Our Entire Net Worth Is In Crypto

Brought to you by the EveryDollar app. Start budgeting for free today. My husband and I are on different pages about using our investment that we have in crypto to pay off our mortgage. Wow. Now, he does agree that he would like to use it eventually, but he would like to wait for it because he believes it's going to grow exponentially and it's too volatile for me. um and so i would rather pay it off now and have some peace of mind and then how much does he have in bitcoin um enough to pay off our mortgage plus some wow so we're talking hundreds of thousands of dollars what did he pay for all that bitcoin um that's part of the issue is i don't know exactly what his base price was but he you know the tax hit that we'll get on it so um part of my question today was um because i don't know if him and i will get on the same page right now but if there's any um any strategies with uh the tax hit that we'll get is that what he's actually worried about um well he's worried about that and also he believes that it's going to keep growing um and so he'd rather wait for it to grow more so he has to sell off less then why would you ever sell it if it's going to in grow indefinitely because that means your tax bill is going to grow too i know i i i understand and i agree here's the so what is your what is your main goal here is your main goal to pay your house off or is your main goal to get out of that that's your that's your main goal that's well my yeah that's what i thought this was for is to like um like if if we if we were successful at paying our house off with this investment that would meet like that would be sufficient for me okay so i i i think that's the place to start because the bitcoin is the is the proxy war here it's the third rail and it's it what he's not really about the bitcoin it's not really about the tax strategy he has a thing that's not yours that you he's not including you on that was y'all's and now it's become his and the thing beneath the thing is I want to not have a mortgage I want to feel safety and security in my home. So if you need to keep this precious thing, and by the way, I own zero Bitcoin, not one shred. And do I wish I could go back in time and buy a whole bunch at nothing? Of course I do. And I also didn't get into Beanie Babies and NFTs and all these other things. You throw enough darts backwards, one's going to hit, great And it could go up a 5 trillion percent and it could go to zero because it's always going to have to be traded for actual money at some point right but that's neither here nor there i i have crypto friends i've got bitcoin friends and dude there is there's just that conversation is just a a ship that sailed the real conversation in your home is i want the peace and security of having a paid off home if you don't want to use this a we need to talk about our shared vision for what retirement looks like and our shared vision for the future Don't wait for the interest rate to be perfect before buying or refinancing a home. Talk to Churchill Mortgage. Smart buyers buy the home they can afford now and then refinance later if rates improve. Churchill helps you make decisions with confidence instead of guessing. And Churchill Mortgage has a webpage with special offers just for our audience. Go to churchillmortgage.com slash Ramsey offer I want us to come up with a plan right now for how we're going to pay off the mortgage in one year, two years, five years, ten years, etc. Because that's going to force you both to the table and say, okay, we're going to take separate jobs, we're going to take extra jobs, we're going to have to not go on vacations, whatever How much sacrifice is he willing to make to hold on to this precious Bitcoin thing, right? So at the current rate, if you didn't sell any Bitcoin, how quickly are you guys going to pay off the house? Oh, a long time So are you even making extra payments on the principal right now? No. And why is that? Is there no margin? We're paying off a car. Oh, okay. You've got other consumer debt. Yeah, so we have a little, not much. We have like $20,000. That's a lot to a little guy like me, but you guys are rolling. Okay, so $20,000 on the car, any other debt? No. Okay, do you have an emergency fund? Um, we have about $5,000 in the bank. Otherwise, everything else is wrapped up in crypto. Like no retirement? No. Um, his is in there. Mine is a pension. Okay, let's use real numbers here. How much do you have in crypto? We're not going to come steal it, I promise. I wouldn't know how. Um, like today's value might be $600. How much of your net worth is in crypto? All of it. Oh, sister. I'm scared for you. Yeah, dude. I know exactly, this man is addicted to this, this is greed at this point. Sell off, sell off a piece of it to clear everything if this was a single stock in a company wouldn't it worry you yeah i yeah and companies actually produce something like revenue and products and services and stuff that's the scary part i'm not anti-crypto i'm not anti-bitcoin but it leads to situations like this which then makes me anti-bitcoin because people get so so much tunnel vision they put all of their eggs in that basket going you're an idiot if you don't believe in this like it's santa claus or something and so you guys need to have a whole different conversation this is not about paying off the house this is about legitimate safety and security and diversification yeah you're incredibly vulnerable I mean Bitcoin went down like 50 in the last 12 months like it took a huge nosedive and it's recovered a little bit but that's frightening to have half your net worth disappear because a bunch of dudes decided I'm a little spooked I know it might yeah exactly my point so have you have you had the conversation I don't feel safe in this house um he knows that it that it's too volatile for me to stomach no no no that's not what I said have you looked at your husband across the table and said I'm scared for my safety I don't feel safe in this relationship because we are a hundred percent leveraged on a very speculative thing no okay let's don't let's clear as kind let's sit down and say I'm I'm scared and I want you to hear me say you're choosing to have a scared wife um over this this speculative thing you got right and that's like I need you to own that as my husband and as a as a husband if my wife comes and says she's scared about anything that it stopped the presses for me even if I don't agree with it if there's no boogeyman outside if she says I'm scared about what's outside you better believe I'm getting a flashlight I'm going outside right Yeah. But don't tell yourself, well, he already knows, or he thinks, be very clear. Because you've got $600,000, I mean, how much would clear your mortgage? Four. Four? Plus your $20,000 car loan, plus let's fill the emergency fund. And so how much would we have to sell to make this happen? $500,000 of the six? Well, with capital gains, you'd probably have to get rid of all of it. And he's unwilling to do that. I don't think he's going to do any of this. I think he's made up his mind. That's tough. Yeah, for right now, he has. and that that but here here's the thing, Eric that's not going to change because if he makes more he's going to say see i told you so we have more and also it's going to be a bigger tax hit so let's just leave it alone so let's just leave it alone and then what and then if it goes down 50 percent again it's gonna be like well we gotta write it out you can't retire off of this because you don't know what's going to happen with it and he refuses to sell any of it is he still buying more no okay No. What's your household income? Take-home is $170 a year. Fantastic. Do you guys have kids? Yeah. We have three. And you're both working full-time? Correct. Okay. Yeah, I hate this for you because you'll have a get-out-of-jail-free card. I know. You'll have one. Yeah. This is some golden handcuffs if I've ever seen them. Yeah. You are so close to security and safety that it just boggles my mind. But again, I think there is a level of selfishness and greed that comes along with anything this speculative, anything that's done this well in a short period of time that I don't know that a conversation is going to convince him. You might need a third party. You might need to go to some counseling to get to the bottom of it. But this conversation is not about Bitcoin. Well, that's what I say. Like, if it's about I need safety and security and you're withholding that from me and he says, I don't care. That's the foundational problem. That's the smoking gun. Create your free every dollar budget today, the simplest way to budget for your life.