Say You Want A Resolution...
I'm not really the sort of person who likes to make new year's resolutions. I always feel like if you put something out there like that, there is more of a chance you are going to fail. In fact, the second Friday of January has officially been designated Quitter's Day due to the fact that most people abandon their resolutions by then.
Instead, I prefer to make what I call lifestyle changes and I do my best to start them immediately. Research shows that it takes something like 18 to 254 days for a behavior to become a habit. That's pretty big span right? I'm sure some people use the idea that they made a resolution as motivation and that is more than enough for them. Congrats. As for me, I need something a little more.
What I do think is helpful to me is setting goals. I'm happy to say that as of the other day, I reached one of my goals that I set a while ago.
It is time again for another Finance Friday/Friday Finance. This is a series I started where I talk about random bits of financial stuff that I have seen, gathered, or experienced during the week. I hope as a reader you find it informational, entertaining, or both. I also hope it can generate some good discussion and edify the community.
After the recent market dip due to the announcement of Deepseek, it is nice to see things starting to recover. I wouldn't be surprised if after a few more news cycles we don't see BTC hit a new all time high. Then again, I've read people calling for a drop back down to $75K. Who knows. I kind of feel like we are starting to get to the point where I need to start watching the markets more closely. I dropped the ball last cycle and didn't take gains when I should have. I don't want tha to happen again.
5000 HP!
It probably seems a little lame when you look at my main account, but I finally hit 5000 HP staked with my @bozz.sports account the other day. This is something I have been working towards for quite some time now. I really enjoy talking about sports and writing those posts, so it's something I plan on continuing into the future I don't know if that account will ever be as big as this one, but I hope one day it's close.
HyperLiquid
Somehow, I let @blanchy talk me into playing around with the HyperLiquid. That's not a referral link by the way. I apparently haven't traded enough to earn one of those yet. I had some USDC kicking around, so I moved $50 of it into the platform and followed @blanchy's advice to purchase two tokens. I should point out, I had to use a VPN to access the site. I will let you figure out why on your own. After a couple of days, I sold the two tokes I bought for a massive profit of about $1 USD.
Pretty sad right? I have to admit, I was a bit underwhelmed by the experience. I'm not giving up yet, but I am thinking about shifting gears. The HYPE token has been a big mover in the markets lately. It's the native token for the HyperLiquid platform. It might be a long shot, but then again this thing could be the next BNB or SOL, so I went ahead and moved another $100 USDC into the platform so I could purchase four of the HYPE tokens at $27.
The cool thing is, I use Coinbase to make a $20 purchase of USDC every month. Coinbase allows you to send USDC directly to the Arbitrum network with zero fees, so although I had to pay a bunch of gas to move that first $50 over and bridge it from ETH to ARB, the second batch of USDC was free.
We will see how it goes.
Speaking of Resolutions
If I did have one item you want to call a resolution this year, it was to finally set up some kind of estate plan for my wife and I. We have talked about it for a while that we need a will or trust in place so that if something happens to us we know our assets will be safe. It's one of those things that you talk about, but you never actually get around to doing. Perhaps if you have kids you do, but since we don't, I have just been putting it off.
I finally got around and called a lawyer the other day to help us get something set up. We have a six page form we need to fill out and a meeting with a lawyer at the end of February.
This does lead me to two questions that I am hoping the #silvergoldstackers community and others can give me some insight on. If I had to guess, I own less than four figures in silver rounds and bars. Do I put that on the form? No doubt my collection will only continue to grow, but is that something I should put down? If so, do I write it in as one of my investments or as "other valuables" or however they word it.
Then, as a follow up, how much of my crypto do I declare? I've been staying under the radar for a bit due to the IRS not really having a solid plan. I know one day I will need to be fully transparent and I am ready for that, but is this the way I want to do it?
What do you think?
Travala
@alexvan wrote a post the other day talking about his Travala (that is a referral link) rewards he got for being a SMART program staker and holding a Tiger NFT. I was a little miffed because when I first signed up for the program and staked my tokens the rewards were supposed to be free and automatic. Then they decided to make you complete tasks to earn them and I basically said "screw this".
I kept my tokens staked, but I didn't participate in the rewards. Then, the other day I decided what the heck I will give it a shot. I was impressed to see that I earned something like 97 tokens for only doing a portion of the tasks. Given the fact that the token is just shy of $1 right now, that's nearly $100 in basically free money for doing some really simple tasks.
It's safe to say I will be doing the tasks from now on. I'd also like to get one of the Tiger NFTs, but they are so expensive. I couldn't afford one back when they launched and as of right now, that really hasn't changed. We have been getting some decent airdrops for holding the tokens though.
If you haven't checked out Travala, I encourage you to follow the link above and see if it is something you might use.
Sports Talk Social - @bozz.sports
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Your post always get beyond reach as soon as it get published be it main account or the secondary, but congrats for getting a bunch of hive accumulated there too....The will is what bothering me too...and I wanted my kids to take note of them, but when would be right time...these days we are not sure about life ...I think disclosing everything is good, atleast, whosoever be the benefactor will utilised every penny.
