americans and settlers was that we sold them/traded ax blades. One time they had nothing to trade so said they would not be getting anything this time around. The settler introduced the idea of take now and pay me later which was not a concept to the Native Americans. anyway one thing led to another as they do.

Anonymous

Thank you James for all you do! I would like a plan for: 1. Passive income 2. Tap into home equity

Anonymous

It is so easy to get into debt in our American society. Been burdened with it for so long, but seeing the light of freedom, especially by learning from you James! Just retired recently, so cutting expenses that don’t really need and learning to make money work for me better than before. Wish I had learned about sound financial planning at much earlier age. Maybe you can start a foundation to educate the young generation about the traps of debt that are set by financial institutions. Thanks so much James. You are the best!

Anonymous

heyy James, I have credit card debt and a son who needs a 30k operation on his spine (not covered by NHS until he is over 40, he is 34 now. it's been 3 years). Also I had no future apart from work till I die. I came here because you give sound honest information and I've learned to trust you, fully. I borrowed more, you know about this, to invest in crypto. I'm now have enough crypto to clear debt, pay for operation and have a small bag left. however, Debt can wait but seeing surgeon on 18th December. The rest stays in SOL until ...... looking to retire on small money or work 6months and rest 6months. That's my situation.

Anonymous

People’s mindset needs to change first…I personally grew up believing ‘the rich get richer, and the poor get poorer’ . I now know that thinking like that only inhibits you. We must change people’s beliefs about money, then basic education on how to invest/save. Hope this helps 🙏 This is a wonderful endeavor James! 😍

Anonymous
>>67639055

I agree Crypto Billy. It would be interesting to innerstand James's mindset and his belief systems in regards to wealth creation.

Anonymous

1. It seems to me that there are two kinds of debt. Good debt is at a low interest rate and may be necessary in your life like a mortgage, student loans or business loans that help to generate income may also be considered good debt. Bad debt is an albatross around your neck that you carry and is a result of poor spending habits with high interest. Bad debt with high interest siphons off funds and decreases your purchasing ans saving opportunities. 2. A mechanism to eradicate debt …… how about We consolidate our debts with an exchange like Celsius. Our debt to the exchange is paid with the money earned on the crypto they are holding

Anonymous

I believe the majority of todays problems are caused by spending more than you make. Access to cheap credit enables frivolous spending. Credit card rates are predatory. What helped me start building some assets was to allocate a set portion every paycheque that automatically goes into savings, investing (equity/crypto). My dream would be to own pristine collateral like bitcoin and only spend the interest. Borrow against it to buy more cash flowing assets. The rising costs of raising a family of 3 boys is insane so its a balance between knowing I HAVE to invest and trying to pay off my mortage and line of credit. Greatful I found Celsius through Bnktothefuture as it meant that I've been able to hang onto my crypto instead of cashing out early and greatful for the InvestAnswers community who has kept me focused &amp; patient.

Anonymous

I REALLY like this topic. Yes, whatever gets people out of high interest debt.

Anonymous

James, I haven’t read all the comments yet, but debt/financial issues are best addressed with opportunity/education. (IMHO) The negative of debt effects interpersonal relationships through stress, heath, and of course the ability to both minimize expense (car insurance higher with poor credit/debt), and borrowing expense making it more difficult to grow or accumulate money. First thought that comes to mind is what you shared, “ learn how to sell covered calls” More broadly, being able to leverage, leverage. My vision for a debt free society is such a complex question, the first thought that came to mind was Fight Club. I Believe the US has done society a huge favor minimizing/eliminating medical expenses from impacting the credit scores. True skills Vs liberal arts degrees is clearly the future. People borrowing 6 figures for college is a mistake; I think this generation gets it. It ruffles my feathers that Financial literacy is still not a component of curriculum in middle/high school. I definitely envision a future where younger are more prepared. In conclusion, true skills development, (writing code, trading options), Finanical literacy, eliminating the ability to borrow for degrees that you can tell before you’ll never make enough to pay back: IE, align degree track to ability to borrow. Why can an art history major borrow 120k? Now someone in a technical, engineering or MBA will, (there are many more tracks as well. Just speaking to broad liberal arts tracks that leave you with debt and no further skills to accumulate wealth.

Anonymous

1. How debt affects you. I say not only financially but mentally and physically also. Debt keeps you poor if it is high interest credit card debt. I know that is obvious but my sister went through this over and over until finally she realized she needed to live within her means. You can't borrow your way out of debt. High interest compounds the problem especially if you only pay the minimum each month. High debt can have lasting mental and physical ramifications. Stress of all the debt, living paycheck to paycheck as she did really took a toll. Even when my father or I would help her she would get right back into high interest credit card debt until she finally realized after doing a debt consolidation thing that she had to live within her (and her husbands) means. 2. My dream mechanism was 2 fold 1. don't get into unmanageable debt to begin with and 2. real estate. I started with my first house at 23 (interest rates were 12.5%) I'm 74 now and we own a number of properties and other real estates investments (not reits or RE ETFs or RE Stocks. Wouldn't touch em And no commercial properties, disaster waiting to happen) We grew our portpolio over decades and are still actively buying and selling properties. We built it slowly and methodically with a bit of help from the 2008 real estate crash. Good timing, as with stocks and crypto can really help. The point is this is not an instant gratification game. It takes a lot of hard work and time to learn the real-estate game. What to buy, where to buy it how to finance it to have a profit in the end to cash out your loans and stop paying interest that will eat you lunch. So I would say my fav mechanism has been real estate. Sorry I could go on but I'll quit. Not sure how Celsius can help with real estate however since Fiat currency interest rates are so low and you are paying back loans with cheaper and cheaper money each year. Scratching my head here on the debt side except that Celsius pays very nice interest rates that could definitely help one pay off debts sooner than Fiat bank paltry interest rates but of course one needs the capital to put into Celsius to begin with. Rambling on. A low interest rate, cash back credit card that one could transfer high interest debt over too in order to speed up paying down debt.

Anonymous

Hello James, 1) I am lucky enough to never have had any debt. I remember that my mother turned every coin to make it to the end of the month and the feeling it gives you of being poor. I imagine it must be a similar feeling when you are in debt. 2) Last year my father died (my parents are divorced) I invested a third of the inheritance in Crypto and stocks. My dream is to have financial freedom and buy a house. InvestAnswers, gives me the tools and the knowledge to realize this. the greatness of a nation and its moral progress can be judged by the way its animals are treated - Mahatma Gandhi Thank you

Anonymous

What an amazing person to think to help others this way! Thank you James! I have one thing to say regarding debt: the United States healthcare non system. I never know when I have to take on debt for health and live with that worry of the future at all times. I'd also like my elderly loved ones to have better health care than medicare at times.

Anonymous

I think this is a wonderful idea James. I hope this vision can come true via Celsius. I think the biggest issues regarding debt are 1) Bad debt with high interest 2) Borrowing more than you should, including getting a mortgage with a payment that’s too high just because the bank approved you for that amount 3) People who are already in debt feeling overwhelmed and not knowing where to start (or think they won’t ever be able to so they think, why should I even try?) 4) Bad savings habits or not saving at all. Maybe Celsius could have something like "Savings Goals" that a person can set up in their account. They could create a goal called "Pay off Credit Card" and DCA into one or more tokens in that goal which would have a decent interest rate. This goal could also estimate when it might be complete based upon the current balance, the current interest rate, and the current price of the token. And maybe with a dynamic estimator calculator built-in on that page so you can see what the end result might be if you contributed more or less each month, or if the interest rate were to increase or decrease, or the token price increase or decrease, etc. A sort of "What If" calculator (or something like that). - Thanks for all that you do James! I really love this idea. I think it could help so many people, and set Celsius apart from the rest for truly wanting to help people - which seems to be rare in the financial world. Good luck with this!

Anonymous

In our mid-fifties. House and car debt nearly paid off. Credit cards for airline miles and pay off monthly(lessons learned from youth). Our retirement savings are not where they need to be and a significant stressor. Largest motivation for crypto investments. Crypto and option trading are our dream methods to increase retirement funds and be financially free. Real estate has been in our plan for passive income/debt all our life. We had some success but also failures that set us way back, otherwise we would be debt free now and better set for retirement. We are without any passive income at the moment which is very uncomfortable for us, especially on top of being behind on retirement funds. And then there’s the whole social security issue. If it’s not going to be there I’d like the government to return those contributions I’ve made now so I can put it in crypto! Ha! The government should be investing in crypto to take care of the debt! We would like to make RE investment for passive income in 18-24 months but it is not easy, fast, or risk-free. I was really burnt out on RE but with some time apart I feel better about trying again for passive income. Our crypto bags are new and small and struggle with going irresponsibly long/risk and reward given stressors for retirement/financial freedom. Due to frustration with employer sponsored IRA, have reduced to minimums for employer contribution and redirecting rest to crypto portfolio. Besides our own retirement needs we are concerned with the student loans and upcoming debt of our three college aged children. We encourage them to first buy/live in duplex. House, car , student loans and with inflation and money printing..oh my! They have very little to invest at this time. We had small insurance policy for them and recently transferred it into crypto. We hope they can lend-borrow to pay their loans and put deposit down on duplex. For our portfolio-at this moment when I run the numbers- the amount gained in interest does not seem worth the risk (regulatory/sec risk and counter-party risk) I do want this interest. I do want this passive income. I’m very concerned with our hard earned crypto being frozen. James-when I read this request followed by the similar stories of this community. I don’t mean to get sappy but felt it was important to express heartfelt gratitude for you and the community. You are a mentor-A true fiduciary. One who is simply willing to give back without a financial-motive. I’ve never had that before. Thank you for having our back and looking out for us. That is rare. Please know how much you are appreciated. We are blessed to be on this journey, a part of this community, and very much look forward to achieving financial freedom. Is there ways to give back to you and the community? Perhaps there’s a running list of things you need help with that we could pick from and take care of? Just a thought thank you.

Anonymous

I love that you’re taking this on! Is it possible yet to leverage crypto to pay off debt? I was debt free until the lockdowns disrupted my income and now I’m in deep. I made one final dump into crypto before having to commit everything to getting free. It’s brutal to not be able to act on the info here!

Anonymous

Financial literacy and money management is something that no one learns in school. I wish I had learned these skills when I was young. You have proven to me that you can teach an old dog new tricks. Much appreciated.

Anonymous

Reading through the comments made me realize how debt has affected many in our community. I have been fortunate to be in a profession that pays well and afforded me to get a mortgage on my house with zero down at a decent interest rate (and no PMI). I have invested the money I would have put down on the house in appreciating assets (equity and crypto). My view is that debt can be a powerful tool in the right hands. Methodical application of modest amount of leverage leads to a faster path to financial independence. As for possible solutions for the debt problem, I am amazed by the quality of recommendations put forth by the community. From my perspective, one has to either earn more or spend less to get out of debt. Tacking the problem from both angles provides the optimal outcome. Earning more - getting a better paying job or a side gig could be a solution; blockchain technology is growing at a dizzying rate and I hear there is a shortage of engineers/developers - example, Rust developers for Solana! - investing in a faster appreciating asset (crypto) to pay down debt (can be risky) Spending less - there are many books/blogs/podcasts on the subject; I’m personally fascinated by the FIRE movement. Thank you James for looking out for the community.

