2021 Dad’s Guide to Investing in Cryptocurrency

Hustlworks — 2021 Dad’s Guide to Investing in Cryptocurrency — HustleWorks

👋🏾, Sanjay here, Being a parent involves many sacrifices, and most of the time, it is a challenging thing to do. There are no two parents who are the same except their kids. We all have our ideas to build generational wealth. I've set goals for myself where school gets taken seriously, retirement takes care of itself, transportation is accessible, and homes are comfortable. Up until this point, I've not come close to meeting these goals. It all started with seeking financial literacy. And now I'm closer to my family goals. 

Here what, I want you to imagine if you had the keys to your own money. How much would you be able to accomplish? How close are your savings and investments to achieving those goals? And how important are your generational wealth goals? 

Investing is like starting anything new. You should always seek understanding before leaping. The first step is understanding your risk tolerance by taking action. Below, you will get to know the basics about stocks and mostly Bitcoin (crypto-currencies), along with tips and tricks on how to invest. I've also included insights on investing Online and the latest information that affects Millennials and their investment choices. Okay, first things first, you must understand the stock and crypto market. There are multiple ways to invest: buy shares of stocks and be a passive investor or st. In this guide, we follow one of the (@thehustlceo) footsteps — I'm no expert. On the other hand, my CAD $500 has turned into CAD $3,372+

People who invest in the stock market envision a big payoff with little effort. That type of mindset without basic knowledge is dangerous. Investing with money you could lose is much more realistic than investing with money you could earn. 

If you haven't heard of the Reddit GameStop phenomenon, everyone posts memes with stock quotes related to video games — obviously meant to demystify and distract from the stock's underlying value and pump the price up like a Tulip — then this is a great place to start. 

My unsolicited advice for those considering investing in the cryptocurrency market as well is simple — get educated. There's a lot to learn about cryptocurrency, from its history to its current uses. There are also plenty of good resources available to help you get started. An abundance of information is available, and so many ways to get educated on the topic can be challenging to know where to begin. For many, the idea of investing in cryptocurrency may seem intimidating, but, like anything else in life, if you don't put the work into understanding it, you could end up regretting it later on.

I will show you how to invest without being an elaborate guru. First of all, define "investment." This is different from just saving up money, hoping that one day it will grow. Dad's can save up to $2k per year and should save that much. But why am I telling you this? It will save you time (and misinformation) if you follow the conventional wisdom, which is that you should put 50% into savings and 50% into investments. 

Here why I have been using Wealthsimple 

The number of people who have found their way to Wealthsimple is just staggering. Whether you're looking for a FREE plan or a plan that will help you invest for a living, we have what you need to succeed! 

Wealthsimple gives you freedom in your wealth-building endeavours. Whether you're just getting started investing or a seasoned veteran wanting to expand your learning.

Investing is no longer just open-ended: when it's time to invest, Dads (matter a factor anyone) can access knowledge and expertise. And when something goes wrong, we're there to help. I'm creating a super-charged ecosystem of digital investing tools that will make it infeasible for anyone not already proactively involved in their family's wealth to be efficient with investment and generating financial wealth. 

  • Wealthsimple has over 1.5 million and counting – More than 1.5 million people use 
    • Investing
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  • The encrypted investing app, Wealthsimple also has two-factor authentication (2FA) protection (CIPF protected). All accounts are held with our custodial broker, Canadian ShareOwner, and are protected within specified limits in the event of its insolvency by CIPF

How Much Money do I Need to Start?

The key point is to set up a regular contribution plan by direct debit to transfer money to your account every week automatically, or bi-weekly, or monthly. You can do this with as little as $25 at a time. This way, you are investing without worrying about stress. For the first month or so, you should start small and increase your contributions as the plan works for you. If you are new to investing and want to build up your balance over time, be sure to start small. Be sure to keep your small investments separate from your larger ones to get mixed up. An excellent investing newsletter will give you advice on your specific situation.

What are Crypto Currencies?

Think the internet. Basically, cryptocurrency is a currency that uses digital files as money. Usually, the files are created using the same methods as cryptography (the science of hiding information). Cryptocurrencies use 'decentralized control,' which means that they aren't controlled by one person or government. 

A cryptocurrency's function is to be stored in a digital wallet – any number of them you like. Each wallet has its own unique address and is the only door to your coins. Anything else you want to spend them on must be sent to that same private key. Your balance in one wallet doesn't necessarily mean you have much money – just that someone has advised on which wallets would be helpful to show you how much you have. 

What if we told you where we could find his/her stash of Bitcoins?

Believe me, this wouldn’t take long. This is not some kind of 3 minute conspiracy theory either. We aren’t here to make you believe something because we think it is true. 

It was created in 2009 by an anonymous figure known as Satoshi Nakamoto. A cryptographer by training, Nakamoto designed a system called 'Bitcoin' based on equations. When you make a pile of Bitcoins, you can then watch them grow over time — just as you can watch gold and silver appear and disappear in your account of wealth. 

You could also join the online sleuths people who believe Satoshi Nakamotos bitcoin stash is a blockchain treasure hunt meant to be found.

The two type of cryptocurrency 

Bitcoin and Litecoin are digital collectible currencies. Think of them like collectible cars or baseball cards, and you've got an idea of how they are often described. If you had a car, would you want to know which colour it was? Of course, you would! The same is valid for digital currencies like Bitcoin and Litecoin. They don't exist in the real world as car parts do. But they do have value because of how easily you can acquire them. As long as you can find an open slot in someone's digital wallet (often referred to as a wallet or a digital exchange), these types of wealth can be converted into cash.

How to get $10 FREE Bitcoin or Stocks

You'll get CAD $10 worth of Cash for FREE when you sign up to Wealthsimple, and I'll get CAD $25 in cash to purchase Crypto or stocks.

Get my CAD $10 now

Crypto coins that you may be interested in: 

Conclusion

I'm sure you've checked out the incredible gains seen in the cryptocurrency market in recent weeks. There was a time when I was skeptical about the whole thing but has it gotten out of hand? Can it go further? Should you invest in Bitcoin? Maybe. More importantly, what does my dad think about it all? Does he think it's a great idea? Does he think it will all end in tears? Listen in as we learn all about what investing is and what it means for our future.