How to buy Bitcoins

Hey guys Dave here, I know you guys have heard me talking alot about cryptocurrency and bitcoin lately. For new readers, I am an investor, I’m all about travel, making money espeically when its passive income. I own several rental properties that I have turned in to airbnb’s you can read about those here and here. But recently I have been doing some cool things with Bitcoins you can read about my bitcoin experiment here, or how I started making passive income with bitcoins here. Then it hit me, I should probably explain where to get bitcoins. So here is my tutorial to getting your hands on some of that sweet, sweet crypto.

There is no doubt that if you stumbled onto this page you have heard about bitcoin. That’s because you’re super tech-savvy and smart enough to do your research. Now you need to know how to buy bitcoins. I mean, where do you get Bitcoins anyway? Today I am going to show you what I wish I knew about how to purchase bitcoins. Welcome to the world of cryptocurrency.

 

Buying Bitcoins with Coinbase

This is my favorite way to buy bitcoins. Coinbase is a bitcoin exchange that is convenient and pretty self-explanatory. You can sign up for Coinbase here. You will have to verify your email.

how to buy bitcoins

Once your email is verified you will have to verify your phone number.

coinbase phone verificiation

I know that all these verifications can be annoying but they are in place to protect our money. The next step is to verify your payment source. There are two options you can use a card such as debit or credit, or bank account.

 

How to buy Bitcoins with a credit card

If you want to buy bitcoins with credit card, Coinbase is by far the best option. To buy bitcoins with a credit card you will first have to verify your card on Coinbase. This is a simple process but you will need access to your online banking. Before you can get your debit or credit card registered, Coinbase sends out 2 or 3 pending charges that are all $1 and some change. When Coinbase does this, they will prompt you to enter the amount of change like in the picture below.

how to buy bitcoins with credit card

To verify you just have to enter the change. If you get a charge that is $1 even DO NOT USE THAT ONE, only the charges with change after it. Don’t worry these charges fall off once you verify your card. With credit cards there is a 2.5% charge which is not bad in the world of Bitcoin. The bonus to using your credit or debit card is this is the best way to buy bitcoins instantly. There is no wait time for your bitcoin to arrive which is good because bitcoin price fluctuates. I did notice that my weekly buying limit was lower than the limit given with the bank account.

Pros of buying bitcoins with credit card

  • Instant transaction, bitcoin is in your account right away
  • Low Fees
  • Good for short term trading

Cons of buying bitcoin with credit card

  • Lower buying limits with new accounts.

Buy Bitcoins with bank account

You can also buy bitcoins with your bank account. This way is good because there are no additional fees. Adding your bank account is simple as choosing bank account as your payment method and logging in via your bank online login info. The downside to buying bitcoins with your bank account is that there is a wait time. This wait time can be anywhere between 4-10 days. This is not ideal if you want to make sure that you are buying in at a specific price. Buying with bank accounts usually gets your a higher weekly buying limit.

Pros of buying bitcoins with your bank account on Coinbase

  • No Fees
  • Convenient
  • OK for long-term holding

Cons of buying bitcoins with your bank account on Coinbase

  • Slow transaction 4-10 days
  • Don’t know what price will be when you receive bitcoin
  • Bad for short term trades

Buying your Bitcoin

Once your payment method is set up you simply need to click bitcoin and click buy bitcoin

how to buy bitcoin

The final step is to enter the amount of bitcoin you wish to buy in USD and click buy bitcoin instantly. You will get to a confirm screen and then your bitcoin should appear in your account. You are now a proud bitcoin owner.

 

If you want to sign up for Coinbase to buy some bitcoins you will get an additional $10 in bitcoin when you spend $100 with this Coinbase promo. 

 

BitCoin ATM

Bitcoin ATM’s are my least favorite way to buy bitcoin. If you are in a hurry and you don’t have a bank account you can buy bitcoin from one of these specialized ATMs. I used a bitcoin atm a few times when I was trying to get bitcoin for the BitConnect experiment. A few things I learned from the experience is that you can find your local Bitcoin ATM using CoinRadar.com I was able to locate a few of these ATM’s within reasonable driving distance to my home. The process was straight forward. It had a touch screen interface that was small but easy to use. After beginning the process, I was required to register with my phone number, for which I was sent a text with a code that I had to verify, and then I had to scan my ID. Once my ID was scanned I was that the machine had a 15% fee meaning for every $100 I needed to add an extra $15 in fees. This was quite expensive and I would later find out that this pricing is average and some ATM’s were even charging 20%. Next I was asked to scan the barcode to my destination address. Now it was time to add the money, it was cash only and no way to use credit or debit. I deposited my money and watched the fragments of bitcoin add up on the screen. Once I was done I was given a reciept and within moments the transaction showed up as pending on my wallet.

The Pros of Using Bitcoin ATM

  • Good for quick bitcoin transactions
  • Buy Bitcoin INSTANTLY!
  • Great way to get bitcoin if you don’t have a bank account

The Cons of using a Bitcoin ATM

  • Requires you to have a bitcoin wallet already
  • EXPENSIVE FEES 15%-20% is common
  • ATMs were mostly located in shady areas of town in my area
  • Have to travel with cash on you
  • Bitcoin ATMS are CASH ONLY!

3 Ways To Earn Passive Income With Bitcoin

Hey guys, you’ve probably been blogging a lot more lately! For the Newbies I’m Dave I’m into all things passive income. You’ve probably heard me talking a lot about bitcoin lately. That’s because there is A LOT of pretty exciting things going on with cryptocurrency lately. Aside from new highs with bitcoin almost monthly, I have managed to scour the web for the three best ways to earn passive income with bitcoin on the web. I put hours upon research and went out on the line with my own money to test out various ways to make money in the age of digital money. I have narrowed it down to the 3 best bitcoin investments to share with you. Before we get into this post, I want to make sure everyone knows investing can be risky, never invest more than you can afford to lose, that being said I have not lost any money and have seen significant gains so without further ado here is my much-anticipated list.

bitconnect reviewBitConnect

BitConnect is a lending platform that deploys a trading bot to trade price of bitcoin taking advantage of its price volatility. BitConnect lets user lend money to the bot to leverage buying power. How it generally works is you make an investment, let’ss say $100 for example. That $100 is locked into a set term for 299 days. BitConnect rewards users with daily interest payments that start 24 hours after the loan is made. These daily interest rates can fluctuate between 0.04% to 2% however from my experience I find that it averages around 1% per day. This means that at the end of the month you are making between 24-30% ROI on your investment monthly. This means that you generally can recoupe your original investment back within around 3 months. You then get to enjoy daily interest payments for the remainder of your term. Once your term is complete, your original $100 is released to you. So let’s do the math, you originally invested $100, then you began receiving interest payments of around $25 per month for the following 10 months. That’s a total of $250, you are then given your original investment back turning your $100 investment into $350ish. Now obviously $100 isn’t going to make you they next Mark Zuckerberg, however, with a larger loan of $1000 I’m sure you can begin to see the potential. I am currently investing into bitconnect you can read about my bit connect experiment here and part 2 here. The goal here or at least the strategy I am using is to compound the interest payments into more loans to raise my monthly income to where I want it to be. You can literally decide your own income. BitConnect gives you instant access to your payments as soon as they arrive so if you don’t want to reinvest you can simply withdraw the funds and cash out.

