I put my entire life savings into leveraging the Trump memecoin and cashed out basically at the peak and am now a millionaire overnight. I had an office job making around 70k a year and I currently live with my parents in my late 20s. This is all so surreal. How do I best invest my newfound wealth and be fiscally responsible? I haven't told anyone anything. I have about 3 million, I don't know how much of that I'll get to take home after taxes.
>>59658109>now a millionaire overnightPics or it didn't happen.
>>59658109if real good job anon>How do I best investYour priority now should be wealth preservation. No more risky investments.
Fuck this shit i could have done that aswell but i ignored it since its on solana
>>59658130Should I put money in real estate? I thought about buying rental property, idk if 3 million is enough>>59658133you fucked up
congrats nigger. you have some balls.
>>59658180Thanks, I figured if I was going to go all in on something it may as well be this and I figured the value would tank after the inauguration.
>>59658109Buy a house, then with remaining:70% S&P ETF10% internation ETF10% bitcoin10% LINKMaybe take some of that S&P and put it in bonds if you're risk-averse
>>59658145Just buy up some btc when it dips hard and some s&p or other stonks. Maybe even just a high interest savings acct for some of the cash. Don't really have to do much else. You're probably larping tho.
>>59658109>leveraging the Trump memecoinhow? where?
After taking a good hard look at how to diversify across dividend plays specifically, 3mil should be enough to surpass your current rate of 6k/mo. Ask chatgpt how to file 1099-DIV so you dont gotta pay taxes on every single payout. Then obv still invest in the things you like, whether that be computer companies or cars or property or whatever.Also congrats also good luck hiding from all your friends and family that you're living a double life as a financially secure person
>>59658109Get a tax guy, get a money guy. Congrats anon you got some balls.
>>59658109Good job. Did you move it to SOL or something else?
>>59658109> I don't know how much of that I'll get to take home after taxes.Assume the worst, ie, this will be taxed as short term capital gains, so regular income at the federal level, and whatever weird thing your state does with it.3 millions will throw you into the highest income tax bracket, so yeah, it won't be cheap.If you didn't actually cash out, but only converted it into a different token on the same chain, perhaps of a stablecoin nature, you may have some plays left, and you'll want to do >>59658332 this.
Man I just heard about it like last night. I got in at $53. Hold or sell?
>>59658291>>59658307I intended to do something like this, but should I consider buying a million worth of rental property or no?>>59658352yes Solana and then a stablecoin
>>59658269What made you think that it would tank after inauguration?
>>59658385Well I didn't cash out yet because I know it would be considered regular income, it's all in a stablecoin at the moment
>>59658109congrats anon, you deserve it.You should really read some books and listen to some stories of people who won the lottery or inherited a lot of money unexpectedly.Set the money aside somewhere safe and keep living your life like normal. After a couple months once the reality sets in and you have a plan then you can start moving small amounts so you can actually enjoy being rich.>t. inheritancefag
>>59658393Rental property could possibly get better returns but it is a lot more work than buying an ETF. You have to maintain it, find (good) tenants, pay property tax, etc. If you don't mind that stuff and like the idea of concretely owning something like real estate, then go for it.
>>59658469How old were you when you inherited and how much was it?Perhaps you can reassure mr. Waiter in the other thread
>>59658314You can do it in binance using usdt. But OP is full of shit. Prove it or gtfo.
>>59658109I hope you never take such a risk again, but I am happy it paid off and worked. Godspeed Anon.
>>5965858124, which thread?
>>59658109
>>59658413In some places if you convert it from whatever crypto you used for that leveraging into a stable coin, some places consider it as "cashing out" despite not even going into the bank. It is retarded and it is the law here in Canada lmao.
and everyone clapped
>>59660638clapped their cheeks that is
>>59658109Looks like highest tax bracket in America is 37%, so am i correct in saying youll pay a bit over $1m in tax and keep $1.89m?
>>59658109and his parents? Albert Einstein.
>>59660646>paying 1m to live in americalmao
>>59660688I mean its taxes in a first world country. I live in Australia and its 45%.
