I just took on a second job just to get out of the house and do something with my time other than sitting at home at night. My rent and other expenses such as car, bills, food, etc account for a little less than half of my main job’s income. After expenses I am able to bring in about $500 a week with the 2nd gig. I’m trying to decide productive ways of using this to generate some kind of passive income or prepare for the future. I don’t know a lot about stocks but am willing to learn. I don’t know much about crypto either but had considered purchasing an ASIC and putting it to work. I don’t like the idea of just putting it in the hands of some bank and letting it slow grow. Any thoughts on ways that I can be smart with my earnings and put it towards some kind of use?
I don’t know much about crypto either but had considered purchasing an ASIC and putting it to work.
Wouldn't recommend. Your main cost is electricity and you're competeing with third worlders getting it practically for free, while you get charged to subsidise your competition via carbon credits.
I worked it out a few years ago and the only way to make a decent profit in the west was to generate the electricity yourself using a generator. Even then it only works out if you have access to agricultural diesel.
Also, I suspect POW mining is a bad investment right now: proof of stake is on the rise. So your nice ASIC might not even pay off it's own costs.
Any thoughts on ways that I can be smart with my earnings and put it towards some kind of use?
At this point I'd suggest splitting it between physical precious metals in your possession and crypto. Don't buy land as an investment: Very good chance it'll get seized by some commie city council. It would be a good idea to buy some as a bug-out project though.
I don't think stocks are a good idea in long run in that if there's any serious collapse there's the same issue with repossession and them becoming useless paper. In the short run there's money to be made if you know what you're doing and are well connected in the jewey finance world, which none of us are.
As for crypto...
Bitcoin core: Shitty network, but it has name value and a very good track record value wise.
Litecoin: Similar to bitcoin but actually usable. Old tech, well established
DFI: Trying to be the go-to decentralised finance coin. I'd recommend staking it (earning interest) on cake defi. They plan to use it to let people trade stocks using tokens. It did well for me but idk if it's already peaked or not.
Algorand: Proof of stake coin, you can earn a bit over 7% APY by staking with atomic wallet.
* Tron (TRX): Another proof of stake coin. 5% APY on atomic. I personally think this one is the best contender to become "digital cash" in that it has very low transaction fees (less than a cent) and very low transaction time (seems like around a second). So it's actually practical to use at a till to sell coffee or whatever.
not advised. I would not throw a thousand plus out to get a few bucks a month that may blossom into thousands years later. Mining really only makes sense for people able to scale it up into a large operation, which won't work for you.
Seconded. Plus the main cost isn't the ASIC, it's the electricity. In the west that means generating your own, because your competition are communiggers getting theirs almost for free.
There's a good way to get into stocks as a normie. Follow a few simple rules.
1) It's a long term investment. You're going to buy something, then sit on it for years. Don't fret about ups and downs, don't panic sell. 2) Buy only an industry that you know. If you're a computer guy, buy computer related stocks. This allows you to understand which companies are likely to go up in value without having to do additional research. 3) If a company announces a diversity hiring program invest in their competitors, they'll go to shit 5-10 years later.
[ + ] Kozel
[ - ] Kozel 6 points 3.3 yearsJan 7, 2022 02:09:14 ago (+6/-0)
[ + ] Deleted
[ - ] deleted 4 points 3.3 yearsJan 7, 2022 02:26:03 ago (+4/-0)*
[ + ] Broc_Liath
[ - ] Broc_Liath 1 point 3.3 yearsJan 7, 2022 04:06:04 ago (+1/-0)
What's your basis for this? I'd expect crpyto to do well as a black market currency if they actually push their great reset through.
Seconded
[ + ] Prairie
[ - ] Prairie 0 points 3.3 yearsJan 7, 2022 06:41:28 ago (+0/-0)
[ + ] Deleted
[ - ] deleted 0 points 3.3 yearsJan 7, 2022 09:09:42 ago (+0/-0)
[ + ] TOVA
[ - ] TOVA 1 point 3.3 yearsJan 7, 2022 06:32:15 ago (+1/-0)
The easy first steps in each of those are low cost mutual funds, purchasing a home, and finding a side hustle possibly related to your primary job.