You can sign up for BitConnect here.

genesis mining review

Genesis Mining

If your on this page you probably know that bitcoins and many other altcoins are mined. For those of you that are unfamiliar bitcoins are generated by specialized super computers known as mining rigs. These computers solve millions of complex solutions per second and are rewarded by receiving cryptocurrency. These mining rigs can be complex and expensive to build, and one of the main cost associated with mining is electricity cost. This is where cloud mining comes in. Cloud mining is when companies with many of these mining rigs sell you there computing power aka hash power to generate cryptocurrency on your behalf.

Is this profitable? Well, the answer is complicated, you see the difficulty of mining goes up over time so the amount of hash power you are mining with versus the cost of the coin you are mining is something you need to be aware of. A quick google search like “bitcoin mining calculator” should bring you to a site that can calculate the cost of electricity and relation to the price of the coin you wish to mine and let you know how much you would make at the coins current price.

I have found success mining with Genesis-Mining.com. They sell different contracts but I find that their bitcoin mining contracts are the best in the world in my opinion. This is because they are open-ended contracts. While some mining contracts may have a term of 2 or 3 years, the bitcoin mining contracts here, will mine FOREVER until it is no longer profitable. That means you have a dedicated machine mining bitcoins for your until the difficulty has gotten too high. You can hedge against this by adding hash power as time goes on. Once you break even on the investment the rest is sweet sweet passive income. The only thing bad about genesis mining is that their bitcoin contracts are no secret so they sell out for the year relatively fast. At the time of writing this, they have just opened a presale for February 2018 which is 3 months away.

If you want to check out how profitable cloud mining you can sign up here an recieve 3% off your contract price if you use this link.

usi tech review

USI-Tech

USI Tech is similar to Bitconnect and Genesis. It’s a lending platform that allows you to invest in cloud mining packages. A little background on USI-Tech they have been leaders in the forex market, and at one point created a successful forex trading bot that was exclusive to wealthy clients. Fast forward to present day, they are now getting a foot in the cryptocurrency markets. They have been making investors money for years so I’m hopeful that they will be trying to uphold their prestigious name.

How do USI-Tech Investments work?

You buy whats called BTC cloud mining packages or bitcoin packages. USI-Techs prices is in euros but these packages rougly translate into around $59 usd. Once purchased, your investment begins to pay you 1% daily for a term of 140 days. These packages are active only between Mon-Fri and are not active on the weekend. USI tech says that they will earn you 140% ROI for the package you purchase.

To sign up for USI-Tech click here!

The Tech Coin

At the time of this post, USI Tech is also in the pre ICO stages of token sale. I know people hate ICO’s but I think if you do your research and diligenceence you can decide for yourself. For me, just seeing how this site was already making people money, then seeing them get a coin and a blockchain was enough to sell me. The tokens are approximately $60 for 100 or 60 cents each. My logic is if this company is already making people money, and Bitconnect’s coin is $250 as of today…if tech coin even reaches half of that I stand to make a small fortune. I will be getting some more of these tokens before the pre ICO is over as well.

If you are interested in tech coin you must be a member, its free to create an account just click here.

I am so glad that I found cryptocurrency. I have always been fascinated with generating passive income, and with the crypto revolution, I am so happy to see new ways to generate it. There are other ways to earn passive income from bitcoin as well but there is also a lot of scams. The same beauty that attracts millennials to cryptocurrency also, unfortunately does attract a few scammers. I have taken the guess work out of these sites and have been paid from each of them. The best part is that with these methods you dont have to wait to see the result. Once you invest money starts trickling back to your account right away.

The BitConnect Experiment: How Much Did I Make Lending on BitConnect

lending on bitconnect

This is part two of my BitConnect experiment. Start by reading part 1 here.

So when we left off I had $1120 invested, maybe I should have stopped there, but everything had been going well so I decided to put up another loan out of pocket. I wanted to see what it would be like if I hit tier 3 interest payments so I decided to go ahead and put up $5,300. I had already invested $1120 so this would give me a total of $6,420 in loans.

You might wonder what made me choose the amount of $5300…well honestly its because I was playing with the BitConnect profitability calculator and I saw that  $5300 loan would generate me a little over $1700 in monthly income.

bitconnect review

The numbers were so good I would be doing my self a disservice if I didn’t give it a shot. Don’t get me wrong the thought of losing this money was heart-wrenching but the risk vs reward on this for me highly favored the reward side. On one hand, the loss of $5300 would be something that I would have to work hard to bounce back from but if these returns were real…well let’s just say this is life changing stuff then.

Depositing The Money

So I had my mind made up I was going to do it. I opened up my Coinbase app(by the way if you sign up for Coinbase here, they will give you an additional $10 in bitcoin when you buy over $100 worth) I noticed something that would put a wrench in my plans. Coinbase has a maximum weekly limit, I had seen this before but somehow forgotten about it. I had a max buying limit of $1250. I would still need to buy $4050 worth of bitcoin but from where? I hopped online to tap into many of the popular online marketplaces such as Craigslist and OfferUp, maybe I could buy bitcoin from someone willing to sell. Listings were scarce and the people I called did not answer the phone. I knew there had to be another way so I did what I always do when in doubt…I Googled. After some research I found out that there were a few BitCoin ATM’s in my area. BitCoin ATM’s look similar to regular ATMs except that convert your USD into BitCoin and send it over to your wallet. I decided to go check one out, my GPS led me to a gas station. I walked inside and asked the guy at the counter if he had a bitcoin ATM. The guy points over to the far corner and low and behold, there it was, my ticket to easy bitcoin. There was only one problem, the fees were astronomical. This BitCoin ATM was charging 20%….Shit! I did the math I needed $4050 that would $810 in fees alone…Yikes.

