If you’re thinking of investing in cryptocurrencies, you’re probably already considering Bitcoin. But other coins, like Ethereum, Ripple, Litecoin, Cardano, Binance Coin, Polkadot, Solana, and Avalanche are strong options for diversifying your crypto portfolio.
To start the series, I thought it would be best to compare a “smart” contract with a “traditional” contract that most people are familiar with a home loan. In this blog, we’ll explore the similarities and differences between taking out a home loan using a smart contract vs a traditional contract. We’ll evaluate these two types of contracts by comparing four aspects: the parties involved, the validity of the contract, the terms and consequences, as well as their enforcement in court. By the end, you’ll be able to decide whether using a smart contract for your next home loan is a good idea.
Throughout the series, we’ll delve deeper into what a “smart” contract is. But for now, let’s define a “traditional” contract as follows:
It’s an agreement.
It’s written using English words.
It’s written on a physical piece of paper.
It’s printed out and signed with a pen by all parties involved.
And let’s define a “smart” contract as follows:
It’s an agreement.
It’s written in a programming language.
It’s written on a computer.
It’s deployed to a blockchain.
It’s signed with a private key by all parties involved.
The world has moved towards signing “traditional” contracts digitally to varying degrees. At the simple end of the spectrum, you can scan your pen-and-paper signature onto a PDF document. At the more complex end, there is software that can digitally sign a document in a way that ensures its authenticity and integrity. To avoid confusion between the latter and how we sign things in smart contracts, we’ll stick to the traditional pen-and-paper model of “traditional” contract signing.
Now, let’s set the scene. Imagine you’re considering buying your first home and need financial assistance. You approach a bank to borrow money for purchasing the house. The contract we’re going to discuss is the loan agreement between you and the bank.
There are five main parties involved in this contract in the “traditional” setting:
First, there is the lawyer from the bank who wrote the contract. Although typically a team of lawyers is involved, we’ll simplify it to one person for clarity.
Second, there’s you, the borrower, who wants to buy the house.
Third, there’s the bank as an institution providing you with the loan that has reserved funds (liquidity) gathered from other depositors.
Fourth, there is a bank representative facilitating the transaction.
Lastly, there are one or more witnesses who also need to sign the contract.
In a traditional contract, these parties are “real” people and are recognized by the law as such — even the banking institution. Each party reads the contract and signals its agreement by signing on a piece of paper, usually on a dotted line. Sometimes, initials are required on each page to confirm that they’ve read and agreed to the terms on that page. Certain rules, rituals, and checkpoints are in place to protect all parties involved when entering into a contract. Although I’m not a lawyer and don’t know all the details behind these checks and balances, our legal system has established them over many years to ensure fairness and protect the parties involved.
Here are some key points about this process:
All parties involved in the transaction have access to the entire contract before signing.
The bank will collateralize the loan using the house being bought to ensure that they can recoup their funds if they can’t pay back the loan anymore.
Although borrowers may not understand all the legal terminology, there is trust in the banking institution since other people have taken out home loans with that bank before. The borrower trusts that the contract they are signing is in order. For the average borrower who primarily cares about the interest rate, total monthly repayments, and loan term, the bank provides a service by taking care of the legal aspects.
The bank, including the lawyers and representatives, receives compensation from the borrower in fees for facilitating the transaction and ensuring all the necessary rules and rituals are followed.
The bank receives an incentive for providing their cash reserves (liquidity) to the borrower in the form of interest paid by the borrower which they pass on (taking a cut) to their depositors who initially invested the capital into the bank.
The witnesses usually do not receive payment for adding their signatures as an acknowledgment of the transaction. You might buy your colleague a beer for signing as a witness if you’re nice enough.
All parties receive a signed copy of the contract as proof that the transaction has taken place.
The language in the contract is usually airtight, but with a good lawyer, you can find so-called loopholes that could let in some air if you try hard enough.
Now let’s paint the picture of the parties and how this plays out when we start to use a smart contract for this loan agreement instead.
Instead of the lawyer from the bank who writes the contract, there is now a developer, or team of developers, that codes up the smart contract.
There’s still you, the borrower, who wants to buy the house.
Instead of using the bank as an institution that provides liquidity, we will replace the institution and its services with a smart contract, in other words, a set of instructions. To make it clearer going forward, we’ll refer to this smart contract as the “smart” bank. Again, we’ll allow depositors to “invest” funds and get enumerated when you borrow their invested funds by the interest you pay to them. Further, the developers of the “banking smart contract” will be enumerated for their effort to maintain, update, and improve the smart bank by fees being paid when interacting with the smart bank.
We are able to do away with the bank representative facilitating the transaction as you as the borrower can now directly speak to the smart bank’s reserves and choose the interest rate, currency, loan term, and repayment amounts that suit your needs.
As for the witnesses who also need to sign the contract, no need for that when we are on the blockchain as all the miners in the network will verify the transaction took place. So instead of having 2 or 3 witnesses acknowledging that the transaction took place, we now have thousands.
Below, we describe the key points mentioned above when a smart bank is used instead:
Not just the parties involved have access to the entire contract before signing, anyone who wishes can read it. In this case, the contract is written in code and not English, but for the average Joe who doesn’t understand the legal jargon in English anyway, this makes no difference.
The smart contract won’t be able to collateralize your home, and this is probably the biggest difference between taking out a loan with the bank versus taking it out with a smart contract. For a smart contract, you have to provide your collateral upfront to ensure that the smart bank can pay their depositors’ interest as well as recoup the total amount they are going to lend you if you don’t pay back the principal or the interest. This might feel counterintuitive. Why would you need a loan for $100,000 if you already have more than $100,000 that you need to supply as collateral? Usually, you need to supply 1.5 to 3 times the amount you want to borrow. Well, there are two reasons. First, you might own something other than dollars. If you own Ethereum, Bitcoin, or even an expensive NFT, you might not want to sell those assets or the person you’re buying the house from doesn’t want an NFT of an ape as payment for their house, but rather cold hard cash. In these cases, you’d like to borrow against these assets to get something more liquid and acceptable, such as dollars, to buy your house. Another reason the crypto-rich like to take out loans against their crypto assets is due to capital gains tax. If you bought 1 BTC back in 2014, there is a hefty capital gains tax waiting for you if you convert that 1 BTC into dollars. However, if you use that as collateral for a loan and take out USD, no capital gains are realized, and you can use your capital more efficiently rather than just HODLing.
I mentioned borrowers may not understand all the legal or coding terminology. However, similar to the traditional setup, there is trust in successful smart banks since other people have taken out home loans with that smart bank before. The borrower again trusts that the contract they are signing is in order. For the average borrower who primarily cares about the interest rate, total monthly repayments, and loan term, the smart bank team provides a service by taking care of the coding aspects.
The smart bank team also receives compensation from the borrower in fees for ensuring the smart contract is coded with best practices and that all the “loopholes” have been addressed.
Depositors directly receive an incentive for providing their cash reserves (liquidity) to the borrower in the form of interest paid by the borrower.
The witnesses, in this case, do require some form of payment in the form of GAS. We’ll do a deep dive into what GAS is in an upcoming blog, but in essence, this is money you pay to miners to confirm that your transaction with the smart bank is valid.
An improvement on the traditional setup is that not just the parties involved in the contract receive a signed copy of the contract as proof that the transaction has taken place. Instead, anyone can view what the loan terms agreed to be. If the “username” of the parties involved isn’t associated with the person’s identity, then everyone can see that the transaction took place, but no one knows who the particular person in real life is. This is referred to as the trustless aspect that blockchains offer. Person A can loan Person B funds without the need for either party to verify who the other is or whether they can trust each other for this particular transaction.
Similarly, as in English, with a good lawyer, you can find loopholes. Here with a good hacker, you can find loopholes, but the more tried and tested the contract, the fewer loopholes there are. And for some of the projects like AAVE, which hold upwards of $5 billion at the time of writing, if no hackers have been able to steal the funds with that much incentive on the table, chances are the code is written airtight.
Now, why is this loan contract considered valid? A contract is valid when both parties willingly agree to its terms. In the traditional case, you approach the bank and express your desire to borrow money for a home. The bank evaluates your financial situation, checks your creditworthiness, and if they find you eligible, they offer you a loan with specific terms and conditions using the house you plan to buy as collateral. If you willingly agree to those terms and sign the loan agreement with your signature using a pen, then the contract is considered valid by our age-old legal system which society has come to an agreement (consensus) that these are the rules and laws and if you stray from them, we have judges and courts to resolve any disputes.
As with the traditional system, in smart contract land, your signature represents your consent and agreement on a particular agreement. However, there is no pen, nor your scribble to prove it’s you who signed. Instead, blockchains use what is referred to as public/private key cryptography to verify your signature. This is why blockchains, Bitcoin, Ethereum, and NFTs are often referred to as “crypto”. Why should you and the rest of the world trust the crazy moon math that is cryptography? Well, because there are peer-reviewed mathematical proofs that guarantee that certain axioms will always hold if used in the prescribed way. This is one up on the traditional setting where a person’s signature scribble can easily be replicated or copied. There is one rule though, you have to keep your PRIVATE keys PRIVATE! You’d think this would be obvious from the name, but this is really where the trust comes in that a user is who they say they are, or that you agreed to the terms and conditions. Only a user with a particular private key can sign an agreement on the blockchain in a particular way, and it’s easy (using cryptography) to verify who the signer of a particular message was, without revealing their private key.
Therefore, it’s the magic moon math that is cryptography that gives blockchain transactions and agreements their validity. But as with the traditional system where if somebody fakes your signature scribble they can impersonate you, if somebody takes hold of your private keys, they can also impersonate you and sign agreements on your behalf. There is a saying, “Not your keys, not your crypto.”
The loan agreement includes important details such as the loan amount, interest rate, repayment period, and any additional fees or charges. It also specifies your responsibilities as the borrower, such as making monthly mortgage payments on time and maintaining homeowner’s insurance. The consequences of breaking the contract typically involve financial penalties, damage to your credit, and the bank taking legal action to recover their money by foreclosing on the property. This means they would take possession of the house.
For the smart bank, there is no need for any dirty legal intervention or damage to your credit score. If you default, the smart bank seizes the collateral you put forth. This is the case when it comes to smart contracts, code is law. If the rules and instructions in the smart contract say that all funds will be seized if payment is not made by a specific date, it’s seized. No takes-backsies. NO appealing in the court, no renegotiating the payment terms.
This might seem a bit harsh at first, but this ensures that all actors are held to the same standard in front of the law — something our traditional system doesn’t do very well.
If either party fails to fulfill the obligations outlined in the loan contract, the other party can take legal action.
In the traditional setting, if you default on your mortgage payments, the bank can initiate foreclosure proceedings through the court system to reclaim the property and recover the money. This involves a legal process that can be lengthy and costly for both parties. The court will examine the terms of the contract, review the evidence presented, and make a decision based on the applicable laws and regulations.
