The world revolves around money made digitally. There is hype around people making their living through online sources. And this is also where cryptocurrencies come to play. When bitcoin was introduced, nobody thought it would reach the heights of fame as it is today. It is soaring high in terms of popularity and value and the rest of the cryptocurrencies like Ethereum and Maker. 

If you are also thinking of making money through cryptocurrency and think you are too late to begin, fret not. The following is all you need to know about how to earn huge profits with cryptocurrencies. Maybe the time now is better than it ever was for learning cryptocurrency and making a living through it. 

How to earn or make money with cryptocurrency?

1. Investing:

One of the most hyped-up strategies for making money on crypto is investing. It works the same way you would be investing in any business, but there is a slight twist. Instead of only putting in your money and then seeing the business boom and simply making the profit for you on its own, it is a lot better to use this buy and hold strategy. 

This is the best way to make money with cryptocurrency, but it involves risk too. But this is just the same as making any investment as you will be putting in the money into something which isn’t worth anything monetarily, only to sell this in the time of need by the rest. 

Looking at older days, anyone who followed this strategy correctly could make a ton of money; mainly if they were saving up Bitcoins back from the time, it was just worth only a few cents to the current day where it is worth thousands. 

If you are searching for a longer-term strategy of the best way to make money with cryptocurrency, investing is ideally the one for you. This is mainly the case if you know about the market and can predict some shifts that will soon happen in it. 

2. Mining:

This term is something that you have already heard hundred times. Not only because it is the most popular method of cryptocurrency 2022 but also due to its popularity. Mining the cryptocurrency is an option that has the minimum amount of risk as you are generating this currency into the wallet through mining rigs.

The main bigger risk is that if you are going to keep this currency and also mine more of it with time, it will drop the prices or not. 

To make huge profits being a cryptocurrency miner, you will not have to put this much effort as you will into the rest of the methods. But you will also have to invest some money in mining the rigs that are mainly PCs that will not do anything but run the program that mines cryptocurrency, and you may struggle to find the part of these rigs too. 

3. Trading:

Unlike those mentioned above, investing and trading is a rather short-term strategy where you will make profits in small bursts. You will have to own a cryptocurrency and trade them over one of the many platforms for another currency. Trading includes a lot more risk as the crypto market is rather volatile. 

These are the top ways to make money with cryptocurrency. You will often find it confusing if you don’t know the market trends. You will have to start learning cryptocurrency and make your way into making profits. The best way to make money with cryptocurrency is to learn which one suits you best.

Do you feel worn out of money before the end of the month? It is because you don’t know how to manage your finances. In teenagers, people are more likely to indulge in expensive and unnecessary activities. It isn’t easy to manage the expenses when surrounded by friends who like outings and shopping.

In the article, you will get complete guidance on why and how to do personal financial planning.

Reason to save money as a teenager

Having the habit of saving money helps you at every stage of life. As a teenager, by saving money, you can become financially independent. Moreover, you can make decisions for yourself. This habit makes a teenager more sensible and a goal achiever.

Steps for personal financial planning

Here are the five steps that you can follow to manage your finances.

1.Start a saving account.

Saving a savings account will encourage achieving the target that has been set it. Moreover, it will reduce the temptation of spending money. Contributing to your account regularly will develop better spending habits in you.

2.Separate savings from spending

Whether you like to put money in the bank or cash in a bag, you need to put your savings aside. If you put them in one place, you will be tempted to spend on unnecessary items like clothes, trips, etc. Saving for emergencies or for anything you want to buy for a long time.

To avoid the clash, you can have two accounts. One for the savings and the other for the money you spend daily. This way, the goal won’t be conflicted.

3.Set up a budget plan

After putting the savings aside, making a financial budget plan will help to spend periodically. You can determine an amount you have to spend in 5 days to complete the month. A thoughtful spending plan won’t let you on your uppers.

4.Track your finances

Be your financial advisor and keep track of your spending. If you keep the book of your purchases, it will help you save money. Aside from a budget plan, making a record of purchases will make sure that you are spending. Moreover, you know whether you are crossing your budget or not.

5.Get a summer job

If you are old enough and can spare time from your studies, you should look for a part-time job for some extra savings. Part-time jobs not only make you financially independent but make you confident, patient and help you attain good communication skills.

A part-time job will also make you busy and save you from doing unnecessary shopping in your free time. Moreover, job experience can open the way to a better job with a high salary in the future.

Conclusion

Personal financial planning is essential at every stage of life. Moreover, it saves you from profusion. Developing this habit in your teenage makes you financially independent. You can save money by making a good spending plan and surrounding yourself with something less extravagant.

Money is very important for all of us as seldom do we find things in our lives that are not related to money in one way or the other. Though we have all heard and maybe have experienced the phrase that money can’t buy happiness, it starts affecting our lives for sure if we get less of it. But if you are wondering about How your finances affect your mental health, then the following read is for you. 

Our financial habits play a huge role in building up our mental health. This article will have a closer look at the money and mind connection and what you may do to ensure better mental health through financial stability. 

How financial stress affects mental health?

