Side Hustle & Dollar Cost Average Your Way Into Crypto
I love earning crypto, whether it's from social networking sites, contests, or staking and interest rewards.
But there's another way I've been 'earning crypto', and this is by actually investing the profit from specific side hustles of mine directly into crypto, i.e. a new way of Dollar Cost Averaging (DCA) for me.
The concept of DCA is extremely sound, as it allows you to mitigate the risk of too much market volatility. Let's say you want to invest $1000 into Bitcoin. Instead of dropping all $1000 all at once into a single transaction, it's better to space those investments out over a period of time.
This helps counteract the market volatility of the daily price movements, and ultimately you're most likely going to end up with more Bitcoin overall than if you bought everything at once.
Many suggestions I've heard for DCA are to do weekly recurring buys at a price point which works for you, such as $25 or $100 a week.
This is a great strategy, but for someone like me who doesn't have a regular 9-5 job with a fixed income and a steady paycheck, every day is a hustle and offers new and infinite possibilities, so I needed something a little more fluid.
I own and operate several small businesses, and this summer I decided to dedicate 100% of the profit made from my one of my marketing businesses into Dollar Cost Averaging into Bitcoin and other alts.
This strategy has been HUGE and has allowed me to link the idea of making new sales in my business directly to 'earning crypto', thus increasing my drive and ambition, and my cryptocurrency portfolio.
So yes, I technically still have to make the trades from USD to BTC (I'm not getting paid in crypto - yet!), but mentally I associate this side venture of mine as a crypto earning operation.
This is also huge because not only am I investing in crypto, I'm investing for the future. Regardless of me putting this profit into my crypto wallet or my fiat savings account, at the very core I'm saving this money and allowing it to work for me forever by investing it instead of spending it.
Somedays I get a payment on a Tuesday and boom! Time to buy some BTC. Somedays I get a payment on a Friday, and boom! Buy some more BTC.
This strategy has maximized my earnings in a new way, and has created a very balanced and sustainable approach towards cryptocurrency investing in my life.
It has made a lot of sense (or satoshis!) to mentally link the two as cause and effect.
Cause - Make money providing a service or product with my side hustle.
Effect - Invest in a cryptocurrency with long term growth potential, which will appreciate in value as long as I own it and grow my net worth forever.
When we look at it like this, it's a win-win!
So I'd like to ask you, would this strategy work for you and help you grow your portfolio?
Is there a side hustle you're already doing that you can use to invest in crypto with, or is there some service you've had in your mind that you know you can make some extra income from?
Much love, and I hope this post helps you in your crypto journey!
For more articles and info on cryptocurrency, check out my website: LearnHowToCrypto.Com
Posted Using LeoFinance Beta
