Okay, let us forget for a moment whether you like it or not, whether you agree with the practises involved in acquiring it or not. Cryptocurrency is a pretty big part of life these days, with more people and more companies being open to the idea of using them as a form of currency to trade for goods and services. Which, depending on the market, is an interesting gamble for both companies AND their customers. But why is that an interesting gamble, I hear you ask?
Cryptocurrency is considered a volatile asset, which effectively means the value of that asset is constantly changing and for the most part, in an unpredictable way. So let’s say companies like Tesla who announced a year or so ago that they will be accepting specific cryptocurrencies as a method for buying one of their cars. Now, since Cryptocurrency is a volatile asset, this could potentially pay out one of two ways. A way that benefits you or a way that benefits the company. As an example, say what you’re buying is valued at $45,000, at the time of writing that would be 1.27 Bitcoin, as they are currently priced at $35,411.60 per coin. Now you hand over your 1.27 (plus gas fees), you take your item, maybe it’s a car, maybe it’s something else. Within the next 24 hours, those Bitcoin could be worth, $40k? $50k? Maybe they peak up to $65k again like they did in November 2021. Or, the opposite could happen, they could drop to $30k, $25k or less.
HOWEVER, if you’ve been around the scene for a while, then you’ll likely already know the risks involved in getting into the crypto game. In which case, maybe you’ve made a few bucks, and you would just like to know some of the ways you can currently use your crypto, since it is an ever changing landscape. Maybe you want to use it as capital to make more money? Maybe you’re just wanting to trade anonymously for goods and services. Well you’re in luck since we’re going to cover some of your options here! So if we’re all about ready to get started, let’s get into it!
Okay so since we’ve already spoken about gambling, let’s talk about gambling some more. Like I mentioned earlier Crypto in and of itself is a gamble, you could make a boat load of money or you could lose out, when you assess the situation and approach it with a level head, checking all the facts and figures, you really can make it work for you, even with the risks included. But what if you’re wanting to take your money that you’ve invested in crypto, gamble it and potentially, while assessing risks of course, make some more money off of it, is to stake it at some sportsbooks.
If you’re already profiting off your crypto and you’re into your sport, as we have hinted at, one great way to utilize your crypto would be through legal online sports betting sites. Some of these sites allow users to exchange their cryptocurrencies, such as Betmgm sportsbook, a LOT of sports books these days are, getting with the times as it were and getting into accepting crypto as collateral I guess it’s kind of in the nature of it right? The sportsbooks taking a gamble too? But doing this you could potentially gain on any winnings too, through the fluctuations in crypto prices. You might win £200 tonight, but in the morning it could be £250. Remember the risks, your capital is at stake so gamble responsibly!
Next up is another risky venture, but something that has absolutely BLOWN UP in popularity in recent months, regardless how you feel about it, NFT’s (Non-Fungible Token) are a huge thing right now. Non-Fungible means that it’s “unique” so you own the only one, if your NFT is a picture of a specific animal for example, you’re the only person that owns THAT segment of information in the blockchain, of course there are memes regarding “right click, save as” etc but when it comes to the value of that particular item, you’re the only one who can really trade it, the same as owning a painting from a famous artist, there’s only one original right?
Like I mentioned at the top of the show, a lot more retailers are beginning to accept cryptocurrency for their goods and services, there are a few reasons for this. Firstly, if you trade with Crypto, it is all done anonymously, so you don’t have to give a retailer your details, nothing is saved on record. Secondly there’s the excitement of potentially beating the system by actually picking up those goods and services for cheaper than you initially would’ve if the cost of your crypto tanks, of course that isn’t without it’s risk. Finally it shows that businesses are finally starting to move with the times. Which is a great thing, we’ve moved beyond the past for a reason, grandpa!