If you constantly think about how you will be making the end meet and how you’re going to settle your debt on the credit card, you will always start feeling down and in a negative space. And for sure, the opposite is true as well. If you don’t have all of these concerns, you will feel you have a lot better life and lifestyle.

These are the findings of an article published in CNBC; in this article, the author has said that statistically speaking, the household income is very strongly linked to both the emotional wellbeing and the personas evaluation of their quality of life.

As per its view, the higher the income may get leads to a significant reduction in the negative emotions.

It may also improve the overall mental wellbeing up to the point that an annual salary of R1 million. After this, the psychological benefits of the higher income are a lot less important. 

In a very simple language, money may make you happier only up to a significant point, and you won’t necessarily have the sunnier outlook on life only because you’re earning $30 million a year as opposed to the   $20 million.

But the bigger difference between the couple of thousand a year and the $1 million may make a huge difference to the mental state you have at this moment.

And we are not only referring to surface-level happiness; studies have shown that it is very likely that there is a very direct relationship between an increase in income and the reduced incidence of serious mental illnesses. 

The Security And Happiness Factor

Everyone wants to feel that they may give for their family. Anyone who has experienced financial insecurity knows that this kind of stress may trigger panic, anxiety, and depression. If you have a lot more debt on your head than you can pay off or don’t know how you will feed the whole family yours, it will affect the mental state you have. The only exception to this is the mortgage. 

The 2004 study published in Housing Studies has found that homeowners have a lot lower psychological distress levels than renters. Of course, the mortgage only lowers the total risk of mental health if you may make your mortgage payments without putting yourself under pressure. So how do you know How your finances affect your mental health?

Conclusion

You have to understand that financial and psychological stress can be highly empowering on your mental health. Being aware of the link between financial and psychological stress may help you better monitor your mental and financial wellbeing and set you on a path to have greater happiness and health. As with many things in your life, the ideal approach is the balanced and informed one.

If you take out a loan or sign up over a credit card, it is important that you do it for the right reasons and that you may meet your debt commitments without even stretching yourself in financial matters.

Approach your money affairs with a mature and thoughtful approach, and you will have a greater chance at lasting happiness and security.

Money management is missing from the school syllabus. Thus, consumers mostly learn money management from their parents or on their own. You might even consider hiring a financial advisor that will help you in managing your money. However, you should first check free money management tools before hiring a financial advisor. These online tools are user-friendly and they will help you in tracking your spending. You can also use these tools for creating your financial budget and analyzing your financial decisions. In this article, we are going to talk about the best money management tools available in the market.

1. Mint.com

Mint is a free budgeting tool that will help you in tracking every aspect of your finances. It will act as a centralized location where you can check your credit cards and bank accost. Mint is one of the best money management tools available in the market. It will provide you charts and graphs that will help you in reviewing your financial situation. Sometimes, it is very hard to review your financial situation by looking at numbers. Thus, the Mint will convert all the data into graphs and charts. This app will automatically categorize your cash flow and spending. It will suggest methods that will help you in saving your money. The only disadvantage of Mint is that you need to sync important information like card numbers and bank accounts. This app is completely secure and they will protect your data by encrypting it. 

2. Yodlee.com

Yodlee is also providing various money management services for free. You can use this tool for tracking your investments and accounts. This tool will also help you in creating your budget. You can use it for tracking your real estate value and spending.

 3. Check.me

It is very difficult to keep track of all your statements, financial documents, and bills. This tool will help you in solving this problem. It is very similar to Mint and you need to link your accounts with this tool. This tool will automatically remind you about pending bills. You can also schedule your payments for the future. It will also alert you if you have very few funds in your account. This app will ensure that you are always organized. Thus, you can use this app for avoiding overdraft charges and late fees.

4. Smartypig.com

If you want to track multiple saving goals, then Smarty Pig is the perfect tool for you. You can open free online savings account on this site. Smarty pig will provide you free savings account that you can use for reaching your savings goal. These accounts are different from the traditional bank accounts as they are fee-free. You need to deposit $25 while creating this free account. After that, you can link your main account with the Smarty Pig account.

 5. AnnualCreditReport.com

Every customer can get one credit report for free every year. You should review your yearly credit report. This will help you in finding potential lenders. You can fix errors on your report. Also, this tool will suggest you various tips that will help you in improving your credit profile. If you have a good credit profile, then you can easily get new credit cards and loans. 6. BudgetPulse.com

This tool will offer you a simple budget system. You can use this site for monitoring your savings and spending. Budget Pulse will also allow you to track finances in different currencies. This feature is very useful for frequent travelers. 

Conclusion

All the tools mentioned in this list are completely free. Thus, you should try out them and find the best tool for your needs. These tools will help you in managing your money. You can use these tools for getting a hold of your finances without ever hiring a financial expert.

The COVID-19 pandemic is hitting the economic landscape very hard. Governments had at one point, implemented lockdown measures for protecting the health of their citizens. But, this is affecting the global economy. We may enter a global economic recession due to this pandemic. Recession is also going to impact the stock markets. Thousands of businesses will shut down due to the reason and millions of people will lose their jobs. Many experts think that this recession is going to be longer when compared to the 2008 recession. 

