Bitcoin usage is free for everyone. Participation in the community is also open to all.
This opinion editorial is by Mickey Koss (West Point graduate with an economics degree). After serving four years in the infantry, he was transferred to the Finance Corps.
Like my role as a contributing writer at Bitcoin Magazine, Bitcoin was found indirectly and accidentally. When I was in command, a communications soldier told me about a GPU miner he was making passive income.
A helpful eBay seller helped me to find a premade GPU rig and set them up with profit switching software. Since then, I have been cloud mining shitcoins with NiceHash in exchange for bitcoin.
Soon thereafter, the COVID-19 lockdowns began and the stimulus packages began to flow. In all, we went from zero bitcoin to basically all-in within three months. The rest, as they say is history.
Use Boredom to your advantage
For some time, I felt unfulfilled at my job. My job is largely bureaucratic and can wear me down from time to time. I realized it was time for me to have something to look forward too.
I started to search LinkedIn with Bitcoin as my search criteria during lunches and other free time. I didn't know there were so many companies. One company that stood out to me was Bitcoin Venture Capital. You don't need to pick just one company, when you can collaborate with many.
I sent them an email. I was shocked that they didn't respond. They could ignore me, which was the worst thing they could do. They did not, to my surprise. It's amazing considering the information I sent:
"Hey, I'm still in the Army for a while but I think Bitcoins are cool and would love to help you guys out. (Not exactly verbatim, but you get the idea.
One of the guys from there still speaks with me almost every week. He has connected me with every veteran Bitcoiner in his Rolodex, and he did so without hesitation. I have spoken with CEOs, Podcast Hosts and founders as well as other VCs.
I have made a meaningful connection with someone who is willing to help me find a job once I'm out of college. I also made a new friend. One of my few friends who understands bitcoin and shares the same deep-held values.
I became bored and quit because it was boring.
I'm not unique. I am just a regular guy who loves bitcoin. When I was trying to find customer service information for Bitcoin Magazine, I happened upon the article submission link. I decided to take a chance, sent an email and here I am, having had fun with the article submission link for Bitcoin Magazine.
This is my proof of work resume. It serves as proof of the work community. It's not easy. But it's often fun. Except for the first, all of my articles were written using the Google Docs app on my phone. While Bluey was watching, a non-trivial portion of the article was written while sitting on the couch with my kids. Many of them were written in under an hour. Some took me weeks or days to finish.
I've had several rejected. I received my first rejection right after writing my first article. Although it doesn't feel great I love the puzzle of articulation so I kept going. Is it possible?
One particular article went viral on Twitter, apparently because they didn't like the content. My claims are true.
Link for embedded Tweet.
Ironically, it was the exact same article they wrote that led to me being offered an unofficial job by a Bitcoin startup founder. Sometimes, it's amazing how the world works.
Everybody has a story to tell
Jordan Peterson's favorite phrase is "If you get bored talking to someone, it's probably your fault." Most people are fascinating to me. I know you do, too. You can change your life if you are unhappy, bored, or just looking for a new direction. Email some people. Write articles. You can't change your life if you don't make a change. Get out there and create your own portfolio of proof of work. What could be worse?
This guest post is by Mickey Koss. These opinions are not necessarily those of BTC Inc. and Bitcoin Magazine.
Frequently Asked Questions
How much is gold taxed under a Roth IRA
An investment account's tax rate is determined based upon its current value, rather than what you originally paid. If you invest $1,000 into a mutual fund, stock, or other investment account, then any gains are subjected tax.
The money can be withdrawn tax-free if it's deposited in a traditional IRA (or 401(k)). Dividends and capital gains are exempt from tax. Capital gains only apply to investments more than one years old.
These accounts are subject to different rules depending on where you live. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you to wait until April 1. New York allows you to wait until age 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Should You Invest Gold in Retirement?
It depends on how much you have saved and if gold was available at the time you started saving. If you are unsure which option to choose, consider investing in both options.
Gold offers potential returns and is therefore a safe investment. It's a great investment for retirees.
Most investments have fixed returns, but gold's volatility is what makes it unique. As a result, its value changes over time.
But this doesn't mean you shouldn't invest in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another benefit to gold is its tangible value. Gold is more convenient than bonds or stocks because it can be stored easily. It can also be carried.
You can always access your gold if it is stored in a secure place. Physical gold is not subject to storage fees.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Also, you'll reap the benefits of having some savings invested in something with a stable value. When the stock market drops, gold usually rises instead.
You can also sell gold anytime you like by investing in it. You can easily liquidate your investment, just as with stocks. You don’t even need to wait until retirement to liquidate your position.
If you do decide to invest in gold, make sure to diversify your holdings. Do not put all your eggs in one basket.
Also, don't buy too much at once. Start by purchasing a few ounces. Next, add more as required.
The goal is not to become rich quick. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
Can the government take your gold
Because you have it, the government can't take it. You earned it through hard work. It belongs to your. There may be exceptions to this rule. You could lose your gold if convicted of fraud against a federal government agency. You can also lose precious metals if you owe taxes. However, even though your taxes have not been paid, you can still keep your precious metals, even though they are considered the property of United States Government.
What are the benefits of having a gold IRA?
It is best to put your retirement money in an Individual Retirement Account (IRA). It's not subject to tax until you withdraw it. You can decide how much money you withdraw each year. There are many types available. Some are better suited to college savings. Others are designed for investors looking for higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. These earnings don't get taxed if they withdraw funds. This type account may make sense if it is your intention to retire early.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA, you don't have to worry about paying taxes on your gains while you wait to access them. For people who would rather invest than spend their money, gold IRA accounts are a good option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. This means that you don't need to worry about making monthly deposits. To ensure that you never miss a payment, you could set up direct debits.
Finally, gold remains one of the best investment options today. Because it isn't tied to any particular country its value tends be steady. Even in times of economic turmoil gold prices tend to remain stable. Gold is a good option for protecting your savings from inflation.
What does gold do as an investment?
The price of gold fluctuates based on supply and demand. Interest rates also have an impact on the price of gold.
Due to limited supplies, gold prices are subject to volatility. Physical gold is not always in stock.
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
Guidelines for Gold Roth IRA
It is best to start saving early for retirement. Start saving as soon as possible, usually at age 50. You can continue to save throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles allow you to make contributions without paying taxes on earnings until they are withdrawn from the account. This makes them great options for people who don't have access to employer matching funds.
Savings should be done consistently and regularly over time. You'll miss out on any potential tax benefits if you're not contributing the maximum amount allowed.
By: Mickey Koss
Title: Join The Permissionless Bitcoin Community
Sourced From: bitcoinmagazine.com/culture/join-the-bitcoin-permissionless-community
Published Date: Wed, 21 Sep 2022 00:30:00 GMT