On the other hand, in a smart contract scenario, the enforcement is done automatically through the code of the contract itself. If you default on your payments, the smart contract will execute the predefined consequences without the need for court involvement. The terms and conditions are self-executing, and there is no need for intermediaries or third parties to enforce the contract.
While the automatic execution of smart contracts provides efficiency and eliminates the need for legal proceedings, it also means that there is no room for subjective interpretation or negotiation. Once the smart contract is deployed, it operates according to its code, and the outcome is predetermined.
In summary, using a smart contract for a home loan offers several advantages such as efficiency, transparency, and automatic execution. It eliminates the need for intermediaries, reduces the potential for fraud, and provides a more streamlined process. However, it also comes with its limitations, such as the upfront collateral requirement and the lack of flexibility for renegotiation or appeal.
It’s important to note that the use of smart contracts in the context of home loans is still in its early stages, and there are legal and regulatory considerations that need to be addressed. The technology is evolving, and there will likely be advancements and refinements in the future.
Ultimately, whether using a smart contract for a home loan is a good idea depends on individual preferences, risk tolerance, and familiarity with blockchain technology. It’s essential to weigh the pros and cons and seek professional advice before making any financial decisions.
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If you’re a novice investor with some extra money that you’d like to put to work in the market, you have dozens of low-cost robo-advisors and beginner-friendly online brokerages to choose from.
TradeStation is not one of those. It’s a powerful digital trading platform built for serious, experienced traders looking to get even better at what they do. And hopefully make some money in the process.
TradeStation is one of the better online brokerages in its class, but it’s not perfect for everyone. Make sure you understand what it can and can’t do before you get started.
What Is TradeStation?
TradeStation is an online brokerage and trading platform with no trading commissions. You can use it to trade stocks, ETFs, stock options, futures contracts, and some cryptocurrencies.
TradeStation has traditional desktop and mobile trading platforms. It also has specially designed cryptocurrency and futures trading platforms. Its simulated trading interface allows you to test and refine trading strategies in any (or all) asset types without using real money.
TradeStation is designed for experienced traders with higher levels of knowledge and expertise than the typical retail investor. However, it has a considerable library of educational resources and guides to help users increase trading knowledge and hone their strategies.
What Sets TradeStation Apart?
TradeStation stands out from other online trading platforms for several reasons:
Excellent new account bonus. TradeStation has one of the best brokerage account promotions around. It’s worth up to $3,500 with a qualifying new money deposit or asset transfer.
No trading commissions. TradeStation has no trading commissions for any of the products in its lineup. Some have per-contract fees, including options and futures, but these are competitive with other brokerages.
Simulated trading interface. TradeStation’s simulated trading system makes it easy to test out trading strategies without putting real money on the line.
Dedicated platform for futures traders. TradeStation has a sophisticated platform designed specifically for futures traders. Many brokerages that cater to less experienced investors don’t have standalone futures platforms.
Key Features of TradeStation
TradeStation is a comprehensive digital brokerage with a broad lineup of available asset types to trade, several distinct trading platforms, and some additional features for users. Before you create an account, take some time to familiarize yourself with its capabilities.
Account Opening Bonus
You may qualify for a cash bonus when you transfer new money or securities into your TradeStation account from another brokerage or bank. The bonus amount depends on how much you deposit:
$150 Bonus: Deposit at least $5,000.
$300 Bonus: Deposit at least $25,00.
$500 Bonus: Deposit at least $100,000.
$1,000 Bonus: Deposit at least $250,000.
$2,000 Bonus: Deposit at least $500,000.
$3,500 Bonus: Deposit at least $1,000,000.
You have 45 days from your account opening date to make the qualifying deposit or deposits. Once the money is in your account, you need to maintain at least that balance for 270 days to earn the bonus.
Account Types
TradeStation offers three types of taxable accounts:
Individual (held in your name only)
Joint (held with another adult, such as a spouse)
Custodial (established on behalf of a minor and managed for their benefit)
TradeStation also offers tax-advantaged individual retirement accounts (IRAs).
Products Available to Trade
TradeStation offers several different asset types to trade:
Stocks
Exchange-traded funds (ETFs)
Stock options (options to buy or sell specific stocks at a future date)
Futures contracts (based on commodities like wheat and copper)
Futures options (options to buy or sell futures contracts at a future date)
Cryptocurrencies (limited to Bitcoin, USDC, and Ethereum)
Commissions & Fees
TradeStation charges no trading commissions on stocks, ETFs, options, or futures. Cryptocurrency trades typically come with commission-like fees that TradeStation can’t fully control, but TradeStation doesn’t charge a fee on top of that.
TradeStation does charge per-contract fees for stock options, futures options, and futures contracts. These range from $0.50 to $1.50 per contract, depending on the asset type and the number of contracts involved.
Trading Platforms & Tools
TradeStation’s main web-based trading interface supports stock, ETF, stock options, and futures contracts trading. The mobile platform is a mobile-friendly carbon copy of the web-based platform.
These platforms’ capabilities include:
Advanced charting tools with dozens of technical filters
One-click order entry and tracking
Advanced options analysis
Streaming market data for stocks, ETFs, options, and futures
Historical market data dating back decades
At-a-glance position, balance, and order monitoring
Customizable watchlists
Breaking news alerts
TradeStation has two specialized trading platforms designed for serious futures traders and crypto traders:
FuturesPlus, which enables options trading and has additional advanced capabilities for futures and futures options analysis
TSCrypto, an crypto-trading portal that supports Bitcoin, Ethereum, and USDC transactions
And TradeStation has a simulated trading platform that mimics the real interface but doesn’t require real money to buy and sell assets. It’s ideal for traders who want to practice or refine trading strategies without putting skin in the game.
Education & Research
TradeStation has a comprehensive suite of educational resources covering entry-level to advanced trading topics. Much of the content focuses on the TradeStation interface itself. TradeStation Master Class, a collection of advanced modules, is indispensable for users looking to get the most out of their experience.
TradeStation also has basic research resources for traders developing and honing trading strategies:
Hot Lists filtered by variables like trading volume and open interest in options contracts
Analyst recommendations and disclosed trades, which may show where the “smart money” is placing its bets
Market news and analysis beyond breaking news headlines
Pros & Cons
These are TradeStation’s most important advantages and disadvantages for traders.
No trading commissions
Competitive contract pricing for options and futures
Potentially massive account opening bonus
Access to less common account types
Not ideal for beginners
Designed for active rather than hands-off investors
No transaction-fee-free mutual funds
Pros
TradeStation is a low-cost brokerage with advanced tools for serious traders and a broad range of available assets.
No trading commissions. TradeStation charges no trading commissions on stocks, ETFs, options, or futures contracts. This is a positive change from the past, when it had a more complicated pricing structure and higher commissions.
Competitive contract pricing. TradeStation charges competitive per-contract fees for options and futures. These range from $0.50 to $1.50 per contract, in line with what comparable brokerages charge.
Powerful trading and analysis tools. TradeStation is built for serious traders and has a lineup of technical and fundamental analysis tools to match. Its trading interface is designed for rapid execution, another selling point for seasoned market participants.
Access to less common asset types. TradeStation stands out for offering direct access to cryptocurrencies and futures. Because these assets are riskier and not suitable for novices, many brokerages don’t bother with them.
Potentially massive account opening bonus. TradeStation’s account opening bonus is worth up to $3,500 with a qualifying deposit. Even if you can’t bring $1 million in new money to the table, you can earn $150 for depositing just $5,000.
Simulated trading reduces risk around new strategies. TradeStations sophisticated trading simulator helps you iron out the kinks in your trading plan before it’s time to put up actual money.
Cons
TradeStation appeals to a relatively small group of traders and often isn’t the best option for others.
Not appropriate for beginners. TradeStation is designed for intermediate to advanced traders with considerable experience in the market. Though it has some educational resources for less experienced users, it’s not a beginner-friendly platform and could be overwhelming for less experienced traders.
Not ideal for hands-off investors. If you’re a hands-off investor looking to create a stable, long-term portfolio, there are better options than TradeStation. Look to a low-cost robo-advisor instead.
No transaction-fee-free mutual funds. With more than 2,000 commission-free ETFs in its library, TradeStation has plenty of low-cost funds to choose from. However, for investors interested in mutual funds specifically, it falls short.
How TradeStation Stacks Up
TradeStation competes with several other well-known online brokerages for seasoned traders’ attention. Before you open an account, see how it compares to another popular one: Interactive Brokers.
TradeStation
Interactive Brokers
Stock Commissions
$0
$0 to $0.0035 per share, depending on plan
Options Contracts
$0.50 per contract
Up to $0.65 per contract
Futures Contracts
$0.50 to $1.50 per contract
Up to $0.85 per contract
Cryptocurrency Available
Yes
Yes
Bonds Available
No
Yes
TradeStation is the better choice for stock and stock options traders, while Interactive Brokers noses ahead on futures contract pricing. Interactive Brokers is also a better fit for traders who want to purchase bonds directly, as TradeStation users can only purchase bond ETFs.
Final Word
TradeStation has very low trading costs, a comprehensive lineup of asset types, and a suite of advanced research and analysis tools. Its web and mobile trading platforms are responsive, powerful, and built with execution in mind.
TradeStation is also not designed for trading novices or hands-off investors. If you’re looking to open your first brokerage account and start to wrap your head around the market, TradeStation isn’t the best option for you. Stick with a robo-advisor or beginner-friendly DIY brokerage.
On the other hand, if this isn’t your first rodeo, TradeStation could be the right online trading platform for you.
The Verdict
Our rating
TradeStation
TradeStation is a powerful online brokerage built for seasoned, active traders. It has a full lineup of available assets, including less common ones like futures contracts and crypto. But it’s not appropriate for hands-off investors or novices, leaving many would-be users on the sidelines.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Taxes
What Is Tax-Loss Harvesting and How Does It Work?
Tax-loss harvesting lets you use underperforming assets to lower your taxes. But managing your portfolio is complicated enough — is tax-loss harvesting even worth it? The short answer is yes. And advisory services leveraging modern technology can help you reap the benefits without the headache.
It’s difficult to visit any news site without seeing some mention of cryptocurrency. Most people sit there and simply think, nope, crypto’s way too much risk for me. And they’d be right. Crypto is an incredibly volatile asset, but, there’s a “safer” way to invest in it.
An investment in blockchain ETFs (blockchain is the technology cryptocurrencies run through) is a great way to diversify your portfolio. It’s also an excellent way to participate in the growth of this emerging technology while limiting your exposure to the potential risk that comes with cryptocurrencies and other ICOs.
In this article, I will discuss how investing in blockchain ETFs works, as well as the best ways for you to invest today.
What’s Ahead:
A step-by-step guide on how to invest in blockchain ETFs
If you decide to purchase a blockchain ETF, it’s a good idea to make sure you are buying one with an established track record of returns. Below, I’ve outlined a basic, step-by-step guide to investing in blockchain ETFs.
