By now you might have heard about the new currency on the block. It’s called cryptocurrency, or crypto for short. The term currency is actually misleading. Although in some instances you can purchase items with Bitcoin, the most popular form of crypto, it’s not really a currency so much as a store of value. If you still can’t wrap your brain around what exactly crypto, and in particular Bitcoin is, just think of it as digital gold. While some business media pundits have denounced it in the past as an overly volatile fad, it’s decade-plus long staying power has proven it’s not only here for good, but mainstream institutions are now buying in as fast as they can. Just a few of these firms include PayPal, Mass Mutual, and Mastercard. Even the richest man in the world, Elon Musk of Tesla fame, recently purchased more than $1.5Billion worth of Bitcoin, sending the price of a single coin skyrocketing.
In fact, Bitcoin has proven itself the fastest growing monetary asset the average person can buy today, beating out all other investments by far (its growth has been a staggering 200 percent per year). But what this means is, you don’t have to wait years or even decades to realize some serious profits from it, which is good news for those of you who have reached retirement age. You can potentially earn serious profits in as short a time as a single week, or even a day, depending upon the level of risk you can comfortably assume.
So then, how can you purchase some Bitcoin? You need some cash. But what if you’re already into your retirement years and you’re not only living on a strict budget, but your spare cash is already tied up into other, seemingly less volatile but slow-moving investments? One very good idea is to invest in a reverse mortgage.
According to All Reverse Mortgage, people 62 and older who’ve been making their mortgage payments religiously for decades can qualify for competitive reverse mortgage rates, which will potentially put tens or even hundreds of thousands of equity dollars in their pockets. Competitive and economical reverse mortgage interest rates are readily available to those willing to do the research. Some loan prospects will gravitate to a fixed rate, but at the same time find the mandatory lumpsum payout rather unattractive, preferring the flexibility of monthly payments instead. Whatever type of reverse mortgage you choose, you will be able to stay in your home until you die or decide to move. You will also have the cash on hand to invest in some crypto.
What strategy should you use when buying Bitcoin and other cryptos? You can either value average, which is purchasing Bitcoin when the price dips, or you can dollar cost average. That is, you can purchase a little at a time on a daily, weekly, or monthly basis. The point is to get into Bitcoin now while the price is relatively low (as of this writing, it’s about $47K per Bitcoin or BTC, but you can easily purchase the asset in small increments called Satoshis). Experts predict the price will rise to anywhere between $150K to $300K by the end of the 2021. But again, do your own research and invest according to your personal risk and comfort level.
But what if you don’t have a whole lot of equity in your home or you live in an apartment complex? How are you going to find that extra cash to invest in BTC to compliment your already growing investment/retirement portfolio? Says Coindoo.com, there are many ways to find the extra cash you need to invest in crypto. Here are just a few.
A Side Hustle
Maybe you’re skilled at making jewelry or woodworking products you can sell online. Perhaps you’re a freelance writer looking to pick up some work as a blogger or social media influencer. Maybe you would like to teach English foreigners. Whatever your skill set, you can make plenty of extra cash in your retirement years right from your computer in the comfort of your own home. You can also go a step further by teaching your skills to others. There’s nothing more fulfilling than teaching younger people a brand new skill while making the extra money needed to invest in Bitcoin and other cryptos.
Leverage Your Properties
If you own a home or several homes, you can rent out a spare room or even an apartment by advertising it on Airbnb. All too often, business travelers will be looking for a more affordable, more homey alternative to a hotel room for either a brief or extended stay. You can also lease a spare room to a long-term tenant. Of course, if you have lots of equity in your primary residence, you can invest in a reverse mortgage that will give you either a lump sum payout or a monthly cash payout. Whatever option you choose you will have the cash on hand to jump into crypto and quite possibly begin making significant monetary gains both over the short and the long term.
Sell Your Stuff
Got a lot of stuff hanging around the house you no longer have use for? All you need to do is go online and sell it on eBay or other sites like it. You can sell everything from books to vinyl records to dinnerware to drum sets. Anything is fair game. Think of it as an online garage sale. Coindoo.com claims you can make enough money by selling your stuff online to make a good, initial investment in Bitcoin.
Investing in crypto like Bitcoin is a good way to increase your wealth in 2021. One caveat. Crypto investing is not for the faint of heart. Cryptos such as Bitcoin can be very volatile assets. BTC can either increase or decrease in value by as much as thirty percent in a single hour. But for some, the volatility is what makes it so attractive since you can buy the dips while making significant profits on the pumps. But it’s not to be confused with a get rich quick scheme, nor is it a sure thing. It is instead, a new opportunity to grow your income. For certain, it can be an attractive investment for seniors who are willing to work up the extra cash to buy in. If you do your research and invest in crypto wisely, you can go from living your golden years on a strict budget to realizing some serious wealth.