>>59658410>What made you think that it would tank after inauguration?He has a brain
>>59660688niggers gotta eat
promotion strategy:success story
>>59658109after state and federal taxes its probably 1.5-1.8m. you have a couple options: ETFs, dividend stocks, RE, and going back into crypto. >ETFs are buy-and-forget, they will generally go up as rebalances occur. the downsides with them is having to cash out takes time and you will want to forecast when you want cash on hand, and general market downturns hurt>dividend stocks give you income for holding them, but the downside is that dividends are taxed exactly as income. >real estate gives you an asset which is likely to appreciate and potentially more cashflow than dividend stocks, but at higher risk levels from bad tenants or natural disasters>crypto is the clown show, you've already seen things people couldn't believe
>>59658109Alright op so this is what you're going to do, take notes;>Buy 3 lamborghinis, make sure you pay as much as possible in interests. This will give you interests which rich people notice.>Rent -not buy since you can't at this stage- a mansion in LA. This will also give you status.>Make sure to create an Instagram account, travel accross the globe as much as possible and post daily pictures of your adventure with shit like "Understand that life is yours and only yours. You write your own destiny. No more distractions. No more sinning. Focus, discipline - that's how you get what I get.">Get a broccoli haircut since you're in your late 20's, pic related.>Buy comical amounts of Dogecoin, Bitcoin Bob, DogWifHat, CHAD, stuff like that. Change your X pfp to a milady nft which you will also buy. Your acc name should be 'invictous.eth' or something with eth at the end. Post your instagram pics here as well but never dox yourself. Post your wallet and your stupid holdings.>Get in bed with crypto SOL focused scammers with similar X profiles, make contacts, get into Discord servers.>Start your very own disingenuous, fake shitcoins to rugpull stupid idiots.>Omega returns, pay for everything you spent money on so far + far more.
>>59661226Uhh I'm thinking based?OP mark the question as answered
>>59658109well anon it sounds like you need to put 45% aside for taxes...actually just stop everything and find an accountant who actually has dealt with crypto before, he'll charge you a fortune but chances are you'll be paying so much tax you can just write it off
>>59658269how much did you put in
>>59658385>>59658413trump literally campaigned on no taxes for crypto so i would wait a bit to see. its only been 1 day im sure by the end of the month youll know what the new laws will be. dont get cucekd into paying the IRS yet
>>59658109>entire life savings into leveraging the Trump memecoinWell, looks like you are either a complete retard or a genius. In both cases you don't need our advises on your further actions. You will either lose everything soon anyway or you just know what to do next.
>>59658109>I put my entire life savingsGo back to your McJob.
>>59658109How much did you put in?
>>59658109>70k a yearBefore or after taxes?>at the peakBuying from where?>late 20sWorking at the job for how long?>3milThis smells like such unbelievable levels of bullshit. If you went all in, and i do mean ALL IN from 4 YEARS of nothing but straight savings from your 70k a year job [assuming you got 55k after taxes] you would have 220k to invest.It started at about 20 or so on the public markets after it got attention, then jumped to 70 or so. That's only ~3x. You would have had 660k from 220k.The math ain't mathing.When did you start this shit?
>>59658393Buying rental property right now would be like purchasing yourself a brand new full time job. I'd say leave that for the real estate pros before you drive yourself insane just maintaining the paperwork, let alone tenants and properties themselves
>>59658109>on levergei don't think you did because a 50% correct would have liquidated anything more than 1.5x leverege. And there was a few 40% corrections on the way up
>>59661707Dude, those are trumpcoin baggies larping relentlessly to create FOMO and persuade other people to buy their bags.
>>59658109Lucky you. If I had made that huge amount from Trump coin I'd be looking to invest it in Kasu the new RWA lending protocol for passive income
>>59662268nah, that doesn't have anywhere near as much TVL of RWA as RBNT. That makes RBNT massively undervalued
>>59658109Congrats anon you've made it! Wish us the same luck as you :)
>>59658145if jew are in USA then 40% of yhour winnings is going to the tax maneither way congrats on your score now get out while you still can and go buy a house op
>>59658109>I put my entire life savings into leveraging the Trump memecoin and cashed out basically at the peak and am now a millionaire overnight.That's a big mistake I'd rather go all in on Natix than all in on Trump.
>>59658413if you're in america you technically have to pay taxes on that. obfuscate it as best you can. it makes sense to pay taxes in usd when you sell it for usd. find a way to make it make sense
>>59661226My man. A dream we all share.
>>59662268I can see that it's partnered with Apxium the big lending company in web2. I'll check it out
>>59658117Haven’t seen a pic so OP is a faggot yet againDucking hate /biz/
>>59658393>I intended to do something like this, but should I consider buying a million worth of rental property or no?if u have 3 million do not buy anything except a new vehicle as a reward and ignore the market for the next 3 years2mil is one tradie lifetime stolen and 1.5mil is enough for a luxury home+forever gaming or whatever hobbyjust sit, don't tell anyone and go hangout in nature
>>59662300There's nothing to congratulate the anonOP here. Ya'll will go back to trenches.
>>59658109Holy kek, you really went full degen on Trump coin? Bro, that’s a one-way ticket to Recktown. While you’re out here riding the meme lottery, SUI’s been building the next-gen L1 ecosystem like an absolute chad. Dynamic assets, DeFi scaling, legit gaming integrations, actual use cases, not just boomer memes. But hey, enjoy explaining to your landlord how Trump memes didn’t moon your rent money.
>>59663650Nobody says that except liars like you who spread hate.
>>59664191It's always good to hate liars.
>>59658133right but you didn't. it's easy to believe you'd be rich in hindsight of you had done something different but you didn't it's meaningless and literally everyone could be rich 20x looking back....but they aren't.
