Advertising
Advertising

Cryptocurrency: How to Get Into The Market of Tomorrow, Today

Cryptocurrency: How to Get Into The Market of Tomorrow, Today

Have you ever thought to yourself, “If I’d have only invested in XYZ 5 years ago, I’d be a rich man (or woman) today”? I’m sure we all have. Hindsight’s 20/20 when looking at markets we “could” have invested in. If we only had a crystal ball and could see into the future, we could see what the next big thing would be and we could get into it today and find ourselves with loads of money tomorrow. Unfortunately, most of us don’t possess a crystal ball or power of precognition. We do possess, however, the ability to look at past trends and make educated guesses about future trends. One of these trends we can look at today is cryptocurrency. Cryptocurrency is still a fairly new concept, but we can look back on one particular cryptocurrency, the first crypto-coin, BitCoin and see that the rewards of having bought into that when it came out, would have been phenomenal.

Take the creator of Bitcoin, Satoshi Nakamoto, for instance. While nobody knows exactly who this enigmatic person is (the name is a pseudonym) we do know one thing: Satoshi is probably sitting on a stash of around one million bitcoins! At the current market values, that equates to more than 500 million dollars and could reach over a billion dollars, depending on how much the Bitcoins fluctuate over the next few years.

Advertising

When Nakamoto first created Bitcoins, he wrote, “Instead of the supply changing to keep the value the same, the supply is predetermined and the value changes, as the number of users grows, the value per coin increases. It has the potential for a positive feedback loop; as users increase, the value goes up.”

This is exactly what has happened. The more people who are “getting on board” with Cryptocurrency, the greater the value of the currency. With BitCoin, that value has seen an increase of phenomenal proportions, but over the last year or so, it seems to have steadied itself to around $600 per coin. While it may see an increase, chances are it’s not going to go to $1000 again. Does that mean that you’ve “missed the boat” again?

Advertising

Is it too late to get on board?

While it may be too late to see that payload with BitCoin, the good news is that new Cryptocurrencies are coming out every day! Of course, as with any other market, some have awesome potential while others (like the infamous DogeCoin) are duds. If you do, however, find a good startup cryptocurrency and get in on the ground level, you can literally make millions off of it in a few short years! It does depend on how much you are willing to invest, of course, but even a minimal investment can yield outstanding results ‘IF’ you find the right one.

There have been many examples of successful entrepreneurs who have found viable cryptocurrency markets and turned hundreds into hundreds of thousands or millions. Such examples as Dennison Bertram who got in at the ground level of the Terracoin or Sebastian Greenwood who helped grow OneCoin are not that uncommon. These people recognized the value in the respective cryptocurrencies and got in early, and there is no reason why you cannot do the same!

Advertising

How can I get in on this?

If you check the current market values of the various cryptocurrencies available, you can browse through the various markets and make an educated decision on which ones may be winners. Of course, as with any market (especially one as volatile as cryptocurrency), you are taking a risk. You may see little to no return on your investment. On the other hand, you may see a tremendous return on your investment. One key component that may help you to succeed in cryptocurrency is diversification. Move your money around a little. Try putting a small amount of investment in several of the upcoming cryptocurrency markets and keep an eye on which ones seem to be growing quickly and which may be stagnating. You can then move your investments around until you find a winner.

Of course, you CAN invest in more standard markets like foreign exchange and stocks and bonds, and still make some money. But if you really want to play the game and see fantastic returns on minimal investments, you’ll find that with cryptocurrency, the sky’s the limit!

Advertising

More by this author

16 Young And Successful Entrepreneurs Who Prove That Age Is Nothing but a Number This Is The Secret Recipe For A Healthy Living 6 Essentials You Need to Consider Before Starting an Online Business 4 Things Every True Leader Wants You to Know Life Insurance: A Secure Way To Protect Your Future.

Trending in Budget Activity

1 6 Easy Ways to Treat Yourself 2 7 Websites to Sell Used Stuff Profitably 3 Seven Tips to Save Money While Renovating Your Home 4 4 Ways to Make Every Penny Stretch in 2017 5 Getting Out of Debt in 4 Simple Steps

Read Next

Advertising
Advertising

Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

Advertising

So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

Advertising

Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

Advertising

You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

Advertising

Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

Read Next