Let’s Talk About Crypto

Are cryptocurrencies gonna go away or should I start paying attention?

DISCLAIMER: This is not investment or financial advice and I am not a financial advisor, accountant, tax specialist, or lawyer. Like any investment in the markets, you could lose all of the money you invest and should you chose to pursue an investment in cryptocurrencies it is highly advised that you only invest money you can afford to lose.

Until the middle of June 2021 – this was me & crypto.

I was on full ignore. I mean, I didn’t buy it when it was affordable, and to be honest, I wasn’t even sure if it was going to last, you know?

Maybe you thought the same thing……

If you were, or are also being an ostrich about crypto – listen up because it’s being called a once in a 1,000-year opportunity.

At the very least it is (most likely) THE opportunity of all of our lifetimes…. So it really is worth your attention and deserves a closer look.

FACT:

Crypto is now officially too far along to be stopped, destroyed, nuked, vaporized, or otherwise made inert, LOL. Experts are saying it will now never go away.

FACT:

Crypto cannot be manipulated like fiat currency can. The dollar bills we have in our wallets all over the world are no longer pegged to anything with real value. This is because back in 1971 Nixon took USD off the gold standard and back then many international currencies were simply pegged to the USD, and many still are today. So you can see the domino effect here.

The only value that USD, CAD, GBP, AUD, JPY, RMB, Euro, and other currencies actually hold today is the promise of the government backing it… and these days that’s not much!

Have you noticed what happens every time there is a financial meltdown? Lots of stuff “happens” but the result is always the same after the dust settles:

~ less cash in our pockets that does not buy as much as it did before,

~ more fees, and

~ higher taxes to help cover the cost of the bailouts that your government decided to make on your behalf.

It’s the exact same story in first-world nations all over the world and we’re all in the same boat on that one!

WHAT IF I TOLD YOU THAT CRYPTO MIGHT BE THE ANSWER… not just as a legit way for you to invest and generate revenue for your family, but also for the citizens of the world to stop being at the mercy of the next sh!t-storm Wall Street dreams up that leaches more of our purchasing power out of our pockets and into theirs.…

That is a bit of another story, but I touch on it lightly to point out that that this crypto thing is A LOT more than just a new asset class – it is going to change our world for the better.

More specifically, the blockchain is going to change and improve things because it is 100% transparent and cannot be manipulated or “fudged” like the numbers around the National debt, amount of fiat currency in circulation, or how much it’s worth, and so on.

Think of the blockchain as a register of all crypto transactions. Every time a cryptocurrency coin is created, bought or sold the transaction is verified and recorded in the blockchain forever. The blockchain is DE-centralized which means that nobody owns it, or controls it, or runs it. It literally exists in the network and is in all places at the same time because the network is everywhere. This is why it is completely transparent and why numbers and data can not be manipulated.

Whether we have a centralized or decentralized system, there are going to be both legit opportunities, and full on scams. So it is more important than ever to do your own research and properly assess the risk level of investing in crypto to determine if it is right for you.

I’ll admit, it’s hard not to be tempted to throw a little money at it when we see things like this:
~ Forbes estimates Bitcoin will soar to $150k – $300k, possible this year!
~ It’s a hedge against inflation and will maintain it’s value.
~ 46m Americans already own bitcoin.
~ Many blue-chip companies are now using blockchain technology.

~ Several large companies have already started accepting crypto for payment.
~ Even Mark Cuban is onboard with blockchain technology!

All the signs are there and pointing to crypto really being that one in a thousand year opportunity.

You can hear more about it in our latest podcast.

HOW CAN YOU KNOW FOR SURE?

Well, you can’t! None of us can. All you can do is educate yourself and make a decision that’s right for you and your financial situation.

Back when I was a financial planner in Canada the first thing I would do with new clients was to conduct an analysis of their current financial situation, and then find out what their future goals were. This way I could work it backwards, and construct a custom financial plan that was meant to built up their savings using the right instruments based on their risk tolerance.

The BIGGEST problem with system is that the entire financial plan these people are going to rely on for their retirement is based on assumptions that we have no earthly way of knowing will actually work out. Turns out the whole thing was based on hope, and hope is not a strategy.