Yeah, that is a good point about making sure that everything is accounted for.
For me, all I wanted is a lifestyle change until I built a passive income to support myself and enjoy life. For resolutions, frankly I didn't have any.
I definitely want to build some kind of passive income as well. It would be nice to just do what I want instead of what I have to.
Yeah, agree with that, just do what we want to do instead of following pre-program list.
I have a secondary account that is a Hive dolphin, but I don't plan to touch the funds in there. I just need to ensure it votes efficiently to use that power.
That is cool. I am working on building this one up through posting and commenting.
I sold the two tokes I bought for a massive profit of about $1 USD. Pretty sad right? I have to admit, I was a bit underwhelmed by the experience.
Those two tokens doubled in price so you should easily have $100 !! It's all about timing I suppose because myself and my friends all made a killing. I would say you have to just have the position open all the time to close the position when it hits resistance so you can close out at the right time. I'm trading the tokens as they go up. Sell at the top , wait for the dip and then buy more. Maybe you sold when the tokens were in a dip. I am not sure. My advice for you is to just stake the Hype token. It will go up for sure. The guy behind it is a Harvard grad called Jeff Yan so he has plenty of backing, Bitcoin spot goes live this weekend and the EVM is any time soon.
I sold when I woke up and saw that you were telling me to sell! I'm sure the timing was wrong. If I had held on to them longer I probably would have made more. It's pretty annoying to be honest.
Ah @bozz , having to use a VPN having to crank it up, it just wouldn't work out for you. When I told you to sell it was to lock in profit and wait for the dip to buy again to build up your token quantity. But if there is a delay at all you probably sold at the dip and only made a small profit. It's hard to do in different timezones. FLY and LIQD achieved 300% increases and are now in another accumulation phase. I'd by back into them again now if you still have skin in the game. This time just hold and sell when you think you have made enough and are not underwhelmed or annoyed. 🤣
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Firstly, congrats on taking that significant step toward securing your assets with an estate plan. It's not easy to tackle, but it's absolutely worth it, @bozz.
Regarding your first question about silver rounds and bars: It’s generally wise to list all assets in your estate plan, including your silver collection. Even though the amount may seem modest now, the value could increase over time. How you categorize it can depend on how the form is structured, but it might be best to list it under "other valuables" or "precious metals" if those options are available.
As for your cryptocurrency holdings, transparency is key when creating an estate plan. While the IRS may not have a fully solidified plan yet, it’s better to be upfront about your holdings. Include your crypto as part of your investments. This way, it’s documented and your estate plan will be comprehensive.
By covering all bases, you'll ensure that your loved ones are well taken care of and that your assets are distributed according to your wishes. It's an important step, and your proactive approach will pay off in the long run. Good luck with your meeting at the end of February!
I am not a financial adviser. This is my opinion only!
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Thanks for the advice. It is quite sound and I really appreciate it!
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It's always a good idea to have all assets in your plan, especially if you have more than one child. If you only have one kid you could just hand everything over in the silver at the right time or tell him/her where it is.
Congrats on the 5K on the alt account! Moving right on up! Trading on new platforms can be a challenge, sometimes you win, sometimes you lose. Good luck with it! I'm still looking for the next project I want to invest in, I've got a few I'm investigating. Question being will it go past that stage. Not sure ye! lol
Have a great weekend! I hope it's warming up a little over there!
Thanks, it is warming up a bit, but we have a few dodgy days ahead of us next week. We have no kids, so it's all probably going to our nieces and nephews. We will have to see about it getting all split up like that. Thanks for all the good advice and info!
With regard to an estate plan, I need to get my ass in gear and update my will. It hasn't been updated in years.
We don't even have a will, so you are better off than me!
Ah VPNs are dodgy in my book for cryto. HYPE was all the hype, but I didn't get into it. Good luck with those profits.
We will see. My luck I hit it at the top.
Thanks for sharing your plans for the future. Beautiful photographs.
Thank you!
Love the mindset! Resolutions come and go, but lifestyle changes stick. 💯
Thanks! I appreciate it! I try!
It is very difficult for me to change my habits and do life changes
I feel confused and uncomfortable
Sometimes we can be the thing that holds us back the most.
I report all my crypto earnings, just to be safe. My accountant told me that by law I even have to report my daily Hive earnings, converting each day to USD. It is considered regular income and so it's subject to the regular tax rate. As for a will... you know I should get on that too.
I think there is a point where I am going to have to start doing something like that. It's coming for sure. Although we will see what happens with regulations during the next four years.
I guess on the good side, if you report the HIVE income, that establishes a tax basis (I think that's the correct term) so that if you later have to report when you sell it, you can qualify for long term capital gains rate without the IRS giving you a hard time.
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Have not tinkered around with too many coins to be honest.
Reading through replies @silversaver888 has really given solid advice for you within your own legal system, something one has to update periodically as well.
Yeah, that is a good point. I am just going to be happy to have something in place.
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