I left immediately there was just no way I was going to pay $810 in fees, I knew there would be some fee but we were talking about close to $1000 here. I drove home and did some more research. I was able to find a coinatmradar.com.  This site listed the various locations around my city with BitCoin ATM’s and also shared what the interest rate was. After a few seconds of scrolling I located an0ther BitCoin ATM that charged 10%…still expensive but I was willing to pay after all this was all in the spirit of finding new revenue streams and it takes money to make money. That and the fact I was tired of trying to figure it out caused me to go ahead and pay the 10%. There may have been other places cheaper but I found that most of the people who have these BitCoin ATM’s at their business have no idea about anything about them. None of the owner of the stores I had been to could tell me the percentage rate over the phone.

Using The BitCoin ATM

Using the BitCoin ATM was pretty straight forward. It looked like a regular ATM with a touch screen. I was asked to input my phone number so I did. I was then sent a verification text in which I had to type the code that was text to me into the machine. Next, I had to verify my identity the machine asked me to take a picture of my ID front and back. After this was completed I was asked to input or scan my desired destination wallet address.  Now I was ready to insert my money I did so making sure to calculate the extra needed to cover fees. Once this was done they asked was I done and I said yes. I wasn’t given a receipt the screen went back to the start screen and I became a little concerned. I checked my wallet app that I pointed the BitCoin ATM too and saw the pending transaction in the amount I just deposited. I was relieved and left to drive home excited to make the loan. By the time I arrived home the transaction had cleared.

The $5300 BitConnect Loan

I got home transferred the remaining bitcoin to my BitConnect Wallet, the converted them to BitConnect tokens and well then this happened

What kind of returns can you expect lending on BitConnect?

I’m sure that’s what you want to know. What was I going to earn from lending $5300. Well because this loan was over $5010 I hit the third tier which gives me the base interest rate + an additional 0.20%. With daily rates averaging 1%, this translates into a monthly income of $1700 from this loan. This combined with my other loans was giving me approximately $65 per day in passive income. This allowed me to do $100 reinvestments every 2 days as seen below.

A day later I got some referrals and had enough to invest another $200 without adding any money, this thing was compounding fast.

 

After this investment, I had a total of $6820 in loans generating me passive income.

My BitConnect Investing Strategy

Now I’m sure you have heard many people call BitConnect a scam or a Ponzi scheme, and others that will defend it with their lives. Both sides have some pretty solid arguments but I’ll be the first to admit I don’t know. All I know is it works…for now. That being said I spent some time coming up with the safest BitConnect strategy I could think of. I decided that once I hit $7000 total in active loans that I will start withdrawing my original investment of $6420 out of the account. With the total active loans I have, I should be generating near $2100 per month. That said over the next 4 months I will likely be pulling at least $1700 from the profits out monthly until my original investment is paid back. I hope this platform will be around for a long time but all in all I would feel much more comfortable if I knew I was playing with house money. Any remaining money I have monthly will be reinvested but the focus, for now, is to secure the original investment as I think this is the safest BitConnect strategy.

I will continue to keep you updated on my progress with the BitConnect Experiment. If you are interested in joining my team you can earn with me on BitConnect here. I offer strategy and tips for anyone who joins using one of my links. Also, follow these videos or click here to see me on youtube. Like and subscribe and leave any questions or comments in the comments section.

 

 

The BitConnect Experiment: $1,120 Invested my journey to 100K

Hey guys Dave here, for the new readers here, I am an investor and a part-time blogger, and my goal is to educate the masses on the rewards from passive income. I primarily invest in real estate, and frequently discuss my investments that generate money passively. I currently own 5 rental properties you can read about these investments here, here, here, and here.

Now while I do primarily talk about real estate investments, it’s important for you to know that I always keep my eyes open for the next thing. That being said today we are going to switch it up a bit. In my last post, The Bitcoin experiment, I discussed how I recently got involved investing in cryptocurrency. Just a little FYI about me, when I gain an interest in something new I DIVE IN! So after days of research, I came across something called BitConnect. BitConnect is a platform that allows you to lend BitCoin for interest payments. Upon first glance I was uninterested. I looked into peer to peer lending in the past and the returns seemed slow and like a poor use of investment money, I know people who swear by them but you have to invest in things that appeal to your inner investor. So long story short, a few days I found my way back to this site. I had been seeing stories of people making a killing with it. Under further investigation it seemed almost too good to be true people were boasting of incredibly high returns on investment.

I started researching what others were saying about this online. Overall I noticed 3 very interesting things:

  1. There were quite a few people with success stories, some of these people claimed to be making some crazy incomes.
  2. There were also quite a few people during my research phase calling BitConnect a scam. After analyzing these comments I found that all of the people seemed to be speaking from a speculative point and had not actually tried it.
  3. The third and maybe most important thing that I noticed is that upon heavy searching…and I’m a world class googler folks…I could not find one single person saying that they lost money. Seriously, I checked reddit and all the places people can’t wait to complain. How is it that this site has been in existence since 2016 and not one person complained.

 

So how does BitConnect work anyway?

I began researching and found out that this wasnt peer to peer lending at all. This was something much different. After some digging, I discovered BitConnect works by allowing user to lend their bitcoin to a lending bot for a fixed period of time. This lending bot is allegedly very good and takes advantage of the volatility involved when trading bitcoin, and uses your loan to increase buying power.  While your loan is being held, you are rewarded with DAILY interest-only payments, which can be cashed out daily if you want. After your capital has been invested for the designated time you get it back and are able to cash it out or reinvest it. The period that your money is held is based on your investment, the investments have several tiers as seen below.

bitconnect interest tiers

BitConnect interest tiers

As you can see higher loans not only get shorter hold times, but they also as additional percentages as your tier increases.

 

The BitConnect Experiment

How much can you make with BitConnect?

The base percentages paid seem to vary between 0.04% – 1.9% this fluctates daily. Because of this, they implement an ROI calculator that averages the last 7 days to give you a pretty good idea of what kind of ROI you will get, I decided to figgure what kind of return I would get if I invested the bare minimum $100. In 30 days BitConnect claimed I would make $24.30 giving me a 24.30% ROI…what! That’s super high this means that it would take me less than 5 months to get my investment back, in addition to getting my capital released in 299 days. I HAD to try this.

the bitconnect experiment

At this point I was conflicted, we are taught to believe if something is too good to be true it probably is, I believe that…but the word probably is NOT 100%. I decided to give it a shot. The minimum investment was $100, I figured worst case scenario I lose $100.

Investing in BitConnect

The first thing I needed was bitcoin. Since I downloaded Coinbase when I started the bitcoin experiment I was good to go! SIDENOTE: Coinbase is an app/cryptocurrency exchange where you can buy bitcoin using a bank account or credit/debit card. You can Download Coinbase here and if you click this link you get an additional $10 in bitcoin when you spend $100.

