money-myths Archives

It all started like science-fiction, but for those who made the first move towards cryptocurrency investments, fortunes are being amassed.

According to estimates, only 10 to 15% of those now investing in Bitcoin are women. Is a generation of women missing out on this once-in-a-lifetime wealth-building opportunity owing to the prevalence of mansplaining around cryptocurrency?

Let’s explain it in simple terms.

What is Cryptocurrency?

Cryptocurrency, or crypto, is a virtual or digital currency that can be used over the internet. Unlike regular money, cryptocurrency does not need banks or the government to maintain it. All transactions are decentralized on a digital public ledger known as the blockchain. You can have a crypto wallet from different vendors like Bitpay, Coinbase, and Paxful. Moreover, some vendors offer debit cards that you can use to purchase everyday goods from various retailers like Bed Bath & Beyond, Wholefoods, Amazon, Starbucks, and AT&T.

Bitcoin is the most common cryptocurrency. A crypto debit card is the simplest way to buy anything using bitcoin. The cryptocurrency is preloaded on these cards. The retailer receives fiat money in exchange for your crypto. Crypto debit cards work with Mastercard and Visa to ensure transactions go smoothly. So you see, you can easily transact with cryptocurrency in 2022.

Can you change cryptocurrency into cash?

This is probably the most burning question as not every retailer is accepting crypto as yet. The short answer is YES. Most brokers are able to send cash to your bank account when you request a withdrawal. So you can invest in crypto, make a profit, withdraw, then buy your usual groceries from the Aldi weekly ad. The good thing is you can do it all online – the currency conversion and the shopping! We like Aldi because you can also ask for the groceries to be delivered straight to your door. Great convenience!

Now let’s discuss why women should invest in cryptocurrency.

What is deterring women from investing in cryptocurrency?

In an American research study, only 19% of women aged 18-29 have invested in cryptocurrency. What is even worse is that this number decreases as women get older.

Cryptocurrency is predominantly a male-dominated space. Women are investing in crypto, but there are many reasons why some may be put off:

● They don’t have time

● Most think it’s a scam

● Many don’t know anything about it.

All these reasons are valid as it is challenging to juggle a job, family, caring responsibilities, and looking after yourself. When you don’t know where to begin, it’s simple to dismiss crypto due to the abundance of incorrect and confusing data available.

Learning about crypto does take time and effort, as does learning any new skill, but it has many benefits.

Now let’s dive into the 3 reasons why women should invest in cryptocurrency:

Increase your income

Yes, this is the first reason and probably the most obvious, but money is what makes the crypto world go round.

Investing in crypto is an excellent way to diversify your income as a side hustle. Depending on how much you invest, you can use the gains to supplement your income so it can cover your household shopping, internet, or simply get yourself something nice.

You can begin with a small investment by choosing to buy Ethereum, a stable coin, or explore alternative options like crypto mining and staking.

You control your cryptocurrency.

Do you remember the Great Recession financial crash between 2007 and 2009? 343 out of 850 banks in the US were shut down. People could not access their money. This is the most significant advantage of crypto.

As cryptocurrency is decentralized, it is not controlled by any bank or government. Therefore if there is a bank failure or hyperinflation due to war or disaster, your cryptocurrency would be safe.

So if you are worried about global economic crises and how they could affect your purse, then crypto is a good option.

Boosts confidence

It is a good feeling to know about cryptocurrency and that you can even explain what crypto is to your friends without googling it.

Learning something new like crypto can help to give you confidence in your abilities. Knowing you’ve discovered a new lifelong ability that can sustain your way of life without requiring you to leave the house can be empowering.

Summary

So why should women invest in cryptocurrency? First of all, it can increase your income, and you will have complete control over your money. Importantly, learning about crypto, as it is a new skill, can help to boost your confidence. However, please take your time to learn about and research crypto. As with all types of investing, there is always a risk; you could lose it all. So only put in what you are comfortable with potentially losing.

Budgeting means you can’t buy what you want

One of the delusions most of us have about budgeting is that it means we can’t buy what we want. If you can’t buy a piece of clothes you want or a new iPhone, why are you making money in the first place? The point of budgeting isn’t to rob you of having one. Instead, it’s all about working these expenses into your budget from the beginning. That way, you can budget for your other expenses and still get to buy something you want. Even some of the biggest financial experts say that there’s nothing wrong with spending money on fun stuff. As long as you strike a balance between necessities, things you want, and saving towards the future, there’s absolutely nothing wrong with it. For even better budgeting, consider using apps such as Mint.

Now’s too late to start saving for retirement

We all take some time until we truly learn how to manage our money. Unless you opted for a career in finances, chances are you haven’t even thought about saving for retirement for a long time. If this is true, there’s no reason to worry. There’s no bad time to start setting money aside for old age. So, if you haven’t started doing it, now’s the perfect time to do so. The best part of it is that you don’t have to set aside large chunks of your budget. As long as you do it every month, even the smallest amounts of money will do the trick. About 73 percent of GenZ and Millennials move at least three percent of their monthly paycheck to their savings account.

Trading is too hard

Trading isn’t easy, simple as that. But that’s no reason to give up before even giving it a go. Many people look into it but decide that trading is too hard for them. The emergence of online trading platforms made trading easier than before and now is a great time to start. Plus, these platforms are opening the doors to gender equality and the male trader stereotype is eroding. This makes following the steps of female traders like Kathy Lien and Linda Bradford Raschke a great idea. If you decide to become a trader, it’s important to get everything right from day one. Visit sites like AskTraders to find all the information you need. For starters, familiarize yourself with market psychology and identify assets you want to trade with.

Having a credit card is a bad idea

Many women decide to use only cash because they’ve heard credit cards can easily get them into debt. While it’s easier to create debt when using a credit card, it doesn’t mean you’ll actually do it. As long as you use your credit card responsibly and plan most of your purchases, there’s nothing wrong about using a credit card. In fact, paying with a credit card is a good idea, as it’ll help you build up your credit score. With a good credit score, renting an apartment or getting a bank loan becomes much easier. The best thing you can do with your credit card is to use it for routine monthly purchases only. This includes everything from your Netflix subscription to utility bills.

I shouldn’t negotiate an entry-level salary

Another common misconception many women have is that negotiating an entry-level salary isn’t the best idea. Most of them believe they’re too inexperienced or not in a position to ask for a bigger salary than offered. Studies have shown that only about 39 percent of new employees negotiated their salary at their first job interviews. It’s important to have in mind that many companies expect you to negotiate. This means that if you accept the initial offer, you might be missing out on a chance to earn more. The best advice successful women have about negotiating salaries is to be aware of the common salary for your job. That way, you’ll never accept an offer that’s not good enough. Bear in mind that things such as degree, industry, and the area you’re located in may affect your salary.

The bottom line

Most of us have been reading and hearing “facts” that ended up shaping the way we manage our finances. With all the information available online, cranking these myths has never been easier and there’s no reason to let them affect our lives. Start by forgetting about the five myths covered in this post and you’ll find staying in control over your money easier.

Tag: money-myths

Why Women Should Invest in Cryptocurrency