Anonymous

I'm on my first job out of college, trying to set myself up to break free of debt. I've got the normal trifecta: student loans (halfway done!), car loan (done by next month!), Credit Card debt (accrued during my student years). 1) Debt's number one effect on me is well anxiety really--with fees and interest rates piling up per year, it's hard to see if there's light at the end of the tunnel. 2) Dream mechanism? I got into investing first then crypto to find a way to break free from debt. I've tried my best to adjust my lifestyle to pay double on every monthly fee I have. So far I'm managing. But really, my dream is for my investment and crypto portfolios to increase into life changing wealth. Right now, combined, they're enough as a 8-month emergency fund (in case of layoffs). Mind you, this started as a measly sum so getting to a point where I can live almost a year off work is insane! But the dream of this becoming life changing--now that's something. Thanks for listening/reading! It's good to get this off my chest.

Anonymous

The only debt I have is at Zero 0% interest from various C.C. promotions which I then used the money to buy appreciating, and interest yielding, crypto assets. Debt works for me, I don't work for debt... (No offense to anyone in debt...I've been there before, just not anymore).

Anonymous

Regardless if you are borrowing, lending, staking or Hodling you should be always earning yield from the crypto, similar to what MELD is doing on cardano.

Anonymous

Hi James, I'm luckier than many, I guess in that I own my house free and clear and can give it to my son along with the Half a bitcoin he has on a ledger. I'm still employed and earn an income which is just enough to keep the wolf from the door, with a little each month for buying BTC. I have 0.4 on a cold wallet and about £5k in trading (Coinbase Pro, Some staked and a few hundred for "sniping") So never gonna be rich but maybe I can get some degree of financial freedom. When I get my pension (What's left of it - I'm a UK Civil Servant in the Forestry Commission - love animals) I will buy as much BTC as I can as well as buying dips in small amounts monthly. Thank you for all you do.

Anonymous

Would love to hear your take on this topic. Because selling crypto creates a taxable event, I am considering a low leverage loan on Celsius to reduce my dept. Also would love to hear if you have done any research on various self directed IRA plans. Thanks for what you do. You are a voice of reason in field crowded with hype.

Anonymous

Hello James we would love to hear your take on how to get out debt but also how to give our children to go to the college they want and able to get an education without sitting on a 200k debt. And to give them.a head start in life Thank you Matcha

Anonymous

1) how debt affects you – I learned a long time ago there is “good” (mortgage/HELOC) and “bad” (credit card, car payments, student loans) debt. Using debt to acquire hard assets or improve them typically yields a good payoff or return on investment. Frivolous spending on expensive vacations, “things you don’t need” or to buy something to make you feel good are bad choices to incur debt. The best words of advise I ever received from my blue-collar high school dropout dad was “Pay yourself first so you have money for a rainday”. You must sacrifice a little bit now to work towards achieving financial goals and freedom in the future. Stop buying $5 latte’s every day! 2) your dream mechanism - to eradicate your debt - It takes planning and discipline to chip away at it. I worked for many years and made double payments to rid myself of my home mortgage 10 years early. I paid off credits cards making much more than the “minimum payments” each month. Once I got them down to a zero balance, I made sure to not spend more than I could pay off each month. (17 -36% APR’s) are like taking money from a loan shark. 3) any other matters relating to the above – Once I achieved that financial freedom I invested wisely (stocks) and bought hard assets (rental properties). I see the crypto asset class as a way to help achieve financial freedom. However, the same discipline and planning applies to this area as well. It may be a faster path to financial freedom but you still need to invest in “good” crypto projects and not over extend or use leverage as a “silver bullet”.

Anonymous

Thanks James, debt is a heavy burden, it’s a black cloud that hangs over me and prevents me from being financially free, I would be interested in a solution/program that would assist me to rid my debt and stay out of debt

Anonymous

1. I use credit cards to smooth out my cash flow cycle as a small business owner. Pay them off at the end of each year and use them strategically. Still costs me ~$600/yr in interest 2. Direct pay from Celsius loan to Visa/MasterCard bank for payoff (I use 25%ltv collateralized with BTC on Celsius) (this feature would be under the “pay” tab and is probably already built - exists as Bill Pay on bank websites)

Anonymous

Hi, when I bought a house recently I took about 30% more loan I needed and I bought from it more BTC and ETH. I think in mid term 3-5 years max this will help me to pay back from only the rate increase of crypto my total loan. Time will tell if this was a good decision? (Interest rate on the loan is -3,8% and my crypto on celsius has about +6% interest)

Anonymous

Hi James, I have been saddled with unsecured debt since graduating from college 30 years ago. Even today, my student loan debit is at $50,000 and I never missed a payment. I have had to use credit cards to pay for unexpected expenses, and I don't cash flow enough to pay off the cards, and living expenses, so life on the hamster wheel continues. I feel like I can never get a head. I have literally held a job since 12 years of age delivering newspapers on my bicycle. My Dad taught me to work and never rely on anyone. To be financially independent. I will work until my last breath if I have to and I hope that doesn’t come to pass. I do pray for good health so that I never have to rely on others. I want to feel confident enough knowing I can provide for my family --- math money and freedom! :) Debt keeps me up at night. Inflation at 15% and the debasement of fiat and true purchasing power keeps me up at night. I worry that I won’t have enough to pay my living expenses in retirement as a result and that I would have depend on others which I simply will not do. I worry about my daughter and how inflation will impact her life, and the next generations. We live in exciting, extraordinary times with crypto and the tech exponential age, but in equally scary times with rising inflation, endless fiat printing, and the rapid erosion of our real purchasing power. Wages will not keep up with inflation. People will suffer. As you indicated recently, $1M could be just $300k in purchasing power by 2030. Terrifying. I have never expected or counted on Medicare and Social Security being there for me when I retire even though I paid into it. If it is there, it will not help that much with 7-15% annual inflation and the continuing monetary debasement of the dollar with endless printing. My dream would be to achieve some sort of financial freedom and to give back like you do James. I so want to leave a footprint on this Earth before I depart her, to be able to devote more of my time to help and rescue animals, set up rescue facilities abroad, and to know that I did something meaningful and impacted lives for the better. What a wonderful feeling. Nourishment for the soul. Thank you James for what you do to give back and your philanthropy. You are a deep, beautiful soul. Thanks to you James, I now have a plan and optimism that I will achieve at least partial financial freedom and be able to walk away from my job and retire before I am 75. Thank you for the retire on videos, especially 5 years out that you have done recently. Thank you for teaching us how to fish :)

Anonymous

I’m in the fortunate position where I have no mortgage or debts, however what concerns me is the increase in house prices which is far outstripping the salaries my kids are earning and preventing them from getting on the property ladder. Therefore the time it takes to save a deposit for a house will mean house prices have increased too quickly for their savings to be enough for a deposit, a vicious circle.

Anonymous

James, I'm about your age and debt free. House, cars, paid for, credit cards paid off each month. I am former military that got out before I could draw a pension. I'm trying to save as much for retirement as I can, (hoping to retire in 5-7 years).

Anonymous

Hi James, hello to our community:-) I’m 63, still working, good health, skilled trades person, free&amp;clear home, WC’er, many of the top 5, some long time rentals, small equity account doing covered puts and calls. Equites and crypto are new (2 years) to me and quite complex for me to secure plus the fear of the “rug pull”. (That 1% chance of going to zero) I need to quit that negative environment job. The “job rut” has taken a hold. That’s the biggest health threat I’ve noticed for me and many of the employed I know in those unfulfilling and domination led positions. Multiple streams of “Cash flow” used to be “the motto” to follow… whew! Seems to be these days, real estate, stocks, crypto, pensions, and social security are all in the “high risk” category of rug pulls and or crashes. While it may seem I have fairly good positioning, the concern is… Is there a safe haven position for anything in these markets. To stake or not to stake for semi-retirement returns? Otherwise HODL with, How to live off crypto. Good golly, gutting and rehabbing a house by myself was way easier a nearly 5 years ago. I have been rejected twice for home equity loans with 800 credit scores, I’m confused on that one! Thanks for all you do for all of us James, and the animals. I figured how to pledge on the YouTube videos and got one in so far. Difficult to catch your live chats working the midnight shift… another reason to quit that job! Cheers, peace, and hope for all:-)

Anonymous

I don't see my prior comment, perhaps deleted because I mentioned another finance personality? Anyway, I am out of debt and found the key was being disciplined enough to pay off debt before any investing and NEVER take out debt in the first place. In terms of crypto, this would include things like using leverage. Emphasize living within your means, and stop looking for a financial product to save you. Until you have discipline to avoid debt, everything else is gambling.

Anonymous

Paying off debt steals the time and opportunity to make your hard earned money work for you. It's frustrating to know your money is going into fees rather than investing and growing your wealth. It's become all too 'normal' and acceptable to have debt, it's not easy to get out of the habit. I woke up too late but have made a conscious effort to eradicate all debt and flip the scales to having my money work for me rather. That is why I'm so grateful I found you - its a journey, but so committed to retiring debt free with passive income and a small buffer of wealth as a foundation - that is what financial freedom looks like to me. Simplifying life, living well within my means, learning the tools and having knowledge to create wealth, investing smartly and then protecting what I have are the keys to achieving my financial freedom. Thanks James, this is such an important topic, a huge obstacle for most and if there are realistic ways in which people can eradicate debt it would be truly life changing for so many.

Anonymous

I have instilled in my kids, all in their 20s that they must pay off their credit cards each and every month and that living within their means assures that to happen, which they have learned to do. However, today there is the YOLO attitude, instantaneous satisfaction and social competition. The young are too impatient and worried about their social status to earn and save and then spend. Either they weren’t taught to be prudent or they have decided it’s no big deal and with that comes the repercussions of incurring devastating debt: extravagant spending and outrageous interest rates. The credit card companies label them as high risk (which they are) and thus give them high rates, but the high rates create a catch 22 of never being about to get out of their situation within a reasonable timeline. I think one way to fix this is to have a tiered reward program to teach and illustrate the importance of paying off their debt while not incurring more needless debt. If there was a set program of goals to meet in payments and then rewards given at certain levels, such as lowering the rate, bonus cash back, an illustration of when they cross the finish line to being paid off then two things can be accomplished: one, goodwill from the company in educating and growing a responsible client and two, a maturing consumer. This could potentially create a lifelong relationship which would still garner profits for the credit card company while also protecting them from delinquent accounts. I seriously doubt this would ever catch on but I think the marketing of such a program would set this company apart and above competitors. For us: We only have good debt and are never overextended.

Anonymous

Hi James: Yes being debt free is the key. We retired early from blue collar jobs. We used the philosophy put out in the old book from the 1980’s “Your money or your Life” by Jo Dominguez and Vicky Robins. It was the precursor to todays FIRE movement. We never invested in anything, didn’t know how. What we did do is use credit as little as possible. We have had plenty of car and house payments over the years. We paid our houses off. Bought, moved into new house, rented old house. Nothing fancy. When my husband could take early retirement in 2010 at 55. He did. He had something the young people don’t have today, a pension. So we are ok financially, for now. We knew inflation would erode away our buying power. Now days its happening at such a fast pace we knew we had to invest in something. Then I found Bitcoin and it gave us some hope. Spend less than you make and use the edutainment on James’s channel to help you succeed.