You can make some wise moves for stabilizing your finances. Most countries have already flattened the curve of the coronavirus pandemic. You should pay all the high-interest debt for reducing some financial pressure. The lockdown period is the best time to rebalance your investment portfolio. In this article, we are going to share some tips that will help you in achieving your financial goals.

1. Maintain your emergency funds:

You should focus on boosting your emergency funds. Make sure that you have reversed some pool of cash. This cash will help you in affording necessities during the economic downturn. The global economy might enter into a recession due to this pandemic. Thus, you should focus on boosting your emergency funds first.

 2. Strict Budgeting Measures:

You need to free up your money for affording necessities during an economic recession. Thus, you should exercise strict budgeting measures during an economic downturn. Many people are already working from their home so they don’t need to worry about transportation costs. You should cut down all the non-essential spending during this economic downturn.

3. Give more priority to health insurance:

You shouldn’t compromise on insurance protection during this pandemic. If you have already taken some long term plan, then you should pay its premium on time. This plan will eventually help you during tough times. Also, make sure that you have medical insurance. This will help you in paying the COVID-19 medical bills.

 4. Don’t discontinue your important investments:

Investments are very important for your portfolio. They will help you in achieving your life goals. However, every life goal has a different value. You should try to manage your important investments. If you want to raise some cash, then you should discontinue your bad investments. You can also pause some of your investments like mutual fund SIPs.

 5. Avoid panic selling:

The global market was crashing very fast in May. However, the market is now stabilizing with time. Many investors are feeling uneasy due to the current pandemic. Your portfolio might tumble due to this pandemic. Thus, you might think that it is a good time to sell all your stocks. This is the worst choice that you can make during this pandemic. If you are selling your equities at a very low price, then you will lose a lot of money. The value of stocks will return to their normal value after this pandemic is over. The global market is already healing with time. If you are selling shares, then you will only increase your losses. You should hold your shares until the pandemic is over. 

Conclusion 

The Coronavirus pandemic has shaken the global economy. Unemployment is rising due to this pandemic. The stock market has fallen due to this pandemic. Thus, investors have already lost a lot of money. Millions of businesses are been closed due to loss of demand. Everyone is worried about their finances. The tips mentioned in this article will help you in stabilizing your financial condition. You can take these small steps for managing your financial condition. This pandemic will eventually end and life will return to normalcy. 

Many investors are still recovering from the 2008 stock market crash. The economy was growing very fast before the coronavirus pandemic. Investors were already looking for methods to protect their investment portfolios. They want to protect their portfolio from the next financial crisis which might come after the coronavirus pandemic. Mutual funds have very limited exposure to the global market. There are various methods to protect your mutual funds from the next financial crisis. In this article, we are going to talk about the key strategies that you can use for protecting your mutual funds.1. Go for Bond Funds 

Bonds are considered to be the safest investment. You will always get some interest payments every year. If you want to protect your mutual funds from the economic turmoil, then you should invest in government-issued bonds. These bonds are safer when compared to corporate bonds. The stock market might crash due to the pandemic. But, the U.S government is never going to declare bankruptcy.

You can also protect your funds from an America crash. Investors should look for bond funds that are issued by stable foreign governments. The U.S economy will also have some effect on other nation’s economies. However, it can’t completely destroy the economy of other first-world counties. 

2. Avoid Leveraged Funds 

The leveraged funds were the main reason behind the 2008 crisis. You can use these funds for generating some quick profits. However, these funds are also riskier when compared to other bonds. If you want to remove unnecessary risk, then you should get rid of leverage funds.

3. Reduce Risk

Money market funds are the most stable type of mutual funds. These funds are short-term debts that are issued by the government. Sometimes large corporations can also issue short-term debts. Thus, the risk of default is very low on these funds. You will get only limited returns on these funds. Money market funds are not going to help you in building serious wealth. However, you don’t need to worry about losing this money.

4. Check foreign bonds

You should also invest in good foreign corporate stocks. There are many good foreign bonds that will help you in earning good returns. This will also help you in limiting your risk. The foreign stocks will actually gain value if the American market crashes. Thus, you can limit your risk by investing in both American government bonds and foreign government bonds.

5. Spread the Risk 

The best thing about mutual funds is that it will increase the degree of diversification. You don’t need to worry about diversifying your funds. However, you should even protect your fund investments by investing in different types of funds. You should invest in both long-term and short-term bonds.

  6. Noncyclical Funds 

Most people think that the stock market is the riskiest investment. You can lose all of your investment during a global recession. However, there are still some stocks that you can invest in during a recession. These stocks are known as noncyclical stocks. They are more stable when compared to other stocks because the companies are providing essential goods and services. The best example of this is the utility sector. People will always need electricity, water, and gas. Also, you can consider tobacco and alcohol as an important commodity as they remain strong during an economic recession. Customers will spend money on these products even if the economy is down.

Conclusion

We might face a financial crisis after this coronavirus pandemic. However, the U.S. economy won’t stay down for a long time. The USA market has always thrived after a recession. You should use the tips mentioned in this article for protecting your mutual funds. Also, the best way to protect our mutual funds is by letting the economic storm pass.