4 Ways to Beat Uber Surge Pricing

Once you have installed the Uber driver app, you can open it when the bars close or the concert ends and check the map of your area. Neighborhoods and streets will change colors when surge pricing is in effect.
Uber’s algorithm increases prices during times of high demand. Surge pricing takes effect during:
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For instance, when we compared a Tuesday afternoon trip from the Orlando International Airport to downtown Orlando, Uber was charging and Lyft for the same route. Comparing a ride from Union Station to the Museum of Contemporary Art in Chicago on a Wednesday afternoon, Uber was charging .99-.16 while Lyft was charging .60-.90 (Lyft also offered a cheaper fare if willing to wait a bit).

4 Ways to Beat Uber Surge Pricing

The map will display colored circles, or zones, ranging from light orange to dark red. Light orange indicates a small increase in price while dark red can mean double or triple the average price.This is so drivers know where to head to make the most money.

1. Time Your Uber Right

If you’d rather carpool with someone you know, try Scoop. The app connects you with neighbors and co-workers in a door-to-door carpool. You can choose to be the driver or a rider and set your trip times to fit your schedule.

  • Rush hour
  • High demand
  • Bad weather
  • The end of big events (concerts, sports games)

Contributor Jenna Limbach writes on financial literacy and lifestyle topics for The Penny Hoarder. Kristen Pope contributed to this report. 

2. Download the Uber Driver App

Rideshare services like Uber make getting home from a night out easy to plan — no more worrying about parking, not to mention beverage consumption. But when you’re hit with surge pricing, the deal might not look so great anymore.
Uber One works best if you’re a regular Uber rider or order a lot of meals using Uber Eats (discounts apply for both).
UberPool, the option that helps you save money by pairing you with other customers, isn’t available due to ongoing COVID precautions. But you can still find ways to keep the cost down on your next trip.

Privacy Policy
Once you see where the prices are highest, simply walk away from that zone until you’re no longer in the surge area. Then switch over to your Uber rider profile and request a ride for a fraction of the cost.

3. Buy an Uber One Pass

Now that everything seems to be available with a few taps on a screen, the practice of hailing taxis is going the way of telephone booths and DVD rental stores.
Don’t worry — you don’t need to ever be an Uber driver to download the Uber Driver app.
Ready to stop worrying about money?
Source: thepennyhoarder.com

4. Try Another Ridesharing App

And on top of that, Uber implemented a gas surcharge in spring 2022 to offset rising gas prices. Riders are now required to pay another Here is one of the best ways to avoid surge pricing: Download the Uber Driver app to your phone and create an account. You’ll need to do this before you head out to your concert or basketball game, as it takes a few minutes to create an Uber driver profile.
Still like traditional taxis? Unlike their more popular counterparts, the apps Curb and Flywheel both connect riders to officially licensed taxi services.
Because Uber updates its pricing in real time as demand changes, surge pricing can go back down within minutes. Waiting to order your Uber after you’ve gone through that long restroom line could save you some money.
If neither Uber nor Lyft prices are to your liking, there are other options to explore.
Ridesharing has become a big part of our lives but it’s also left us open to the monetary realities of the market. Grabbing an Uber is not as cheap as it once was. Here are four ways to beat Uber surge pricing.
Lyft, another popular rideshare service, also has a version of surge pricing called “Prime Time Fare.” It’s worth checking both apps to see the price difference. <!–

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You may be able to get a small discount when prices are surging if you sign up for Uber One ahead of time. It typically provides 5% off rides.

How to Earn Money Renting Your RV – Rent Out RV, Profit, Repeat

You love your RV. But chances are, you’re not using it every day of the year. In fact, there are more than 18 million RVs in the U.S, that sit idle for 350 days out of the year. Not only that, but RVs are often the second-most expensive purchase Americans make outside of their home.

If you’ve got a road-ready RV sitting in storage or in your driveway while you make payments on it, you have an opportunity to offset that major expense and let it pay for itself. We’re talking about renting it on an RV rental marketplace like Outdoorsy.

Years ago, homeowners couldn’t fathom allowing “strangers” to rent out their homes. The same way homeowners found online vacation rentals a lucrative and safe enterprise, Outdoorsy is proving that RV rentals can deliver similar success.

RV owners are making up to $50,000 annually by renting out their travel trailers, campers, conversion vans and luxury motorhomes on Outdoorsy.