Once the $100 worth of bitcoin was in my Coinbase bitcoin wallet, I then had to transfer this my BitConnect bitcoin wallet, and exchange them for $100 dollars of BitConnect tokens. I know this is a lot I’m going to try to post a tutorial on this soon. Once this done I was ready to lend. I eagerly submitted my $100 loan and received instant confirmation. My loan was locked in and I would soon find out if this was something worth being involved with.

The next day I checked my account I had been credited $0.60 not to bad, the next day had an even higher interest payment this time $1.73 this was lining up perfectly with the projection of the 24.30% ROI.

As someone who invest in real estate I can tell you this number is scary that it’s so high. Let’s look at these numbers and see what this REALLY means.

With these interest rates:

$100 = $24.30 per month in monthly interest

$1000 = $243.00 per month in monthly interest

$10,000 = $2430.00 per month in monthly interest payments

Getting excited yet….Ok one more

$100,000 = $24300.00 per MONTH in monthly interest payments….That’s NASTY BRO!

I’m from the real estate game where 100K will gross you around $1400-1600 per month my area. This above example doesn’t even factor in the additional bonuses given for investing in higher tiers.

That’s when it hit me “oh shit….this is real” I had no problem transferring these balances the interest payments were mind, but I needed more so then I started what was later dubbed the BitConnect experiment.

My goal with BitConnect:

My goal is to snowball this thing, first thing first though. I had to at least invest $1010 to get to the second tier. I ran the numbers through the calculator once more

the bitconnect experiment

$278.46 projected profit in 30 days off $1020…again this is insane. Notice the higher ROI due to being bumped up to the second tier.

Here is a video of me making my first $1020+ loan.

so I put my money where my mouth was and waited for the result the next day which I posted below

As you can see the profit is getting larger. With both loans, I am projected to earn close to $300 this month in passive income. I can dig that!

My BitConnect goal is to add loans in $1000 interest over the next 4 months until I have $5000 invested, at this point I should be averaging $1,250 per month in passive income, I plan to reinvest the monthly interest payments until my account reaches 100K…is this realistic….I don’t even know, but I’m gonna damn sure try and I’m gonna document the whole process for you guys to see.

I plan to do a video every 7 days to show updates and profits. I’m calling my goal the 100K challenge, and challenge you guys to go out and see how this works for you as well. I tell everyone don’t go crazy, try it with a $100 and sit back and see how you feel about it. If it works then increase your investments accordingly.

You can sign up at BitConnect here. Its free to sign up and if you use this link I get a referral bonus so that would be super cool 🙂

I encourage you guys to check back to follow my progress!

You guys can also check my progress on my youtube channel here!

How To Make Money With Bitcoins

the bitcoin experiment

Hey guys Dave here…I know, I know its been forever since my last post but what can I say life is BUSYYYYYYY! For those of you that are new, I am all about passive income. Aside from being a great idea, passive income has grown into hobby of mine. I mainly invest in rental properties, you can read about them here, here, and here, today, however, we are going to be discussing bitcoin.

What are Bitcoins?

Bitcoin is one of those things you wish you had a time machine to go back and invest from the bottom. Bitcoin is a new currency that was created in 2009 by a mysterious person under the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name.

How the heck do you make money with Bitcoins?

Buy and sell them like a stock trader!

Well think of bitcoins like a stock on the NASDAQ, the price vs the USD is ever changing. Meaning you can potentially make money by buying low and selling high. The best thing about bitcoins is that lately,they have skyrocketed in value. When first introduced in 2013 bitcoins maintained a value of around $20 each, as of today October 8, 2017 the bitcoin has a value of approximately $4600 dollars. Let’s think about that for a second. If someone would have purchased 100 bitcoins at $20 each they would have invested 20K which at todays value would now be worth $460K in just 3 years. But since hindsight is 20/20 and we don’t have access to time machines, we can only move forward. Check out the current price of Bitcoin for today here!

Make your own bitcoins.

how to make money with bitcoins

Yea you read that right you can make your own. I mentioned this a while back in my previous post on 25 side hustles you can start today. The processed is called mining. The mining process requires the use of specialized computers that solve complex equations on the bitcoin blockchain extremely fast. You are rewarded by this with fragments of bitcoin. This process can take a while and is power intensive meaning that one of the biggest expenses after purchasing this hardware is going to be electricity. Most people who invest in this hardware and electricity consumption are usually able to turn a decent profit by mining and then selling their bitcoins. I will go more in depth with this process in a later post as it can get complicated. Here is an example of a mining rig on the right! If you set up a few of these, it can be a nice source of passive income.

Buying Bitcoins

Where do you buy bitcoins? Well before you can buy bitcoins you need a program or app called a bitcoin wallet. A bitcoin wallet is how you save your bitcoins or other cryptocurrency. There are many out there but I use Coinbase. It was the highest rated app in the app store and works well on my phone. The cool thing about Coinbase is that you can also purchase bitcoins directly through the app at market price. I know what your thinking…But Dave, didnt you just say bitcoins cost about $4600? Well heres the beauty of bitcoin, you do not have to buy a full bitcoin. exchange any amount of dollars for its value in bitcoin.

Think of bitcoin like a large pizza, lets say you have $2300 you want to invest, you simply type in the dollar amount and then you are given the equivalent slice of the pie. In this example you would be getting half or 0.5 bitcoins.
If you sign up at Coinbase here you can get $10 worth of bitcoin FREE, and then they give me $10 for referring you so hook me up 🙂

The Bitcoin Experiment

the bitcoin experiment

I bought myself some bitcoin 🙂

I’m not gonna lie..I’ve known about bitcoins for quite some while but had never taken time to really understand it until recently. After much research, I believe that the bitcoin is going to continue to raise in value. Some analyst think that the price will reach a million dollars usd. While I’m not sure about that I definitely feel like its the wave of the future and as of the last few

While I’m not sure about that I definitely feel like its the wave of the future and as of the last few months the price has made some fantastic gains. That said, I’ve put my money where my mouth is and have invested a small $500 investment into bitcoin. I am going to let this sit for 365 days. At the time of writing this I am 1 day into this challenge because bitcoin prices are changing 24/7, even though i purchased these on a saturday the price has already increased $10 higher than my initial investment. I challenge you if you can afford it to also invest $500 into bitcoin. I suggest checking out price charts like this and buying when the price dips.

Final Thoughts

I personally feel super confidently about this investment and I don’t like to throw my money at investments with low probablity of success. That being said, this is an investment so its possible to lose money. Never invest more than you can afford to lose. Not only here this is just a good life principal when it comes to investing. I will keep you guys updated on my journey.