1. Open a brokerage account
To invest in a blockchain ETF, the first thing you need to do is open a brokerage account. If you already have one, that’s great. Otherwise, head on over to your preferred broker and open an account with them. Just make sure that you take note of any fees that the account charges.
You’ll also want to ensure they sell the specific blockchain ETF you’re looking to invest in. It’s important to remember that every brokerage account is different. Some may offer special promotions or have discounts on certain fees for new customers. You’ll want to consider this when choosing your broker.
2. Determine the amount you want to invest
Once you’ve opened a brokerage account, you should determine how much you’re willing to invest. Remember that a blockchain ETF is typically priced based on the total value of assets it holds. This means that if a share is worth $100 and an ETF has 100 shares, then each individual share would be worth $1.
It pays to do some research into what type of blockchain ETFs other investors are investing in and how much they’ve invested – this will give you a sense of where a good starting point is.
Public, for instance, allows you to track and follow other people’s investments. So, you can follow someone who knows the blockchain space and replicate their investments if you wanted.
Whatever you decide, make sure you don’t invest more than you can afford to lose. While blockchain ETFs may be “safer” than buying something like cryptocurrency directly, there’s still the potential for risk.
3. Find the ticker symbol of the blockchain ETF you want to buy
Okay, now you’ve figured out where you’re going to invest and how much you’re going to invest. So it’s time to search for the specific blockchain ETF you want to buy.
The first step is to find the ticker symbol of the blockchain ETF you’re looking for. This will be a short three- or four-letter abbreviation representing the fund and its corresponding company – it’s typically listed in small print at the top left corner of your screen. It looks like this: BLOK, for the Amplify Transformational Data Sharing ETF, if that’s one you’re interested in.
A quick Google search for “blockchain ETFs” should give you a list of some out there – so do your due diligence, and find one that looks the most appealing to you.
Once you’ve found it on your screen in front of you, look for a small box that says “symbol” or “ticker symbol.” It should be right under the fund’s name. Copy this string of letters into your browser by highlighting them with the cursor as selected, then paste it into your brokerage’s search bar.
4. Place an order for that ETF
Once you’ve located the blockchain ETF you want to invest in, it’s time to place an order. You have a few different options for order types when buying a blockchain ETF:
Market order – Market order is an order to buy or sell a security at the current best price available in the market.
Limit order – A limit order is an instruction to buy or sell a security at the specified price below or above the current market price.
Stop limit order – When you place stop and limit orders together, they work as one large trade with two parts: first, if the price reaches your set “stop” point, it will execute your “limit” instructions.
Do whatever makes the most sense for you and your investment goals, but don’t worry about the differences too much. The key here is to get invested in a blockchain ETF.
5. Set up automatic contributions and investments (if you can)
By now, you’ve hopefully invested in a blockchain ETF. But you’ll want to keep the momentum going. To do that, set up an automatic investment plan.
You can automate your investments so that when you set a new goal, say buying a house or saving for retirement, every week or month, the predetermined amount gets invested in blockchain ETFs on your behalf- and you never have to worry about it again.
This is also one of those things where doing something simple now could save you from some major hassles later. Because, before long, blockchain will be everywhere.
What is a blockchain ETF?
A blockchain ETF is a security that tracks the performance of blockchain-based assets. ETFs are composed of individual securities, such as stocks, bonds, or commodities.
An investment in a blockchain ETF is an indirect way to invest in the technology’s underlying infrastructure and protocols which currently power cryptocurrencies like Bitcoin and Ethereum, but will soon be used for much more than just finance.
Right now, you can’t purchase a Bitcoin or cryptocurrency ETF in the U.S., so if you want to invest in blockchain ETFs, they’re best suited as a long-term investment.
The investments are decentralized and transparent, making them immune not just to manipulation but also to fraud. As a result, blockchain technology provides some of the greatest opportunities for investors who don’t have much time to delve into individual companies or venture capitalist firms with different levels of risk.
Two of the most popular blockchain ETFs are the Reality Shares Nasdaq NexGen Economy ETF (BLCN) and the Innovation Shares NextGen Protocol ETF (KOIN). Both of these ETFs track stocks that are involved in the implementation of blockchain technology.
The Reality Shares Nasdaq NexGen Economy ETF is made up of companies like:
Amazon.
Bank Of America.
Facebook.
Google.
The Innovation Shares NextGen Protocol ETF focuses on emerging startups rather than established firms and includes a wider range of investments as well.
Where to buy a blockchain ETF
If you want to buy a blockchain ETF, you can do so through your brokerage account or a robo-advisor.
The easiest way to invest in blockchain ETFs is by using online investment platforms such as E*TRADE.
E*TRADE offers access to specific funds that you couldn’t otherwise buy on exchanges like the Reality Shares Nasdaq NexGen Economy ETF and the Innovation Shares NextGen Protocol.
Many robo-advisors, such as Betterment, also offer access to blockchain ETFs in some of their portfolio options.
If you have a brokerage account with Robinhood or TD Ameritrade, then they may also provide investment funds that include blockchain ETFs within them. Regardless of the platform you are using, buying a blockchain ETF is the easiest way to invest in blockchain.
Benefits vs. risks of buying blockchain ETFs
There are many risks and benefits to investing in blockchain ETFs. But, first, let’s start with the benefits.
Benefits of investing in blockchain ETFs
They have a low cost. The biggest benefit of investing in blockchain ETFs is the low cost. You can invest as little or as much as you want, and it’ll all be allocated to your chosen stocks automatically by a fund manager, who will take care of everything for you.
ETFs are often less risky. There’s also very little risk involved with investing in these types of funds because they are highly diversified.
No minimum amount required most of the time. Another great aspect about them is that there’s no minimum amount required – so even if you only have $20 to spare, that could still make an impact. Finally, one last big upside is getting exposure to many different companies just from one company investment.
Risks of investing in blockchain ETFs
Less consistency. First, you will not get the same consistency as investing in a more traditional fund, like an S&P index fund, for instance. This is because blockchain ETFs (along with crypto) may sometimes move irrationally.
More unknowns. It’s hard to know what companies you’re specifically invested in, so if there is an issue with one company and it causes a domino effect, then your investment might take a hit. For this, I recommend doing deep research on the ETF and seeing which companies it holds and how they’re positioned in blockchain technology.
Higher fees than other ETFs. Finally, the fees can be slightly higher than other ETFs on the market because of how they work. They also have no minimum amount required, which could end up costing you even more money.
Summary
Blockchain ETFs are an exciting new way to invest in blockchain technology while also mitigating your overall level of risk. If you’ve been hesitant to jump into this space because you’re unsure where and how to buy Bitcoin, or if you don’t understand the difference between Ethereum and Ripple, now is a good time to learn more about these types of investments before it’s too late. Always research before jumping into any type of investment.
It’s difficult to visit any news site without seeing some mention of cryptocurrency. Most people sit there and simply think, nope, crypto’s way too much risk for me. And they’d be right. Crypto is an incredibly volatile asset, but, there’s a “safer” way to invest in it.
An investment in blockchain ETFs (blockchain is the technology cryptocurrencies run through) is a great way to diversify your portfolio. It’s also an excellent way to participate in the growth of this emerging technology while limiting your exposure to the potential risk that comes with cryptocurrencies and other ICOs.
In this article, I will discuss how investing in blockchain ETFs works, as well as the best ways for you to invest today.
What’s Ahead:
A step-by-step guide on how to invest in blockchain ETFs
If you decide to purchase a blockchain ETF, it’s a good idea to make sure you are buying one with an established track record of returns. Below, I’ve outlined a basic, step-by-step guide to investing in blockchain ETFs.
1. Open a brokerage account
To invest in a blockchain ETF, the first thing you need to do is open a brokerage account. If you already have one, that’s great. Otherwise, head on over to your preferred broker and open an account with them. Just make sure that you take note of any fees that the account charges.
You’ll also want to ensure they sell the specific blockchain ETF you’re looking to invest in. It’s important to remember that every brokerage account is different. Some may offer special promotions or have discounts on certain fees for new customers. You’ll want to consider this when choosing your broker.
2. Determine the amount you want to invest
Once you’ve opened a brokerage account, you should determine how much you’re willing to invest. Remember that a blockchain ETF is typically priced based on the total value of assets it holds. This means that if a share is worth $100 and an ETF has 100 shares, then each individual share would be worth $1.
It pays to do some research into what type of blockchain ETFs other investors are investing in and how much they’ve invested – this will give you a sense of where a good starting point is.
Public, for instance, allows you to track and follow other people’s investments. So, you can follow someone who knows the blockchain space and replicate their investments if you wanted.
Whatever you decide, make sure you don’t invest more than you can afford to lose. While blockchain ETFs may be “safer” than buying something like cryptocurrency directly, there’s still the potential for risk.
3. Find the ticker symbol of the blockchain ETF you want to buy
Okay, now you’ve figured out where you’re going to invest and how much you’re going to invest. So it’s time to search for the specific blockchain ETF you want to buy.
The first step is to find the ticker symbol of the blockchain ETF you’re looking for. This will be a short three- or four-letter abbreviation representing the fund and its corresponding company – it’s typically listed in small print at the top left corner of your screen. It looks like this: BLOK, for the Amplify Transformational Data Sharing ETF, if that’s one you’re interested in.
A quick Google search for “blockchain ETFs” should give you a list of some out there – so do your due diligence, and find one that looks the most appealing to you.
Once you’ve found it on your screen in front of you, look for a small box that says “symbol” or “ticker symbol.” It should be right under the fund’s name. Copy this string of letters into your browser by highlighting them with the cursor as selected, then paste it into your brokerage’s search bar.
4. Place an order for that ETF
Once you’ve located the blockchain ETF you want to invest in, it’s time to place an order. You have a few different options for order types when buying a blockchain ETF:
Market order – Market order is an order to buy or sell a security at the current best price available in the market.
Limit order – A limit order is an instruction to buy or sell a security at the specified price below or above the current market price.
Stop limit order – When you place stop and limit orders together, they work as one large trade with two parts: first, if the price reaches your set “stop” point, it will execute your “limit” instructions.
Do whatever makes the most sense for you and your investment goals, but don’t worry about the differences too much. The key here is to get invested in a blockchain ETF.
5. Set up automatic contributions and investments (if you can)
By now, you’ve hopefully invested in a blockchain ETF. But you’ll want to keep the momentum going. To do that, set up an automatic investment plan.
You can automate your investments so that when you set a new goal, say buying a house or saving for retirement, every week or month, the predetermined amount gets invested in blockchain ETFs on your behalf- and you never have to worry about it again.
This is also one of those things where doing something simple now could save you from some major hassles later. Because, before long, blockchain will be everywhere.
What is a blockchain ETF?
A blockchain ETF is a security that tracks the performance of blockchain-based assets. ETFs are composed of individual securities, such as stocks, bonds, or commodities.