Entertain the question for a moment and learn just how much you can make by renting out your RV to vetted and verified renters who share your passion for the RV lifestyle and the great outdoors.

How Much Money Can You Make Renting Out Your RV?

No doubt, there’s more to renting out your travel trailer or conversion van than simply listing your property online, accepting a reservation and swapping your keys for money.

Outdoorsy is built on trust. And thoughtful assurances, at every level, are what make that trust rock solid.

Every prospective renter on Outdoorsy has their driving record verified, so you know your RV will be in safe hands with a strong track record of defensive driving.

And then there’s trip insurance, up to $1 million in coverage, and roadside assistance, both of which help strengthen the trust between owner and renter.

Once you account for the insurance costs, listing and reservation fees and driver background checks, RV owners take home about 80% of what renters pay for the pleasure of renting your RV.

Here are some estimates on how much you could make by renting out your RV for just one to two weeks:

  • Class A: $2,569 – $5,138
  • Class B: $1,624 – $3,248
  • Class C: $1,540 – $3,080
  • Camper van: $1,204 – $2,408
  • Truck camper: $875 – $1,750
  • Travel trailers: $693 – $1,386
  • Folding trailer: $490 – $980
  • Fifth wheel: $1,113 – $2,226
  • Toy hauler: $770 – $1,540
  • Passenger van: $420 – $840

RV owners can make even more than these estimates if a renter exceeds your mileage or generator restrictions. Outdoorsy accepts even more RVs than those listed above — anything from conversion vans to luxury motorhomes.

You’re paid handsomely for every little bit of wear and tear your RV could potentially sustain for everyday use and insurance protects your property from abuse.

It’s free to list your RV on Outdoorsy. They won’t charge you anything until a renter pays to rent out your RV.

How to List Your RV and Start Earning

Creating a listing is simple, and there will likely be strong interest when you do set out in the RV rental business. But creating a great listing takes a little bit of effort and will be worth your while when renters start to rate the experience.

Signing Up

It’s not a commitment to anything. Signing up for Outdoorsy only indicates you’re open to learning about what could come next.

You’ll need to supply your name, email address and your contact number. You can sign up in a web browser or download the Outdoorsy app.

Creating Your Listing

Outdoorsy will do its part to ensure you can trust renters. With your listing, you’ll have to do your part to attract renters and help them understand just how great of an opportunity renting your RV will be for them.

Take photos showing off your RV. Staging your photos is fine, even encouraged, as it’ll help renters start to daydream about it. You can select the amenities your RV offers and Outdoorsy will compile them on your listing.

You’ll also need to establish your rules for your RV: how many miles they can put on it, the types of places they can take it, how much they can use the generator and so on.

Accepting Reservations

You are never obligated to accept any reservations. But if you’re still nervous about handing over the keys, it gets a lot easier each time.

Also, it’s perfectly acceptable to throw a few questions at potential renters before accepting their booking requests to rent out RV time from you.

Preparing for the Next Renters

More than just removing personal belongings, you’ll want to make sure your RV is clean and is road ready. Your renters will do the same for you when they return it — neither side wants to clean up after the other.

Swapping the Keys for Money

It’ll be back before you know it, and in as good a condition as you remember. The last thing a renter wants is to be liable for insurance costs.

You get to determine where you’ll meet renters to drop off the keys and where they’ll have the RV delivered. But remember, going the extra mile to accommodate your guest will probably earn you rave reviews and will ultimately help attract even more guests.

Getting Paid

Once the key exchange is done, you’ll be paid through Outdoorsy about 24 to 48 hours later. Your bank may take the usual three to five business days to update your ledger, however.

Outdoorsy won’t charge you a dime until a renter has paid to borrow your RV. Once Outdoorsy is paid, they’ll collect insurance and other fees before initiating your payout.

How Insurance Works

If you’ve ever thought about renting out RVs in the past, you were probably dissuaded by your insurance policy’s commercial exclusion clauses and RV rental restriction.

Nearly all RV insurance policies rule out renting out your RV.

Episodic Insurance built into the Outdoorsy Platform

Roamly’s  “episodic” insurance coverage begins covering your RV from the moment you hand over the keys to the renter until the moment you get them back. The renter must purchase Roamly’s episodic insurance as part of the RV booking process, ensuring that the renter, and your RV, are protected on the trip.