 

5 Best Gadgets For Airbnb Host

Hi, my name is Dave. I am a 33-year-old blogger/entrepreneur and that is building wealth with real estate. I own several rental properties that generate income, you can read about them here, and here. In the last several years I have started hosting my properties on Airbnb, you can read about my experience as an Airbnb host here and how I made over $11,000 in under 5 months as an Airbnb host here. That being said, it’s safe to assume that I have paid my dues as a new host and I can speak from experience when I tell you I know how to make your Airbnb rental better than the rest. I’m going to share with you guys the 5 best gadgets for Airbnb host. If you want to start hosting on Airbnb click here.

5 Essentials For Airbnb Host

Best Thermostat For Your Rental

The Nest Thermostat

best thermostat for airbnb

A good thermostat is one of those “MUST HAVE” items for every Airbnb host. The Nest is that thermostat (Click here to check price on Amazon) Smart thermostats connect to your homes heating and cooling system and can usually connect to wifi to allow remote control from your smartphone. This was essential for me because we live in Florida where it can get pretty hot inside of a house. This meant that in order to have my home at a decent temperature(guest love this) when the guest arrive I would have to leave my unit running full time even if no one was coming for a few days. The Nest smart thermostat was definitely the answer for this. Installation was simple and no different than a regular thermostat but can be controlled by your phone. It has a bright easy to use interface and the guest are usually intrigued with it. Another bonus to the nest is that you can monitor your guest use of your HVAC and even limit the maximum and minimum temperatures.

Best Electronic Lock For Airbnb

Schlage Connect BE469NX

best electronic lock for airbnb

Bottom line and electronic deadbolt lock is a must for Airbnb host. This item WILL pay for itself.  The Schlage Connect BE469NX (Click here to check price on Amazon) is the best electronic lock for your Airbnb rental. This completely eliminates the need to have to meet up for a key. These electronic locks work by allowing you to assign a four-digit code to gain entry. The passcode is required every time the door is closed to get back in. This means that you can lock your door and give new guest the entry code as they arrive. This is less stress on you and less stress on your guest so they don’t have a key to keep up with. Replacing keys can be expensive and as a host I can tell you people lose things all the time.

Best Streaming Devices For Airbnb Host

FireTv Stick or Roku

best gadgets for airbnb host

Maybe I overdo it but in addition to cable, one of my Airbnb essentials is to make sure I have a streaming device in all of my rentals because who wouldn’t want to curl up and see what’s good on Netflix while they were away from home. Roku (Click here to check price on Amazon) and Fire TV stick (Click here to check price on Amazon) are great options but I just usually keep an old school PlayStation 3 with Netflix loaded on it for the guest. That way if they decide to go rent some games from the Redbox they can use it as a console as well.

Airbnb Guest LOVE Alexa

Amazon Echo

airbnb essentials

I’m not gonna lie I LOVE gadgets, but sometimes I can’t justify them for my own home, but as an investment in one of my Airbnb properties, I tend to be more forgiving. The Amazon Echo ( Click here to chek price on Amazon) is one of those things that I probably wouldn’t buy for myself, after all, I have an iPhone with Siri. But there is something about Alexa that my guest LOVE! It’s also great as a wireless Bluetooth speaker or just music streaming in general. We keep ours in the kitchen because it’s always nice to have tunes in the kitchen while you whip up a meal.

The Best Smart Outlet

Samsung SmartThings Outlet

best smart outlet

Smart outlets are a lot like regular outlets with one exceptional difference. The Samsung SmartThings Outlet (Click here to check price on Amazon) is the best smart outlet. Smart outlets connect to wifi to give remote control to its owner. Using a smart outlet with a lamp is a great way to control lights. This is good for making your property look occupied when no one is staying there, and to make sure guest that arrive in the evening don’t have to walk up to a dark ominous rental. Many of my guest with late arriving flight appreciate not having to walk up to a dark house. Most smart outlets can set on a schedule or activated on command via a separate smartphone app.

Conclusion:

Trust me from experience these items will make your time as an Airbnb host easier, less expensive, and efficient. If you found these 5 best gadgets for Airbnb host useful please take a moment to share this post with your friends on facebook. To learn more about how I started building passive income click here.

 

Hey, my name is Dave, I make a full time living off of passive income from investment properties. You can read about them here, here, and here. This blog is about building income and frugality so in the name of saving money I occasionally post promo codes to help you save some money.

Lets face it the share community has taken over with companies like Uber and Airbnb. It wasn’t long before Turo introduced itself as the first peer to peer rental car service.

What is Turo?

Turo is an app that allows you to rent cars much like traditional car rental services except there is a twist, Turo cars belong to regular people like you and I who want to make some extra cash. It’s a great way to rent a car for very competitive rates.

Benefits of Turo

Other than being the epitome of innovation, Turo has many benefits that make it a better choice than traditonal car rental avenues.

Some benefits include:

  • Much cheaper than traditional rental services
  • Turo car owners can come to you
  • Turo has a great insurance policy
  • Large variety of cars
  • You can rent your own card and make money

How it works?

Using Turo to rent a car is easy. You download the app.  Select your city, and choose a car. Once your car is chosen you either agree on a meeting place or arrange delivery. Upon meeting the host, you show your ID and ride off into the sunset. At the end of your trip, just replace any gas you used and meet the owner to drop off the car back off. Walk around the car again, hand over the keys, and your all set.

Turo Promo Code

turo promo code

To get $25 off your first car rental click here

Top Turo cities

  • Atlanta
  • Boston
  • Chicago
  • Denver
  • Honolulu
  • Houston
  • Los Angeles
  • Miami
  • San Diego
  • San Francisco
  • Seattle
  • Washington D.C.

Renting your car on Turo

Looking for a good side hustle, you can cover your car notes by renting your own car out on Turo. Click here to get $75 when you rent you car for the first time on Turo. Renting your car can generate thousands extra in passive income for you every year.

lyft promo code

Lyft Promo Code

Hey guys, as I’m sure you are probably well aware by now, periodically I like to post life hacks, because saving money is awesome. When your able to save more money you have to invest. In this post I’m going to be showing you how to get a FREE ride using a Lyft promo code up to $10

Lyft Free Ride promo code

And here is a promo code so you can take a free ride with Lyft:

 

Are you new to Lyft and want to learn more, or simply looking for a promo code? In either case look no further you have come to the right place.

What is Lyft






As you probably are already aware, ride sharing has evolved the way we get around. Companies like Uber have not only changed the way we commute, but they have also created a space to create jobs. In the midst of the the rideshare boom, we have seen the rise of a few other rideshare companies such as Lyft. Lyft is an American transportation company launched in June 2012 by Logan Green and John Zimmer. These rideshare companies often have promotions to try their services. In this post I will show you how to use a Lyft promo code to get a free ride.

lyft promo code

All you need to do to receive your free ride with Lyft, is simply enter the promo code shown above in the promo code section at sign up and you will get one free ride credit up to $10 when you take your first ride! Just a note to remember…the Lyft credit may differ depending on which city you are located in.