While this one may not necessarily make sense, given you do have to pay for crypto transfers. Transferring money via crypto, specifically at low volumes, is one of the quickest and cheapest ways you can actually transfer. Since cryptocurrency is a peer to peer system, you can immediately transfer your funds without having to wait for an external source to look things over and approve it. You won’t have to pay any fees to a bank, you don’t have to pay any charges on any overdrafts or anything like that and again, like I mentioned earlier, you get to keep all of your details off the systems of big companies and banks alike.
Last but not least, the obvious one. Just like how your grandpa used to collect gold, or silver dollars or pretty much anything of the sort, these days people collect Cryptocurrency in the hopes that one day it will be worth something. This is why you see so many meme coins like $Doge and $Shib making headlines and skyrocketing in popularity. People like to jump on these with the dream of potentially becoming a millionaire from a small early investment. Imagine this, you’re looking at a new meme coin, let’s make something up (might already exist who knows) $42069bitz. Each one of those is worth $0,00.00001, so for $1 you can buy 10,000. Imagine, if by some crazy miracle, Elon Musk tweets about it or something and it raises in value, even if it becomes half a cent somehow, that’s $5000 from a buck. Is it likely? No. Is it possible, absolutely. Look at the history of $Doge as an outrageous example. That’s going to do it for this one! So, since you’re here, I take it you’ve delved into the Crypto world, how has your experience been? Have you been lucky? I personally made a little bit on Ethereum at the start of 2021, bought $225, went up to $850, I tried to hold out for $1000 before I dropped it and it tanked back to $450, after fees I think I made $190-200 profit, not a bad little turnaround but look at what it could’ve been! I just want to end by saying, if you haven’t and you’re interested in getting into cryptocurrency, or sportsbooks, or any form of gambling. Please gamble responsibly, don’t bet above your means and please don’t chase those wins. Good luck and take care everybody! Stay safe.
How to Prepare for a Financial Emergency: Your Loan Options
Sudden financial emergencies can instantly leave a person feeling taken off guard and vulnerable. A sudden shift in your financial situation, whether it’s a loss of income, medical bills, or emergency house repairs, can be very stressful.
Even the best financial planning and cash management abilities won’t save you from unforeseen payments that far exceed your monthly spending allowance. So, here are some loan options to consider when preparing for a financial emergency.
A personal loan provides funds in the form of a lump sum that is repaid in monthly payments, and along with paying the initial amount, you also need to pay the interest and fees. They can be used for almost anything, including vacations, weddings, home renovations, and emergencies.
And borrowers with good credit can get the best personal loans with low-interest rates and various repayment options. So, if you’re considering getting a personal loan in preparation for a financial emergency or when you need money right away, look for reliable lending sites to apply for one.
Payday loans are short-term loans that allow you to borrow small sums of money, such as a few hundred dollars. Payday loans, for instance, have extremely short repayment terms, primarily within two weeks or by your upcoming payment period.
However, payday loans are widely regarded as predatory due to their exorbitant interest rates. Thus, payday loans are ideal if you, as a borrower, require small sums of money and can pay back the debt within a short period.
When used responsibly, credit cards can be valuable tools in an emergency. The cash you can borrow is your card’s limit percentage or a fixed maximum number.
And since the cash advance is linked to your existing card’s credit limit, no additional credit check is required. In addition, credit card advances are ideal for cardholders that already have active credit cards in excellent condition and need only a small loan.
A title loan is another emergency loan that allows you to get cash quickly. You may be eligible for a title loan without requiring a strict credit check.
It’s a secured loan that uses your vehicle title as collateral, and if you don’t pay back the loan by the end of the loan term, the lender has the authority to seize your vehicle to settle the existing debt. It’s one of the best loan options if you wish to prepare for a financial situation that needs immediate funds.
A pawn shop loan is a secured loan backed by collateral, the item you bring in and leave with the pawnbroker. And while the sum you can borrow from a pawnshop depends on the item you use as collateral, the broker is likely only to offer you a portion of the item’s total market value.