This comprehensive policy comes with up to $1 million in liability coverage for each trip.

Personal RV Insurance with No Commercial Exclusions

While your RV is protected through Roamly’s episodic insurance when it’s being rented out, you’ll want to make sure that your RV insurance carrier even allows you to rent it out in the first place. That’s where Roamly’s personal lines of insurance can help.

Roamly’s RV policies explicitly allow you to rent out your RV when you’re not using it by removing the commercial-use restriction found in traditional RV policies. While other carriers will deny legitimate claims or drop your coverage if you rent out your RV, Roamly won’t. In fact, Roamly encourages it, and it offers unique premium discounts the more you rent out your RV on Outdoorsy.

And yes, you really can save up to 25% in many cases by switching over to Roamly, an insurance company that was built by RV enthusiasts just like you.

To see how much Roamly could save you, get a quote here. It takes just 60 seconds and can be done completely online.

Get Paid to Share the RV Lifestyle

People don’t just want to see our country’s National Parks and scenic drives, they want to savor them through immersive experiences that a car or SUV just can’t accommodate.

Ready to rent out your RV? Even if you aren’t quite ready, joining the Outdoorsy community is the next step and it’s completely free.

You can learn from other RV owners who are using extra income from Outdoorsy to pay for their grandkids’ tuition, pay for home improvements or cover all the expenses for their next big adventure.

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Source: thepennyhoarder.com

Get 8 Extra At-Home COVID Tests for Free From the Government

If you already got your first two rounds of free at-home COVID tests from the federal government, you can now order eight more free tests for your household. Tests are free regardless of whether you have health insurance.

On May 16, the government reopened its website covidtests.gov to allow households to order another eight free COVID tests. When it first launched in January, the website allowed each household to order four tests. In March, the website allowed households to order another four tests.

The Biden administration first made free home tests available in early 2022, when COVID cases were surging due to the Omicron variant. As cases waned, demand for home tests plummeted. But as of May 19, COVID-19 cases have risen 57% nationwide over the past 14 days, according to U.S. Health and Human Services data reported by The New York Times.

How to Get 8 More Free COVID Tests

The free rapid antigen tests the government is offering deliver results in 30 minutes. PCR tests aren’t available. Tests ship within seven to 12 days, according to the website.

Signing up for your free tests is incredibly simple. All you need to do is go to covidtests.gov and provide your name and address, plus an email address if you want shipping notifications. And that’s it.

The U.S. Postal Service will deliver the tests. You can currently order eight free tests for each residential address, no matter how many household members you have.

A health worker grabs two at-home COVID tests
Youngstown City Health Department worker Faith Terreri grabs two at-home COVID-19 test kits to be handed out during a distribution event, Dec. 30, 2021, in Youngstown, Ohio. David Dermer/AP

What About the 8 Free Tests Insurers Have to Provide?

Health insurance companies are required to pay for eight home tests per month for each person covered by the plan. Depending on your health insurance, you may need to pay out of pocket for the tests and submit a receipt for reimbursement.

You can access free tests for your household using the federal government’s website regardless of whether you have health insurance. The website doesn’t ask for insurance information, and no upfront payment is required.

What if I Can’t Wait for My Test?

If you can’t wait a week or two for your free tests and you have private insurance, you can pay for a home test and then get reimbursed for any upfront payment. Tests are now widely available at drug stores and pharmacies.

You can also access free and low-cost tests through a community testing center. To find a site, use HHS.gov’s testing center locator.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. She writes the Dear Penny personal finance advice column. Send your tricky money questions to [email protected]

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Source: thepennyhoarder.com

7 Things to Know Before You Start Biking to Work

When I learned that the cost of my monthly parking garage pass was more than doubling to $75 a month, I balked. Seventy-five dollars a month just to babysit my car while I’m at work?

So one muggy morning, I decided to give bike commuting a shot. I didn’t plan my route. Or my outfit. Or take my bike for a test ride, even though I hadn’t ridden it in months. Hey, what could go wrong in 2 miles?

I took my usual route to work — a busy street with no bike lanes and a rickety sidewalk where cyclists aren’t exactly welcome in the traffic lanes. Funny what you don’t notice from your car.

My dark jeans and black tunic were drenched in sweat less than a mile into my ride. Not a great choice of biking attire for mid-90s temperatures.

