Today, I wanted to talk about one way that I have drastically compounded my income in the last year – and it has nothing to do with any special sales tactics or anything.
In fact, it has nothing to do with online business at all. Anybody can do this. In fact, every day, more and more people are doing it. Big institutions are even about to get into the game. It is…
Cryptocurrency.
You’ve probably heard some of the buzz about Bitcoin. The rise in value of Bitcoin has been insane, recently cracking through $10,000 per coin. But, Bitcoin isn’t the only one. There’s Ethererum, Litecoin, Dash and many others.
I could easily talk all day about this topic and how it works and why I think cryptocurrency is going to change the world of international finance over the coming decade. It will transform finance every bit as much as the internet transformed communication and business.
But, let’s dial this back to just what I’ve done.
I decided to get involved with cryptocurrency in October of 2016. I didn’t put in much. I did put in more over time, but one HUGE rule of crypto-investing is NEVER to put more into it than you would be OK with losing. This is a new market and it is still highly volatile. While it is all trending upward in value, it can take some radical swings along the way and you’ve got to have the stomach for it.
Anyway, so I invested a fairly small amount of money into it. Over a year later now and the return on that has been insane. Today, I have all my original capital back out of it and I’m essentially playing with “house money”. But, I pretty much 10X’d my money.
But, I look at it as a way to compound my income. The returns on investment are rather asymmetrical right now, meaning there’s the potential to turn a fairly small amount of money into something major.
Investment of income into your future is something you should always be thinking about. I personally believe you should always set aside some percentage of your income toward reserves. It’s for the future.
I have a high tolerance for the risk of cryptocurrency. Plus, I never put more into it than I could walk away from. That’s the key.
Keep in mind, this is not investment advice. I’m not a pro-investor. My expertise is in blogging and online business. But, I’m just telling you what I’ve done myself. For me, it has been a massive “turbo boost” to a small segment of my overall income. But, the boost has been enough to make the returns on par with a whole second income.
So, that’s my “hack”. Cryptocurrency investing.
If you want to give this a whirl and you’re in the U.S., my recommendation is to use Coinbase. They’re the big kahuna and very trusted. It is how I have done it. From there, you can do whatever you want and get as deep into it as you like.
If you use this link to start up your Coinbase account, you will get $10 in Bitcoin and so will I. We both win.
I firmly believe that, played right, this can turn income from even a small side-gig into something that can be life-changing. But, don’t jump in just because I said so. Do your own homework and do what’s right for you. And, of course, stick to rule #1 of all this which is… never put in more than you would be OK with losing. It’s just the safe thing to do.
– David
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