Pawnshop loans mostly appeal to individuals who cannot obtain a traditional loan. So, if you cannot apply for a conventional loan, you can try a pawnshop loan whenever you need it for a financial emergency.
If you’re a small business owner or entrepreneur, you may borrow to fund your next business venture or to keep your business running. Besides, small business loans are available from credit unions, banks, and online lenders.
Small business loans are available to businesses such as hair salons, restaurants, and freelancers. So, if you’re one of them and in a financial emergency, you should consider small business loans.
Debt consolidation allows you to simplify your payments by submitting an application loan to pay off your debts, leaving you with a single monthly loan payment. And to get a debt consolidation loan that lowers your expenses, you must shop around for an interest rate lower than your credit card or existing loan.
You’re also much more eligible to qualify if your credit has improved since your last loan or credit card. When you’re eligible, your lender may pay your debts automatically or you may have to do it yourself.
Credit-builder loans are small short-term loans taken out to assist you in building credit. Unlike traditional loans, they do not require excellent credit to qualify because they are marketed to people with no or limited credit.
You can find a credit-builder loan in credit union lending circles, online lenders, and Community Development Financial Institutions. A hidden benefit of credit-builder loans is that when the loan is paid off, you receive a lump sum of money that you can use for a large purchase or supplement an emergency fund.
It’s a difficult pill to swallow, but financial emergencies can happen anytime. While saving for the best times in our lives is important, it’s also essential to plan for the worst. That way, you ensure you are prepared for a financial emergency in the future.
Tips for Saving and Growing Your Money
You can meet your financial goals and grow wealth by saving money. Saving also helps you take advantage of emerging opportunities. Unfortunately, saving cash is one of the hardest things for most people, especially if they barely make ends meet.
Here are practical ways to grow your money.
Establish Financial Goals
Financial goals are the motivation that will cause you to save money. If you do not have defined goals, there is a little push for you to grow your money. When creating financial goals, consider the needs you want to satisfy and how much they will cost. Here is an example: If you want to start a business in two years, determine how much you would spend to start the business and add other costs. Then, determine how much you must save to start the business in the projected period.
Create one or two goals to meet, rather than many at a time. You can have many more but address each after the other. This makes it easy for you to adjust your budget while taking care of all relevant financial responsibilities.
Set Up an Emergency Fund
Before you save cash, you need to take care of unforeseen events that may wipe out your cash. This involves setting up an emergency fund. The funds can take care of unplanned visits to the vet, medical procedures, and other costs.
Setting up an emergency fund means that you will not use your credit card, savings, or any other high-interest loan to take care of unexpected costs. Remember, avoiding debt is one way of growing money. You can also earn from your emergency savings by putting the money in a high-interest-bearing account.
Make Savings a Priority
Make it a habit to put a portion of your cash away every time you get paid. It does not matter how little or much you save; you will make progress by putting it away. Therefore, make savings one of the priority activities while budgeting.
Most people with a regular standard income save the same amount every month. However, if you have a variable income, determine the percentage of the amount to save. Most people would go for between 5% and 20% of their income. Remember, the more you save, the bigger the strides you make towards reaching your financial goals. When you have fewer needs, save more.
Automate Your Savings
Most people plan to save but only end up using up all their cash when they get it. Others find their needs exceed the cash available and end up eating the savings, hoping things will be better by the next payday.
You many never have enough cash to care for all your needs and wants. Therefore, you can only save by ensuring you stash your money away as soon as you get your pay. One way to do this is by automating the savings. Many financial institutions allow you to make a standing order to have cash transferred to another account at pre-defined periods automatically. This is an easy way to force yourself to save.
Create Money to Save
You may be currently spending much of your money with little room for savings. You need to keep track of your spending and make adjustments where necessary. Find out things you can downscale or eliminate from your budget and still live a smooth life. For example, you could pay a lower internet and Netflix subscription, reduce your entertainment budget, and make dishes at home more often.