>>59658145anoneveryone in this thread does not care about you, except meThis week take a vacation to Puerto Rico with a good friend or familyFly into San Juanstay in an air bnb or hotel in this area for a few dayscheck out the forts and swim a bunchlook up the dopest snorkel spots and you can even take a prop plane to the small island Culebra for a day on the beachIf you like all of that then I suggest you start multiple businesses there ran by the same core of peopleWhere in PR?Depends on if you want to live thereIf you want to live there i suggest somewhere less developed on the come up200 beaches in Puerto Rico and if you look into the west coast and south east its being colonized by white people Ive been 6 times as a poor fag who wont sell his 2k LINK and lost 17k Cardanojust go and research after
>>59658109You're living the dream bro. Congratulations.Piss on super models while snorting cocaine for the rest of your life.
>>59658413Converting to a stable coin is still considered cashing out. Any and all trades are taxed (if you live in burgerville, I don't know about evro shitholes).
>>59660809Depending on what state you live in the US, it's even worse than that because you are double taxed by the STATE and the FEDS. For instance, commiefornia is an extra 12.3% on top of whatever the fed charges.
>>59661623That was no tax on purchasing shit with crypto, not no tax on crypto at all, wasn't it? Like it makes no sense if you buy a coffee with btc you should have to pay capital gains on top of sales tax.
Bro you are at math. He said he got it at 3 dollas, the peak was 81. That's a 27x. Plus he used leverage. This motherfucker can live in dubai and piss on supermodels.
>>59658109set aside 1m for taxes, and don't tell anyone what happened.
>>59665559>If you like all of that then I suggest you start multiple businesses there ran by the same core of peopleUhhhhh this is how you get invited to Rico parties. stay away from the Rico parties.
Don't tell anyone, not even family or friends, in fact they're the worst people to tell. Get an accountant to figure out the best way to handle your taxes there may be ways to reduce your burden. Put the rest into some kind of safe stack like VOO, if you want to be a little riskier VOO/SSO 50/50 is solid too. Live off of 5% per year, you made it.
>>59658109Damn, wish I did it the same way, instead I bought on auradex and sold around $55
>>59658109Put the gains back into Trump and double up again.
you're kinda free if smart. congratulations anon, remember of us when you are fucking models and eating the best food
>>59658109Because it was short-term gains -- what, literally one or two days -- it will get treated as "ordinary income" and you will owe 37% federally on most of it.You will also have to calculate "Alternative Minimum Tax" (AMT) which would actually be lower for you so the AMT number gets thrown out anyway -- it's basically there to prevent people with lots of capital gains income from "not paying their fair share" (fucking socialist scum terminology).You'll also owe state tax, which might be anywhere from 0% to around 12%, and if you're in one of a few shithole cities (NYC, dunno about others) you may owe city income tax as well -- but if you live in NYC you fucking deserve that tax hit for being NYC scum.Obviously you should go talk to a tax professional to make sure you don't screw up, because making a mistake can cost you even more in penalties.BTW, you will have to send a check to the IRS within a couple of months for "estimated tax payment" and if you don't do that you can be hit with penalties (I think 10%). Check with your state to see if you have to send them an estimated payment as well.Lastly, when you talk to that tax professional ask about other taxes like Medicare and Social Security. I don't think they would apply but the government likes to steal every cent that it can from you, and if you don't pay then they'll steal even more. SocSec plus Medicare is somewhere around 18% now.tl;dr: you're probably looking at having to pay about 45% of it to various governments but if SocSec has a claim then it might be 60%.Disclaimers: These off-the-cuff remarks are not intended as legal or tax advice. For legal and tax advice upon which you can rely, talk to a legal and tax professional licensed in your jurisdiction.
>>59658413Every trade you make, even crypto-to-different-crypto, is considered a taxable event.Dumbfucks tried to scream "like-kind exchange!" back around ten years ago, but what they didn't realize is that the government doesn't listen to autistic shrieking, like-kind exchanges have to be already carved out in law like the one for real estate, and if they aren't already in the IRS Code then they don't exist, therefore there never was and still isn't any form of like-kind exchange for cryptocurrency swaps.Also note, if you fuck up and lose it all, you'll still owe taxes on those gains. You can offset the owed amount with your losses AS LONG AS THEY ARE IN THE SAME YEAR so if you decide to do more stupid gambling, be really fucking sure your transactions settle in 2025 and remember to get receipts so you can claim the losses.
who got >>59666666
>>59666664goddammit I could have been the one if I'd waited a few more seconds ;_;
>>59661707>It started at about 20 or so on the public marketsI got in at like $5 on Phantom bc I saw the Trump tweet early. At one point I was up 15x. I'm still up 10x but I'm not selling until at least a new ATH
And here I was proud of my measly 40k
If you tell anyone they will make your life harder. Play it cool.
t. Baggie who bought the top