Anonymous

Hi James, Superfan here :) I watch your channel every day. Thank you for everything you do. To give my two cents: 1) how debt affects you - how it prevents you from getting ahead and financially free i. The emotional component: Debt makes me feel suffocated. My upbringing was more rock n’ roll than plain sailing. Born in the mid-60s my parents gained and lost fortunes, so our family’s relationship with money (although miraculously food was always on the table) was precarious. Although I trained as an accountant it gave me no preparation for dealing with home finances and found myself in debt. So I had to rediscover my relationship with money, and educate myself and through this process I’ve learned that managing home finances is about behaviour and has an emotional component within it IMHO. ii. Education and the miracle of compound interest: it can work for you or against you. The bias in advertising promotes the next car, the next credit card and encourages consumption. There is no education in advertisements. To add to this, it seems that schools are not set up to encourage good home financial management. For example, I never remember learning about taxes or even how to budget, in school – and good tax management is such a big part of being financially free. Case studies of normal families who have good financial management would have been helpful. iii. Social safety net: growing up in the States at one point in the 70s because my sister was disabled, our whole family became uninsurable. There is no true social safety net in the US compared to Europe - you only need to drive through the outskirts of Los Angeles to see the 3rd world-esque shanty towns that go on for miles. That’s distressing in what is supposed to be a first world country. Why is this – is it due to corruption in terms of governmental fiscal management? Or a lack of a social framework? 2) your dream mechanism - to eradicate your debt i. Debt prevention: education in schools, including behavioural education, with a series of case studies. ii. Debt forgiveness through sovereign funds.These exist in the UK. iii. Free healthcare and a social safety net: If your house was on fire, you call 911 in the USA and the firemen arrive. There is no charge to put out the fire. But if you call for an ambulance and don’t have insurance, you get a bill. Healthcare is a basic need because we’re human….Model countries like Denmark who have best practices for other countries like the USA. 3) any other matters relating to the above Reading Vicki Robin’s book ‘Your money or your Life’ changed my perspective on spending and now am an ardent saver, to become financially free. Although until I found your videos, I would have never had enough for a pension. Now I am watching your work every day and am amazed as little pots of money goodness start to accumulate. I’m so thankful that you’re on the planet, James and that I’ve found your videos.

Anonymous

My wife and i have 170k in student loans. We have plans and dreams of things we want to do in the near future, but the debt makes it impossible. To me it makes me sick to think that instead of paying 3.5-4k per month in student loans we could be investing that into crypto/stocks/ real estate and be financially free in just a few short years. But, we took out the student loans and we have to pay them back, so we gotta keep our nose down and live well below our means.

Anonymous

Hi James, I have been saddled with unsecured debt since graduating from college 30 years ago. Even today, my student loan debit is at $50,000 and I never missed a payment. I have had to use credit cards to pay for unexpected expenses, and I don't cash flow enough to pay off the cards, and living expenses, so life on the hamster wheel continues. I feel like I can never get a head. I have literally held a job since 12 years of age delivering newspapers on my bicycle. My Dad taught me to work and never rely on anyone. To be financially independent. I will work until my last breath if I have to and I hope that doesn’t come to pass. I do pray for good health so that I never have to rely on others. I want to feel confident enough knowing I can provide for my family --- math money and freedom! :) Debt keeps me up at night. Inflation and the debasement of fiat and true purchasing power keeps me up at night. I worry that I won’t have enough to pay my living expenses in retirement as a result and that I would have depend on others which I simply will not do. I worry about my daughter and how inflation will impact her life, and the next generations. We live in exciting, extraordinary times with crypto and the tech exponential age, but in equally scary times with rising inflation, endless fiat printing, and the rapid erosion of our real purchasing power. Wages will not keep up with inflation. People will suffer. As you indicated recently, $1M could be just $300k in purchasing power by 2030. Terrifying. I have never expected or counted on Medicare and Social Security being there for me when I retire even though I paid into it. If it is there, it will not help that much with 7-15% annual inflation and the continuing monetary debasement of the dollar with endless printing. My dream would be to achieve some sort of financial freedom and to give back like you do James. I so want to leave a footprint on this Earth before I depart her, to be able to devote more of my time to help and rescue animals, set up rescue facilities abroad, and to know that I did something meaningful and impacted lives for the better. What a wonderful feeling. Nourishment for the soul. Thank you James for what you do to give back and your philanthropy. You are a deep, beautiful soul. Thanks to you James, I now have a plan and optimism that I will achieve at least partial financial freedom and be able to walk away from my job and retire when before I am 75. Thank you for the retire on videos, especially 5 years out that you have done recently. Thank you for teaching us how to fish :) Cheers

Anonymous

Hi James My second attempt at a post. I didn't realize that hitting the enter button actually posted my response. I am 59 and live in New Zealand and we have just started saving for our retirement. We have obviously left it a bit late. My wife and I met went we were in our late 30s and due to past relationships we had nothing. We started a small lawn mowing business and were able to grow it to the point we were able to buy a house. Thanks to the rising value of houses in our area we do not owe a lot on our house compared to the current value. We save what we can now and thanks to James' advice out small savings are starting to grow. I have always had a love for spreadsheets and maths so this is right down my alley. I earn a bit of extra cash selling my art, photography on sites like Red Bubble, etc, and through my blog (about lawnmowing). I also help small lawn mowing businesses around New Zealand grow and I am currently working with a number of small businesses. I have written a free course to help them get started and I give mentoring and manage their marketing. I am hoping to move into this full-time as I enjoy helping people and as I get older I am finding it harder and harder to mow lawns for a living. I am hoping to work my way towards financial freedom before I turn 65 and I feel I am running out of time. I feel like this may be truly my last chance. Keep up the good work James. You are really making a difference.

Anonymous

Just want to say THANK YOU to you, James! I don’t currently have any debt. I would love to be able to buy a castle of my own (as you say) but the thought of holding that huge debt does concern me. I’d love a means to borrow that doesn’t feed our broken banking system and supports the future of money instead

Anonymous

James &amp; Team: thank you for having a vision that makes a difference in the world. With creating debt free plans to helping Animals in need it’s inspiring 🎉🙌. For me- debt and financial drama has been tough the last few years as I got divorced and lost my business revenue (we are in hospitality) and had to sell our house to pay the business loan that was called during covid. I have had to live off of savings &amp; credit cards the last year . It effects myself , my mental and physical health, and the future of my boys who are in need of a mom who can pay for school/ car etc. And re-create a retirement plan for myself

Anonymous

James, Utopia to me would be to be able to use Celsius exactly like a bank. This would include payroll deposits, as well as auto payments for mortgage, auto, gas, electric, etc. The end game here is to never have to use the traditional bank again…just thinking about it makes me smile:-)

Anonymous

Debt has always affected me, I was saddled with debt that allowed me to get my Engineering degree; I couldn’t buy a house for 10 years-yet I knew even in high school that it took money to make money. I’m 58 and I’m tired of being in the industry; I’d rather run my own business and reap the benefits for myself. After the bull run of 97’ I knew there was a way out and having “assets” and the game is “rigged” against income earners. I will be debt free and retire in 5 years or less, and move out of California and these ridiculous taxes(~50%) to some place more sane- maybe Washington?

Anonymous

I agree with John Cash - I am interested in loans that don't have to be associated with the standard bank. Also maybe loans against the equity of your home. I would also like to see where the equity of an asset (Like Bitcoin) can reduce a loan to a very low interest rate (0%)

Anonymous

Debt stop people from enjoying life for the fullest. Especially if the debt you got isnt your own fault but someone elses which you are paying of because its in your name and you knew nothing about it before it was to late.

Anonymous

Students loan debt ba, master, PhD

Anonymous

Hole coiner I pay myself first

Anonymous

I had an 5 bedroom apartment go upside down aa an investment. I spent 2 years of my life worried about the debt I was going to have to pay. I also had incredible credit but it was no longer but interesting I enjoyed the freedom of having bad credit. I already had my home and another apartment. I paid for cars and bills with debit. I even had a Cc company serve me with papers for 5k from crazy interest rates that I refused to pay. It all was so strangely freeing. Crypto gave me an added boost of a way out. I realized overtime yes that too was trying to keep me/us down. I realized

Anonymous

This is the way out and I’m thrilled. Btw I am a hard working Physician Assistant and in no way a delinquent lol just got tired or the bs. Thank you for everything you do

Anonymous

James thanks for allowing your community to contribute to these ideas! There is so much corruption in capitalism and wealth accumulation, that I spent most of my adult live avoiding it. This change of hands of wealth is a great opportunity for Westerners early in crypto to show all of humanity how we can hold financial power in ways that are not selfish, but benefit the all. For my crypto, specifically true DeFi has been a way that I could visualize getting out of debt and gaining wealth in a way that is in alignment with my values. I think it is important to stay true to the values of Satoshi Nakamoto, Vitalik Buterin, etc. There is certainly a place for private business entities such as Celsius. Very important contributions! I'm hoping the broader crypto community can find a way to move forward in a way that supports ALL life on Earth....the animals, the plants, clean water, other humans who will join late to the crypto party. Keeping focused on how to reduce the overall green in humanity, so that those with large crypto wealth can use that in a way that benefits all.

Anonymous

Great idea! I think the best thing you can present is show how people can get started to reduce there debt. Working with Celius looks like a great plan. But for myself being new to crypto currency, How does a person safely transfer it? For example from coinbase to Celius. It may be simple to someone experienced but for a newbie it can be overwhelming. Just saying what to do can help but showing what to do would be more helpful. Making it easy for motivated people to take that first step is the main obstacle in my opinion.

Anonymous

Great topic! Probably the one that will help me the most in my current situation. I don't have big money to play with. I am still an average joe but acting to change that. I came from poor parents trying to earn a living in LA CA and I am proud to say that I am the 1st of my generation to own a home (still, just a single-family home in Central Valley CA). Anyway, I average about 5k a month now and have a little music business on the side that earns us a little more. Since I discovered crypto, it's the most $ i've ever had on the side, using your retire on crypto portfolio as a reference (thank you so so so so much for that by the way! You truly are the best out there!). Been trying to snipe but still, with small money. I still need guidance on how to get out of car debt. Credit cards, not so much. And I need ideas on how to increase my investments to create more money streams. I really want to buy another house in a different state to use as a family vacation home, and make money off of it at the same time. Anyway, thank you for all you do and I hope this helps to narrow any ideas you may have.

Anonymous

We can’t get a loan to built our home, despitw no problem being able to service it without any issues.(in Japan) the rules the banks put on are just ridiculous, so a loan for that avoiding banks would be great

Anonymous

For every dollar I allow myself to put into the crypto market, I pay that same out off towards my two credit cards and 9k student loan. If I want to buy $100 of BTC in Celsius, I have to have $200 to do it. Either way I'm investing in myself.

Anonymous

That would be great James. That’s my main goal with my Crypto, to pay off ALL debt.

Anonymous

I just turned 59 and I can not retire until I pay off my house and my parent plus loans (did not save for kids education so I borrowed). Combined total is about $450K. I recently refinanced both and I am putting about half my net income toward debt every month. if nothing else happens i can retire at age 71. Crypto plan top the rescue??? I opened a Roth IRA at on a crypto exchange and I put $7k in for 2021 and will put $7K per year in until I can pay off debts. My crypto investment plan is to do what ever James says. May the force be with James! I am counting on it:)

Anonymous

I use debt to keep more to my self now and to invest more now. I have a mortgage with interest only and I use the money I get to keep to invest. If I can make move then the interest in crypto and stocks, then not paying my debt makes my more money.

Anonymous

My wife have both just retired and are attempting to get by on Social Security and 2 very, very small pensions. We have a mortgage, 2 student loans and a car payment. We have an IRA invested in almost 2 Bitcoin, 11 Eth and very small amounts in Dot and Cardono. We also have 1 Bitcoin sitting on another exchange. We have our fingers crossed.

