How to Save Money + How to Buy Crypto

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

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