Growing up, I never had a shred of knowledge about investing. We were taught that we should go to school, get a job, save up, and that’s it. It’s only now in my late 20s that I have started studying on how I can make my money work for me.
There are many different ways that people can invest money. Unfortunately, as a generally low earner, most of them were well out of my reach. That or in the chance that I could afford to invest, I get cold feet from the thought of letting go of a chunk of my savings.
But then I heard about cryptocurrencies, and unlike other asset classes, getting into crypto is relatively cheap. I could go in with some of the money in my pocket.
While I consider myself open-minded when it comes to new technology, the idea of digital currency bewildered me. It felt like something that would come from a science fiction book, and though I love myself some sci-fi, I had sense to separate fact from fiction.
Still, I read more about this new form of investment as well as the technology that it was built on and the more that I read, the more it made sense. I watched videos about cryptocurrency, jumped onto forums, social media, and while there are a lot of people making senseless noise about it, there is still legitimate information available in the right places.
In my search for information, there were also people who were making fun of cryptocurrency and were hurling jokes and skepticism at the idea. Honestly, their statements shook me a little bit.
However, as Linda P. Jones has said in her recent episode on The Free Retiree Show, the world has a tendency to make fun of new things. This is true, and it has been the case when new technology suddenly appears in the world. People laughed at the idea of a spherical world, a flying machine, the internet, and more.
The fact that massive banks and institutions have also been jumping into crypto also helped clear up my doubts. If they were getting in, then the whole thing is probably legitimate to some degree. I’m just going to have to keep an eye on the space to see where the whole thing is going.
For those having doubts about crypto or for any new form of investment for that matter, it’s always a good idea to educate oneself. Read, ask questions, and never ever blindly jump in no matter how attractive an opportunity is. Knowledge is power!
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Securities offered through Securities America, Inc., member FINRA (www.finra.org)/SIPC /www.sipc.org), a separate entity. Lee Michael Murphy is licensed with the California Department of Insurance, License 0H18660. Lee Michael Murphy is an Investment Advisor Representative with Securities America Advisors, a registered investment advisor
The Free Retiree, Securities America Advisors, and Securities America Incorporated are separate entities. Career advisor Sergio Patterson, attorney Matt McElroy are not affiliated with Securities America Advisors or Securities America Incorporated.
Securities America Advisors, Securities America Incorporated, and its representatives do not provide tax or legal advice; therefore, it is important to coordinate with your tax or legal advisor regarding your specific situation.
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The opinions of a career advisor, Sergio Patterson, do not reflect the options of Facebook, Inc. The opinions of attorney, Matt McElroy, do not reflect the opinions of Castaneda and Company.