Anonymous

My goal is to learn as much as possible and teach what I have learned by good moves I’ve made and mistakes, discuss crypto, finance, diversifying investments, and having 4-5 different modes of income. Having debt can be debilitating if you let it. One must always have a plan in anything in life to reach goals. Getting out of debt is no different.

Anonymous

Would you ask Alex, who is a New a Yorker, for any update on Celsius being available to New Yorkers? Thank you, James.

Anonymous

Massive student loan debt - 100k - but not much interest so ignore it. Hoping the Australian government will wipe it lol main issue is getting a home - house market is insane here - rentals have 40 plus people looking at places that are way over priced - it’s a sellers market. Need to figure out how to live off crypto staking or overall gains

Anonymous

How to help my kids out of student debt. How to stake securely. I am worried about needing to draw down on my crypto to live, but want to keep it growing as long as I can before I need to do that.

Anonymous

I was crippled by debt for 4 years then sold up everything and started afresh. I have set up my expenses so that I can save 60% of my income. This launched me towards financial freedom and am overjoyed with the explosive growth I have seen. My idea would be for Celsius to allow you to leverage your growth in a responsible way ie purchase BTC and allow you to borrow against 25% as collateral then purchase a high growth altcoin like Solana with the other 25% collateral (50% BTC collateral in total). Then as BTC grows the loan ratchets up and keeps paying out more. Now in the mean time they pay your interest with the altcoin growth and start giving you a loan with the 25% of the altcoin as collateral. Your actual overall loan to value ratio is 31.25% (0.25 + 0.25 * 0.25) but you pay no interest and your loan keeps growing as the underlying asset grows allowing you to pay your debt off perpetually without interest fees.

Anonymous

Hi James. Could I ask why Celsius does not provide a Line Of Credit facility for their Lending

Anonymous

1) Currently have as much invested in crypto as I have in debt. 2) dream mechanism; eventually pull out my initial investment out and pay off my debts while keeping the profits back into a retirement plan via crypto

Anonymous

I guess like a lot of the community it would be great to clear the mortgage and have security in life. Dream mechanisms for getting rid of debt are finding the next bitcoin, the next Eth, etc., being able to access credit when you need it (not being at the mercy of a bank), Another dream option would be some kind of collective effort by the community , power in numbers etc. Being part of a great community like this where you can learn and lift yourself up is a Big advantage . Big thanks James 😊

Anonymous

I am a 46 year old registered nurse, single and have no children. I had plans to move to the US to pursue my dream of living in the States several years ago, with my boyfriend at the time, in hopes of starting a family, purchasing a home and complete my dream of graduating as a Dr of Clinical Psychology with my ongoing studies. Unfortunately, due to a series of events where my father had left his 30+ year welding job to care for his ageing elderly mother with developing dementia, mum was left to manage the household finances and mortgage. Although she did her very best, mum made some regrettable financial decisions that almost financially ruined them both with excessive credit card debts and a second mortgage. As the eldest of their two daughters, there was no way I could leave my parents in financial ruin and move to the US. Hence I stayed. I currently care for my ageing parents who are now pensioners with an outstanding mortgage that is still over 350K. I have paid half of my fortnightly wages for the last 8+years to help payoff my parents home. I hold no ill feelings towards my parents as I know they did their best with some regrettable decisions along the way. However, I can’t help but wish they were more financially educated about the longterm impact ‘credit card seduction’ and a second mortgage would have on not only their lives but the impact it has had on mine. I thank God every day for the gift of hope for a real debt-free future that bitcoin, crypto, investment opportunities and especially your priceless financial education has given me James. From the bottom of my heart, THANK YOU SO SO MUCH! You have no idea how your videos have changed my life and how I watch, rewind, study and screenshot every bit of precious financial education you have provided for free on Patreon and on Youtube. I am determined to pay off my parents home, set them financially free and financially set me up for the future to allow me to still one day fulfil my dreams and beyond, all thanks to your gift of Math, Money and Freedom you’ve given me and so many others in our InvestAnswers community. God bless you and thank you so much James for your amazing wealth of knowledge, kindness, and human compassion to help others. And thank you for loving our precious animals donating your valuable time and money to also care for them. When you teared up on that one video where you needed a moment, I just cried! You’re an angel! Forever grateful and thankful for your education, Natasha (Hodler for Life)😘🙏❤️

Anonymous

I hope this upcoming content can address debt based on age group / different stages in life and how one can be financially free systematically, because I believe there are reasonable debts to have in order to grow in life.

Anonymous

Dream Mechanism. Having some type of Community Token that helps the whole community,

Anonymous

Brilliant idea. Debt is a slave maker and if we can free the slaves that's a brilliant and high goal. One simpler idea might be having a video tutorial on how to use Celsius or some other mechanism to help ease the burden again it's just an idea but having a tutorial video showing exactly how to do it would be helpful to many

Anonymous

Beatiful topic James, many thanks for your insightful enquiry. IMHO Education is the key. Teaching people to fish is exponentially better than than offerring them a fish, to be paid off later.... The internet now offers us democratised information and your channel is a shining example of this new paradigm. As a crypto newbie I have gained more financial education in the last few months than in my previous 5 decades. Id Suggest to build an ‘edutainment* gaming platform to start educating kids at a young age and build up to an online university course which is funded through tokenised real estate.

Anonymous

I come from a family where all “debt is bad”. You can’t &amp; shouldn’t have something unless you own it. Unfortunately this way of thinking has held my parents back financially compared to their peers in terms of making investments and accumulating wealth that can support them through retirement. They are very skilled and hardworking and so had the ability to purchase property and renovate for profit. However they paid off their mortgage a decade ago and had no appetite for calculated risk. They are self employed and part of a generation that adopted superannuation part way through they’re lives and so have a very little money put away for retirement, it’s all in the family home. Good vs Bad Debt is an important concept for people to grasp, because as I’ve seen all my life an “all debt is bad” mentally doesn’t give people financial freedom.

Anonymous

Mindset. Resetting the cultural and familial “okayness” with debt. Staying plugged in to a broader picture of wealth looks like. Debt free for 6 years - amazing gift! Took reprogramming mind, having micro AND macro goals, learning to blowup cultural norms and move the chess pieces as needed to best suit our LONG TERM goals.

Anonymous

No debt but I'm past family days but having difficulty putting my dry powder to work. I guess I'm investing now for my grandkids. I regret not investing in 2017 when I first saw the market to take hold but today is all that matters. Many thanks for your insights and especially the spreadsheets. Like you mentioned once it's best to do it yourself.

Anonymous

Thanks James for everything you do! Since I found your channel, and followed your guidance, the growth of my (small) portfolio has given me the courage to believe in a better future &amp; financial freedom for me and my family Debt is huge drag on everything I do or can achieve - it’s the reason I can’t get the home I need, the reason I stick with a job and career I dislike, I can’t send my kids to the schools that might get them ahead, the holidays I have to forego. Frustratingly, it’s also the reason there is never enough left over to invest ‘meaningfully’ in crypto, which, to borrow your words, is the “biggest asymmetric bet in our lifetime” Dream mechanism - anything that enables me to pay it off debt lot faster

Anonymous

I have a mortgage on a rental property, approximately 91K USD. My goal is to pay it off by 2024, so I can use the rental income as additional income or retirement income. I will probably use half of my crypto portfolio to help pay off this mortgage. This is my only debt and I live a comfortable life but I would love to end this mortgage sooner.

Anonymous

Completely debt free and retired. Thanks to the help of you James, and all the fine Patreons on this site, I’m turning my crypto portfolio into a very secure, low-cost wealth stream. Thank you all.

Anonymous

James, I think you have a really great goal/vision, but the problem might be with the people themself. Debt and financial nightmare could have different nature and root of cause. I hope you agree, high loan for very expensive car and other luxury ( completely NOT necessary) stuff and student loan (when it was the only option) are two completely different things. I am not a role model for sure, but we never buying anything we cannot afford, riding regular cards and the only debt we have now is our mortgage. Yes, we still have to get 2 kids through the college and that's why I'm here:-) Of course, debt affect people, but unfortunately, it's often simply money management and nothing else... Answreing your question, my dream is to help my kids graduated without a loan, pay my mortgage in full (soon) and have some good passive income. Thanks a lot!

Anonymous

1) how debt affects you - how it prevents you from getting ahead and financially free 2) your dream mechanism - to eradicate your debt 3) any other matters relating to the above

Anonymous

I love that you're doing this. Here's my input: 1) Both my parents spent all of their financial resources raising two kids (me and my sister). Neither of them went to college, but they worked long hours to give us a comfortable childhood. I was lucky enough to get grants and scholarships for my undergraduate degree, but I racked up a nice little debt for my graduate education. I've also taken on my parent's mortgage payments and living expenses while renting an apartment. This impacts me by delaying my decision to raise children, slowing down my pursuits to buy a property I can call home, and preventing me from taking entrepreneurial risks, since I don't have much to fall back on if I fail (which is a high probability given the statistics). 2) My dream mechanism is to utilize an aggressive and advanced investment strategy involving crypto + options, while utilizing applications like Celsius, DeFi exchanges, and whatever else the cryptospace offers to generate compounding yields over time. 3) Financial freedom for me is having enough cash inflow that I can speak and act authentically in any setting without ever having to worry about how it will impact my ability to put food on the table and keep the lights on. You're knowledge is so invaluable in that regard - thank you so much for sharing your wisdom so freely.

Anonymous

Debt doesn't affect me now but my whole life has been avoiding it, living to work and not working to live. Life has been a giant hamster wheel, getting nowhere. I truly feel bad for the young generation now especially here in the UK.

Anonymous

1) My experience, I incurred huge credit card debt coming out of college. It never went away until my late 20s even going into my 30s. I did some debt consolidation to improve my cash flow by reducing my payments. In hindsight I should have just negotiated with the credit cards directly because this particular debt consolidation hurt my credit score for several years, which directly impacted my ability to buy a home, etc. While my credit card debt is now behind me I still have a b-school loan I need to pay off. Debt is just a cloud over anything and everything. 2) The only way I really climbed out of it was making enough money to pay off that debt. My ideal mechanism though is to allow my investments in BTC, cryptos, option plays, etc to be able to pay all of my existing debt off.

