Hey there, so I have been racking my brain trying to figure out a great way to give back to the community here on steemit.
and one thing I see quite a bit among people who I have helped in the past with business stuff is that people get extremely overwhelmed when I talk to them about money and how to leverage money to create more.
It's especially true with the businesses i've created in the past. Learning how to take $1 and turn it into $1.10 or $1.50 or more can often be done systematically (at least for a time being)
How does it work? Well, honestly its just discipline. It's a combination of being willing to lose and the opportunity to win big. So, it takes guts.
I've found the same thing to be true with crypto stuff. When I first started investing in crypto I had no idea what it was even for. I just knew a few of my mentors had been talking about it for a while and decided it would be a good idea to learn a bit more about it.
However, instead of just going into "analysis paralysis" where I never get anything done or put any skin in the game, I took $1,000 and invested in a few different cryptos.
Disclaimer: This isn't financial advice in any way. I'm not a certified anything when it comes to investing, not a doctor, not a lawyer, not a scientist.
I'm just sharing something that MIGHT benefit the noobie out there who wants to invest in crypto but is scared.
You have the right to be scared, when it comes to investing money into anything it's risky.
That's part of the reason its so fun. Risk, reward, risk, reward.
Alright so let's get right to it.
As you are on steemit, you understand that investing in crypto is a wise decision long-term because that's the way that the world seems to be moving towards.
However, if you have a traditional job it might be hard to gather the capital needed to start investing. If you're anything like me, your family wasn't super wealthy where your dad/mom just has $100,000 sitting around to play around with.
But, you do have a job that pays you a paycheck every two weeks...right?
I actually did a very similar thing when I started my business (I worked as a bartender and valet) I would set aside $35 every week from my paycheck to invest in my business. For me, this was buying advertising, investing in coaching, etc.
The thing about the jobs I had was that they were tip based so I was able to occasionally take $10-$50 a day to invest. If you don't have a job that pays based on tips, don't worry it still works the same.
One thing to do immediately is to realize that you shouldn't go out on the weekends anymore and waste money on stuff that doesn't produce a return... no drugs, no booze, cheap dates, etc.
I know, I know... but those are fun!!!
The thing is, if you suck it up for a few years without that stuff you can do them later on IF you choose to.
The same could be true with investing in crypto right now and having the discipline to play the long-term game.
Putting aside $5 a day for 1 year is $1,825 that you can invest in crypto
$5 a day for 2 years is $3,650
You can probably see where I'm going with this.
If you pick out certain numbers where you'll commit to buying and selling and STICK TO THEM... you can win.
As of writing this right now, ETH is $206.14 and I just bought some more.
Let's look at it strategically.. yes, ETH could drop from $206.14 today to $100 tomorrow. Who knows.
BUT, it could also go to $300 tomorrow... or the next month, or within the next year.
Let's say you took 42 days worth of the daily $5 savings and bought 1 ETH.
Your portfolio would be 1 ETH at value of $206.14
2 months from now what happens if the value of ETH goes up to $250
$250 - $206.14 = $43.86 of extra revenue in your pocket for that 2 month time period.
Sure, it doesn't seem like a lot.. but It's an extra $0.73 per day earned passively for just holding. If you choose a specific number that you want to sell your investment at, you can put a sell order in place.
For instance, here's how I got started...
I took my $1,000 and split it up among BTC, ETH and LTC...
2 months after starting, I noticed a big bump in ETH and LTC and ended up selling a % of both of those coins I had acquired (it hit the number I chose before investing). It actually provided me with a little over $700 in profit at the time I sold out.
I cashed out 50% of that to re-deposit in my bank and then put a buy order in for when it dropped back down to a number I chose previously. About 2 weeks later it hit that number and I did a little flip again with the investment, cashing out another $250 profit.
I do the same thing when I play blackjack. I take a certain amount of money I'm willing to lose entirely and play with that. IF and when I double up on the money, I withdraw the initial deposit and cash it out so I'm playing with house money instead of my own.
If I lose, I lose a number I was comfortable with... just like doing this with $5 a day. Or $50, or $5,000 whatever YOU are personally comfortable with.
Yes, I know this doesn't always work.
So be skeptical. It might work for you, it might not. With the look of crypto I think long term it will continue to rise, but that's just my opinion. As I mentioned earlier in the disclaimer this might not work for you.
However, that is the strategy I have been using that you could possibly use as well.
The current price of LTC is $45.36
Let's take $5/day and show what I would do.
I'd wait 14 days to get my paycheck, and invest that $70 into LTC at $45.36 which would give me 1.534 LTC (sure, not EXACTLY that, but you get the rough idea)
IF the price of LTC rises to $60, i'd sell off the 1 LTC and keep the 0.534 LTC in my account. The 1 LTC would be worth $60 now and the 0.534LTC would be worth $32.04 ($60 x 0.534LTC)
right off the bat you would have $60 back ($10 less than your initial buy in) and you would have another 0.534 LTC in your account that you could sit on, or if you want you can cash out.
Of course you could sell enough to cover the initial $70 deposit and then just play with the profits, but that's up to you.
Also, the price of LTC could remain the same, or it could drop to $10 or even $0.01. It's all a risk. I'm just trying to share a strategy I've used that you could also try.
If you got any value out of this feel free to resteem and upvote :)