But it wasn’t just the end-of-summer heat that was making me sweat. I felt like I was biking uphill — and I live in Florida. I asked myself: Was biking always this hard? Have my leg muscles atrophied?

Then a guy standing at a bus stop pointed out the obvious: My tires needed air.

7 Tips for Anyone Who Wants to Start Biking to Work

I survived the 2-mile ride to work. Then I Ubered home that afternoon.

A few days later, temperatures dropped slightly, and a helpful co-worker put air in my tires. I decided to give bike commuting another try — if only to get my bike home. This time, I planned my route and took a street with bike lanes.

Since then, I’ve become an avid bike commuter. I love that I get to exercise during my commute, and I’m also saving money. Since I live close to work, my savings on gas are minimal, but I have been able to ditch the $75-a-month parking pass. Plus, I’m less prone to after-work impulse buys. If I stop at the grocery store after work, I’m limited to what I can fit in my bike basket.

Want to try biking to work? Here are a few tips I wish I had known before I tried bike commuting.

1. Do a Weekend Test Run

It’s great when you can figure out things — like that your route of choice doesn’t have bike lanes or your tires need air — when you’re not pedaling furiously to a meeting at rush hour.

Test out your commute by doing a practice run during the weekend. You may be surprised by just how bike-unfriendly your normal route is.

Make sure to wear your work attire if you plan to ride in the same clothing you wear during the day. Seeing just how much you sweat could change your mind.

2. Dry Shampoo Is Your Friend

Wearing a helmet is nonnegotiable whenever you ride your bike, OK? So that means helmet hair is something you’re going to have to deal with.

Dry shampoo comes in handy when you need to freshen up to make yourself presentable for the office.

A woman waits to ride a cross a busy road while bike commuting.
Robin waits her turn to cross a busy road on her way to work. Chris Zuppa/The Penny Hoarder

3. Plan Your Outfit Around Your Commute

Riding your bike to work is a lot easier when you don’t have to do a complete change of costume when you get to the office. Opt for lightweight, breathable fabrics like cotton or linen to minimize sweat during your ride. If you wear skirts or dresses, throw on a pair of bicycle shorts or leggings underneath. (Long skirts and dresses are best avoided, though.)

Keep a spare shirt handy in your backpack in case you sweat more than usual or you ride through dirt or dust. (It happens.)

Pro Tip

If you need to pack your clothes and change at the office, a travel-size bottle of wrinkle spray comes in handy. No, your outfit won’t look freshly pressed, but it will smooth things out a bit.

4. Lighten Your Load Already

You’re saving money by bike commuting. But unless you want to fork over that money and then some to your chiropractor, keep your backpack as light as possible. Investing in saddlebags or a bike crate will be well worth it if you have lots of stuff to cart to and from work.

5. Ask Your Employer for Storage Space

Bikes are best stored indoors, where they’re less likely to get stolen. Plus, they’re more likely to rust when exposed to rain or snow.

Here at The Penny Hoarder’s headquarters in St. Petersburg, Florida, we’re lucky to have a passcode-protected bike closet. If your workplace doesn’t have a designated space for bikes, ask your employer to create one — or at least if there’s an acceptable place that you can stash your bike.

If that’s not possible, keep your bike locked up in a busy area with two different types of locks.

Pro Tip

Your car isn’t the only thing that needs a tune-up: Your bike should get a tune-up anywhere from every few months to once a year, depending on how much you ride. Expect to pay $30 to $80.

6. Be Prepared for Bad Weather

Here in Florida, storms are a bit unpredictable. I keep a kid-size poncho in my backpack that I can pop out if it starts to drizzle. The kid-size part is key because it’s short enough that it doesn’t get in the way of pedaling.

Obviously, when there’s lightning or extreme weather, you shouldn’t be biking. So have a backup plan for the days that you aren’t able to bike to work.

Make sure you know of a parking option that doesn’t require a monthly pass, a bus route that’s close to your office or a co-worker who can give you a ride. Otherwise, you’ll need to work the occasional Uber or Lyft into your budget.

7. Don’t Give up Your Parking Pass… Yet

So you’ve had your first successful bike commute? Congrats!

Still, hang onto your parking pass for at least a couple weeks. It’s great when bike commuting happens without a hitch. But what happens when you’re running late, you have a doctor’s appointment before work or you need to run home at lunchtime?

