Jarbux presents wealth series how to grow your wealth and protect your cryptocurrencyDISTRIBUTED LEDGER

Earlier this week we released an article on How to Invest + The Risks of Cryptocurrencies. Today we’ll be discussing how you can grow your wealth and how you can protect your cryptocurrency assets.

How to Grow Your Wealth

There are four words we stand by when it comes to growing wealth. Consistency, collaboration, consolidation, and patience. Here’s how you can use them to master your financial future.

Consistency

Consistent actions lead to consistent habits and consistent habits lead to an empowering financial future. The more consistent that you become with saving and investing, the stronger your fortress of wealth will be. It takes discipline to have emergencies pop up but get right back on track with your goals or to break old financial habits and stay on track with improved financial actions. But trust us, you can do it. That’s why Jarbux was created, to turn your everyday spending habits into opportunities to save. Your behavior will change naturally turning into habits that keep you aware of and focused on building a more independent financial future.

Collaboration

Stop thinking that change rests on your shoulders only. You have friends who may be experiencing similar financial experiences and could use an accountability partner. Why not reach out and discuss how you’re looking to build a healthier financial future and you’d like to work with them to achieve that? It will strengthen the relationship and provide a way for solicit advice you may not have considered. Collaborate with your trusted circle to make the path to wealth clearer.

Consolidation

Technology is your friend. Automatic bill pay, account transfers, ad blockers to minimize online shopping distractions, and more can help you consolidate your financial life. Simplify as many financial decisions as possible and automate as many transactions as possible and you’ll forge a rapid path to success. Just take a notepad out one day jotting down your categories of transactions (bills, income, other expenses, donations, etc.) and begin researching how you can consolidate them into simple processes.

Patience

When saving, spending, investing or trading, becoming aware of your emotions, goals and abilities in any given time-frame will help you solidify patience in attaining your goals. The growth of wealth is a marathon, not a sprint.  Attentively guiding your financial intent through learning, planning and then doing in a cycle pattern can remove the stress of the unknowns that come with your financial future. By having a plan, defining milestones, and agreeing to follow your plan, you can relax and patiently wait for the market to come to you. On your terms.

“(Stock)Trading is the transfer of money from the impatient to the patient” – Warren Buffet

How to Protect Your Crypto

In our last article How to Invest + The Risks of Cryptocurrencies, we mentioned the difference between digital wallets and physical wallets. We’re going to focus on how to protect your cryptocurrency investments across these two different platforms.

Digital Online Wallets

Digital online wallets are online software that you can use to access and exchange different cryptocurrencies. Some of the best examples are popular exchanges were users private keys are accessible by the hosting site like Coinbase and Bittrex. To protect these wallets use two-factor authentication (“2FA”), which means that once you type in your password to login, you’ll be prompted to type in a code that pops up on your phone. That code changes every 60 seconds and you can use a platform like Google Authenticator or OTP Pro to further secure your wallets. The main caveat is to make sure that 2FA is not configured to send your secure code directly to your mobile number as a text message — those have been compromised by the bad guys for awhile now.

Make sure you never share your password to your wallets and that when you visit your digital wallets, you double check that you are actually on the intended site, and that encryption via HTTPS has been enabled on the website. When you access these wallets, we also recommend that you use private mode on your browser to protect your history and any third-party site tracking.

Physical Wallets

There are two “physical wallets” that dominate the industry to date. The first is a hardware wallet, similar to a portable USB drive. The second is a “paper wallet” where literally the wallet is a piece of paper that is printed.

A standard hardware wallet adds an extra security layer between your computer and your stored funds through use of pre-established layers of security with encrypted security codes and access protocols. The two hardware wallets we recommend for their continued support, cost, and ease of use is the Ledger Nano S, and the Trezor.

A paper wallet, is just as simple as it sounds, a paper printed “wallet” that documents your private and public address. The easiest way to see this in action is to check out BitcoinPaperWallet.com. The great thing about paper wallets is that they can stored, locked up or buried to help secure your funds. The only way they are useful is if they are physically in your possession and they don’t require any configuration or energy to use.

Because all cryptocurrencies use blockchain backed infrastructure, each time you create a wallet (either online or physical), your funds sent to the wallet are stored on the blockchain itself, not just in your “wallet.” See when you set up a wallet you’ll receive something called “Seed Phrases” which are just a long list of twelve to twenty random words that can be used to reactive your wallet in the event you loose it, or forget your private key or pin. In this way, you don’t have to worry about physically “dropping” your hardware wallet and be worried about loosing your funds. You just need to keep your seed phrases safe in a secure location to make sure you can always use them in the event that you need to reconstitute your wallet.