Case in point: Back then the assumption was that 25, 30, 40 years later we could count on getting at least 10% interest on our conservative savings that we could then live off of.

Wrong.

It was also based on a relatively uninterrupted working life. I don’t know about you, but I know a lot of people who had an unplanned period of unemployment and really had to scramble at least once.

So wrong again.

It was further assumed that none of your investments would ever lose value. I know you’re laughing right now, but believe me it’s true. This was the model we used to construct countless financial plans under one of the biggest financial companies in Canada at the time.

Wrong again.

I could go on with many other unaccounted for examples of “left fielders” and incidents of bad luck that happen and cost us dearly in a lifetime, and I have no doubt you have experienced a few yourself. We all have.

So what to do? For starters you can take control and an active role in your own finances. I know this is not as easy as it sounds…..

I was living in the Middle East in the 2000’s and watched the 2007-2008 financial crisis (and other smaller ones) with great interest.

This was also around the time I was day-trading stock options. I sat in front of my computer analyzing data, and indicators, and numbers, and bar charts, and graphs, and patterns until I was cross-eyed, or until I identified an opportunity and constructed a trade for it.

It was awful! Sometimes I could walk away and other times I had to babysit the trade which was like sitting on pins and needles.

Not a big surprise that I only lasted a couple of years in that arena, but today I am so glad I have that background. The financial planning, the options trading, and studying economics has given me such a unique perspective on the markets and investments as a whole. Being an expat has also been advantageous because I observed and participated in some unique investments in other countries along the way, and that has added greatly to my frame of reference.

If you are over 50, like my husband and I are, you may have suddenly woke up one day and realized that you no longer have the benefit of TIME to recover from investments that went sideways. I believe this is a large part of the reason for gravitating toward lower risk options.

I often say that I don’t have time to waste or money to burn and that includes “hoping” that we’re making smart decisions with our money.

Those who of you who follow me know that I’ve been in the online space for nearly a decade now and recently began to create trainings like these ones:

~ How To Map Your Business Personality Type to help people identify the perfect online business to match their personality, skills, and lifestyle.

~ Which Pillar Of Online Business Is Right For You to unpack all 5 main pillars of online business and help people better understand their options.

~ How To Use A Book As A Killer Lead Magnet and show how easy it is to use a book as a calling card for your business.

~ Add Income To Your Business By Promoting Affiliate Offers as an introduction to affiliate marketing.

~ How To Use Quiz Funnels To Get A Flood Of High Quality Leads using The Ask Method with Ryan Levesque

~ How To Clubhouse for anyone wanting to utilize that platform to get leads and make sales.

Since early 2020 my prime directive in online business has been to find and evaluate the best online business options that exist today for people who want or need an online income channel.

All of my work has been centered around this one ideal and today I am adding a new model to my Legit eBusiness Assessment of the top thriving ways to make money online that exist today.

You can learn more about the Legit eBusiness Assessment here

You are probably wondering what I’ve found then aren’t you? Knowing my risk tolerance is low and that I have very little time to start a new business!

Well I have great news because I intend to document my entire journey right here in this blog so you can follow along and learn!

What I have discovered, I believe, is the lowest risk way to invest in cryptocurrencies. Again I want to remind you that I am not giving financial or investment advice and everything I say is for your entertainment purposes only. There are no guarantees with any investment.

“The Financial crisis of 2007–2008 led to many bank failures in the United States. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012.” https://en.wikipedia.org ›

With that said, I am going to dip my toe in the water of crypto investing and I intend to document my entire journey openly right here in The Profitable Expat blog and on my podcast; The Legit eBiz Show

So on that note, today I will leave you with the following thought:

If you could reliably generate enough revenue to pay your living expenses in less than 1 hour/week, what would you do with all the rest of your time?

I know what I will be doing and it won’t be sitting behind my computer glancing out the window all day

As always, check back here weekly for fresh content on how you too can become a profitable expat and if you have not yet subcribed to our

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P.S. You can also watch the next segment of my crypto series here:

DISCLAIMER: Please remember, this is not investment or financial advice and despite my history, I am not a financial advisor or accountant. Like any investment in “the markets” you could lose all your money and it is highly advised that you only invest money you can afford to lose, and that you seek out professional advice in your jurisdiction.