Once you’ve experienced a few disruptions to your regular routine, you can better assess whether giving up parking is feasible.

Is Bike Commuting for You?

This isn’t really an if-I-can-do-it-anyone-can type of thing. There are a lot of reasons bicycle commuting has worked for me:

I have a flexible schedule. I only work daylight hours. My workplace is casual. I live and work in a bike-friendly pocket of St. Petersburg, Florida, which means I don’t have to deal with snowstorms and subzero temperatures. I don’t have kids to shuttle to and from school or day care. Most importantly, I feel safe bike commuting.

If you want to try it, commit to doing it three or four times over the next months. Take it from me: Your first try may not go perfectly. But after three or four times, you’ll get the hang of it.

What if you hate it? Then it’s probably not worth whatever money you save. Your ideal commute is one that doesn’t leave you frazzled before you’ve even gotten to work.

But don’t be surprised if you get hooked. I find my workdays a lot more enjoyable when they start and end with a bike ride instead of circling a dusty parking garage. And the $75 I’m saving is a pretty sweet bonus.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.  She writes the Dear Penny personal finance advice column. Send your tricky money questions to [email protected] or chat with her in The Penny Hoarder Community

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Source: thepennyhoarder.com

Dear Penny: We Have Bad Credit. Is There Any Hope for a Debt Consolidation Loan?

Dear Penny,

We have credit scores in the 500s, and we are being declined for loans to consolidate our debt to improve our credit.

We understand the importance of improving our credit scores and are frustrated that the debt consolidation we have been advised to apply for is not working out — no approvals. Who can we turn to for a loan?

-D.

Dear D.,

When you have a smorgasbord of debts, life feels like a juggling act. So many due dates, so many interest rates, so many terms and conditions to keep track of.

Then you see the claims in the ads for debt collection loans. Get rid of high-interest credit card debt today! One low monthly payment!

It sounds like a magic little pill that will cure all your financial ailments, right? If only it were that simple.


Unfortunately — as you’ve learned — the people who could benefit most from a debt consolidation loan often don’t qualify. Most lenders require a credit score of at least 620.

You could try applying through a credit union, though membership is required. Unlike big banks, credit unions tend to look beyond your credit score at your overall financial health when you’re seeking a loan.

You can also use websites like Credible, Even Financial or Fiona to shop around for loans. (No, none of them paid me to say that.) But keep in mind that many of the lenders these sites partner with will also require a credit score in the 600s.

While you might be able to consolidate with a lower credit score, you’ll often pay astronomical interest rates — sometimes as much as 30% — which kind of makes the cure as bad as the disease.

But here’s the thing about debt consolidation: Often the benefit is more psychological than mathematical. Sure, life would be a lot simpler with a single monthly payment, but if you can’t lock in a lower interest rate, debt consolidation won’t save you money.

You say you want to consolidate to improve your credit score. If you have enough money to make at least your minimum payments, you’ll gradually see your score increase as you make on-time payments and lower the percentage of your credit you’re using.

Consider speaking with a credit counselor, especially if you can’t afford your minimum payments. The world of debt relief is rife with scammers, so make sure any counselor or organization you work with is a nonprofit that’s accredited by the National Foundation for Credit Counseling.

A credit counselor will help you figure out how to manage your money and debts. The counselor may work out a debt management plan where you make a single payment each month to the counseling organization, which will pay your debts on your behalf. They might be able to lower your monthly payments by negotiating lower interest rates or a longer repayment period, though they generally won’t be able to reduce what you owe.

Avoid companies that offer to work out a debt settlement plan, in which you’ll stop making payments so the company can negotiate to reduce your debt. Not only will these plans kill your credit, but you’ll also owe taxes on the amount that’s forgiven.

It’s easy to get discouraged when you’re deep in debt and low on options for rebuilding your credit. But keep in mind that while a debt consolidation loan might improve your credit somewhat in the short term, it won’t fix the underlying causes of your debt.

Building good credit doesn’t happen quickly. You have to figure out a way not to rely on credit, and to spend less than you make. It requires discipline and a commitment to financial health. And there’s no magic pill for that.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to [email protected] or chat with her in The Penny Hoarder Community.

