3 Wealth-Building Strategies You Haven’t Thought Of Yet – Forbes

People are concerned about money. More than half (54%) of the United States workforce cite money issues as a larger cause of stress than their health and relationships.

Finding unique wealth-building strategies is an excellent way to feel ahead of the game, and the strategies don’t even have to be complex! Here are some simple tips for staying on top of your money game.

Invest Your Spare Change in Crypto

Crypto is a word people all around the world are now familiar with. However, the use of cryptocurrency is still a mystery to many.

BitcoinBTC
was the first cryptocurrency to be outlined in principle in 2008 and is by far the most popular, with $1.03 trillion invested in it, representing around 40% of all crypto investments. The project was described by its creator, operating under the pseudonym Satoshi Nakamoto, as “an electronic payment system based on cryptographic proof instead of trust.”

IRS Notice 2014-21 defined Bitcoin as property, meaning it would be treated and taxed as stock. This made it possible for individuals to buy and store crypto using IRAs. This tax-free investment growth option has been lucrative for investors like Peter Thiel whose account grew by $3 billion in three years despite the fact he hadn’t contributed to his IRA in 20 years.

However, Bitcoin was just the beginning. According to statistica, as of February 2021, there were 4,501 cryptocurrencies. In just one year, that number more than doubled to 10,397 cryptocurrencies worldwide. However, cryptocurrencies are easy to create and therefore many, if not most, have little chance of surviving long term.

While general investing in crypto might sound daunting, there are ways to ease into this market. Companies like Bundil, which was featured on Shark Tank, have created resources to make this process simple. Investors can link their credit or debit card through an app, and round their purchases up to the nearest dollar. The change is then invested into the user’s preferred cryptocurrency.

Don’t Forget About Gold

According to FRED Economic Data, 40% of all dollars ever printed were created within the past two years. In May 2022 alone, over two trillion paper dollars were added to the world’s economy.

All this new money will undoubtedly result in inflation. As famed economist Milton Friedman said, “Inflation is always and everywhere a monetary phenomenon, in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”

Put in simpler terms, CEO of Gold Alliance Joseph Sherman said, “The more dollars the federal government prints, the less worth they hold.” As the …….

Source: https://www.forbes.com/sites/jaimecatmull/2022/08/12/3-wealth-building-strategies-you-havent-thought-of-yet/