An investment in a blockchain ETF is an indirect way to invest in the technology’s underlying infrastructure and protocols which currently power cryptocurrencies like Bitcoin and Ethereum, but will soon be used for much more than just finance.
Right now, you can’t purchase a Bitcoin or cryptocurrency ETF in the U.S., so if you want to invest in blockchain ETFs, they’re best suited as a long-term investment.
The investments are decentralized and transparent, making them immune not just to manipulation but also to fraud. As a result, blockchain technology provides some of the greatest opportunities for investors who don’t have much time to delve into individual companies or venture capitalist firms with different levels of risk.
Two of the most popular blockchain ETFs are the Reality Shares Nasdaq NexGen Economy ETF (BLCN) and the Innovation Shares NextGen Protocol ETF (KOIN). Both of these ETFs track stocks that are involved in the implementation of blockchain technology.
The Reality Shares Nasdaq NexGen Economy ETF is made up of companies like:
Amazon.
Bank Of America.
Facebook.
Google.
The Innovation Shares NextGen Protocol ETF focuses on emerging startups rather than established firms and includes a wider range of investments as well.
Where to buy a blockchain ETF
If you want to buy a blockchain ETF, you can do so through your brokerage account or a robo-advisor.
The easiest way to invest in blockchain ETFs is by using online investment platforms such as E*TRADE.
E*TRADE offers access to specific funds that you couldn’t otherwise buy on exchanges like the Reality Shares Nasdaq NexGen Economy ETF and the Innovation Shares NextGen Protocol.
Many robo-advisors, such as Betterment, also offer access to blockchain ETFs in some of their portfolio options.
If you have a brokerage account with Robinhood or TD Ameritrade, then they may also provide investment funds that include blockchain ETFs within them. Regardless of the platform you are using, buying a blockchain ETF is the easiest way to invest in blockchain.
Benefits vs. risks of buying blockchain ETFs
There are many risks and benefits to investing in blockchain ETFs. But, first, let’s start with the benefits.
Benefits of investing in blockchain ETFs
They have a low cost. The biggest benefit of investing in blockchain ETFs is the low cost. You can invest as little or as much as you want, and it’ll all be allocated to your chosen stocks automatically by a fund manager, who will take care of everything for you.
ETFs are often less risky. There’s also very little risk involved with investing in these types of funds because they are highly diversified.
No minimum amount required most of the time. Another great aspect about them is that there’s no minimum amount required – so even if you only have $20 to spare, that could still make an impact. Finally, one last big upside is getting exposure to many different companies just from one company investment.
Risks of investing in blockchain ETFs
Less consistency. First, you will not get the same consistency as investing in a more traditional fund, like an S&P index fund, for instance. This is because blockchain ETFs (along with crypto) may sometimes move irrationally.
More unknowns. It’s hard to know what companies you’re specifically invested in, so if there is an issue with one company and it causes a domino effect, then your investment might take a hit. For this, I recommend doing deep research on the ETF and seeing which companies it holds and how they’re positioned in blockchain technology.
Higher fees than other ETFs. Finally, the fees can be slightly higher than other ETFs on the market because of how they work. They also have no minimum amount required, which could end up costing you even more money.
Summary
Blockchain ETFs are an exciting new way to invest in blockchain technology while also mitigating your overall level of risk. If you’ve been hesitant to jump into this space because you’re unsure where and how to buy Bitcoin, or if you don’t understand the difference between Ethereum and Ripple, now is a good time to learn more about these types of investments before it’s too late. Always research before jumping into any type of investment.
Bitcoin has practically become synonymous with cryptocurrency, but it’s hardly the only coin option out there. If you’re thinking about investing in crypto (or are already doing it), there are several others worth considering.
Let’s look at eight alternatives to Bitcoin for those seeking out the best cryptocurrencies.
But a note before we dive in: cryptocurrencies are extremely volatile and not recommended over other forms of investments like stocks and bonds. But if you do have the appetite for this kind of high-risk investment, let’s first look at what’s happening in the cryptocurrency space at the moment, before we get into the best cryptocurrencies.
What’s Ahead:
What’s Happening in the World of Cryptocurrency?
As you may have noticed, the prices of cryptocurrency tokens have drastically decreased in recent months — with many investors calling it a crypto crash. Even those coins that are considered the “best” cryptocurrencies have dropped in value.
With recent moves by the U.S Federal Reserve to combat high inflation by raising interest rates, on top of global instability, there has been a knock-on effect that’s played out as decreased valuations and even bankruptcies in crypto. More than a few collapses have shaken the crypto market in the past year.
In May 2022, the collapse of TerraUSD (a stable coin) along with its sister token, Luna, wiped out billions in the cryptocurrency market — about $40 billion, to be exact. As a result, some people lost their life savings and othersbit debated exiting the cryptocurrency space altogether.
Later, with the collapse of massive crypto exchange FTX in November 2022 and a number of firms filing for bankruptcy soon after (including BlockFi and Genesis), the losses continued to pile on.
Even Bitcoin has dropped in value, from its peak at $69,044.77 to hovering around $28,000 (specifically $28,349.25 on March 31st, 2023). And some smaller coins have had even sharper declines.
So, what does this mean for you if you’re considering investing in cryptocurrency?
Even a stable coin isn’t stable.
There’s volatility in the cryptocurrency space.
You shouldn’t risk money in cryptocurrency that you can’t afford to lose.
Read more: 5 Things You Should Know Before Investing in Crypto
8 Alternatives to Bitcoin
With that warning out of the way, let’s look at some alternatives to Bitcoin.
You’ve probably heard plenty of buzz over the years about “meme coins” and random success stories of ordinary folks becoming millionaires through cryptocurrency investing, just by seeking out Bitcoin alternatives.
If that’s your goal, this article isn’t for you. We’re not going to promise you any get-rich-quick coins. Rather, these are coins that have people talking and that may be worth considering if you’re looking to expand your crypto portfolio beyond Bitcoin.
Read more: How To Invest in Cryptocurrency: A Beginner’s Guide
Ethereum (ETH)
The second most popular form of cryptocurrency, Ethereum is an open-source network managed by users, much like Bitcoin.
However, there are also some significant differences. The network operates through “smart contracts” written in computer code that is uploaded to the blockchain which other cryptocurrencies operate through.
Ethereum currently doesn’t sell as high as Bitcoin, with its price (as of March 2023) at $1,641.82.
Why Invest in Ethereum (Or Not)?
Ethereum is one of the safer options to invest in, ranked in the top 10 regarding price and stability.
You can also use it at more places than you may think — and within the next few years, the number of places that accept cryptocurrencies is expected to grow. Ethereum has a large existing network, a wide array of functions, and there’s constant innovation.
It may also be the best alternative to Bitcoin, particularly if you want to diversify away from an all-Bitcoin cryptocurrency portfolio. Ethereum is second only to Bitcoin in market capitalization, at $220.2 billion, compared to $548.4 billion for Bitcoin.
Ripple (XRP)
Many people like the idea of cryptocurrencies but fear their money isn’t safe in an unregulated, online world. Ripple aims to offer some of that safety.
Ripple is a money transfer and currency exchange network that processes transactions globally. And unlike most other cryptocurrencies, Ripple doesn’t need to be “mined.”
Read more: How To Mine Cryptocurrency: An Interview With a Crypto Miner
Ripple also offers fast settlement and low fees and is being used by large financial institutions (unlike other Bitcoin alternatives).
Why Invest in Ripple (Or Not)?
Ripple has been involved in a lawsuit for over a year with the SEC and the price has dropped significantly. Ripple argues it shouldn’t be treated as a security in order to avoid much stricter regulatory scrutiny. The company plans on exploring an initial public offering when the lawsuit is settled at some point in 2023.
That said, Ripple is still one of the top 10 cryptocurrencies (currently at no. 6 based on market cap). But for investment purposes, Ripple should be thought of as a cryptocurrency equivalent to penny stock — which is exactly where it’s trading.
XRP is trading at $0.535524 (as of April 2023) with a drop of over 84% from the all-time high.
But if you believe that Ripple will be a successful payment system, then its low price right now could be a key benefit.
Litecoin (LTC)
Litecoin is often thought of as a close sibling of Bitcoin. Bitcoin and Litecoin work in the same way, but there are a few key features that make them different:
Founder Charlie Lee — The founder of Litecoin is well known, unlike the anonymous creator of Bitcoin.
Speed of transactions — Lee, an engineer, designed the Litecoin system to operate about four times faster than that of Bitcoin. This means that Litecoin can confirm the legitimacy of transactions much more quickly.
Number of coins — Bitcoin has a limit of 21 million coins once all are found, but Litecoin will have 84 million.
Why Invest in Litecoin (Or Not)?
Litecoin is nearly identical to Bitcoin, but transactions are faster — which is one of its biggest draws. However, there has been discussion as to whether this speed makes Litecoin less secure.
Litecoin’s current price is $89.26 (as of April 2023), which is down over 78% from its all-time high.
The potential upside of investing in LTC is that the coin has been around since 2015 and is seen as stable.
Cardano (ADA)
Cardano is a proof-of-stake blockchain platform. It’s intended to be the next generation of the Ethereum network with a flexible blockchain and scalable platform for running smart contracts.
Cardano was introduced as an “Ethereum killer” and a valuable alternative to Bitcoin.
Charles Hoskinson, one of the co-founders of Ethereum, founded Cardano with the intent of being energy-efficient and supporting fast transactions with minimal transaction fees.
Why Invest in Cardano (Or Not)?
It may not be the best time to get into Cardano as the token has seen better days. It’s trading at $0.406295 (as of April 2023), down over 86% from the all-time high.
The upside in investing in Cardano is that it’s more energy-efficient and superior when it comes to smart contracts.
Binance Coin (BNB)
Binance is one of the largest cryptocurrency exchanges and the Binance Coin is the medium of exchange for the entire network. You can use your Binance Coin to trade and pay fees on the Binance cryptocurrency exchange. You can also use BNB on the BNB Chain ecosystem.
Binance Coin is one of the bigger players in the space (top five), with a total market capitalization of about $50 billion — although it’s primarily used to pay fees on the Binance exchange itself.
Read more: Binance.US Review
Why Invest in Binance Coin (Or Not)?
There are two factors that make Binance Coin worth considering. The first is its market capitalization. At over $42 billion and growing, it’s one of the bigger cryptocurrencies available. That’s also an indication it’s gaining acceptance in the marketplace, especially when you consider that it has been around since 2017.
The second factor is that this is a medium of exchange on the largest cryptocurrency exchange (Binance). You can use your Binance Coin to invest in the Binance Smart Chain network through Metamask if you want to get into the decentralized space.
BNB is currently trading at $316.82 (as of April 2023), down over 53% from its all-time high.
Polkadot (DOT)
Polkadot is a protocol that connects different blockchains with each other (like Ethereum and Bitcoin, for example) with the goal of weaving blockchains together. Polkadot is often referred to as a multi-chain network because it can join networks together (unlike Bitcoin).
