Should We Invest in Bitcoin and Ethereum?
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Cryptocurrency is part of the mainstream conversation and in the news, but should it be a part of your investment plan?
We decode the terminology and tech, go over the difference between speculation and investments so you can decide if it's the right move for you!\
Should We Invest in Cryptocurrency?
We’re talking about a topic that’s been popping up all over – cryptocurrency.
Just this year alone, BitCoin, Etherum, and others are on a roller coaster ride.
Coinbase went public just this April.
I’ve gotten questions first about exactly how these currencies work and second if it’s something to invest in.
In some cases, one of you is all excited to jump in this new opportunity while the other is skeptical or against it.
Like any major decision, it’s important for your marriage and money to discuss your options and see if it fits in with your goals and financial plan.
In this episode, we get into:
- the essentials about blockchain technology and some of the biggest currency
- what you need to first have in place financially
- what to consider as you two discuss whether cryptocurrency is right for you
We got plenty to cover so let’s get started!
Resources to Learn More About Cryptocurrencies and Better handle your finances
- Best Budget and Money Apps: Personal Capital, Tiller, Mint
- Jumpstart Your Marriage and Your Money
- Bitcoin: A Peer-to-Peer Electronic Cash System by Satoshi Nakamoto
- Ethereum Whitepaper by Vitalik Buterin
- NFTs, Explained
- Blockchain and Money – MIT Open Courseware
- Like it or not, you should probably start paying attention to bitcoin
- The blockchain catalyst for change
- How blockchain can solve the payments riddle
- Bitcoin Losers
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Our theme song is from Staircases. Additional music by various artists from Audiio.
Key Takeaways on Crypto
Before we wrap up, I want to share a few key takeaways I got from preparing this episode.
- Invest in educating yourself about the tech behind cryptocurrency. This technology is not going away. Becoming familiar with it can put you in a better financial position even if you're not directly getting into cryptocurrency.
- Make sure that crypto is aligned with your goals and risk tolerance before jumping in. For some couples, there's this anxiety and fear of missing out which is not good when you're trying to think longterm and objectively about the best financial decision.
- Focus on investing, not speculation. There's a lot of hype and volatility to sort through. So make sure that as you're putting money in, if you decide to go that route, that you understand that this is for the long-term. And not some get rich, quick scheme.
If you want to discuss this more – ask questions, swap ideas, maybe learn a little bit more about cryptocurrencies from others who have gone into this space – don’t forget to join us in the Thriving Families group on Facebook.
We’re all about helping one another out with our family and financial goals.
Hope to see you there!
Photo by David McBee from Pexels