I would like to share with you something I have recently implemented in my personal finances. This is in regards to saving money and preserving my purchasing power as the dollar continues to decline in value. I am starting to shift some of my money away from paper currencies to virtual cryptocurrencies.
I will have a livestream coming out soon to discuss this topic in detail. I believe this will be very valuable for those who are positioned properly.
So let's get started! 👏
First, download crypto.com on your mobile device in the app store. It is free to join and you can use my REFERRAL CODE HERE: 6r5kxcunfk and you will receive $25 to start in your account.
You can easily use my referral link below to sign up for Crypto.com and we both get $25 USD! 💵
Next, you will go through a verification process to set up your account. Once that is complete you will then connect your bank account to send money to the platform.
Upon initially enrolling, you will have 30 days to buy cryptocurrencies without any credit card fees, which is nice because you are buying at cost. Afterwards. the cheapest way to get money into the account is to send money via ACH deposit.
Now, to keep things simple, the main thing I use on the crypto.com platform is their staking option. You will see a button called "EARN" where you lock up your cryptocurrencies within crypto.com and they then pay you a rate of return on different currencies.
The numbers may fluctuate overtime in the app but based on these numbers alone it is a lot better than any savings account, checking account, money market account, or CD could offer you in 2021.
Out of the 4 currencies I showed the least volatile one is the USDC, which is the US dollar, also known as a Stablecoin. All I am doing is pulling a portion of my money from my cash value life insurance policy (which is money I am saving tax free) and then sending it to the crypto platform. I buy the USDC and stake the coin for as long as I want. This is money I am not going to touch unless for major emergency reasons, so until then I will be earning 12% over a 1 year timeframe. So if I dump 10k that is 1,200 return for the year. Then I just rinse and repeat.
In addition, if you want to go a step further, this platform offers a debit card you could use to earn rewards on what you spend money on everyday. This is a very competitive card that is competing with your typical credit card that comes with points or cash back rewards. It does cost money to acquire the card which will come with additional rewards. I share more about this in the video below!
This is the future of money folks! I suggest you take the time to become aware due to how your dollars are diminishing in your wallet every day. I don't know much about investing in crypto currencies yet so I am sure there are lot of strategies that could be implemented with crypto. My focus for now is just saving money effectively and increasing my purchasing power overtime.
Velocity Banking & Crypto Currency Feb 4th 9 PM EST