However, Polkadot is similar to Bitcoin in the sense that it functions as both a token (DOT) and a decentralized exchange.
Polkadot wants to create an even playing field to improve innovation through the different blockchain networks. Polkadot operates by using two blockchains — a main “relay” network for permanent transactions and “para chains” for user-created blockchains.
Why Invest in Polkadot (Or Not)?
Polkadot aims to offer scalability improvements (the number of transactions per second a network can handle) and governance for protocol upgrades or changes.
What makes Polkadot a good investment is that it’s different in the sense that the network can interact with other blockchains.
With a current price of $6.32 (as of April 2023), DOT is down over 88% from its all-time high. On the flip side, the coin is up 134.37% since it started in August of 2020.
Solana (SOL)
Solana is a public and open-source blockchain. Solana is both a form of cryptocurrency and a flexible platform for running decentralized applications. The cryptocurrency SOL is used for staking and paying transaction fees on the Solana network. Solana is focused on making cryptocurrency quicker and more scalable.
Solana has become popular in the DeFi (decentralized finance) and NFT spaces among users looking for alternatives to Ethereum. NFT projects are minted and traded using smart contracts and since Solana supports smart contracts, NFT projects are popping up here.
Solana is a solution for those seeking low-cost and high-speed alternatives to Bitcoin.
Why Invest in Solana (Or Not)?
Popular NFT projects are being built on the Solana blockchain. If you’re someone who believes in NFTs, then you’re going to want to look into the Solana network.
Read more: The Complete Guide To Buying Your First NFT
Solana’s transaction speed and low costs also make it an attractive option for those looking for a Bitcoin alternative.
SOL is down over 92% at $20.73 (as of April 2023) from the all-time high, but it’s up over 4,037% since it was formed in May 2020.
Avalanche (AVAX)
Avalanche is a decentralized, open-source, proof-of-stake blockchain with smart contract functions. Avalanche touts that it’s the fastest smart contracts platform in the entire blockchain industry (from time-to-finality). Avalanche hopes to offer a highly scalable blockchain without compromising decentralization or security.
The Avalanche blockchain uses its own coin, AVAX, to cover transactions on the network.
Why Invest in Avalanche (Or Not)?
Avalanche is worth investing in if you’re looking for something new and different. The token hasn’t been around as long as some of the other forms of cryptocurrency, so it’s not as established yet, but it’s one of the fastest-growing projects.
AVAX is worth $17.60 (as of April 2023) and is down nearly 88% from the all-time high. This is up almost 528% from the day it was formed on December 31, 2020.
The Bottom Line
While Bitcoin may have once been king, there are now plenty of other cryptocurrencies on the market if you want to start investing in the space. Just remember that any coin, no matter how much buzz it’s getting, is susceptible to market fluctuations — both good and bad.
Inside: Are you looking for ways to make money quickly and easily? This guide has a variety of tips and tricks to help you make 1000 a day.
Making money is something that everyone is interested in. And why wouldn’t we be? Money gives us the ability to buy the things we want, travel, and live a lifestyle that most people can only dream of.
But what if I told you that it was possible to make $1000 a day? Would you believe me?
Well, in this blog post, I’m going to show you some of the best ways to make money really fast.
So if you’re looking to make some quick cash or consistent income, then this is the post for you!
In this post, I will share with your some of the best ways that I know of to make money $1k a day on a regular basis.
So if you’re ready to learn how to make 1000 a day, then let’s get started!
Is it possible to make $1000 a day?
Yes, it is possible to make $1000 a day.
In fact, this is something I regularly do (see picture to prove it).
However, achieving this goal requires commitment, hard work, and a solid plan. Factors that contribute to achieving this goal include finding a method that works for you, sticking with it, and putting in the necessary effort.
Additionally, having a unique skill set and interest in a particular method can increase the chances of success.
How to make $1000 a day?
Making $1000 a day is an appealing goal for many people, whether it’s a one-time need or a consistent source of income. Fortunately, there are several ways to achieve this goal.
Here are the top ways to make $1000 a day:
Start a high-paying job: Some jobs pay over $300k a year, and while they may require advanced degrees and education, there are also a few that don’t require a college degree.
Offer high-value services: You can offer services such as pet-sitting, tutoring, design work, or writing to make money.
Start a business: You can start a business that generates $1000 a day, such as a digital marketing agency, freelancing, or a service-based business.
Sell items you no longer need: You can sell items on eBay, Craigslist, or other online marketplaces to make quick cash.
Let your money work for you: You can invest in stocks and shares, real estate, or property to earn upwards of $1000 a day.
While each method has its own advantages and disadvantages, with the right strategy and dedication, making $1000 a day is achievable.
So, get started today and see how much money you can make.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
Best ways to make 1000 a day
We’ve compiled a list of our favorite ways to make money really fast – specifically $1k a day!
Many times, you will have to invest 100 to make 1000 a day.
If you’re looking for ways to make some extra cash, or even earn a full-time income, this post is for you.
1. Freelance Writing
Freelance writing is a great way to make extra money or even replace your full-time job. There are various types of content that freelance writers can specialize in, such as long-form content or shorter direct-response copywriting.
With freelance writing, you can earn over $.50 or even $1 per word, which means that a 1,000-word article could net you $1,000 quickly.
To start, you need to establish a portfolio of your work to pitch to new clients. This portfolio should include links to any relevant articles or copy you’ve written that’s related to the client you’re pitching. If you don’t have a portfolio yet, you might need to do some work at lower rates to get your foot in the door.
Even if you don’t consider yourself a writer, don’t strike it off the list just yet. With the right approach and mindset, anyone can become a successful freelance writer.
2. Crafting
Crafting offers many benefits beyond just making extra cash. It allows for flexibility in your schedule, creativity in your work, and the ability to turn a hobby into a lucrative business.
If you are creative and have a talent for creating handmade items, then starting a crafting business is the perfect way to monetize that skill by doing something you enjoy. There are plenty of crafts to choose from and you may even become an instructor!
The most difficult side is you are trading your time for money and it may be difficult to scale.
3. Day Trading Stocks
Day trading stocks is a high-risk, high-reward investment strategy that involves buying and selling stocks within a single trading day. It requires a great deal of knowledge, discipline, and risk management to be successful.
However, there is a large group of us who have made the $1000 in a day club.
Successful day traders use a combination of technical analysis, risk management, and discipline to make profitable trades.
This choice requires discipline, a proper trading education, knowledge, and risk management.
Trade and Travel with Teri Ijeoma is a popular course that investors can take to learn about trading stocks and options and begin their journey to making $1,000 a day.
4. Trading Options
Trading options can be a lucrative way for seasoned investors to make money.
With options, investors can speculate on different stocks with only a fraction of the investment capital needed to buy the stocks outright.
Investors who are familiar with investing in individual stocks can take the next step in the process by trading options. While options may seem exotic on the surface, they are a common tool used by seasoned investors and are especially valuable during volatile activity in the stock market.
To trade options successfully, investors need research skills, investing knowledge, discipline, and patience.
Trading options can be a high-risk option, especially for those who lack expertise in the area. However, it can be extremely lucrative for those who have experience and knowledge in the stock market.
Investors should consider taking courses to learn more about trading options.
5. Youtube
YouTube can be a great source of income for those who are willing to put in the effort to create quality content. It offers multiple ways to generate revenue, including sponsorships, affiliate marketing, and Google Adsense.
With the right approach, it’s possible to make $1000 or more per day on YouTube.
Remember, success on YouTube takes time and hard work, but the potential rewards are significant.
6. Selling on Amazon
Selling products on Amazon can be a highly profitable business opportunity.
Amazon FBA, or Fulfilled by Amazon, is a business model where you send your inventory to Amazon warehouses and they handle the rest, including storage, shipping, customer service, and returns.
This makes it a great option for digital nomads and those looking to scale their business quickly.
With an average profit margin of $20 per sale, it’s possible to make $1,000 per day by selling just 5 units per day of 10 different products.
7. Sell Printables Online
Selling printables online has become a popular way to make passive income.
With the rise of digital products, creators can sell anything from coloring pages to budget spreadsheets on platforms like Etsy. Thousands of creators make a living selling digital products, and it’s easy to see why.
Learn how these sellers got started.
The key is to pick a topic you’re knowledgeable in and passionate about, so you can create high-quality products that people will want to buy.
8. Dropshipping
Dropshipping is one of the best ways to make $1000 a day, especially for those looking to start a business with minimal initial investment.
This business model allows entrepreneurs to sell products to customers without ever holding a single piece of stock.
Dropshipping is a viable and profitable business model that can generate high profits without the hassle of managing inventory. With the right niche, platform, supplier, and marketing strategy, entrepreneurs can make $1000 a day or more with dropshipping.
9. Consulting
Consulting is one of the best ways to make $1000 a day!
It’s a lucrative career option that allows you to provide expert advice to clients and help them solve problems.
The first step to becoming a consultant is to determine your area of expertise. This could be anything from personal finance to marketing to human resources. Your expertise should be something that you have significant knowledge and experience in.
One of the most important aspects of becoming a consultant is building your network. This includes reaching out to potential clients, attending networking events, and connecting with other professionals in your field.
10. Become a Virtual Assistant
Being a virtual assistant can be a great way to make money while setting your own hours.
As a virtual assistant with no experience, you can work from home and typically on your own schedule. You can choose to work part-time or full-time based on your availability and the workload of your clients.
The tasks that you are asked to perform as a virtual assistant can vary widely, but commonly needed skills include administration, accounting and bookkeeping, marketing, communications, customer service, and many other capacities.
You don’t need special skills or training for this job, as most clients will bring you up to speed on what they need to do. However, having organizational, communication, and time-management skills can be helpful.
Check out the checklist to get started as a virtual assistant.
11. Side Hustles
Side hustles are a great way to earn extra income and supplement your regular income. With a little effort and some creativity, you can make up to $1000 a day with certain side hustles.
Here are some of the best side hustles that can help you achieve this goal:
Deliver food: You can make good money by delivering food with these apps. You can choose your own hours and work as much or as little as you want. DoorDash is a great option.
Drive with ridesharing apps like Uber and Lyft: If you have a car and some free time, you can earn money by driving people around. You can make up to $1000 a day, depending on how much you work.
Pet sit or walk dogs: If you love animals, you can make money by pet sitting or dog walking through Rover.com. You can earn up to $50 per day, depending on the services you offer.
Babysit or tutor: If you have experience with children or are good at a particular subject, you can offer your services as a babysitter or tutor through Care.com. You can make up to $50 per hour, depending on your qualifications.
Side hustles are a great way to make extra money and reach your financial goals.
12. Start a Business
Starting a business is one of the most effective ways to make 1000 dollars a day on a regular basis. However, it requires careful planning and execution to succeed.
The first step is to research the market and identify a profitable business idea and build it to profitability.
Challenges may arise, such as competition, financial setbacks, and marketing difficulties, but with persistence and determination, you can overcome them and achieve financial success.