Anonymous

1) debt is stressful and adds to my monthly nut that I have to consider. There is good debt though and I’ve accumulated both - good = mortgages, EIDL loan and bad = credit card 2) My dream was to refinance my properties and pay down my debt but instead I chose to refinance, pull out all equity and invest 150k in crypto. I’m at 116% growth so I’m not mad! My new dream is to use the crypto to eradicate the debt I didn’t erase when I refinanced 3) to your point, it does take money to make money. So I took the equity in my properties and literally doubled my money BUT traditional banks suck. My crypto holdings aren’t considered an asset so as a business owner, my debt/income ratio won’t allow me to buy another property. I left Philly and moved to California and will be stuck renting. I would love an alternative that doesn’t view me being a business owner as a risk and takes ALL my assets into consideration

Anonymous

Teaching people how to experience wealth no matter what. We teach people that pleasure is dollar based. Once a person realizes that the experience of wealth is a construct they are in a position of power to not to go into debt that is unhealthy. I wrote a book on it. https://www.amazon.com/Experiencing-wealth-No-matter-what-ebook/dp/B08L671XZD/ref=nodl_

Anonymous

It would be nice if it can be done for small business that are struggling with financial debt due to the pandemic. You can use Celsius to open up a business accounts with them. Because banks are killing us with the rates they have. For personal I taking the plunge nervous to take out my 3k loan at on 1%, I’m nervous so I have not taken the leap with personal. Medical expenses are killing us so we are in debt because of medical bills. I used to have my credit cards a zero when the pandemic hit we had to buy supplies and also a have a rare condition called short bowel syndrome due to a simple procedure that went wrong but is neither here or there. I would love to find solutions to get out of=f debt any kind of debt

Anonymous

I know it's probably impossible to do for many countries but the biggest thing holding me back is worry and uncertainty about taxation in my area of existence. If you could do a series where you interviewed crypto tax professionals from different regions around the world...to provide the basic state of play for each region...I think it would be immensely helpful. As an Aussie expat living/working in Japan I'd love some further insights. Thanks James and team for everything you do! #goldenshoulderedparrotFTW

Anonymous
>>67657889

I totally understand in order to have a business you incur a lot of debt but banks or lenders look at you like you are not. Deserving even though all the bills are paid on time

Anonymous

1. 41 years old and my debt is essentially my mortgage and I see that as good debt as I wouldn't have my own home without it. My mortgage repayments are probably less then what I would pay in rent so would rather be paying off my own home rather then someone else's. I do have a credit card that is set to auto pay every month so I don't pay any interest on it and this is only because I have offset accounts for the mortgage and this allows me to keep money in those accounts longer so my money can work for me. My debt doesn't worry me one bit as I know if I can no longer meet repayments I can just sell up, probably in profit, and be debt free with a decent amount of cash. 2. My dream mechanism for eradicating this debt is crypto. I didn't think this would be possible only a couple of months ago until I found crypto. I have a bit in Celsius earning interest rates that I never thought would be possible and through this and hopefully the rise in BTC I will be able to use this to pay off my mortgage much quicker then id ever imagined. So the plan is that hopefully I'm early enough in this crypto game that over 5 to 10 years my initial investment will be worth a whole lot more and the interest's and staking rewards will be enough to pay down debt initially then after that be financially free. 3. I really feel crypto is the way forward for the world. In a few years time when this regulation stuff blows over, and it is more widely excepted I'd probably be leaving the banks altogether. I'd actually like to have the confidence to even move the homeloan over to a crytpo type lending platform (again only when trusted and more widely adopted/accepted). The banks have lost the plot and its become more about control then anything else. So essentially I see financial freedom as getting as far away from banks as possible.

Anonymous

We have a special needs neighbor who rides his bike through our neighborhood and by our house almost everyday for the last 28 years. He circles around the front of our driveway and asks ' Where's Scott?' (my husband) like a worn out record. It can be annoying at times, my husband runs inside to hide when he's not in the mood to talk to 'Ricky'. Other times there's no escape and he talks repetitively as he rides in circles. This is what I equate our debt too. A constant presence that we can't shake. We can hide in the house, but its still there. We make strides with payments to credit cards, then the out dated cars need repairs and we're back to square one. The mortgage has been refinanced and its a longer 'bike ride' we don't want to make. Been circling the same debt for 25+ years like Ricky has been circling our house. We like most above love to pay off mortgage, get out of credit card debt and help our kids with their college loans. We are both in our 50's and working full time. My husband has a part time job at night also. But we have our health and we take in all in stride. And when we stop running from this debt and Ricky, we may just join him, riding our new Bitcoin bikes in circles in front of our house.

Anonymous

I'm aged 69 have a housing loan still doesn't worry me as the prices if houses here in Australia is booming while my payments for the loan have gone down measurably. My take is don't pay off the mortgage buy cryptos as they will bring u faster wealth

Anonymous

If someone has $50k in credit card debt and only makes $40k a year, and they inherit $100k, the worst thing they could do is pay off the $50k. Because they will just go and run up another $50k in debt and their $100k inheritance will be gone and they will be in the same crappy position where they started. With any kind of debt relief program there has to be debt education to go along with it. People need to learn how to make a budget and stick with it, they need to know the time value of money, etc. This is a very hard problem to tackle with many trade-offs.

Anonymous
>>67659951

My partner sold the property and we had long discussion what to buy next, at the end we have decided to put $$ into crypto for 3-5 years and then start shopping.. maybe we even succeed to purchase next RE without mortgage.. who knows

Anonymous
>>67660105

100% agreed! Money management very often is the biggest problem for a lot of people...

Anonymous

I had a lot of student loans, car loans, and credit card debt and it took me years to pay them off. I didn't know anything about finances. My parents always lived paycheck to paycheck and I didn't know anything else. It wasn't until I took my future seriously and started educating myself that I took control. I don't think that I would be where I am today or would have learned as much if my debts were forgiven. I think taking personal responsibility for your choices is a huge first step. Relying on the government teaches zero financial lessons. How I got out of debt is by budgeting and doing the debt snowball. I stopped going on vacations and buying things I didn't need to speed up the process. After I got out of debt is when I started learning about investing. I got a lot of bad advice from friends who were supposedly financial experts in their own right. I learned most are financially illiterate. I could have been years ahead from where I am not if I started way earlier. Most people don't think twice about their financial future until you show them what their future could be. Even then most don't take the time to learn. Easy programs that could show them how to get out of debt automatically. A set it and forget it program would be the best for most. Not sure if any of that helps. I can't wait to see what you guys come up with. If I can be of any more help let me know.

Anonymous

Debt free; 6 month emergency fund - all done. For me the issue is how to best invest in order to develop another income stream. Much longer range I would need my investments to go on auto-pilot as Alzheimer's is a real possible long term risk.

Anonymous
>>67631828

WA is now open for interest with Cel, but still not lending. I am in WA as well

Anonymous

I am debt free now, (Except for my house) but spent most of my adult life managing and servicing debt. Debt was always LOOKING BACKWARDS. It’s like my future was on hold until I could stop dragging my past (debt) into my present. Debt had me feel like a hamster on a wheel~always running but never moving forward..

Anonymous

i want my boys (early college) to not begin their professional life in debt. I have turned them on to your teachings. Your authenticity and true care for your community (Us) is inspiring. Truly thx!

Anonymous

😞 so sad. I spent about an hour thinking about this and wrote it all down spilling it out and post got deleted somehow ....sigh ....perhaps it was good to see it for myself at least ,,🙂

Anonymous

Learning how to handle finances before it becomes the burden of debt, or having debt in a positive way. In Australia when I attended school there was no education in schooling that teaches life skills around money, debt, etc. If the skills were taught at an early age then life would be so different. Less stress and about living and enjoying being alive.

Anonymous
>>67654252

You are such an inspiration. Stay strong and keep fighting!

Anonymous

Ok. One more try :) 1. 50 yrs old Self employed professional. Most of time spent in higher education. Led to student debt. Was not able to start paying debt into 30s. Bought a business. More debt. Difficult with inflation to pay salaries to support staff and improve any profitability. Luckily in a recession proof profession. Slowly paying debt ( took out massive loan from bank on business ). Will have to work into late 60s or early 70s to pay off debt. Only breadwinner. Feeling like the harder I work the more tax I pay to get ahead. Love what I do but would love to be financially free before 60s. Trying to reconcile paying off debt , saving for 3 children's education funds , and earning enough to be able to invest to allow passive income to reduce debt load. Feeling like debt is catching up to my profitability. How does one invest whilst being the only breadwinner in a self employed business. No financial teaching or understanding. Hard working parents, who put all their savings into my brothers and my education , only advice pay off mortgage as soon as you can. I am or feel financially illiterate. 2. Ideally different active/passive revenue streams. Plan on trying to put down money on an investment property and rent out to pay off mortgage. Learning crypto / stocks, is my only way outside of a very intense business profession to invest to allow me to retire before my late 60s early 70s. Ideally would prefer different revenue streams to allow me to invest less time at my grueling business ( if I'm not there no $ is made. I need to be present ). 10 hours per day full time. 3. Challenge is time. Finding time outside the business hours to learn and understand all the financial terminology, TA , trading , etc etc. Stocks are very new to me as is crypto. Trying to learn all this requires me to be very disciplined while running an intense business ( for which I have to be switched on 120% and cannot afford one mistake ). Patreon and this community is a God send. I've learnt so much in so little time. For the community. Financial foundations I believe is very important . I learnt so much from your videos James ( more so than anyone has ever taught me ). Different revenue streams ( not solely crypto ) to supplement your income and how to accomplish those to become financially independent and retire early. Different age groups require different methods for streams of income. Someone like myself for example who's 50 needs more rapid means to accumulate investment funds vs someone who's 20. Appreciate everything you all do , much love ,❤️🙏🏽 and I love to learn how to fish for myself ☺️

Anonymous

This has already been said a few times already, but I look back at things that would have helped me the most and those would be learning about how money really works and how to handle finances and use debt wisely.

Anonymous

Luckily both my husband and I seem to have inherited a kind of war time frugal mentality from our grandparents and taught ourselves about the importance of not living outside of your means early in life. Neither of us has therefore ever had crippling debt and while this has meant delaying purchasing things in the past, or not taking a vacation when we really wanted to, it has paid off as now in our early 60s we have been debt free for many years. We still have credit cards as they earn us points but pay them off in full each month and make sure we never overspend. I think that the best lessons people can learn about debt is to delay gratification, find pleasure in simple things that don't cost much and not to live outside your means even if you're tempted. Hope that helps! Appreciate everything you do James, you've taught us so much about making wise crypto decisions. x

Anonymous
>>67652051

Isn't Australian property hideously overpriced at the moment! Can't be sustainable!

Anonymous

Hey James &amp; team,

Anonymous

Hey James and team What a wonderful thread and a great idea.... 1) how debt affects you - how it prevents you from getting ahead and financially free 2) your dream mechanism - to eradicate your debt 3) any other matters relating to the above

Anonymous

I am debt free but it is hard to build on income so it is like being stuck in some financial limbo. I think there are 2, 3 factors to keep in mind: 1. Education - people in debt or with small income start acting irrationally and go into more debt, or make poor financial decisions 2. Making steady additional income - make people use money to make more money. Passive (or a bit more active) additional income stream is essential. 3. Make people aware of compounding. Many will not take advice if they think it is too late for them to even start investing now, and there will be people in debt in 1, 2 years and so on, when BTC might be over 100k, so people would get discouraged. You should have those people in mind, mind in debt is the mind that sees very narrow path, since it is not free, so it should learn that other paths are possible and on the table. I hope this comment helps :)

Anonymous

Also, random and off topic, for all the new people who want to join patreon, i was thinking that maybe you could have a holding group (like a holding pen) for them and once they've been in there for three months or something - where you just share a bit of info or older models, you can see how they react... and hopefully remove the 'bad actors' and then integrate the others into the big group ??? Just a thought, i can see that this is a difficult area to navigate...

Anonymous

I was in huge debt a few years ago, so bad I nearly went bancrupt as the debt/interest built to a point I couldn't repay. I sold my house and cleared all debt. I haven't had any debt since. Crypto now has put me in a good financial position again. I have friends who borrow money to trade. I won't do it as I got so burned with previous debt. I intend to live a 100% debt free life

Anonymous
>>67632404

I'm in a similar program paying $1,520/mo. for past 3 years. Once that is gone it will help my FICO.

Anonymous
>>67632406

I do that with my paycheck each month and chunk down the principal on my HELOC &amp; PLOC to help me get by each month. As a hail Mary used these vehicles in May/June '21 to invest $50k in BTC, ETH, &amp; SOL (even though IA cautions against that). Seems be helping me potentially turn the corner since it's simple interest accrual. But seems like there has to be a better way....