Full disclosure, the amount listed should be used for reference only as Lyft reserves the right to revoke credits.

How To Enter your Lyft promo code to get your FREE ride!

  1. Download the Lyft App from the android market or app store, then open it.
    how to get a free ride with left

  2. Click the settings icon in the upper left corner as pictured.

    lyft promo code 2017

  3. Tap Promos

    lyft promo code 2016

  4. Enter the promo code DAVE50791, then press the apply button.  A message will pop up confirming your FREE RIDE!
    fullsizerender

  5. Enjoy your FREE RIDE!

What cities is Lyft available

  • Arizona

    • Anthem
    • Apache Junction
    • Casa Grande
    • Cave Creek
    • Chandler
    • Flagstaff
    • Florence
    • Fountain Hills
    • Glendale
    • Goodyear
    • Laveen
    • Maricopa
    • Mesa
    • Oro Valley
    • Peoria
    • Phoenix
    • Prescott
    • San Tan Valley
    • Scottsdale
    • Sun City
    • Surprise
    • Tempe
    • Tucson
    • Wickenburg
  • California

    • Alameda
    • Antioch
    • Bakersfield
    • Berkeley
    • Burbank
    • Carlsbad
    • Concord
    • Corona
    • Cupertino
    • Daly City
    • Davis
    • Dublin
    • Elk Grove
    • Fairfield
    • Fresno
    • Hayward
    • Healdsburg
    • Huntington Beach
    • Inglewood
    • Irvine
    • La Jolla
    • Laguna
    • Lake Tahoe
    • Livermore
    • Lodi
    • Long Beach
    • Los Angeles
    • Manteca
    • Mill Valley
    • Milpitas
    • Mission Viejo
    • Modesto
    • Monterey
    • Moreno Valley
    • Napa
    • Newport Beach
    • Oakland
    • Oceanside
    • Palm Springs-Palm Desert
    • Palo Alto-Menlo Park
    • Pasadena
    • Pleasanton
    • Poway
    • Rancho Cucamonga
    • Redlands
    • Richmond
    • Riverside
    • Roseville
    • Sacramento
    • Salinas
    • San Bernardino
    • San Diego
    • San Francisco
    • San Jose
    • San Leandro
    • San Mateo
    • San Rafael
    • Santa Barbara
    • Santa Clara
    • Santa Clarita
    • Santa Cruz
    • Santa Monica
    • Santa Rosa
    • Sonoma
    • South San Francisco
    • Stockton
    • Sunnyvale
    • Thousand Oaks
    • Vallejo
    • Ventura
    • Walnut Creek
    • Watsonville
  • Colorado

    • Aurora
    • Boulder
    • Centennial
    • Colorado Springs
    • Denver
    • Fort Collins
    • Fountain
    • Loveland
  • Connecticut

    • Bridgeport
    • Danbury
    • Greenwich
    • Groton
    • Hartford
    • Litchfield
    • Middletown
    • New Haven
    • New London
    • New Milford
    • Norwich
    • Stamford
    • Tolland
    • Waterbury
    • Windham
  • Delaware

    • Wilmington
  • District Of Columbia

    • Washington D.C.
  • Florida

    • Boca Raton
    • Boynton/Delray Beach
    • Bradenton
    • Clearwater
    • Daytona Beach
    • Fort Lauderdale
    • Homestead
    • Jacksonville
    • Kissimmee
    • Miami
    • Naples
    • North Port
    • Orlando
    • Port Charlotte
    • Punta Gorda
    • Sanford
    • Sarasota
    • St Petersburg
    • Tampa Bay
    • Venice
    • West Palm Beach
  • Georgia

    • Alpharetta
    • Athens
    • Atlanta
    • Marietta
    • Savannah
  • Hawaii

    • Honolulu
    • Kaneohe
    • Waipahu
  • Idaho

    • Boise
    • Cour d’Alene
    • Post Falls
  • Illinois

    • Champaign
    • Chicago
    • Evanston
    • Naperville
  • Indiana

    • Carmel
    • Bloomington
    • Indianapolis
    • Lafayette
  • Kansas

    • Kansas City
    • Lawrence
  • Kentucky

    • Lexington
    • Louisville
  • Louisiana

    • New Orleans
  • Maine

    • Freeport
    • Portland
  • Maryland

    • Baltimore
    • Bethesda-Silver Spring
    • College Park
    • Towson
  • Massachusetts

    • Boston
    • Brockton
    • Cambridge
    • Cape Cod
    • Fall River
    • Lowell
    • Newton
  • Michigan

    • Ann Arbor
    • Detroit
    • East Lansing
    • Farmington Hills
    • Grand Haven
    • Grand Rapids
    • Lansing
    • Troy
    • Warren
  • Minnesota

    • Minneapolis
    • St. Paul
  • Nebraska

    • Bellevue
    • Lincoln
    • Omaha
  • Nevada

    • Henderson
    • Las Vegas
    • Reno
    • Summerlin
  • New Jersey

    • Atlantic City
    • Camden
    • Cherry Hill
    • Hoboken
    • Jersey City
    • Montclair
    • Morristown
    • Newark
    • Trenton
  • New Mexico

    • Albuquerque
    • Santa Fe
  • New York

    • New York City
    • Southampton
    • Suffolk County
  • North Carolina

    • Asheville
    • Cary
    • Chapel Hill
    • Charlotte
    • Concord
    • Durham
    • Greensboro
    • Hickory
    • Huntersville
    • Matthews
    • Raleigh
    • Wilmington
    • Winston-Salem
  • Ohio

    • Akron
    • Bowling Green
    • Cincinnati
    • Cleveland
    • Columbus
    • Dayton
    • Toledo
  • Oklahoma

    • Broken Arrow
    • Moore
    • Norman
    • Oklahoma City
    • Tulsa
  • Oregon

    • Beaverton
    • Portland
  • Pennsylvania

    • Allentown
    • Harrisburg
    • King of Prussia
    • Lancaster
    • Lebanon
    • Lehigh Valley
    • Mt. Lebanon-Bethel Park
    • Philadelphia
    • Pittsburgh
    • Reading
    • Scranton
    • State College
    • York
  • Rhode Island

    • Newport
    • Pawtucket
    • Providence
  • South Carolina

    • Charleston
  • Tennessee

    • Chattanooga
    • Germantown
    • Knoxville
    • Memphis
    • Nashville
  • Texas