Conclusion

While the last in our Wealth Series, it certainly isn’t the last step in our mission to help you build wealth in fun ways. The Jarbux platform brings a special experience to those desiring to maximize their financial opportunities.

With Jarbux, when you spend money you save money and gain access to winning free prizes that you love. If you have any direct questions about building wealth or the Jarbux platform just send us a tweet @JarbuxApp or an email to saveplaywin@jarbux.com.

Yours prosperously,

JB

Jarbux: Save. Win. Give

Remember to sign-up for exclusive updates below!

Jarbux presents wealth series How to save money + how to buy cryptohow to invest your money + the risks of cryptocurrencieshow to grow your wealth + how to protect your cryptoPROOF OF BURN

Welcome to the first installment of the Jarbux Wealth Series! As a recap we’ve put together information that will help you navigate the world of fiat money and cryptocurrency to build your wealth and realize your dreams of financial independence.

If you haven’t read our blog post on the difference between fiat money and cryptocurrency, you can check it out here!

Today we’ll be discussing two topics: how to save your fiat money and how you can buy cryptocurrency to use it as an investment.

How to Save Money

PAYMENT SYSTEM TECHNOLOGY

If you Google ‘how to save money’, tons of articles like this one or this one pop up. While they have great tips and guidance on how to save money, many of them miss the mark on what it takes to save money for your future wealth. Saving money can be extremely difficult because everyday advertisements, bills, obligations, and distractions are thrown our way. Navigating through the clutter and building consistent habits when income or financial challenges are inconsistent can be an absolute horror show.

So how do you actually save money to build wealth for your future? First thing’s first – take inventory. It’s a scary process but write down all of your monthly expenses that you expect to have aka rent, student loans, the dreadful cell phone bill, Netflix, etc. Then look at your expected net income each month from your job or other categories that you may have like passive income or investments.

Now it’s time for the unexpected…like when life is so stressful and you binge purchase a new bicycle or go out to the bar with friends and end up getting a few rounds. It’s hard to plan for these but here’s where looking back is useful. Login into your bank accounts and look at the last 6 months and where you spent on things you probably could have saved like Starbucks, that bicycle, or that night out. Count them up and average them out across each month.

At this moment you should have three numbers:

  1. How much you intentionally spend each month
  2. How much you make each month
  3. How much you unintentionally or regretfully spend each month

It’s basic math to see if you can afford yourself. What’s not basic is taking this information and turning it into a plan that fits your lifestyle to save money. So here we go!

Option 1

If #2 exceeds #1 and #3, find a number that you’re comfortable with hiding away from yourself. My personal tactic is to open up another bank account without a debit card where I have my paycheck automatically deposit that number into it. The important thing is to build a level of savings comfort here. You don’t have to have $1,000 deposited each month.

Option 2

If #2 is less than #1, you’ve got some re-allocating to do. Netflix and Spotify really aren’t that important. Let’s face it, they really are so reach out to friends on platforms like this where you could each pitch in to a family plan and spread the costs out. Sound embarrassing? Trust me, they’ll respect you for it and so will your wallet. The important thing here is identifying areas where you can minimize or spread out your expenses. A quick call to your student loan servicer can save you 10-15% off of your monthly bill…if you take the time to call!

Next Step: See Option 1

Option 3

If #2 is more than #1 but less than #3, I think you know what to do. It’s a hard pill to swallow but even Neo had to do it. Face up to the reality that you have some expenses in your life that can be managed with a little extra discipline. I got to the point where I knew I was going to spend on unnecessary items and get myself into a bind so I thought ‘I may as well spend that money on something that’s going to help me’. Like Option 1, I set up a separate account that I couldn’t access where money would be allocated each paycheck.

Or you could just map out a six-month plan to get frugal, minimize/spread out bills and expenses, and eliminate non-essentials, set up a savings account, then start generating passive income and build a crazy financial empire. Drops mic* (but seriously if you have questions that we may not have covered here, just send us a tweet @JarbuxApp)

How to Buy Cryptocurrency

ICO

Most of this depends on which type of cryptocurrency you’d like to buy. Let’s break it down into two classifications, Established and Emerging cryptocurrencies. For the sake of simplicity, we’ll consider established cryptocurrencies as the currencies that you can find across multiple exchanges like Coinbase, Bitfinex, Bittrex, etc. You view those platforms similar to if you were to go to a E*Trade or TD Ameritrade to purchase securities.

