Why I Shouldn't Have Sold Bitcoin to Pay Off My Student Loans
I first bought Bitcoin (CRYPTO: BTC) in 2015 when it was $400 per coin. I was 22 years old and fresh out of university. I had paid for my own schooling, so I graduated with about $60,000 worth of debt. I wasn't much of an investor, and I was lacking in financial literacy. I dabbled in a couple of other types of investments but resonated most deeply with Bitcoin. I never imagined that the investment in Bitcoin would work out as well as it did. But if I had to do it again, I wouldn't have sold my Bitcoin to pay off my debt.
Paying off debt with Bitcoin. Image Source: Getty Images
Paying off my debt as quickly as I did was not the best decision. I should have made my minimum payments on my student loans and invested the rest. Instead, I paid twice and sometimes three times my monthly minimum payment. I thought being debt free meant that I had financial freedom. But I learned later that I was never going to get rich if I didn't learn how to use debt as a tool. I was thinking of debt solely as a bad thing -- not as a means for multiplying my gains.
Source Fool.com