In the same breath, be wary of squeezing your budget so tightly that you struggle to make ends meet. For example, you can lower your spending at your favorite online casino to save cash, but you should not cut down on all your entertainment. Casinos like the BC Game have features that allow you to control your spending and various bonuses you can enjoy, lowering your deposits. Read the BC Game review by Vienne Garcia to know how to use it.
Avoid Spending Change if You Do Not Have To
You will get small denominations as change when you buy at stores and supermarkets. Avoid using this amount if you do not have to. Instead, consider exchanging the cash or creating a home bank where you will store the cash for use at a later date. It will surprise you how fast this amount can grow and offset some of your expenses.
Keep Watch Over Your Debt
Your debts can eat into your savings, especially if they are high-interest loans such as credit card balances. Look into ways to eliminate the high-interest loans and restructure the remaining ones so you can pay them comfortably. It is possible to save while servicing loans, especially mortgages, car loans, and other medium-term or long-term credit facilities.
When paying loans, you can start with the higher-interest and then work on bigger loans. Always look for ways to pay more than the minimum amount to reduce the duration you can complete your loan repayments. You can also merge loans into one that has better repayment terms and lower interest. Several lenders offer the facility across the country.
Bill Payment Automation
Most utility companies charge you for the late repayment of bills. Some of the bill repayments get late because you forgot to pay. You can avoid this by automating bill payments. Most financial institutions have features that allow for automatic bill payment and alerts when the payment is due.
Saving money involves financial discipline, commitment to your goals, and a conscious effort to grow money. Save as much as possible wherever there is an opportunity, cut unnecessary expenses, and avoid using the savings until you have saved enough to meet your goals. The abovementioned tips will help you grow your money.
How You Can Avoid Credit Cards That Have Red Flags
When you are searching for a credit card, you may examine multiple types of red flags, and you could avoid credit cards that have a high interest rate, extra fees, inflexible terms and a low credit limit. Before you submit an application, you could also evaluate the reputation of the lender. You may read many testimonials that describe the lender, the features of the credit card, the rewards and the experiences of customers.
Some credit cards may charge substantial fees, and if a credit card requires an annual fee, you may avoid that credit card. Once you review the terms of the contract, you should examine the fees, the benefits of the credit card and the policies of the financial institution. Subsequently, you could obtain a credit card that does not charge fees, and this credit card may consistently reduce your monthly payments.
Before a lender provides a credit card, the company could examine your credit score, the unused credit, the debt and the open accounts. Afterward, the business can quickly determine the interest rate of the credit card. If the credit card has a high interest rate, you may search for other credit cards, and you could select a credit card that provides a better interest rate, multiple incentives and online tools.
While you review the terms, you can examine the company’s policies, the fees, the due date of the payments and the rewards. Some credit cards could also provide a cash advance, yet once a customer obtains a cash advance, the company may charge extra fees. Usually, you should avoid a credit card that has inflexible terms, and you could find credit cards that can provide cash advances, low fees and flexible terms.
Some credit cards may provide incentives that can help you to save extra money. Once you make a purchase, the financial institution could automatically offer cash back, and after you access your online account, you can estimate the value of each reward. The company may also offer tools that will allow you to monitor your credit score. If a credit card does not provide substantial rewards, you may search for another credit card, and you could obtain a credit card that can reduce the interest rate, offer valuable rewards, consolidate several types of debt and decrease the monthly payments.
Lantern by SoFi has designed a marketplace that can allow the customers to compare multiple types of credit cards. The borrowers may examine each lender, the benefits of the credit cards, the interest rate and the credit limit. Once the customers compare credit card offers, the borrowers could also find many credit cards that do not charge fees, and the customers can select credit cards that will help the borrowers to consolidate debt. Before a borrower submits an application, the company might prequalify the customer. Subsequently, the borrower could submit an application, examine the terms of the credit card, receive multiple incentives and utilize the credit card.
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