They’re filled with up-to-date information, research, and prices where you can purchase cryptocurrencies. The main difference is that instead of purchasing directly with fiat money, you’ll have to buy another cryptocurrency first like Ethereum or Bitcoin, transfer it into a different exchange like Bitfinex, and then you can purchase other cryptocurrencies that you’d like to invest it. I know it seems like a lot but that’s just the stage of the industry right now.

For emerging cryptocurrencies that aren’t on multiple exchanges yet because they may have just made their way into the market through an Initial Coin Offering or “ICO” or you might have to use a less popular or less secure exchange, you will have to go a different route. Follow that currency’s development from their website and when it launches, you can purchase a currency like Ethereum on major exchanges and swap it for the token you’re trying to invest in. What you’ll need is a place to house your currency when it’s exchanged so you’ll need an account with MyEtherWallet (MEW) for ERC-20 Tokens you purchased with Ethereum, or the more secure option of a hardware wallet to securely store funds once they are purchased and moved on public exchanges.  We covered this in our post about the risks of cryptocurrencies.

In 2018, all users can look forward to the advent of decentralized exchanges that limit exposure to risk associated with centralized exchanges being compromised or performing activities that otherwise put consumer funds at risk when their private keys are not strictly owned and operated by themselves.

There are multiple ways to buy into cryptocurrencies that are a little more involved. If you’d like to learn more about those or have any other questions, just send us a tweet @JarbuxApp and we’ll respond to any direct questions!

Conclusion

Jarbux is on a mission to solve the global savings crisis. The world is full of opportunities to spend money. It’s so easy that it makes saving money for the future so difficult and boring. We were designed so that you can build wealth for your future in a fun way.

Whether that’s fiat money or the emerging world of cryptocurrency, Jarbux is here for your financial independence.

Yours prosperously,

JB

Jarbux: Save. Win. Give

Remember to sign-up for exclusive updates below!

We recently released a blog post on the differences between fiat money and cryptocurrencies. Today, we’re introducing a series that shows you how to use either currency to grow your way to wealth. Over the next few days we’ll be publishing articles on exactly how to do this. Below you’ll find the schedule for each of those articles and what you can expect from them.

Welcome to our global vision to unite the two currency worlds together and help you achieve your dreams of financial independence.

Jarbux Wealth Series

 

Yours prosperously,

JB

Jarbux: Save. Win. Give

Remember to sign-up for exclusive updates below!

Illustration of modern line flat design make money composition a

There’s a lot of news out there about fiat money and cryptocurrencies but what does any of that even mean? Sometimes I feel like it’s just a bunch of buzzwords so that’s why I created this brief guide on what the difference between the two is.

Fiat Currency

Those dollars, euros, pesos, and other forms of currency that you have in your bank account or pull out of your wallet are types of fiat currency. They’re money that the government has deemed as legal tender. In the United States money used to be backed by gold. Those days are no more – at this time, fiat currency does not have to be backed by a physical commodity. It’s value is created by supply and demand and faith in the government or the economy.

Cryptocurrency

Cryptocurrency on the other hand is a digital form of currency that uses special techniques to verify the exchange of funds. Cryptocurrencies operate independently of central banks and tend to be built on a platform called the Blockchain, which is a digital ledger (or history of transactions) verifying where funds have been transferred for different goods and services.

Here are a few of the key highlights between Fiat Money and Cryptocurrencies.

Jarbux Fiat vs Crypto Graphic

Conclusion

Fiat money has been around for many years and cryptocurrency is a relatively new development that has emerged within the past twenty. While both have their pros and cons, it’s important to remember that the world isn’t a zero sum game where you have to be with on or the other. There are ways to balance the world you live in with the world that is emerging.

That’s one of the main reasons why Jarbux was created, to provide people with a way to save their fiat money while simultaneously creating opportunities to learn about blockchain based technology. The Jarbux platform brings a special balance to those desiring to maximize their financial opportunities whether it be in fiat money or cryptocurrency.

With Jarbux, the more you save the higher chances you have at winning a prizes you love, it’s that simple.

 

Yours prosperously,

JB

Jarbux: Save. Win. Give

Remember to sign-up for exclusive updates below!