Anonymous

I have always had a ‘well paid’ job (for my location). But without any financial knowledge or vision for the future, I assumed that spending my hard earned money on cars, clothes and nights out was what everyone does. After a while that became hollow and I realised, ‘this is what the rest of my life could look like’. I started to notice a lot of people live their life like this, especially where I live. It took me a long time to find the information I needed to understand what financial freedom looked like, and how it could be achieved. Now with sources like your channel, I have the keys to a new life outside of the rat race! I am so happy to be apart of this group. Luckily I have escaped debt, and I’m now on my way to building my asset column. My dream would be to use my crypto assets to generate cashflow.

Anonymous

Hi, James. I was doing good last 2019, until covid19 all hell broke lose, I was doing local stock market trading earning enough to cover loan monthly payment and its interest and save some for my own finances. 1st blow of covid took half of my trading money, I tried to move from stock market to foreign exchange because I saw good opportunity their, I was earning big in just a matter of minutes until I got confident tried to leverage and use bigger money per trade, being new in FX I am not aware with big reversals/manipulations, etc...long story short I got liquidated so bad that I lost 90% of my trading money AGAIN! the remaining money I have was just use for loan payments monthly, until it ran out. I asked help from a friend, gladly I got help but it is very degrading for myself that I am a burden to someone. Until now I am still halfway thru my loans payment, barely making it every month, everything is just like a miracle that I am still surviving (by the way I have a family to take care of, and a new baby), I am slowly building my portfolio now, most of my investments are in crypto, its not big but I am trying to make it grow as much as I can until I become self sustaining again. I do a lot of things on the side so I can afford to throw some money into my port, I sell things you name it, I provide services with my skills, I have a day job luckily I am working from home. I will never forget the people who are helping me now, and one of them is you James. The data you prepare is REALLY A BIG HELP. I can't thank you enough, I can't pledge big donations for now but when the time comes that I can stand back again with my own feet, you are one of the persons that I will never forget, I know you dont need any money but what I can do is support your projects. Not just to you and those who help me, but I will do my best to give back, especially to those who might go through the same situation I am going through right now In short I am still in debt, and still fighting for freedom from it. (Credit card, bank loans, loans from individual people)

Anonymous

A plan to have this community utilize OPM (other people's money) to invest in small multifamily real estate investments would help many and work to diversify from crypto and equities. Real estate investing has great tax incentives as well. Taxes ( income, sales, etc.) are almost everyone's largest expense.

Anonymous

Hi James. When I was young I had no idea of how to manage finances and thought that stocks were for rich people. When I did get interested out of necessity (later in life I realised the opportunities I had missed and luckily for me Crypto ay allow me to provide freedom for myself and a good education for my daughter. Thanks for all you do and for being so human an caring about other people. You are very unique and I'm grateful to be here learning from you.

Anonymous

2) your dream mechanism - to eradicate your debt. I would love to have been educated about the long term effect on your finances of living from credit card bills and how to make a plan to pay them off (including what to prioritise and how to negotiate with the credit card companies). I have also come across people who have used loan sharks (I live in SE. Asia currently) and got themselves into all sorts of trouble, simply because they didn't know how to get money when they needed it in an emergency. 3) any other matters relating to the above - Yes. Learning about (a) what debt does, to you, emotionally, physically, and in terms of missed opportunities (b) what financial freedom means and what it feels like to be able to use your time to do meaningful things and give back (c) how to make a plan to get debt free and then continue accumulating. All of the above shouldn't assume any financial knowledge, I ahev some friends who know absolutely nothing about money, even less then I did (d) a solid but adjustable plan to follow month by month, week by week. One which allows for the odd emergency or splurge and is "human" but has a clear goal of being free and a date to motivate the person following it. Good luck in your meeting with Alex, it is a fantastic idea and I'm sure he will see the business sense in it as well.

Anonymous

Hi James 1) Prevents me from getting ahead as money that could be used investing needs to be spent on interest and repaying debt 2) Dream mechanism - Celsius to start offering loans where the collateral you put up for the loan still earns yield which pays for the interest and also the capital repayments, pretty much becomes a self repaying loan Thanks! :)

Anonymous

Thanks for the opportunity to comment. Love your Vision James, but does this vision become global. I live in Australia and several Products I’ve seen are for US or UK customers only. I use Coinspot to buy crypto in Australia and have recently open an FTX account but the problem is when I transfer $100 AUD to FTX it Cost me $145 with fees and exchange rate. I opened a Celsius account after watching your video but haven’t been able to make a deposit into the account, still working out if it works as an Australian product in $AUD. Debt has a troubling and stressful effect because of the constant thought of weather I’ll make the mortgage and credit card loan repayments. Fortunately the life changing gains I’ve made in the last six months after watching your videos has given me the opportunity to catch-up on the arrears, but to catch-up you not only have to use the gains but also use the capital and worry about the tax implications in the future. After a lot of research my dream mechanism is earning interest on assets like it’s done on Celsius, I’ve not been able to find a better product, the only issue is making it work in Australia in $AUD. InvestAnswers is another product as an education tool, but as I work ten to twelve hour shift and have to travel a three hour round trip for work doesn’t leave much time to fully absorb all the contents of the videos.

Anonymous

Dream Asset: Digital Property that is totally secure, can be borrowed against at rates set by decentralized market, completely globally accessible, tax free, income generating and deflationary. Oh I think I just described most of Bitcoins attributes…

Anonymous

Debt free mechanism: this sounds abit like a community digital asset liquidity pool where participants with assets loan to participants with real collateral, stable coin loans convertible to fiat loans in local currency at rates just over cost of business. So instead of high interest credit card debt at 15-20% you could access loans in 5-6 % range making debt repayment much more reasonable. Possibly have time adjustable parameters where you can adjust repayment periods in real time which can help with any changes in cash flow.

Anonymous

Can we have a Zoom call on this topic because I’m thinking you could actually re-engineer the whole mechanism in software or smart contracts that adjust interest daily as payments are made so you have a system that allows you to pay off more when you have it and calculates in real time (daily). You would be able to do micro loans in this way also. It’s a big topic lots of ideas on this thread.

Anonymous

Debt prevents us from having so called disposable income to invest. I just sold a classic car I love to pay off debt and free up money to invest more in btc and sol. I am a bit behind in retirement, mid fifties, and hodling for 5-10 years. I have a ways to go on oening my home outright but in 5 years or so hoping to pay it off. The monetary system created by the fed reserve is a terrible system for the common person. It is designed to enslave us with debt and taxes. We need a decentralized, non inflationary monetary crypto system run by the people, not some private corp printing fiat out of thin air, then loaning it to the government with interest. This causes the theft of our money we earn as taxes. Reject all cbdc’s. The people hold the true power.

Anonymous
>>67675140

Hey RB I’m in Aus, re Celsius you can transfer yr crypto directly from yr exchange you’ll just need to get tge adresses right. Celsius are really helpful and responsive when you email them with any queries. Personally i do everything in USD. Yr on the right track.

Anonymous

Dream mechanism? I suppose would be interest/income or the ability in other ways with crypto that provides security and growth that exceeds the costs of debt.

Anonymous

I am a 68 year old widow, and started investing for the first time when I began listening to your videos back in February. My goal is financial freedom so that I can retire and start to enjoy the many hobbies that I have. Other than a meager social security check , my only other means of support are the money I make cleaning vacation rental cabins. After 14 years of this, it has started to take its toll on my back and the work seems to get harder and harder for me to do. My income is barely enough for my normal living expenses, so when I have unexpected expenses such as home repair or needing a new vehicle, I have been borrowing against my house through my home equity line of credit. This is the only debt I have, but it keeps growing as I have no other resources for money, and I don't see any end to having to tap into this except for the hope that my crypto account will take off and provide for me. I managed to sell things and scrape enough together to invest in your crypto retirement plan based on $26K. So, I own .5 BTC, 5 ETH, 50 SOL, and the other altcoins on the plan with the exception of ALGO. My goal is to retire as soon as possible and to not have to borrow any more against my house, and hopefully be able to pay off that debt which is now about 35K. Thank you for all you do, James! For the first time I am feeling hopeful about my financial situation and it is all because of you!

Anonymous

95,000 in a line of credit at 3.9%. 270,000.00 mortgage at 1.9%. 61 years old. Unemployed for being a safety issue whistleblower as of April 2020. Panicking all the time and making investment mistakes. I’m On Celsius hoping to outperform my debts. Would like to borrow at 1% with my crypto surpassing my debt as to pay it off and be able to relax for once in my life.

Azure111

I have considered transferring my debt to a temporarily interest-free account (like a credit card with 1 year no interest), but this makes me nervous - does switching accounts impact my credit? Are the interest-free credit card accounts trustworthy? How to choose one?

Anonymous

Would love to get rid of banks totally. So far, they have cost me thousands in there delays when I needed to buy low. 2-3 day delays for access to your money. Twice was told they don’t support funds for crypto. Waited 8-9 days for a check from hail damage to clear. They put freezes on your account when your try to transact with crypto exchanges. And on and on. In 1999, they even prevented me buying a second rental property with a line of credit. They said a person can’t do that. Tell me, how does a person get ahead while my mortgage broker was telling me that’s how most people start a business or buy rental property. Now you know how I feel about the traditional industry.

InvestAnswers
>>67676951

@JP -even taking this and having people offer up segments of liquidity pools for altruistic purposes. so many wonderful ways to help others get out from crushing debt

Anonymous

Most of my debt is medical, since I am unemployed. I cannot afford health insurance and make too much to be on Medicaid. I have a car loan and house loan.

Anonymous
>>67679875

Thank you for sharing Debbie. I really connected with your story, and I’m rooting for you!

Anonymous

My 80yr mother was paying more in annual credit card interest than she was receiving from her retirement required minimum distribution. They were basically steeling away her retirement life savings. I promptly fixed this, but probably many people need this help. Giving the mass population a way to escape their crushing debt it not going to be popular with the world bankers... I love the idea James!

Anonymous

I don’t like the feeling of owing. It’s easy to get caught up with credit it’s almost by design

Anonymous

Bills are a constant as well as all necessary living expenses. Ideally it would be nice to have two accounts. One to cover all of your expenses The other to try to generate profit.

Anonymous

Before we dive to deep into Celcius helping us with the burden of debt; does Celcius have a plan if/when the SEC comes calling?

Anonymous

Mortgage payments are the biggest hit to my salary, and still 17 years left of them. It's very hard to be financially free when such a huge chunk comes out of a small salary every month.

Anonymous
>>67681840

Interest free credit cards are trustworthy in the sense they are not scams. I would get one with at least 18 months at 0 interest. They do charge a transaction fee which is a percentage of the money you are borrowing but this is nothing compared to paying high interest. I use this method all the time (of course I wish I didn't have the debt to begin with).

Anonymous

You are so on point James. Credit card debt crippled me financially for 15 years. Of course the big banks are evil but I also fault the education system in the US. This information should be taught in the high schools/ college etc on how to manage money, invest, etc. Instead students get offers for credit cards at high interest and student loans which cripple them sometime for most of their life. The big banks have had their way for a long time now, its' time for a changing of the guard.

Anonymous

This is a great idea. I'd also like to see you cover DCA for people just starting out. Thanks for all you do!