In general a mix of stock and bond funds provides some protection against downturns in the market.
Part of the unease in the current economy is we all know it is being inflated and is poised for a crash.
If you can save up a down payment when it does crash you might be able to find a better bargain.
Of course if the economy crashes as bad as some predict lead is the most precious metal.
[ + ] Suno
[ - ] Suno [op] 1 point 3.3 yearsJan 7, 2022 15:10:21 ago (+1/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 0 points 3.3 yearsJan 7, 2022 15:33:22 ago (+0/-0)
Just don't save up in fiat. Then your savings disappear in the crash.
[ + ] Broc_Liath
[ - ] Broc_Liath 1 point 3.3 yearsJan 7, 2022 04:02:15 ago (+1/-0)
Wouldn't recommend. Your main cost is electricity and you're competeing with third worlders getting it practically for free, while you get charged to subsidise your competition via carbon credits.
I worked it out a few years ago and the only way to make a decent profit in the west was to generate the electricity yourself using a generator. Even then it only works out if you have access to agricultural diesel.
Also, I suspect POW mining is a bad investment right now: proof of stake is on the rise. So your nice ASIC might not even pay off it's own costs.
At this point I'd suggest splitting it between physical precious metals in your possession and crypto. Don't buy land as an investment: Very good chance it'll get seized by some commie city council. It would be a good idea to buy some as a bug-out project though.
I don't think stocks are a good idea in long run in that if there's any serious collapse there's the same issue with repossession and them becoming useless paper. In the short run there's money to be made if you know what you're doing and are well connected in the jewey finance world, which none of us are.
As for crypto...
Bitcoin core: Shitty network, but it has name value and a very good track record value wise.
Litecoin: Similar to bitcoin but actually usable. Old tech, well established
DFI: Trying to be the go-to decentralised finance coin. I'd recommend staking it (earning interest) on cake defi. They plan to use it to let people trade stocks using tokens. It did well for me but idk if it's already peaked or not.
Algorand: Proof of stake coin, you can earn a bit over 7% APY by staking with atomic wallet.
* Tron (TRX): Another proof of stake coin. 5% APY on atomic. I personally think this one is the best contender to become "digital cash" in that it has very low transaction fees (less than a cent) and very low transaction time (seems like around a second). So it's actually practical to use at a till to sell coffee or whatever.
Let me know if you need any more suggestions.
[ + ] Suno
[ - ] Suno [op] 0 points 3.3 yearsJan 7, 2022 15:15:16 ago (+0/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 0 points 3.3 yearsJan 7, 2022 15:32:23 ago (+0/-0)
[ + ] FinsterBaby
[ - ] FinsterBaby 0 points 3.3 yearsJan 7, 2022 17:55:42 ago (+0/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 0 points 3.3 yearsJan 7, 2022 17:59:42 ago (+0/-0)
TIL. I'll buy some more for the sake of it, but I'll feel dirty doing it. Current eth network is unusably expensive. Maybe Eth 3.0 will be better.
[ + ] Deleted
[ - ] deleted 1 point 3.3 yearsJan 7, 2022 03:18:31 ago (+1/-0)
[ + ] Broc_Liath
[ - ] Broc_Liath 2 points 3.3 yearsJan 7, 2022 04:03:39 ago (+2/-0)
Seconded. Plus the main cost isn't the ASIC, it's the electricity. In the west that means generating your own, because your competition are communiggers getting theirs almost for free.
[ + ] beece
[ - ] beece 1 point 3.3 yearsJan 7, 2022 08:30:22 ago (+1/-0)
[ + ] ForgottenMemes
[ - ] ForgottenMemes 0 points 3.3 yearsJan 7, 2022 10:30:59 ago (+0/-0)
1) It's a long term investment. You're going to buy something, then sit on it for years. Don't fret about ups and downs, don't panic sell.
2) Buy only an industry that you know. If you're a computer guy, buy computer related stocks. This allows you to understand which companies are likely to go up in value without having to do additional research.
3) If a company announces a diversity hiring program invest in their competitors, they'll go to shit 5-10 years later.
[ + ] beece
[ - ] beece 0 points 3.3 yearsJan 7, 2022 08:27:36 ago (+0/-0)