The potential for significant financial gain from starting a successful business is immense, making it a worthwhile endeavor for anyone willing to put in the effort.
13. Yard Work
Yard work is an excellent way to make $1000 a day, especially if you have some extra time and don’t mind getting dirty.
If you want to get up and running quickly, there is nothing better than a local side hustle to earn extra money such as mowing lawns in your neighborhood.
Mowing lawns is not only a great side hustle for adults but also for teens. For an average size lot, you could expect to make at least $35. If you could line up a few lawns each weekend, you could easily make an extra $1000 each month.
Landscaping, leave pickup, and bush trimming are all simple tasks that you can complete quickly if you have the right equipment. You can choose to set an hourly rate or get paid for the entire job, depending on the task.
You may have to start hiring crews in order to hit $1k a day.
14. AirBnb or VRBO Rentals
Airbnb or VRBO are popular platforms for renting out your property to travelers.
Many successful hosts have earned $1000 or more per day because they have accumulated more than one property.
One tip for success is to garner excellent reviews that people want to come back time and time again.
15. Affiliate Marketing
Affiliate marketing is a lucrative way to make money online and has the potential to earn you $1000 a day.
This works well for influencers who have a reach of thousands of people. Another way is creating a niche website that focuses on a specific product or market segment.
It’s essential to promote products effectively to generate revenue. Successful affiliate marketers have earned six figures or more per year.
16. Flip Products or Retail Arbitrage
Retail arbitrage is a popular business model that can help you make $1,000 per day or more. The premise is simple – buy or find things cheap and resell them for a higher price.
This is a great example of how to flip money.
To be successful, you’ll need to have an eye for the right product and do product research to choose products that will sell.
Here is a list of the most popular items to flip.
17. Pickup Services
Pickup services refer to businesses that provide transportation and delivery services for goods, furniture, or other items. These services are in high demand, especially in urban areas where people are always on the move and need help with moving heavy or bulky items.
Starting a pickup service business requires some equipment, such as a truck or van, and marketing strategies to attract customers.
So, if you are looking for a new side hustle or business opportunity, consider pickup services as a viable option.
18. Casino Gambling
While casino gambling is not a recommended way to make $1000 a day, it is still worth mentioning as a potential option.
However, it is important to note that gambling should always be done responsibly and within one’s means.
If you are considering casino gambling as a way to make quick money, it is essential to understand the most profitable games and their strategies. Here is an ordered list of the best casino games to play to make money:
Blackjack: This game has one of the lowest house edges, making it a popular choice for professional gamblers. The objective of the game is to beat the dealer’s hand without going over 21. The key to winning at blackjack is to use basic strategy, which involves making the mathematically correct decisions based on the dealer’s upcard and your own hand.
Craps: This game has a low house edge and offers a variety of betting options. The objective of the game is to predict the outcome of a roll or series of rolls of the dice. To win at craps, it is essential to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
Baccarat: This game is easy to learn and has a low house edge. The objective of the game is to bet on the hand that will have a total of 9 or closer to 9. The key to winning at baccarat is to understand the different bets and their odds and to follow a betting strategy that suits your playing style.
When playing these games, it is important to practice good bankroll management by setting a budget for yourself and sticking to it. It is also crucial to know when to quit to avoid losing money.
A winning streak can lead to making $1000 a day, but it is important to be cautious and not get carried away.
19. Freelance Graphic Design
Graphic designers create visual concepts using computer software or by hand to communicate ideas that inspire, inform, and captivate consumers. They work on various projects such as branding, marketing materials, website design, and more.
Freelance graphic design is a lucrative option because there is always a demand for graphic design services, and businesses are willing to pay top dollar for high-quality designs.
By building a strong portfolio, staying up-to-date with the latest design trends, and providing excellent service to your clients, you can earn a substantial income as a freelance graphic designer.
20. Make Money Flipping Items
Flea market flipping is a great way to make some extra cash on the side or even turn it into a full-time business. It involves buying items for a low price and reselling them for a profit.
One couple, Rob and Melissa Stephenson, have become full-time flea market flippers and even host their own website, Flea Market Flipper, to help others find success in the venture. They offer several courses to help individuals turn this into a serious side hustle or even a full-time business earning six figures.
Learning from successful flea market flippers like Stephenson’s can be a great way to get started. They have the skills and knowledge to help individuals find valuable items, network, and use social media and photography to their advantage.
21. Photography
Photography is a lucrative career option that has the potential to generate high income or as a side hustle.
There are different types of photography that one can explore to make money, including wedding photography, family photography, real estate photography, and stock photography.
By building a strong portfolio, networking, finding clients, investing in high-quality equipment, and constantly improving your skills, you can become a successful photographer and make a great income. Don’t underestimate your potential in this field.
22. Rental Income
Passive income through rental properties is a great way to generate consistent long-term income. Here are the steps to follow in order to make $1000 a day through rent income:
Find a suitable property: Look for properties that are priced reasonably, require minimal renovations, and are located in areas with high rental demand. You are likely to start making $1000 a month.
However, the earning potential is dependent on the ability to scale multiple properties, keep them occupied, and increase monthly income streams.
Investing in rental properties can be a lucrative and rewarding experience for those willing to put in the effort.
23. Amazon Merch
Amazon Merch is a platform that allows you to create and sell your own merchandise on Amazon. It’s an excellent way to make money because Amazon handles all of the heavy lifting, such as printing, shipping, and customer service.
Using Amazon Merch, you can sell a variety of products from t-shirts to phone cases, and best of all, you don’t need to invest in inventory or equipment.
All you need to do is create the designs.
Successful Amazon Merch sellers include graphic designers, artists, and entrepreneurs who have created unique and appealing designs that resonate with their target audience.
24. Creative Skills like Video Editing
Creative skills can be a valuable asset when it comes to generating income. Video editing is another skill that can be monetized.
With the rise of video content, businesses, and individuals are always in need of skilled video editors. One can offer video editing services for YouTube creators, and businesses, or even edit personal videos for clients.
Freelance platforms like Upwork and Fiverr are great places to find video editing jobs.
25. Fashion Design
Fashion design is one of the most lucrative ways to make money, and it’s an industry that’s always in demand.
Whether you’re interested in starting your own fashion label, working for a fashion house, or becoming a freelance designer, there are plenty of opportunities to make a living in this field.
Marketing yourself is also key to success in fashion design. Use social media platforms like Instagram and Pinterest to showcase your work and build a following.
Networking is also an important part of building a successful career in fashion design. You must stay up-to-date on industry trends, make valuable connections, and potentially land new clients or job opportunities.
Create a website or blog where you can share your designs, offer fashion tips, and connect with potential clients.
Pay attention to industry trends, stay creative and original, and focus on developing your skills and building your brand. Then, there are plenty of opportunities to make a living in this exciting and dynamic industry.
26. Start a Blog
Many people say blogging is dead. But, it’s not.
Starting a blog can be a great way to share your interests, skills, and experiences with others while also creating a new income stream for yourself. The flexibility of blogging allows you to turn your current job or passion into a successful blog.
However, starting a blog can be challenging, and it requires technical knowledge, writing ability, social media skills, and topical expertise.
Once you have started your blog, it’s essential to treat it like a business and monetize your content.
27. Self-Storage Business
Self-storage business is a lucrative venture that involves renting out storage units to customers who need extra space for their belongings. These businesses are in high demand, especially in urban areas where living spaces are often small and cramped.
In fact, the self-storage business is expected to bloom to $64.17 billion by 2026.
Starting a self-storage business can be a profitable venture if done correctly.
28. Invest in Cryptocurrencies
Cryptocurrencies have gained popularity as a potential source of significant income. Bitcoin, Ethereum, and Litecoin are some of the best cryptocurrencies to invest in.
To invest in cryptocurrencies, one must first set up a digital wallet and choose a reputable exchange such as Coinbase or Bitstamp.
It is important to research the market and understand the volatility of cryptocurrency before investing. While the potential for high returns exists, it is important to approach cryptocurrency investing with caution.
29. Invest in Real Estate
Investing in real estate can be a lucrative way of making money.
To make $1000 a day through real estate investing, there are several steps you can take.
First, set aside a few hundred dollars each month to invest in real estate over time.
Second, consider the different types of real estate investments available, such as rental properties, commercial properties, and fix-and-flip properties. Each investment type has its own advantages and disadvantages, so it’s important to research and choose the one that fits your financial goals.
Third, consider investing in real estate investment trusts (REITs) or crowdfunding platforms like Fundrise, which allow you to invest in real estate without purchasing a property.
Remember that investing in real estate carries a degree of risk, so it’s important to do your research and seek advice from successful real estate investors.
30. Make Money on the Internet
Making money online has become a popular option for those looking to earn a substantial income. The internet provides a wealth of opportunities for anyone with an internet connection and a bit of creativity.
You need to learn how to make money online for beginners.
There are so many options today and you never have to leave your house!
When it comes to making $1000 a day online, it’s important to acknowledge that it’s not a quick or easy process. It takes time and effort to build a successful online business or generate significant income through freelance work or other online opportunities.
However, with dedication and hard work, it is possible to achieve your financial goals.
How to make $1,000 really fast?
If you’re in a financial bind and need to make $1,000 quickly, there are several options available to you.
Here are the top ways to make $1,000 a day quickly:
Sell items on eBay or Craigslist: If you have items that you no longer need, consider selling them online. This could include clothes, furniture, or electronics. This is a quick and easy way to make money fast.
Offer freelance services: You can offer services such as tutoring, design work, or writing. If you have a specific skill or talent, you can find customers online who are willing to pay for your services.
Do odd jobs for people in your community: You can offer to mow lawns, rake leaves, or shovel snow for a fee. This is a great way to make money quickly, especially if you live in an area with a lot of homeowners.
Participate in paid focus groups or surveys: This is a great way to make money quickly without leaving your home. Companies are always looking for feedback on their products and services, and they are willing to pay for it.
Rent out a room in your home on Airbnb: If you have a spare room in your home, you can rent it out on Airbnb and make money quickly. This is a great option if you live in a popular tourist destination.
Manage social media accounts: Many businesses need help managing their social media accounts, and they are willing to pay for them. If you have experience with social media, this could be a great way to make money quickly.
Start a blog: If you have a passion for writing or a specific topic, you can start a blog and sell advertising space or products/services to your readers. This takes some time to build up, but it can be a lucrative way to make money in the long run.
Sell handmade crafts or goods online: If you’re crafty, you can make items and sell them online, such as on Etsy. This is a great way to turn your hobby into a money-making opportunity.
Borrow money from friends or family: This is not an ideal option, but if you’re in a bind and need money quickly, consider asking for a loan from someone you trust.
Pawn items for cash: This is a last resort option, but if you have items of value, you can pawn them for cash quickly.
Don’t be afraid to try different methods and see what works best for you.
This is the perfect side hustle if you don’t have much time, experience, or money.
Many earn over $10,000 in a year selling printables on Etsy. Learn how to get started by watching this free workshop.