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Source: thepennyhoarder.com

Here’s All You Need to Know About Unlimited Chuck E. Cheese Games

Chuck-e-cheese stands outside of a vehicle after a reopening of a Check E Cheese store.
Contributor Jenna Limbach writes on financial literacy and lifestyle topics for The Penny Hoarder from her home base in Utah. Stephanie Bolling is a former staff writer.

Thinking of having a birthday party at Chuck E. Cheese? The Ultimate Fun and Mega Fun party options both come with 2 hours of all you can play for each child.
To keep patrons safe, Chuck E. Cheese has COVID-19 protocols implemented during birthday parties and some aspects of playtime. There are hand sanitizing stations, regular sanitizing of surfaces and touchless pay options, as well as the touchless Play Passes and bands.
You’d think taking the little ones to a pizza and games place like Chuck E. Cheese would bring some distraction-induced reprieve. But alas, they’re coming at you every five minutes for more tokens.
Just think: Your kids might wear themselves out for less than . Might.

How Chuck E. Cheese All You Can Play Works

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If you do a traditional party at Chuck E. Cheese but want social distancing, you can book a VIP party on Saturdays at 8 a.m. or Sundays at 9 a.m.
If you have to cancel a party due to COVID, you can transfer your party deposit to a new date within one year of the canceled date or use it for a to-go party pack.

  • $1 Play Pass
  • $3 Play Pass with coil wristband
  • $7.99 Rechargeable Play Band with $5 worth of game play included

Ready to stop worrying about money?
Some games might still dispense paper tickets, but Chuck E. Cheese has transitioned to e-tickets that are automatically saved to Play Passes. Once kids are done playing, they can redeem their e-tickets at the counter for prizes.
Behold the All You Can Play game option (aka the savior of parental sanity), at participating Chuck E. Cheese locations nationwide.

Source: thepennyhoarder.com
For birthday parties, you can find an option that works for you based on state or local guidelines, or even do a Party Pack at home through delivery or carryout. If you choose an at-home option, you’ll still get play points and e-tickets to use on your next visit.

Pro Tip
If you find yourself frequently going to Chuck E. Cheese to keep the kids happy, check out their rewards program.

Chuck E. Cheese and COVID-19 Safety

Privacy Policy
Check that All You Can Play is available at your Chuck E. Cheese location before you go.
The allowed number of party guests and Chuck E. appearances will vary by state and local guidelines. If local guidelines don’t allow for Chuck E. to be there in person, he’ll attend virtually on video monitors.
Not today, children.
Currently, unlimited game time comes in 30-minute increments starting at with any Chuck E. Cheese deals purchase and is good any day of the week. Save even more if you go on All You Can Play Wednesday. Mention the promotion at time of purchase and you’ll get an hour of unlimited play for .99.
Kids and families attend the Chuck E. Cheese Baton Rouge, La. Signature Grand Reopening on Wednesday, Dec. 8, 2021 in Baton Rouge, LA. Tyler Kaufman/AP Images for CEC Entertainment
Kids like to touch everything, and at a restaurant like Chuck E. Cheese those instincts run free.

Chuck E. Cheese Rewards

For one flat fee, kiddos can play unlimited games without exception for a selected amount of time.
When you download the app and sign-up, you’ll receive 500 free e-tickets. You’ll get 250 e-tickets on your sign-up anniversary and a birthday surprise for your birthday and half-birthday. Refer a friend and you’ll get one free personal pizza when they sign up.

  • For 50 points, you’ll get 15 minutes of play time, an order of Unicorn Churros or 500 e-tickets.
  • At 100 points, you receive 30 minutes of play time, one personal 1-topping pizza or 1,000 e-tickets.
  • For 200 points, you can earn 60 minutes of play time, one large 1-topping pizza or 2,000 e-tickets.

Kids can use Play Passes or Play Bands, which allow them to load time or points with a tap. Play Passes come in three tiers:
Before your next trip, you can also reload time and points onto Play Passes and Play Bands online. <!–

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Being a parent is expensive. And exhausting.

