Dollar Broke

SALtoshi Whitepaper #92

Fellow humans,

I feel like a broken record when I say education (knowledge) and experience have the ability to completely change our lifestyle for the better. Anybody with a deep understanding of anything can relate. We begin by wandering around aimlessly or stuck in a seemingly constant state of failure, but with a proper education and years of experience, we end up walking tightropes over the Grand Canyon with our eyes closed (metaphorically for most of us). We become masters of our craft.

Imagine a laborer working at a construction site at 13 years old (excluding Amish boys). He would most likely be inexperienced, lacking knowledge, and probably clumsy and slow. Now imagine a contractor with 25 years of experience under his belt. He could probably build a house in his sleep, and might even have dreams or nightmares about doing so. Knowledge and experience drastically improve our abilities and performance. Also, we would feel a boost to our confidence and self-esteem, which naturally leads to a constant hunger for more.

The more we learn and grow in a certain field, the more risk we are able and willing to embrace. Doesn’t necessarily mean we’re taking on too much risk though. One might assume we’re in over our heads, and maybe even reckless. However, we’re seasoned veterans, so we are able to find success when the stakes are high. My palms actually sweat while watching Nik Wallenda cross the Grand Canyon on a tightrope with no safety harness. I remember watching live, and having a lot of respect for him. In fact, I have a lot of respect for anybody who constantly challenges themselves, especially those putting their lives on the line to pursue their passion.

All of us have our own version of a tightrope.

The military used to be my tightrope, and now Bitcoin. I’ve been willing and able to embrace high levels of professional and financial risk while pursuing my goals. Most people would never consider volunteering for a tour in Afghanistan or going all in on magic internet money. Not that I’m better than anybody, I’m just the type of person willing to put all my eggs in one basket. Regardless of what type of people we are, all of us win some and lose some. What’s another failure in the pursuit of wild success?

I’ve never been able to build a large savings account. My first job was at 11 years old, and my income has been sufficient for many years as an adult. I have never had dependents or college debt, which means I should probably be a millionaire by now, but my spending habits were atrocious for too long. I was a victim of extreme consumerism, and finally took ownership of my financial life. About two and a half years ago, I had the right conversation with the right person at the right time, and eventually became financially responsible.

My financial life started coming together through meticulous budgeting and aggressively paying off debts. I have some great (and free) financial tracking tools if anybody is interested. My new and improved personal finance system officially began in January of 2019. My process was nowhere near perfect, and I’ve made many mistakes along the way. However, I’ve never abandoned the plan, and have always kept some level of discipline. I was debt-free, and ready to begin investing more aggressively in August of 2020.

I’m still not able to build a large savings account, but something else (better) happened.

Maybe my spending habits are still atrocious today. Define spending and atrocious. Buying bitcoin might turn out to be a poor decision. Too many questions, and not enough answers in the Bitcoin industry (regulation) at this time. Only God knows what the future holds. Regardless, an undeniable factor is the investment portfolio I’ve built for myself over the past year, which would have been impossible while doing things the old way. I’m not writing to brag about money though. On the contrary, I barely have any “money.” I’m officially and unapologetically dollar broke.

Here’s how the phenomenon of becoming dollar broke has happened, and continues happening.

  1. Income earned in the form of U.S. dollars.

  2. Almost immediately trade dollars for bitcoin.

  3. HODL bitcoin.

When bitcoin paycheck?

Conviction is a must to walk the tightrope. Believe to achieve, right? Often times I try imagining what my future might be like, especially if (when) I become a bitcoin millionaire. I feel completely content renting a small apartment in an average neighborhood, riding my bicycle almost everywhere, and wearing clothes from Wal-Mart. I used to be materialistic beyond reason. I’m glad the phase is over. Sacrificing materials works for me, as long as I’m dollar broke and stacked with sats.

Until next time,

Salvatore Norge

P.S. — I’ve recently allocated some of my bitcoin to begin trading with other crypto assets. My ultimate and long-term goal is to multiply my bitcoin stack. I’m planning on writing a detailed letter about my insight and trading experience soon. Hopefully I don’t get REKT in the meantime.