If you’ve ever wanted to make a full-time income while working from home, you’re in the right place!
This intensive training combines thousands of hours of research, years of experience in growing a virtual assistant business, and the power of a coach who has helped thousands of students launch and grow their own business from scratch.
FAQ
Passive income is a form of earnings that is generated without active involvement.
It is a way to make money while you sleep and can provide financial stability and independence.
This is one of three types of income and the one you want to strive towards building.
Ultimately, the best side hustle for making $1000 a day is one that meets your needs and interests while providing a good return on investment.
Here are several factors to consider before choosing the best option.
Think about your skills, interests, and availability. If you have a full-time job, you may want to consider a side hustle that allows you to work flexible hours.
Next, consider the earning potential of the side hustle you are considering. Some side hustles pay more than others, and you want to choose one that will give you the highest return on investment.
Additionally, consider the start-up costs associated with the side hustle. Some require significant investment, such as buying a car for ride-sharing apps or purchasing an online course.
Most importantly, choose a side hustle that aligns with your passion and expertise. This will make the work more enjoyable and increase your chances of success.
There are many ways to make money from your expertise.
You can start a consulting business, offer services such as coaching or speaking, create and sell information products, or build a following and sell advertising or sponsorships. The possibilities are endless.
What’s important is that you start somewhere and then take action to turn your expertise into cash.
Ready to Make 1000 in a Day?
There are many ways to make money quickly and easily.
The best way to make money fast is to find a way that best suits your skills and interests.
Whether it’s graphic design, content creation, photography, or trading stocks, there are plenty of opportunities to turn your passions into profit. So, start honing your skills and explore the endless possibilities of the gig economy.
Learning how to make quick money in one day is possible. You just need to be determined and disciplined.
So, which method do you choose on how to make $1k a day?
Know someone else that needs this, too? Then, please share!!
According to the FTC, Americans have lost $610 million to “income illusions” since 2016 – and $150 million of that was in the first nine months of 2020 alone.
Predatory get-rich-quick schemes have become so audacious, so prevalent that the federal government has launched a full-scale operation targeting them: Operation Income Illusion.
So what are all the modern scams and schemes that young people should look out for? How can you spot the especially sneaky ones? What are the early warning signs of a bad online business course or a phony job listing?
And how can you convince that one relative of yours that they’re in an MLM?
Let’s cover this and more as we explore modern get-rich-quick schemes (and how to spot them).
What’s Ahead:
Common signs of a get-rich-quick scheme
Before we get into specifics, it’s worth pointing out some of the most common signs of any get-rich-quick scheme:
A promise or guarantee of income.
Payment requested upfront to cover supplies/training/application fees.
Sketchy websites or email addresses.
Zero online reviews or ratings.
Hyperbolic marketing language (achieve your dreams, become your own boss, etc.).
The perfect opportunity somehow found you (instead of the other way around).
A request for sensitive info: credit card info, SSN, or a photo of your passport/ID.
They give you a bad gut feeling. When you have a bad gut feeling about a person in real life, you walk away. Do the same online.
1. Cryptocurrency
Ah, crypto.
Perhaps no other investment in history has produced as much FOMO as Bitcoin. After all, everybody knows of somebody who got rich off of it, or alternatively, some rare altcoin (read: any crypto that isn’t Bitcoin) that exploded overnight.
It would be an overreach to call cryptocurrency a scam, but it’s certainly not the investor gravy train it’s made out to be.
Read more: The Top 10 Things You Need To Know About Bitcoin
What they promise
A $10,000 investment in Bitcoin in 2017 became $640,000 just four years later. Invest your money and buckle up, because you’re about to get rich.
Or, alternatively, keep your eyes on the crypto forums. If you get in on the ground floor of a new crypto before it explodes, that’s another easy way to 100x your investment overnight.
What really happens
A $10,000 investment in Bitcoin in November, 2021 would be worth $6,175.36 in February 2022.
Cryptocurrency values are 100% speculation, upheld by investor demand alone. There’s simply no guarantee (or even near-guarantee) that your investment will grow in value in the short- or long-term.
That’s especially true of new or obscure “altcoins” that trade for pennies a pop. Sure, a small percentage of them may blow up – but many more are simply scams or pump-and-dump schemes – and it’s extremely difficult to detect which is which.
Read more: From High Risk To High Cost: Why You Shouldn’t Buy Bitcoin
How to spot a crypto scam
Any crypto that promises to multiply in value is a scam. Again, the only thing propping up crypto values is investor interest, which is fickle, fleeting, and unpredictable.
Bitcoin, Ethereum, and other bonafide cryptos aren’t scams, but they’re ultra-risky investments nonetheless. For more on why, check out Crypto Crash Course – Everything You Need To Know About Bitcoin, Blockchain, And More.
2. Multi-level marketing schemes
MLMs are notorious for using psychology and manipulation to lure unsuspecting income-seekers into their midst. Then, they squeeze capital out of them on the dangling promise of eventually multiplying their returns.
Now that John Oliver and others have shone a light on the industry, the MLMs have had to get even sneakier.
What they promise
Join [Herbalife, Amway, Infinitus] and you’ll become your own boss, get free training, and earn six figures in your first year!
Who doesn’t want to become their own CEO for a small initial investment of just $150, especially when you can make 1000x within 10 months!
What really happens
99% of MLM participants lose money, according to the Consumer Awareness Institute. Anyone appearing like they’re making money from an MLM on social media is simply trying to dupe others into distributing for them.
How to spot an MLM scheme
If you’re wondering whether the sales opportunity you’re considering is part of an MLM, or you’re trying to convince someone that they’re in an MLM, here are a few steps that you can take:
See if it’s already a known MLM. TitleMax (of all places) published a helpful list of the top 25 MLMs by revenue. If your future “employer” is on the list, take a hard pass.
Search for complaints about the company. Reddit, The Better Business Bureau, and your state Attorney General’s office website are all helpful places to find consumer ratings, reviews, and official complaints.
Vet the products. MLMs tend to sell sketchy products with dubious or unsubstantiated research proving their efficacy. If you wouldn’t buy the product, you definitely shouldn’t sell it.
ID the “startup fee”. If a company has a flat fee for upfront training or especially your first round of inventory, it’s most likely an MLM.
Get a second opinion. Ask the company to provide all of its contracts and legal documents, and have a friend, mentor, or your attorney look over everything with a skeptical eye. Don’t try to convince them it’s legit; ask them to convince you that it’s an MLM.
3. The lottery
There’s no more open and honest get-rich-quick scheme than the lottery!
Playing the lotto in tiny doses can be fun when you expect to lose. My better half and I buy a ticket or two per year and fantasize about how we’ll fill our 20-car garage.
Then we lose and laugh.
But playing the lottery with even the faintest expectation that your investment will eventually pay off is a slippery slope – both financially and psychologically.
Read more: Why You Should Never Play The Lottery – And How To Better Spend Your Money
What they promise
Whether it’s $10,000 or $10,000,000, you’re just a scratch away from winning life-changing money.
What really happens
It’s better to gamble your money in Vegas than to play the lottery.
I say that because generally speaking, you have a 5% to 30% chance of beating the house in a Vegas casino (WSJ). Your chances of winning the lottery are 1 in 300 million (CNBC).
But what about a non-jackpot? Can you profit from buying scratch-offs?
“Scratchies” typically list their odds of winning on the back of a card, usually between 5% and 20%. Your chances of winning something are better – but your chances of profiting are still extremely low.
Lotteries are also inherently problematic and controversial. Supporters say they benefit society by generating tax revenue – but it’s worth considering where that revenue is originating.
A mass study on the lottery’s net impact on society found that “the percentage of income spent on the lottery is significantly higher for players with low family incomes and low education,” hence the lottery’s ignominious nickname: “a tax on the poor.”
While it may be more transparent, make no mistake – the lottery is just as bad of a get-rich-quick scheme as an MLM (just with much worse odds).
4. Phony job listings
This one’s more of a straight-up scam than a scheme – and even as far as scams go, it’s pretty nefarious. FBI Special Agent, Jeanette Harper writes:
“Fake Job Scams have existed for a long time but technology has made this scam easier and more lucrative.”
What they promise
A supposed rep from a legit-looking company – or even one pretending to be from a company you’ve heard of – will reach out and say they’re hiring for a high-salary role.
They either say “no experience necessary” or that you’d be perfect for it, and since they want to fill the role right away, they’ll just do the interview via a chat window.
Before your start date for your high-salary role, they’ll need to add you to payroll and benefits – so you’ll need to pass along your W-9, 1099, and/or a scan of your ID.
What really happens
The scammer uses this sensitive information to steal your money and/or identity.
How to spot a phony job listing
Fake job opportunities are pretty insidious, but at least they’re pretty easy to spot. Here are some of the telltale signs:
The job listing appeared on social media (nearly all legit companies recruit via job boards, LinkedIn, or by referral only).
The rep’s email address doesn’t match the company name.
The company has no website/social media/LinkedIn presence (or a sketchy one).
The rep won’t reveal themselves – they won’t share their own personal data nor will they get on a video call with you – they insist on communicating via chat.
Everything they’re telling you seems oddly vague.
The interview process is moving oddly quickly – you’re accepted in minutes or hours, when the real-world process takes days or weeks.
The rep wants money – such as a $25 fee to submit your application.
5. COVID-era robocall scams
At the risk of sounding indelicate, the COVID-19 pandemic has created a target-rich environment for robocallers who peddle MLMs, phony jobs, or shady website building services.
To give an example, the FTC is going after scam company National Web Design for sending out millions of illegal robocalls specifically targeting people who’d just lost their jobs, guaranteeing them passive income if they just paid a little upfront.
I try not to use the term evil lightly…
What they promise
Here’s what National Web Design told its victims: you could earn up to $400 a day as an Amazon affiliate. Just let us build your site for $2,000 and your passive income awaits.
What really happens
The scammers may actually deliver a product, but it never works as advertised. You’re out $2,000 and they never pick up the phone.
How to spot a robocall scam
If someone calls you offering a job or passive income opportunity, it’s a scam. But don’t just hang up – report their call as spam on your phone and report the company to the FTC using this form.
BONUS: how to prevent robocalls in the first place
You can help stem the flow of robocalls to your own phone by adding your number to the official Do Not Call Registry. Don’t worry, it’s free and 100% legit.
The second thing you can do is to never, ever, ever give your phone to a business unless it’s essential to your wellbeing. Even companies that claim to “protect your privacy” will still sell your data to their partners (since it’s not a violation of their own privacy policy).
6. Bad online business courses
Here’s one that I fell for.
To my credit, it wasn’t named so blatantly – and I can tell that the instructor was being sincere in his advice – but it was still bad advice that I paid an embarrassing amount of money for.
Bad online courses always seem like good investments upfront. They’re taught by people who’ve “made it” in the industry and who promise to tell you all of their “best money-making secrets.”
