I inherited a chunk of money recently. I decided I would finally buy a house (I rent now). My credit is yuck so I figured a 20% down payment. And I had enough to fix my new house up a bit too. But…the house prices have gone so high, I just can’t do it! So I’m going to wait a few years. In the meantime, I am very interested in investing in cryptocurrency. I know it’s risky. But you can also make a ton! Investing in the stock market nowadays is no good. Any advice?
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Are you prepared to lose a lot of money? Cryptocurrency is extremely unstable. Have you looked into a manufactured home? Don’t count on house prices going down over the next few years.
Please explain cryptocurrency to me. I would like to learn more.
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@jeremym posted:
Are you prepared to lose a lot of money? Cryptocurrency is extremely unstable. Have you looked into a manufactured home? Don’t count on house prices going down over the next few years.
Ok, first off, it’s very rude to ask someone if they’re prepared to lose a lot of money because cryptocurrencies are unstable. Also encouraging someone from buying a home that is a dream for most. Adrienne, I’m sorry that anyone replied that way because not only are you currently trying to make good choices to achieve your house, the stress that comes along with it nobody should willingly add more stress to your situation. I am sorry Jeremy as I’m sure you had good intentions but bad time buddy. Also you claim it’s unstable? While also pointing out the potential to lose a lot of money? Not trying to call your bluff Jeremy but any investment always has risk. This is where a risk management strategy(s) comes in, along with others which applies to any & all investments and similar to aid in deciding not only where to invest but how much you can invest smartly. Your crypto currency is extremely unstable holds no grounds to stand on. I can break down why this is if this is extremely important to you Jeremy, because the crypto market is booming like it never has before.
@adrienne.morgan posted:
I inherited a chunk of money recently. I decided I would finally buy a house (I rent now). My credit is yuck so I figured a 20% down payment. And I had enough to fix my new house up a bit too. But…the house prices have gone so high, I just can’t do it! So I’m going to wait a few years. In the meantime, I am very interested in investing in cryptocurrency. I know it’s risky. But you can also make a ton! Investing in the stock market nowadays is no good. Any advice?
Ya, that’s a tough spot your in. I do agree the stock market has taken some strong hits. But I can’t agree with you that it’s no good. There’s good buys through the market it just takes a bit of dedication if you choose to invest yourself. With the crypto world there is also bad investments throughout but again if your not hiring a firm to do this for you. Then you gotta get busy watching the market multiple times daily, following trends, and a few other key things. I got sick of financial firms & investors investing my money per their strategies. So I took any and all my investing relations and do them all 100% myself. I started educating myself on all this 5 years back or so. Still this makes me no professional. But I have profited and have built up my portfolio very nicely. Unless you want to know more then I’ll leave this here. But keep in mind, just a small amount of dedication digging into and monitoring the crypto world will help you start to see patterns and that alone could give you the answer to your question. On whether to dig deeper to prepare to invest or to back out completely if the market is to confusing and so on. My guess, if you take it seriously, then you’ll start to understand the market and how it’s pushed around.
@leslie.kay posted:
Please explain cryptocurrency to me. I would like to learn more.
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit. Many cryptocurrencies are decentralized networks based on blockchain technology, a distributed ledger enforced by a network of computers. This is the basic overall description in a nutshell. I could breakdown bitcoin, altcoins and so on but I don’t think anyone here wants to read a book…
If you have any detailed questions or want to know more. Please feel free to send me a direct message anytime.
@ryline posted:
Ok, first off, it’s very rude to ask someone if they’re prepared to lose a lot of money because cryptocurrencies are unstable. Also encouraging someone from buying a home that is a dream for most. Adrienne, I’m sorry that anyone replied that way because not only are you currently trying to make good choices to achieve your house, the stress that comes along with it nobody should willingly add more stress to your situation. I am sorry Jeremy as I’m sure you had good intentions but bad time buddy. Also you claim it’s unstable? While also pointing out the potential to lose a lot of money? Not trying to call your bluff Jeremy but any investment always has risk. This is where a risk management strategy(s) comes in, along with others which applies to any & all investments and similar to aid in deciding not only where to invest but how much you can invest smartly. Your crypto currency is extremely unstable holds no grounds to stand on. I can break down why this is if this is extremely important to you Jeremy, because the crypto market is booming like it never has before.
What is rude about asking the if they are prepared for a loss, should it happen? It’s the same as any investment, you have to be prepared for a loss. Nothing is a sure thing and cryptocurrency IS unstable, or did you not remember it lose almost 70% of it’s value overnight a few years ago? I’m not discouraging her because if it happens once, it can happen again and there are much safer options out there.
Also, how was my home response out of line? I suggested a manufactured home because of her credit issue. You can get qualified for a manufactured home with lesser credit, a lower down payment and about 1/2 to 1/3 of the price.
I am not your buddy. Do not patronize me by calling me that. Yes, I am pointing out that there is the potential to lose money. Should all the answers be sugar coated and smell like roses? Or should they be realistic and offer alternative options. Well, buddy, what is it?
No where in there did I discourage anything in my post. I offered a realistic expectation and alternate options. As for risk management, do you think that posters coming here to ask question such as this have ANY inkling of risk management and how it works?
How about you get off your high horse and quit trying to make an issue where there was none. Good day to you and God Bless.