Anonymous

Same story here except closer to 25 years for me. Anything I might have wanted to contribute to retirement went by and large to pay off the credit and school debts of a younger me who thought he had plenty of time to pay it all down and catch up eventually.

Anonymous

My bank manager 40 years ago sat me down and told me off for spending too much. Today they pretty much force debt onto the young, it is heart breaking. I have bailed my own kids out and fortunately they did learn. Ban credit cards for the poor and young so they don't get sucked down the rabbit hole. Bring integrity back to financial institution's. I have worked for the health service for 40 years and paid my pension and wrongly assumed it would be worth something. Educate the youth to take care of their own finances and not to rely on others as I did. Good on you James you make us proud.

Anonymous

I don't want to sell my BTC, but I don't understand how to generate income for living expenses with my crypto assets. You have mentioned borrowing against it, creating debt, and rolling it forward just like in the real estate market (do I even have that right??). I don't understand this concept at all and hope you can help our community learn how to generate safe income from our BTC/ETH/SOL/LINK bags without selling the principal. Thank you for helping so many.

Anonymous

If you don't sell your crypto and take a loan on it, how do you finance the repayments?

Anonymous

Education on early investment opportunities are super helpful. Solana, for example. Would love to know how to swap gains into better store of value for future family generations would help with debt issues for those generations. Thinking about how to help high school students make the right decision to keep debt low while getting a quality education, chose a field of interest that doesn’t add to more future debt etc is also top of mind. The pandemic has left our future generation out of any options to be debt free. I’d love to solve that problem for them.

Anonymous

HOW DOES DEBT AFFECT US AND PREVENT FINANCIAL FREEDOM? Choosing debt (aside from debt due to emergencies, etc) allows us to live a life we think we deserve, or need, NOW. So, debt prevents us from looking at life in the long term, and lets face it, life is often "long term". Debt also prevents us from working towards a goal (enough money to buy a car), and upon reaching that goal be rewarded (now buy the car...). The "cost of the debt" becomes the baby that needs to be fed, instead of your "long term self". Some folks never figure this out until the HAVE to (think retirement age...). Solution: find like minded people to associate with, and learn from. THE DREAM MECHANISM: I think we all desperately hope it is digital currency. As I sit at James' feet and learn what I can about all kinds of investing it is so exciting to have hope and trust in a mentor. But his good heart warns us of the dangers, the uncertainty, the risk. He wants us all to be free, but I think he worries for the safety of his crypto family. James is worthy of trust, IMHO so I wade in slowly. The Crypto space has yet to prove itself.

Anonymous
>>67691627

Absolutely agree. This would be a great topic for mr. James to cover, DCA to financial freedom in 3-5 yrs!

Anonymous

DEBT is such a loaded word. It can be used to imply a heavy weight and obligation and financial slavery or it can be used as a means of financing exciting projects to help humanity. Most people are financially illiterate and that is by design. People are starting to wake up to the carefully sculpted financial slavery system that they’ve been a part of for their entire lives. It’s also rare these days to find people who understand and embrace delayed gratification and for those people the worse kind of debt is enslavening them even deeper. Like JAMES is teaching, we need to be patient and trusting and learn to wait for opportunities to come to us. This is a great lesson in life. The Law of Attraction is also something that people must study and understand. It’s not simply wanting something and drawing it to you; it’s embodying the knowing that it’s already on its way. You visualize and feel as if it’s already with you. I have done this over and over in my life. I was a single mom for most of my kids’ growing up years and i invested in my education (outside of the school system). I started applying what I learned and I was able to buy my own home. Then I was able to leverage that equity to buy investment properties. Now, I am living on a spectacular 10-acre ocean view property and I’m building a retreat with a growing number of Airbnb listings to enable others to come and share in our property. It’s called Tiny Secrets and we’re in BC Canada on the Sunshine Coast. The project is now developing its own energy and we are attracting wonderful guests, some who decide to stay here. Life is abundant if you have the right mindset. Most people want freedom to be creative and if they think about it, they don’t need a huge amount of material possessions. Here at Tiny Secrets, we are stewarding the land and the plants and creatures who live on and we’re a growing number of people who want to live in peace, with nature in a supportive community. This was just a dream 4 years ago and now it’s an expanding reality. No matter where you are in life, physically, financially, spiritually, etc. the important thing is to realize that you have choices. Take that first step and then keep taking one step at a time. You CAN change your reality. It all starts with your thoughts and words. ❤️

Anonymous

I have several thoughts...... 1- The amount of disposable income after living determines the rate at which you can benefit from the compound effect. Not sure on how to better to solve tis other than to improve your position by reducing spending and improving income (the answer is more than just get a better paid job, even though that is a part of the solution)

Anonymous

Opps, Shift and Enter for new line.... 2- if starting from a low spare cash position or debt, how is this solved other than to start as soon as possible. The compound effect curve could outlive you. 3- Only know what your parents and influencers teach you, in my case, school, work, save cash, that was their answer and so their advice given to me, 4- Psycholoy and Mindset: having goals and using your subconscious, desire and energy all need to be in the correct frame of mind. 5- Being around others that have done it before you. There are a thousand and one different ways to become financially free to allow other goals to be achieved, yet in my example my upbringing only presented one - get a job and save I am not there yet, though the above only came to together for me late in life (almost 50) and I am much clearer on how to get there and make it happen. I have a vision for the education 'Academy of life' to help kids learn this, I haven't solved the debt one yet, since still learning how to be financial free myself....though schooling the above points earlier than I have learnt them seems a good thing to me.

Anonymous

1) home mortgage is stopping me from being financially free. Wont have that paid off until I'm in my 70's at the rate I'm going or until my super fund unlocks. 2) passive income of some sort/business opportunity or high return on crypto investments as per your horse stable. 3) I guess any investment strategies that will have long term decent growth to smash down the home loan. Disposable income is key but with a new born and 4 year old money goes to them mostly, then whatever is left goes towards your investment/fastest horse picks.

Anonymous

a. My credit card debt held me back for over 15 years. As far as I was concerned, the credit card reps on campus were essentially letting me borrow money and all I had to do was pay back $20 a month. I was not taking into consideration the interest fees. Because, who cares what the interest is when you have a CC company willing to give you $1000 up front, right? At 18-19 years-old, it was a no-brainer to apply for every credit card offered to me. Unfortunately, most of the young students who fell for this were students of color who had zero guidance and/or were the first in their family to go to college and were so broke that this arrangement seemed reasonable. Needless to say, I was a slave to my debt for all those years that by the time I paid it all off, I felt like I was “behind” in other areas of my life. Like owning a house, buying a car, etc. (My mindset then, not now). So perhaps talking to your Gen-Z viewers who are barely jumping into crypto and warning them about credit card debt would be so helpful. (Because if you were around back then, I would have listened to you!) b. Now it’s student loans. I paid off my university loans but my postgraduate loans are there staring at me, collecting interest. I owed $55k but now I owe $65k. Interest rate is 5.25%. And I want to buy my first home in SoCal which is ridiculously expensive. But it’s home. My dream career finally took off in the last couple of years and it’s been on fire this year. I’m making good money. And since I don’t ever want to be broke again, I’m determined to learn how to invest. To have my money make money. I started dabbling in crypto in March, then found your channel and it was the universe pulling me into a space where I could learn and grow. I’m now a whole-coiner and I have a healthy bag of SOL, some ETH and a few other cyrptos. The returns have my head spinning. The little broke brown girl in me wants to cash out – it’s the most money I’ve ever had. But I also know I need to HODL, at least, for now. I write all this for context because I’m a little stuck on what to do next. I’m clear that it takes money to make money. But if you could offer solutions or strategies on how to kill this student loan debt, that would be so helpful. Also, a smart way to buy my first home using crypto returns and part of my savings. (I’m not a builder nor do I want a janky starter house. I don’t have time to figure out how to hire contractors, builders, etc. Nor do I want the headache. Baby steps!) As of right now, I can keep DCAing into crypto – specifically, BTC, ETH and SOL. I can pay off this student loan that’s looming over my head. Or I can wait until we’re at the top of this bull run and take some money off the table (leaving my 1 BTC intact) and use it as a down payment for a house. I’m not sure this answers the question, but that’s the mental mind game that I’m dealing with. How to navigate debt, buying a home, crypto gains, and continuing to let my money make money so that I’m financially free.

Anonymous
>>67707136

and somewhere in the comment above I meant to thank you James. Watching your channel and being part of this group is teaching me so much about finances. It's helping me elevate my mindset and life!

Anonymous

I’m thinking of a “dream mechanism” like a global credit card that can be use for any transition from paying off mortgage, personal loans, utilities and day to day spending with no fees and a rewards program that rewards in crypto. One card, one digital identity that you deposit all your wages for the professional to invest and that does everything with no fees. and has the same interest rate as the Reserve Bank of Australia of 0.10%

Anonymous

Debt is like swimming in shark invested waters with all your clothes on including your shoes! Once your in the water you can kick and flail all you want, but strength is no match for debts gravity! So you know your in trouble and you panic, making matters worse as the sharks see the commotion!

Anonymous

So where is the solution? First, take off your shoes and clothes(debt). Next, swim away from the rip current dragging you down(spending). Then, call for help as humility is a great life preserver to keep you afloat as you swim to safety(a plan).

Anonymous

Remove all fear and doubt as the waters push you around. Perseverance and determination will guide you to safety and a lesson will be learned! I've swam those waters while blind. I never ever, EVER quit! Swim like heck or quit! The choice is still yours! It is amazing how if you keep a little faith in your heart, how fast you can out swim the sharks! KEEP SWIMMING!!!!

Anonymous

Compounding yield earned via Celsius. Safe, secure, trusted. with a 2-5 year hold. Every week, your yield is DCA'ing back into your favourite assets

Anonymous
>>67633778

Hang in there, Jake. I’ve experienced similar situations in my life, sounds like you are taking the right steps. It’s hard to find good advice, that’s why we’re here. But it will get better, there are ways of disputing those debts that are with junk collectors to get them off of your credit reports. I was in a jam 15 years ago, the shame that we feel in our situations keeps us from asking for help. I tried to figure it out on my own and made some bad decisions that haunted me for years. Even today, due to credit scores and debt to income I could not refinance my home that I’ve been making payments on for 16 years smh

Anonymous

The greatest lesson we can teach is before 50 years of age live under your means by 1/2; it’s the greatest lesson I’ve been taught. Let’s say I am unmarried and 50 and can “afford” a $400,000 home per the mortgage companies calculations. I searched, and searched and searched and bought a $240,000 home. Build “positive net worth” with living below your means from 18 years to 40 years; delayed gratification. I drove my last car 13 years until a tornado flood (while at the dealership for service mind you in their lot) had it 5’ under water. It was a BMW that I kept well maintained including a paint job in year 11. Car payments and housing costs that aren’t kept of a frugal diet set our younger generations back. Long term Ownership is a key to financial freedom not instant gratification; 101 own frugality. How do we teach our younger generations to stop keeping up with the Jones?

Anonymous

Angel Investors though as gifts / “James Circle Gifts” GoFund me campaigns for many in our IA community would work swiftly to assist many to stabilize at ground zero. James, you truly are an angel. 💚✨🌟💚. “James Freedom Founders “

Anonymous
>>67633923

Not rambling at all, those are some great ideas, well thought out. I bet even the institutions that benefit most from the current financial system would be in favor of it because long term they will end up with many more coins at a time when there will be far less available.