They’re also sold to you at a weirdly high discount (e.g. 97% off) and sometimes, you even have to apply to be in the course.
But crappy online courses aren’t just dangerous due to high cost and missed expectations – they can teach you the wrong things that actually hinder your progress and take months to unlearn.
What they promise
Sellers of “How To Get Rich In XYZ Industry” courses promise exactly that – that you can make millions in a certain industry by simply following in the instructor’s footsteps.
What really happens
The advice you learn in an unaccredited online course can range from good to bad to downright toxic. And if you’re new to an industry, it can be hard to distinguish which is which.
You could be paying for advice that could win new clients – or immediately turn them off.
That’s why you’ll want to be extremely careful who you learn from. Some instructors truly are at the top of their industry and their tips are worth their weight in gold.
But others are on their way out – their way of doing things in their industry no longer works, so they’re packaging and selling bad and outdated advice to make up for lost income.
How to spot a bad online course
Part of the challenge to spotting bad online business courses is that they’re often marketed exceedingly well – so well, in fact, that if it’s a course in How To Make Millions Selling Bad Online Courses, maybe it’s worth it!
Facetiousness aside, here are some of the signs that the course you’re considering isn’t worth it:
The instructor has limited, outdated, or vague experience – e.g. they’ve “worked with dozens of Fortune 500 companies” but won’t say who, in what capacity, or how much they actually earned.
The course promises or downright guarantees income. No course can guarantee income, so that’s a huge red flag.
High-pressure sales tactics. If the vendor of an online business course gives you a short time window to decide, or says the price will increase in 13 hours, just shrug and hang up the phone.
No reviews or ratings. If the instructor can’t point to a single successful past student, that’s probably a sign that one doesn’t exist – and you won’t be the first.
A high price tag. Finally, if a 3-day “Mastermind” costs thousands of dollars, that could be a sign that the instructor values his or her advice. It could also mean that they need the money because their clients dried up.
7. Mystery shopper scams
Mystery shopping is when a restaurant, retailer, or third-party data company will hire you to go into a store or restaurant and report back on your experience. Mystery shoppers are often paid a flat fee per assignment, and sometimes even get the product/meal reimbursed, too.
From what I’ve heard, it’s a fun gig if you can get it. But since lots of folks are interested, the scammers are taking advantage.
What they promise
Mystery shopping scams often start with a text stating that you can earn $200 to $500 per assignment by becoming a secret/mystery shopper or “filling out a survey.”
All you have to do is visit a retail store, purchase a product or a gift card, send it to a specific address, and report on your experience. You’ll be compensated upon completion. Easy $500.
This may sound like an obvious scam, but in the victims’ defense, this isn’t too far removed from how legit mystery shopping works.
What really happens
In the case of the scam, you send the product or gift card and are never compensated. To rub salt on the wound, the scammer may sell or abuse the personal data you gave them.
How to spot a mystery shopping scam
Luckily, the Mystery Shopping Professional Association (MSPA) publishes a running list of all the mystery shopping scams they’ve seen.
If you don’t see the potential scam listed there, cross-reference it with their free online directory of legitimate mystery shopping companies.
Summary
To a pandemic-stricken society, get-rich-quick schemes are becoming harder to spot and more seductive all at once.
But by helping yourself and your loved ones avoid them, you can protect your money and ride out the storm.
Real estate can be a great investment if you take the time to educate yourself about the process and the best ways to get great returns. However, most people who are interested in buying rental properties or real estate as an investment never do so. People who don’t take the time to learn about investing in rental properties are missing out on a great opportunity. I own 11 rental properties that bring in approximately $5,000 a month in cash flow after all my expenses, including mortgage payments.
One thing I would have done differently is investing in real estate much sooner. I bought my first rental property when I was 31 and I am now 35. The great thing about rentals is the longer you own them, the better investment they become. Plus, when you are young you have more flexibility in life, fewer commitments, and can take more risk. If you wait too long to start investing, family, work, and life make it hard to learn about and buy rental properties.
What’s Ahead:
Why rental properties are a great investment
I love comparing rental properties to the stock market, because the stock market is the investment vehicle we are all taught to use. Whether it is individual stocks, mutual funds, index funds, or REITs, we are told the best way to save and invest is to put our money in the market. The problem with investing in the stock market is we are depending solely on stocks to increase in value. Retirement calculators are based on the stock market. They make us guess when we will die to determine how much we should save. We run out of money if we live too long or save too much money if we die to soon.
Some people invest in real estate for appreciation, but smart investors invest for cash flow.
Cash flow and real estate investing
Cash flow is the money you make from rental properties every month after all expenses are paid. The great thing about cash flow is it increases over time without ever eating away at your principal investment. It is like a stock where the dividend is so high that you never have to worry about the stock increasing in value to make great returns.
Cash flow will also increase over time because rents will go up with inflation while your mortgage payments stay the same. Eventually, you will pay off your loan and your cash flow will increase significantly.
On my rentals, I am seeing 20% cash on cash returns, which is not always easy to do, but possible depending on your location and amount of money you have to invest. Those returns do not include the tax advantages of rentals, equity pay down and possible appreciation which all increase your ROI. Here is a great article on how to calculate cash flow properly.
One way to make money on rental properties is to invest using sites like Roofstock. Roofstock is an online marketplace for real estate investing that charges half of the fees of traditional agents. The site makes it ridiculously easy to filter and search for properties in your price range.
Buying rental properties with little money down is easier when you are younger
Most banks will require an investor to put at least 20% down on a rental property.
That is a lot of money to most people, especially when you consider a property may need repairs, you have to pay closing costs and you want to have money in reserve in case something goes wrong. It can easily take 30% or more of the purchase price in cash to comfortably purchase a rental property.
If you buy a home as an owner occupant you can put no money down with certain loans (USDA, VA) and almost certainly buy a home with 5% down. You can’t rent out a home that you buy as an owner occupant right away, but you can rent it out after you have lived in the home a certain amount of time (usually one year).
There are some things to know about buying a multi-family property that you plan to live in. Most lenders require an owner occupant to live in a house for 12 months to satisfy the owner-occupancy requirement. That means you can buy a rental property as an owner-occupant, live there for 12 months and then rent the home out. If you are ambitious you can keep repeating this process every year although you will most likely only be able to use the no money down option once.
You can also buy a multifamily property that is between one and four units and live in one of the units to qualify as an owner occupant. After you have lived in the unit for 12 months, you can rent out the entire building and repeat the process.
When you are younger, it is much easier to move into a house that you want to make a rental property. When you have a family it is tough convincing your spouse and kids that you need to move every year and into a house that may not be up to their standards.
You can invest in real estate without buying property
One of the easiest ways to enter the real estate market is to do so as an investor. Today, there are many platforms that crowdsource the investment process. These platforms choose a group of expertly-vetted properties and have investors contribute to a collective pool, with each investor sharing in the reward.
You don’t have to be an accredited investor with Fundrise, and you can get started on real estate investing with only $10. Fundrise loans money to commercial real estate buyers, then bundles those loans, offering them as investments through its platform.
DiversyFund is yet another investing platform that allows you to invest in real estate without purchasing a property. The company offers investment funds of private market assets including real estate, and investors can start with as little as $500. They also feature zero management fees and a commitment to helping investors of all income levels grow their wealth, making it a great option for investors in their twenties.
CrowdStreet has two major options for real estate investors: choose and manage your own portfolio or let their team of real estate investment experts do the work for you. Either way, you join other investors in funding commercial real estate projects, each of which is carefully vetted by market experts. Minimum investment requirements vary from one project to the next, but you can choose the opportunities that best fit your finances.
Streitwise is another excellent starter real estate investment opportunity. There’s only a $5,000 minimum for private real estate investments, and its most recent dividend was 8.4%. Note that Streitwise isn’t a crowdsourcing platform. Instead, you’re individually investing in a real estate investment trust (REIT), which operates similarly to a mutual fund by grouping investments together and having investors buy-in. What sets Streitwise apart is that it allows you to fund your investment using cryptocurrencies like Bitcoin and Ethereum. Once you’ve signed up on the website, you can download the app to use on your iOS devices
This is a testimonial in partnership with Fundrise. We earn a commission from partner links on MoneyUnder30. All opinions are our own.
It takes time to get a great deal on rental properties that cash flow
It is not easy to find rental properties that will generate the returns I get, but I am not an aberration either. Many investors get higher returns than I do, but they have put in a lot of time and effort learning their market, learning about real estate, and learning about rental properties. The older you get, the less time you have with more job commitments, more family commitments, and more hobbies you discover. There is less time to learn about real estate, your market, and how to make money in this business the older you get (unless you get to retirement age).
I also fix and flip about 10-15 homes every year so I specialize in getting great deals on real estate. I buy most of my deals off the MLS even with rising prices and a lot of competition.
Here are a few tips on getting great deals:
I am a real estate agent, which helps me get great deals and lets me act very fast. I am not saying all investors should be agents, but it sure helps!
If you aren’t an agent spend a lot of time finding a great agent that will act fast for you and find you deals.
Spend time researching prices in your market and rental rates so you know what a good deal is.
Do not depend solely on a real estate agent to find you good deals. Many agents are not investors and won’t know what you are looking for.
Join a real estate investing club in your area to meet other investors and learn what they are buying and how.
The risks involved with buying rental property
There are definitely some risks and work involved with owning rental properties. The biggest mistake I see investors make is buying for appreciation with negative cash flow. It is great if my houses appreciates, but I love the cash flow. With cash flow, I have money in my pocket that I can use to buy more properties, invest somewhere else, or spend on something fun. If you have negative cash flow, there is a great chance things will end badly for the investor.
The problem with negative cash flow is most investors underestimate the money they will have to spend on their rental properties. There is also no guarantee prices will rise or when they will rise. Given enough time real estate will probably appreciate, but it could also go down in value before that happens. How long can you continue to pay money into a property every month? Eventually, people run out of money and are forced to sell, sometimes for less than they bought a property for. If you have positive cash flow, you won’t have to sell and you won’t want to sell, because it is putting money in your pocket.
Another issue that people forget about is maintenance. You have to budget for maintenance items every month. I figure 10% to 20% of my monthly rents will go to maintenance, depending on the age and condition of a property. If you don’t account for maintenance you may not make any money on your rentals.
On my rentals my average mortgage payments range from $400 to $600 including taxes and insurance and my rents range from $1,100 to $1,500 a month. After accounting for possible maintenance and vacancies my cash flow is about $500 a month.
It takes time to manage a rental property as well. You will have to find tenants, create a lease, account for expenses and income properly and make sure everyone pays on time. You could also hire a property manager to do all this for you for about 8% to 10% of the monthly rents, but you have to budget for that expense as well.
Conclusion
Rental properties can be an awesome investment that allows you to retire early. It is not a get rich quick scheme and it is not easy to do. Real estate investing takes time, flexibility, and ambition to make it work well. The sooner you get started, the easier it will be and the better off you will be later in life.
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It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!