So I ended up buying some more Dogecoin this
week. In this video I'm going to provide an update on my Dogecoin purchases, my lessons
learned, and an update on my debt free journey. You just gotta get started. Welcome to my
Channel. I'm Harland D White and on my channel I'm currently documenting my journey of eliminating
almost $50,000 in debt. So each week, I'm sharing lessons learned along the way. Now
if you're not familiar with Dogecoin, Dogecoin is a cryptocurrency that was developed in
2013, and is similar to the more popular cryptocurrency Bitcoin. Over the last couple of weeks, it's
been getting a lot more attention because of Reddit community, Wall Street Bets, as well
as Elon Musk and other celebrities like Snoop and Elon actually thinks that Dogecoin has
a potential to be relevant in the future. Take a look at this clip from TMZ. The point
is that Dogecoin was invented, as a joke, as essentially to make fun of cryptocurrency.
And that's why I think there's like an argument like fate loves irony, like the most entertaining
outcome is the most one of the most ironic outcome that the currency that was invented
as a joke.
In fact becomes the real currency. Absolutely, to the moon to the moon to the
moon. Personally I got involved with Dogecoin last week when I made my huge purchase of $25
worth of Dogecoin. And the reason why I actually bought it was because I had a huge case of
FOMO because of all the hype around the meme stocks like GameStop, and AMC. After my purchase at
some point during the night that $25 was worth over $70, and then just a few days later that
became $21. However I do feel as though the reason why the price dropped so much at that
point in time, was because Robinhood wouldn't allow instant transfers of money for purchases
of cryptocurrencies specifically, and this is one of the many complaints against Robinhood last week. As a result, when I tried to transfer over $100 into my Robin Hood account
to buy more Dogecoin, I couldn't and had to wait until the funds cleared my bank.
And I'm sure
that happened to a lot of other people as well. As a result, we couldn't buy Dogecoin and
the price of Dogecoin dropped, at least that is my theory. So the following Wednesday late
afternoon my $100 became available, and I ended up purchasing an additional $100 worth
of Dogecoin but shortly after I made that purchase I started thinking to myself, maybe
I should have bought a little bit more Dogecoin. So I turned to my budget, and I started looking
through my budget categories to see if I had any extra money, and I was actually able to scrape
up an additional $50 that I could move over to my Robinhood account to buy some more
Dogecoin, and at this point in time the instant transfer to by additional cryptocurrency was
So I proceeded to go ahead and move over that $50 and buy $50 more
worth of Dogecoin. So in total I put in about $175. Here's my total investment in my Robinhood account that I just opened last week, which includes the 4 free stocks that I got
for opening up the account. My Dogecoin purchases, as well as an additional $50 that
I have not invested yet. Now this definitely fluctuates quite a bit, because of the volatility of
Dogecoin. However, at the time of this recording my Robinhood account balance is $492, about
$24 is from the free stocks offered from Robinhood $50 is cash, and then the remaining $418 is from
Since the total amount that I put in for Dogecoin was about $175, that would
be a gain of $244. Obviously I'm pretty excited about the early success. However, I do also
realize that number could look a lot different tomorrow when I release this video. So the
way that I'm looking at Dogecoin in general is that it is a long term investment. And
that in the meantime, the price of this coin can definitely fluctuate a lot. However, I'm
not concerned about the day to day or week to week fluctuations because I am looking
at it as a long term investment, to see what happens.
So from this whole experience I have
three lessons learned, the first lesson is to be open to new ideas. Now I wouldn't recommend
putting money into investments that you hadn't previously researched, but in my particular
case I felt as though the risk was pretty low. $25. Additionally, I had received some
unexpected income that week as well, which gave me a little bit more wiggle room and
money to play with. Lastly, by being open minded and putting money into Dogecoin, it
caused me to want to actually research what Dogecoin was, and then it resulted in me wanting
to invest a little bit more money into Dogecoin, and as a result, I intend to look a little
bit more deeper into other various cryptocurrencies, and blockchain. Alright, and the second
lesson learned is that I really need to get out of debt. Now, obviously I'm already on
a debt free journey.
However, this experience definitely lit another fire! Every month I'm
spending over $1,500 towards debt for things I don't even remember purchasing. So I'm looking
forward to being able to apply that money towards growing assets. The point being that
I would have had a little more extra cash that I could have put towards a speculative
investment, like Dogecoin and still maintained a low overall risk to my financial situation.
Is anyone else on a debt free journey that feels this way? If so definitely leave it
in the comment section below. And the last lesson that I learned is that I can't be controlled
by FOMO; fear of missing out is definitely real, for example this week I turned down a trip
down to Tampa for the Super Bowl, because at this point getting out of debt is a lot
more important to me, and for me right now those type of situations are very easy to turn down.
However, what does bother me a little bit more is that I don't have very much additional
cash to put towards investments, and growing my assets.
The thing that I just keep reminding
myself is that if I continue to focus on my current higher priority of paying off debt,
then eventually I will have that additional income that I can put towards investing. Alright
so now let's take a look at my debt free journey. This week I was able to reduce my debt
by another $269. $200 of those dollars went towards reducing my federal tax debt, and
the remaining money went towards paying down my 401k loans, which actually come out of
my check automatically each paycheck. So my total debt remaining is $20,541, and my total
debt reduced since May of 2020 is $29,127. And additionally, I have another $800 set
aside to put towards my federal tax debt, but that automatically comes out on the 14th
of this month. Now if I were to be honest, at this point, it does feel as though my progress
towards paying off debt has slowed down.
However I constantly try to remind myself to stick
to the plan. If any of you are also on a debt free journey. Just remember that it is a long
term effort, and that it's going to just take patience and sticking to the plan, sticking
to your budget to eventually knock out the debt. So definitely, if you liked the video,
please make sure you like the video, it helps me out tremendously. If you're interested
in more content like this, please go ahead and subscribe and hit that notification bell
to be notified of future videos. Until next time. So I'm looking forward to being able
to apply that morning towards the point being that I would have had a little point being
that. And in those type of situations that did it for me those types of fishes. And for
me right now those types of.
So my total debt remaining is 20,500..