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Hodling pays off - Finally rid of my student loans!

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by COINS NEWS 325 Views

Discovered crypto while I was in graduate school in 2017, but didn’t sell at all during that bull run and learned my lesson lol. Bought more Ethereum in the bear market of ‘18-‘19, and never traded or sold until a few weeks ago when my portfolio hit the milestone I committed myself to.

Finally got the notification from the loan provider today that it’s paid off in full, and I can’t even describe the relief! (Of course the banks & provider took a few weeks to process the payment haha).

Hodling crypto feels nice, but freeing myself of this debt feels even nicer. Don’t forget to take profits, it’s more relieving than you might think!

sorry for those seeing this twice! automod deleted last post because of title

Edit: well this blew up bigger than I expected lol. Seeing a lot of the same questions so I’ll try to answer here:

  • Yes, I set aside some for taxes. I intentionally didn’t trade or touch anything for well over a year to lock in those sweet long-term capital gains taxes :)
  • loan paid off was originally 8.5%, refinanced to 4.5% in 2019. And yeah, I will be a little sour if Biden ends up wiping away everyone’s student loans after this haha but it is what it is, and this was a guaranteed weight off my back
  • most of what I sold was ETH, but also some Bitcoin and Cardano. Without getting into specifics, I was up ~15x my initial investment when I sold.
  • Will probably re-enter during the next bear market, in the meantime I’ll be cheering y’all on and saving up on the sidelines

Thanks for all of the kind words and awards!

submitted by /u/shewmai
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