    • Arlington
    • Austin
    • Dallas
    • Denton
    • Ft. Worth
    • Garland
    • Mesquite
    • Plano
    • Round Rock
    • San Antonio
    • San Marcos
  • Utah

    • Park City
    • Provo
    • Salt Lake City
    • Taylorsville
  • Virginia

    • Alexandria
    • Arlington
    • Charlottesville
    • Hampton
    • Newport News
    • Norfolk
    • Richmond
    • Tysons Corner
    • Virginia Beach
  • Washington

    • Everett
    • Kent
    • Seattle
    • Spokane
    • Tacoma
    • Vancouver
  • Wisconsin

    • Appleton
    • Green Bay
    • Madison
    • Milwaukee
    • Waukesha

International Cities

  • Indonesia

    • Bali
    • Jakarta
  • Malaysia

    • Kuala Lumpur
  • Singapore

    • Singapore
  • Thailand

    • Bangkok
    • Phuket
  • The Philippines

    • Manila
  • Vietnam

    • Hanoi
    • Ho Chi Minh City

Getting More Free Lyft Rides

Becasue the Lyft promo is only eligible for your first ride, you may be wondering how you can get more free ride credits. By clicking the options button in the corner and selecting ‘Free Rides’, you will be shown your very own personal promo code. Every time you share this code with friends, when they use Lyft for the first time they’ll get $10 off their first ride, and as a reward you get $10 off yours.

Also click here to take your first free ride with Uber.

Tips on using your Lyft Promo

  1. Spread the word about your Lyft promo code!
  2. Post your promo code to all your social media accounts!
  3. Advertise your promo code on Youtube or make a blog and advertise there.
  4. The Lyft only last for 3 months, so don’t save them too long
  5. The Lyft promo code terms are subject to change and are not guaranteed

You can find out more tips to get free stuff with referral codes here.

How To Become a Lyft Driver

Driving for Lyft is great because you get to set your own schedule, so it’s a good side hustle to earn extra cash. While I have never driven for Lyft you can read about my experiment driving for uber click here. To earn some extra money driving for Lyft click the banner below.

lyft promo code

The UberEATS Driver Requirements

  • Lyft drivers must be at least 21 years  of age
  • Own a vehicle no later than 2004
  • Lyft drivers must be able to pass a background check
  • Lyft drivers must have a clean driving record
  • Have at least 1 year of driving experience

Things are always better when they’re FREE, where are you going to use your Lyft promo code? Did you enjoy your free ride? Let us know in the comments section below! 🙂



If you found this blog post chances are you are trying to find out how to make a profitable Amazon Affiliate website. Well I’m going to try to help you learn from my own experiences. My name is Dave, I run this personal finance blog where we discuss being profitable. I started this experiment because I’m always on a quest to generate different sources of passive income. My primary source of passive income is from the rental properties I own. You can read about them here, here and here. This is part 2 of what is probably going to end up being several posts long.

Just as a heads up at this point so far I don’t think I’ll be disclosing the specific niche of my website because while I’m sure most of you are nice people, it’s not uncommon for people to study these case studies and try to make a carbon copy of my website which can be bad for a number of reasons. Think I’m being paranoid? Just ask Spencer Haws of NichePursuits. He had an array of issues from being completely transparent with his readers. Spencer is a great teacher for this type of stuff and is highly recommended, but hes clearly nicer than I am haha.

This is part 2 of what is probably going to end up being several posts long. You can read part 1 of the amazon affiliate experiment here. I am creating blog updates once a month to show progress in real time.

So let just jump right into what’s been going on!

How much did I make so far?

I know this is probably what you really want to know so lets start with the numbers so far. Drum roll please……… So far my niche website has generated $30.80. But don’t take my word for it heres some proof.

how to make a profitable amazon affiliate website

Amazon Affiliate Payment Proof

I’m not sure if I was lucky or not but I got my first sale about 11 days in on this project. The item purchased was cheap and had nothing to do with my niche, but the feeling of logging in and seeing your first sale is indescribable.

Some things to note. I actually got 11 sales but only 4 of them have shipped out, so technically I earned over $30.80 but I won’t know the amount until they finished processing. If I had to guest based on the items, I’d say I’d be somewhere in the $50 range.

While $50 is very short of our $500 monthly goal, considering this is only the 1st month I feel confident enough to continue to work hard on this project.

What have I done since last month?

keyword research

I have done more keyword research for my niche. I have found around 5 long tail keywords that I am going to rank for.



Blog comments

I manually scoured the internet for relevant blog post that I could comment on to get backlinks to my site. An important thing to remember when trying to get backlinks this way is that 90% of the time when you leave a comment it will have to be manually approved by the website owner. This is obvious to me because I run this blog. You wouldn’t believe how many comments I get every day that are just spam. They say something to the effect of  “thanks this post was what I was looking for” with a link back to their crappy website. I ignore the hell out of these comments, I don’t want them on my blog so they never get approved. Website owners will usually only approve comments that are obvious that you read the post. I recommend picking something from the post that stood out to you and giving a real opinion. These comments are more likley to get approved thus leaving a link back to your site.

I was able to get about 15 of these approved out of 25 since last month.

Bought some social signals

I bought some social signals.

If you didn’t know, social signals are things like likes and shares, and yes you can buy them. To my understanding, the logic behind this is that google has become significantly more focused on finding “what the people want”, since google can see these signals, buying them makes it look like your website is being talked about and shared. This in turn, helps your ranking improve. I bought 300 social signals from PBNButler. While they were more expensive than Fiverr, where you can get social signals for $5, I find most gigs associated with SEO are absolute trash. What I like about PBNButlers service is that they have a deal  through a mobile app, which requires its users to share random post to continue the app. This means your shares are being distributed by real people, which also means that aside from the SEO aspect of it, you could legitimately attract real interested people.

Created some web 2.0’s

I’m going to be honest. If you are really trying to create a site with a long-term vision in mind, then the best way to get backlinks to your site is through outreach. This is essentially reaching out to other bloggers in your niche and doing guest post and building real relationships. That being said…it can be hard to find people willing to allow you to guest post for a niche site. It can work but it takes some work. For this website however, to help diversify my backlink profile, I created several web 2.0 websites to backlink to my own website. Web 2.0’s are free blogs you can start on websites like WordPress.com or Weebly. The idea here is to sign up to these free blogs and create post that link back to your site. But before you go starting a whole bunch of web 2.0’s and pointing them to your site, we want to make them look like legitimate blogs. create several

Don’t create several web 2.0’s and point to your site right away. You need to treat them as a real blog. Make sure you fill out the profile info, make an about page you don’t need to make it about you, create a persona, the details don’t have to be some intricate story line but the section needs to be there. It is also recommended you make several posts over the course of a week before linking to your site. Make sure that your other post include pictures or a video, proper use of title tags, and most importantly that they link out to other authority sites in the niche. DO NOT link to your competitors, this will boosts their rankings. A good example would be lets say your niche is soccer balls. I would try to find something about soccer on nike.com and link to that. I try to make sure all my post have 2-3 links to high authority pages so that when I link to mine, it will appear that my blog only links to reputable sources. I’m essentially creating and maintaining my own link neighborhood.