Anonymous

James Freedom Fiduciaries - gifts could be in crypto blue chips example Patron could gift !1K bitcoin etc using crypto to assist using a GoFundMe type page that gave overviews of recipients…. The dentist in Nebraska and the individual cleaning cabins for over a decade earning an honest wage are my first two votes…. we’d never need to know who they are, and anonymous is a “copy the link” step away from lifting them up faster - James - “Level Up in Love” campaign …

Anonymous

1) how debt affects you - how it prevents you from getting ahead and financially free Generally a good relationship to debt. I cancelled my credit card after i found it hard to keep track of my spending. I have student loans at a rate of 2% interest or so per year and can pay off at the minimum rate. about 60K AUD in total. No home loan. 2) your dream mechanism - to eradicate your debt Having a UBI from govt that slowly pays off debt automatically. Or being able to take a loan to buy BTC, allow it to rise in price, and pay it off through the increased BTC value at some point in the future. 3) any other matters relating to the above IT'S ALL ABOUT PERSONAL FINANCE EDUCATION. Get this sh*t into schools. Make it fun. Love the vision sir - I think debts that nations have is a modern form of slavery, and this would be great to dissolve. Seeing this is why I left the 'being a diplomat' / 'working in the UN' route with my int'l studies/law degree to pursue tech. more impact, faster.

Anonymous

My fiancee has a lot of debt from student loans, and her salary in healthcare doesn't come close to paying these off. For years, her loan payments have been based on income, so she thought she was paying her loans off. In reality she wasn't even covering the interest payments. It's really sad because she paid a lot to attend a world-renowned training program, but her field just doesn't pay well at all. This debt is oppressive, and it practically makes her feel enslaved. She's had to work front-line with COVID patients, and didn't have the freedom or option to leave the job. Our employer (a major hospital system) mandated longer shifts, and there aren't competitors where she could go get a better job. We talked about refinancing her loans, but that would disqualify her for a federal loan repayment program (which are notorious for stringing people along for 10 years, then not paying). I'll be helping her pay down her debt once we're married, but this threatens to put a damper on our relationship and might impact our decision to start a family or pursue other life goals. My ideal situation would be for her to receive loan forgiveness from one of the federal programs! Barring that, I'm hoping that our salaries will rise because of inflation (making her debt easier to pay off). I'd also like to create a crypto portfolio that produces regular yields that we could use to pay down her debt, and help us fund an early retirement. These days, crypto has better growth and dividends than virtually any stock (solana has grown x5 in the past few months, and can provide 7.8% interest when staked).

Anonymous

Paying off my student loan felt like a huge weight had been lifted off my shoulders. I had learnt a valuable lesson that I needed to take my financial freedom into my own hands. I had gone to a great school and university but I was never taught how to manage my money, manage debt, do my taxes, invest, buy property. I think more education around this space is so important for young people today to empower them with the confidence to understand the system and how to use it to their advantage.

Anonymous

Well my life with regard to finances and debt has changed considerably of recent. I started to live the FIRE lifestyle back in 2017 and deeply cut into my wasteful spending habits. What I noticed though is that my future finances still seemed anemic. That’s when I stumbled into James. Since then, my portfolio has been readjusted and now my financial future is looking a whole lot stronger. For me the biggest moves we cutting the unnecessary spending and turning my portfolio into a more efficient and stronger earner. Adding Bitcoin and eth has been the best portfolio addition I could hope for. I have tried to get friends and family to follow, sadly few are interested.

Anonymous

For me that has been very similar to the old song 16 tons and what do you get another day older and deeper in debt. Today I have zero debt no home no pool no pets. Today my goal just leave my son and family with at least two bitcoin 10 eth and 10 shares of Tesla. Thank God I bought a home 40 years ago so today I’m Sitting on cash hoping to make the best of the twilight of my life

Anonymous

HI James. I got into crypto to help with debt (ie, mortgage/student loan) and retirement (long term goals). Both loans have been refinanced for lower interest over the past year or so. Crypto is the "dream mechanism" for me. I won't say that my student debt has ruined my life, but it's slowed my savings for retirement down quite a bit. I make a fairly good salary but I have the golden handcuffs. lol. I live as frugally as I can at the moment; have relatively low cc debt and own my car. I'm dca'ing into crypto as much as I can but I'm all ears if you have a better way!!

Anonymous

I have student loans and mortgage, which if I kept repaying I would never be able to capitalise on money-making opportunities. I would like to be able to participate in such money-making opportunities, and as I profit through them tackle my debt simultaneously. I hope one day to figure out a solid strategy to do just that. In you we trust sir! :) Thank you for what you do!

Anonymous

Dream Mechanism to Eradicate Debt: Well it has to be some form of 0%- Low Interest Credit Card. The borrower has to provide some form of Crypto collateral and has to make steady re-payments. I am sure those who have done well in Cryto would support putting a portion of their stack towards such a project. I still can’t believe traditional bank fees and charges in a negative/free money (for banks) environment. T

Anonymous

I don't have any debts, but i have borrowed USDC from my Celcius account because I didn't want to pay capital gain tax on my Crypto holdings. however, one of my employees is in Nursing school. 75k is needed to complete the program. I don't know how he can pay back the student loan, but if we can help in any way, this is where I am interested.

Anonymous

Thank you James for trying to help those of us with debt- Student Loans, Mortgages, Cars. I would appreciate anything that the team could come up with to help in being debt free:)

Anonymous

1. 1) how debt affects you - how it prevents you from getting ahead and financially free I think for the average person (and debt is a reality for the average person) the most insidious aspect is the psychological yoke. It certainly prohibits hatching plans for getting ahead like real estate or other investments; as you as the debt holder are the valuable asset being squeezed and on the wrong side of the equation. And notwithstanding this barrier, it is a constant weight on the psyche humming in the background and cause of stress. This most certainly is correlated with general unhappiness. This seems to me to be even worse than simply "not getting ahead" because you don't have money to invest. 2) Your dream mechanism - to eradicate your debt. The eradication of my debt has come from well placed crypto investments but equally important to me was the psychological and idealistic boost--particularly how defi reveals how predatory our financial system is, and it gives solace and hope for those who have fallen prey. It also requires a deep dive and self education, which is really important for those in debt because a lack of financial knowledge certainly is a factor for the average person. And it is empowering to learn about on multiple levels. Government debt forgiveness for something like student debt has its place, but on a large scale its is just rewarding overpriced and hopelessly outmoded college degree mills with tax payer money. Same with bankrupcy. Its all part the same predatory system. So yeh, some mechanism in the defi space for sure!

Anonymous

1) how debt affects you - how it prevents you from getting ahead and financially free" Student loans - We couldn't save as much as we would like for retirement.  We struggled month to month, often using credit cards to pay for expenses (flying home for Christmas/funerals). This is all while living very frugally.  We missed out on many trips, weddings, and other things that were out of our non-existent travel budget.  We have since caught up with savings, and our income has grown substantially, but we remember those days far too well.  We hope the future for our child will be without the dilemma of student loan shackles.  We also came from very fortunate backgrounds which have of course played a hand in our success and ability to get ahead, no matter how hard we have worked.   We are finally able to breathe, but it has been a decade of constant financial stress, very different than past generations with debt to income ratios were prime in your twenties. 2) your dream mechanism - to eradicate your debt Staking - using proceeds to pay directly to loan. Wouldn't that be a dream! 3) any other matters relating to the above The idea that you can hold an asset and pay debt automatically is mind-blowing to me.  Love this and all the ideas surrounding it.  Excited to see what the future holds. Thanks, CL

Anonymous

Pay off highest interest debt first. Don't finance cars or depreciating assets. Work on your credit score. Live within your means. Mirror what succesful people do. Friend up not down. Work your butt off ....

Anonymous

Hi James, 1) I left this information in a Patreon message because it's private But my humble request to you: Please keep warning people not to borrow money to speculate with. I have experienced myself how big the temptation is and I think this is often the 1st step to turn an average life into a very unhappy life, especially with Leverage. I also understand your points about long term loans vs inflation, but please continue to educate on the risks, too. Even though I don't currently own much that I could mortgage, I wouldn't do it even if I could. For me the freedom to go where and when I want is just more important. As soon as my student loan is paid of this should be it. I saw first hand how a family member only lived to pay off one loan with another, burning all the gains in interest for the banks on the way. Be aware debt can be a spiral downward!

InvestAnswers
>>67632141

OMG so sorry to hear that. I got wiped out financially from a nasty divorce 12 years ago and had to sell extremely valuable options that would have made millions to pay lawyers...... ugh - but you know what - you cannot put a price on peace. And you are crushing it investing. Future is bright. Hang tough

Anonymous

For me the priority is to learn to generate more money, always maintaining a certain degree of balance, I have my workshop and manufacture furniture, although I love it, I believe that it does not even allow me to take the maximum of the present opportunity that we have with the crypto world. once I learn to generate "money" or "value" I think that that ability will never be taken away from me and I say learn because I do not come from a family of entrepreneurs or people with money so everything is something new, a pleasure to see your work and I am grateful to be in that community I think it is one of my best investments. A hug from Chile

Anonymous
>>67641361

SDIRA's are a good way to go to build tax sheltered wealth, especially in a Roth. I'm setting up a SDIRA to own an LLC that I'll manage to buy crypto and any other assets. Just need to spend $ up front to create the LLC. Will avoid the trading fees this way in comparison to other alternatives like iTrust.Captial.

Anonymous

I have started this post many times to just delete it. First off I'm not rich, wealthy, a trading guru or the kind of person that takes advantage of some one for personal gain. First off there are a many things I think are very important to reaching financial freedom (a comfortable living within your means). These are not in any order. 1. Time- rich or poor, time is something you have a limited amount of. Not trying to sound like a downer, but its a fact. If you spend your life chasing the money to keep up with the Jones, your robbing time from other stuff (family, friends, new experiences for yourself, etc). I am a firm believer that if you can't take care of yourself, you can't take care of anyone else. 2. budget/ emergency fund- I have a firm belief that everyone needs to have at least have 6 months of cash stashed away somewhere safe. It might not be making you any money being stashed away, but knowing you have it if needed is huge. It takes a lot of discipline not to dip in to your rainy day fund unless needed. It is a game changer IMO. Financial STRESS is a nightmare that can be devastating to your health mentality and physically. Many marriages end due to financial difficulties which adds another level of stress.. Living within your means is a very important part of a successful path to financial freedom. I'm not saying to rat hole all your money away. Make goals and treat yourself or your family to something nice when you reach each goal. I think people appreciate stuff more when they earn it vs breaking out the cc and maxing it out. 3. Investing in yourself- For starters, everyone here has taken a step forward by joining the team. This was the odd 1 for me personally, boredom led me to trying stocks then crypto. Almost gave up on both until I found a InvestAnswers video. It took me awhile to somewhat understand the crypto world. After countless hours of youtube and lots of different channels I felt this was the best team for me to be on. 4. greed/ counting your chickens before they hatch- I would never borrow money for a speculative asset. crypto or the stock market could tank faster than you can get out ahead. Never invest any money that you can't afford to lose. I understand it takes money to make money. Holding the bags for a dead stock or crypto plus a loan payment is not ideal. 1 of my trips to Vegas for training I had a older gentleman tell me Vegas wasn't built by winners. I can relate that to many things in life 1 way or another. I honestly know how great it feels to help someone else get their own financial freedom in a sense. I can't put into words how amazing it feels to have good friends thank you for your advice and spending time with them coming up with different ideas on how to become better off financially.

Anonymous

I agree grim!