5 Expert Tips for Protecting Yourself from the Next Crypto Crash

If you’re investing in cryptocurrency, it needs to be part of a balanced portfolio that meets your goals. For most people, this means allocating no more than 5% of your portfolio to a risky investment like crypto.
Possibly the most important thing for investors to remember is don’t panic. Cryptocurrency is a highly volatile investment and these types of price swings are to be expected.
— Cody Lachner, certified financial planner and director of financial planning at BBK Wealth Management
Most investors are seeing a broad pull back in all their investments right now, including stocks. There’s not much investors can do in such situations except to keep their portfolios balanced and diversified.
The machine worked great — until it didn’t.
The collapse of terra and luna erased some billion in market capitalization in a week. Experts say that money is unlikely to return. The fallout sent ripples across the entire crypto ecosystem, causing bitcoin and ethereum to hit lows not seen since December 2020.
The crash in crypto has reminded us why a long-term investment strategy is so important. The crypto community has even come up with the phrase HODL which means “hold on for dear life.”
Source: thepennyhoarder.com
In the months and weeks ahead, cryptocurrencies will face the same challenge as other major asset classes — rising interest rates — which tend to negatively impact the value of risky investments.
Sometimes people only look at the upside when investing. They think “Wow, I could have made a lot of money if only I had invested in this or that.”
— Chris Brooks, co-founder of Crypto Asset Recovery
But why did investors sink so much money into these tokens?
By May 12, the stablecoin once pegged at was trading for less than a penny.
When investing for the long-term, you understand that corrections are part of a normal market. That makes it easier to ride out the lows and wait for the eventual recovery.
Terra’s value is meant to stay at . But it wasn’t backed by real-world assets. Instead, the two tokens were tied in value to one another like a seesaw. One token would be automatically created or destroyed based on the supply and demand of the other.

How To Protect Your Portfolio From Another Crypto Crash: 5 Experts Weigh In

A portrait of Robert Persichitte
Photo courtesy of Robert Persichitte

1. Don’t Go All in

Ready to stop worrying about money?
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Eventually, trust will re-enter the market and you’ll get another shot.
— Lance Elrod, a certified financial planner with Next Step Financial Transitions

This is a portrait of Erik Goodge who is wearing an eye patch while sitting in a green office chair.
Photo courtesy of Erik Goodge

2. Read the Fine Print

— Robert Persichitte, a tax accountant and certified financial planner at Delagify Financial
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
New York Magazine described the system “as a perpetual wealth-creation machine, a way to always make money through the magic of code and financial engineering.”
Terra’s algorithm eventually broke — there’s still some confusion and debate over why — and its value started nosediving May 8. As investors sold off UST, the supply of luna ballooned, causing its price to plummet. From there, UST and luna locked arms in a death spiral race to the bottom.

3. Be Safe, Be Secure

By May 16, bitcoin traded at around ,000 — more than a 50% decline in value from its all-time high of roughly ,000 five months ago.

This is a portrait of Chris Brooks.
Photo courtesy of Chris Brooks

Cryptocurrency investors are reeling and wondering what comes next after a massive market shakeup sent the price of bitcoin plummeting to its lowest level in 17 months last week.
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A portrait of Lance Elrod.
Photo courtesy of Lance Elrod

4. Play the Long Game

One positive that can occur during a correction like this is a tax-loss harvesting opportunity: You can sell certain assets to capture losses and offset capital gains tax you may owe next year.
Many cryptocurrency investors are now wondering what comes next and how to safeguard their portfolios. After all, it’s not just cryptocurrency that’s suffering — the entire U.S. economy is sluggish. Inflation is high, interest rates are rising, stocks are down (the S&P 500 has lost 16% of its value so far in 2022) and many experts are forecasting a recession in the next six to 12 months.
But few terra/luna investors paused to realize they were stacking risk on top of risk on top of more risk.

A portrait of Cody Lachner, certified financial planner and director of financial planning at BBK Wealth Management.
Photo courtesy of Cody Lachner

5. Buy and Hold (on for Dear Life)

— Erik Goodge, a certified financial planner and president of uVest Advisory Group
No one has perfect foresight. That’s why it’s so important to diversify with other assets.
Employ best practices in diversity, securing your private keys and don’t over-leverage yourself. Know that while this is a setback, it’s a temporary one.
We sat down with five experts who offered insight into navigating these uncertain times — and the best ways to protect your portfolio from a future crypto crash.

The phrase reminds us that investing in crypto is anything but a smooth ride. <!–

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A scheme known as the Anchor protocol promised crypto investors annual returns of nearly 20% in exchange for lending out their terra holdings. With cryptocurrency markets relatively stagnant since December, the lure of 20% returns seemed too good to pass up.