Try to make your post on the web 2.0’s decent quality, a lot of people outsource this but I’m cheap so I do this myself. I am still in the process of writing content to these web 2.0’s and its really time consuming. I have a few that are ready for links back to my site but I am waiting over a week before I do so.

Here is a list of web 2.0’s you can use

  • Tumblr
  • Weebly
  • WordPress.com
  • Blogger.com
  • Jimdo.com
  • Bravesites.com
  • Beep.com
  • Puzl.com
  • Webstarts.com
  • Yolasite.com
  • Snackwebsites.com
  • Site.Google.com
  • Joomla.com
  • Jigsy.com

Bought some expired Tumblrs

Pretty much the same info as above. Tumblr is a web 2.0 site, you can buy expired domains with an established backlink profile. This means you can get a domain with a high PA which will help send link juice and improve your sites ranking. This is where the MozBar comes in handy. I always check the stats on these before I confirm purchase. You dont want to buy any that are flagged as spam. Once I confirm these are acceptable, I repeat the process from above making sure that make a few post before linking to my site. I bought some of these from SEOClerks and Fiverr(not the cheap $5 ones). If you don’t want to pay for expired tumblrs you can always get your own by doing a little work. Here is a detailed guide to scraping Tumblrs.



How much have I spent?

When we left off last month, I spent $88 total creating a blog. That included the domain name and hosting. Since then I also purchased a logo for my website. Logos help to make sites look more legitimate, rather than just having a plain text title.

I sourced this out on Fiverr, the quality is ok, its no NBC logo, but it’s good enough. This only cost me $5.

I bought 6 expired Tumblrs. This cost me $36

I bought 300 Social signals. This cost me $14

This brings my total spent to $143 

I have made $30.80 up to this point so as of now I am $143  in the hole.

The plan for next month

Over the next month until our next update I plan to do the following:

  • Add more content to my site. I plan on trying to add one post every 2 weeks.
  • Complete the building of my web 2.0’s and link them to my website
  • Add 5 more blog comments.
  • Try to stop checking my earnings every day(BAD BAD NERVE WRECKING HABIT)

If this post assisted in teaching you how to make a profitable Amazon Affiliate website please share this on social media 🙂

robo-advisor

The Top 4 Mistakes Beginning Investors Make and How to Avoid Them

 

The following is a guest post by Hank Coleman, who is the owner and publisher of Money Q&A, a popular personal finance blog dedicated to helping its readers invest and save more for retirement.

 

Your first venture into the world of investing may be overwhelming. Investment experts seem to hawk different stocks, investment advice from books and blogs may seem contradictory depending on what you read, and the amount of data and charts out there is often just too much for a beginning investor to manage alone.

 

It’s okay to feel overwhelmed by the investment choices. Everyone started from square one at some point. However, getting started in investing isn’t as hard as you might think.

robo-advisor

The Biggest Mistakes New Investors Can Make

 

To help you get the ball rolling, here are some novice mistakes to avoid while building your first investment portfolio:

Assuming You Need a Financial Adviser

 

All too often, people put off getting involved in investing beyond their employer-provided 401(k). They believe they need to have more money to afford a financial adviser to help them succeed in the stock market.

 

Maybe that was true a few decades ago. But, with the internet at your fingertips and the availability of robo advisors to help you invest your money, there’s no excuse for waiting to invest your money if it’s just sitting in a low-interest savings account.

 

Robo-advisors were designed to lower the barrier to getting involved in investing for everyday folks who want to see better returns on their money than what a traditional bank account can offer. With a robo-advisor, you don’t have to read a pile of investment guides before diving into the markets.

 

Investment companies build robo-advisors using extensive algorithms that determine the best possible allocations for customers’ money based on historical market trends and up-to-date market research. It also costs very little to use a robo-advising service compared to a traditional stockbroker. The fees usually range between 0.15-0.35% per month depending on your deposit amounts. And, some robo-advisors do not require a minimum balance to get started.



Getting Caught Up in the Hype

 

When you first start out as an investor, it’s all too easy to get caught up in the latest and greatest stocks that so-called investment experts proclaim are guaranteed good buys. Rather than funneling your money into the hottest tech stock or industry that people are raving about, stick to solid, time-tested strategies. Look for investments that diversify your portfolio and protect against large losses if something doesn’t live up to the hype.

 

Pulling Out of the Stock Market When It Goes South

 

There are many strategies for getting better returns on your investments. And, even if the market goes south for a bit, it’s important to remember that it will bounce back eventually.

 

Beginning investors are sometimes so risk-averse that they’d rather take the short-term losses by withdrawing from the market when it looks like things aren’t going well. They’d rather pull out their money than ride out the rocky waves and see their investments not only return to their original value but grow well beyond that amount.

 

If the Federal Reserve raises interest rates and the stock market dips or some global catastrophe strikes and the markets panic in the aftermath, don’t bail on your investments and squander your potential returns by fleeing to cash.

 

Look at your time horizon instead. When do you expect to need the money? Many will realize that they have decades before they need to use their investments. Staying in the stock market is usually the best strategy for investors. But, it takes a long-term mindset to see past the present panic.



Playing It Too Safe

 

If you’re relatively young (under 50 years old), then dumping all of your money into bonds may be overdoing it a bit. Bonds tend to be safer investment options than stocks and other volatile investment options, but they also offer significantly lower returns. Far too many young investors are risk adverse. They forget that they have decades to make up for any significant losses early in their careers.

 

Diversifying your portfolio is the most common and best advice for newer investors, and robo-advisors can help you decide the best allocation of your funds, based on your age and investment goals (i.e., retirement, saving for a down payment on a mortgage, your child’s college fund, etc.).

 

No Better Time to Get Started Than Today

 

Even if you have no background in investing or finance beyond creating a monthly budget, the plethora of valuable resources and no minimum, low-fee robo-advisors and index funds are making it easier than ever to invest like a pro.

 

It’s important to educate yourself and avoid novice pitfalls along the way as a beginner investor. You shouldn’t have to spend hours and hours reading investment advice and studying stock charts to be successful. You simply have to get started and stay in the market. Like the old saying…time in the market is more important than timing the market.

 

Did I miss any mistakes? What are some mistakes you’ve made as a young investor? I’d love to hear your thoughts in the comment section.