When Eric was 12 years old, his grandmother gave him $ 1000. She assumed that her grandson would save them for college, but Eric disposed of the money differently and invested everything in bitcoins, which at that time cost $ 10-12 apiece. By the end of 2013, Eric's fortune was already estimated at $ 100,000, after which he dropped out of school to pursue his own business.
According to Eric, the quality of the high school education was very poor. “I had teachers who constantly criticized everything. One advised me to quit school and go to work at McDonald's, because this is the maximum I can achieve in life. I think I did the first part, ”
Finman sold his bitcoins (at that time they cost $ 1,200 per coin) and with the proceeds founded Botangle, an online educational platform that helped disappointed students like him find really good teachers and practice video chat. The rest of the money he spent on moving from his hometown to Idaho and traveling.
In January 2015, after a series of unsuccessful negotiations, Finman found a buyer for his business, who offered him a choice of $ 100,000 or 300 bitcoins, which at that time dropped in price (about $ 200 per coin). Eric chose the latter because he believed cryptocurrencies were The Next Big Thing. “Your parents asked why you didn't take the money? But I perceived it more as an investment, ”he explained.
Eric could have bought more bitcoins for $ 100,000, but he chose an easier path, because at that time he was still underage, and the official transaction could be accompanied by certain difficulties.
Today, Finman has 403 bitcoins - at the current rate of $ 7,000 per coin, his fortune is slightly less than $ 3 million. And although many respected experts, including Warren Buffett, believe that cryptocurrencies are a bubble that is about to burst with a crash Eric is confident: the best times for bitcoin are ahead. “Personally, I think bitcoin will be worth between a few hundred thousand and a million dollars per coin in the long term,” he says.
Bitcoin millionaire lifestyle
Finman bought an apartment in West Hollywood. According to his words , mainly its neighbors are young YouTube-stars and representatives of IT-elite. Immediately after the move, he "went off the rails" a little because of the surging wealth and first of all he rented a Lamborghini, but eventually switched to Uber has lived a more or less humble life as an 18-year-old millionaire.
No diamond teeth, no expensive designer items. The closet of the young millionaire is practically empty, and the wardrobe is unpretentious - jeans, shorts, T-shirts of a discreet design.
“Money gave me freedom,” says Finman. When he finally decided to buy a car, he chose an unusual license plate - 2.1GPA - his GPA at the time of leaving school (rather low).
Eric has always had a difficult relationship with the school. At the age of 15, he asked his parents not to send him to college, and they agreed on the condition that he earned his first million before the age of 18. When the bitcoin rate jumped in the summer of 2017, and Finman's 403 bitcoins began to cost more than a million dollars, the condition could be considered officially fulfilled.
And although all of Finman's family members have higher education, he himself is not going to go to college. “I learned while doing business. Instead of writing dictations in English lessons, I wrote letters to important people, ”he says.
“In the form in which the educational system exists today, I would not recommend it to anyone. It just doesn't work. I would recommend the internet, which is completely free. You can learn a hundred times more on YouTube or Wikipedia. "
Finman eats primarily at restaurants such as the Polo Lounge at the Beverly Hills Hotel or the In-N-Out Burger, depending on his mood. He also constantly travels: he travels to conferences that take place throughout America, as well as to rest on distant continents. For example, Finman chose Australia for the summer. But his favorite vacation spot is Dubai, a technotopia built with oil money.
Today Finman manages bitcoin investments, both his own and his family. In addition to bitcoins, it also has small stocks in other cryptocurrencies, notably Litecoin and Ethereum. However, he does not really believe in the potential of the latter and believes that the ether rate is growing mainly due to speculation in the cryptocurrency market.
After Eric's success story became public, and he himself became a media person, his attitude towards the safety of his assets became almost "paranoid". Finman does not keep "all eggs in one basket" and keeps his bitcoins in different super-secured wallets.
He also has a hidden hard drive somewhere in Mexico. “You know how in Breaking Bad Walter had a cache buried in the desert for a rainy day? It's the same for me. Only it's not a lot of money, but a small hard drive, ”says Finman.
Hi ibrahim88,
This is a cool story to read! I feel for him because I was kinda like him when I was at school, but I did not buy bitcoins or did not even know about it haha. The story that he founded Botangle is very inspiring. I hope he eats well even though In-N-Out Burger is super addictive LOL!