The Secret to Fast Track Your Retirement
If you have ever looked at your retirement savings and wondered how you will ever enjoy your golden year, you are now alone. Prior to COVID, 64% of Americans had less than $10,000 in their retirement accounts. At the same time, state pension plans across the US showed 9 figure deficits between what they’re expected to pay out compared to inflows of money that they take in.
Unfortunately, the situation has worsened for those who are dependent on traditional retirement-based programs and “safe” assets, such as bonds. With the upcoming $3 Trillion COVID stimulus package, fixed income investors will be subject to zero – or even negative – returns on their bonds for the foreseeable future.
State pension plans have already started increasing their exposure to riskier investments, such as private equity, as a “Hail Mary” to close their deficit gap.
Fortunately, there is a solution that has become the darling of major financial institutions and billionaire bankers in the last 12 months: Bitcoin.
No matter what you may have heard about Bitcoin (and a lot has been said), the world’s leading cryptocurrency is here to stay. As its price continues to rise, hitting over $30,000 a coin, many are starting to take it seriously, and its demand has continued to skyrocket, especially by institutional investors.
>Here’s the thing about Bitcoin; it has a finite supply of 21 million coins. A capped supply ensures that the market isn’t flooded with these coins, which may lead to inflation. Most people’s retirement savings are pinned on the US Dollar, which unfortunately has been hit hard by the pandemic and other economic factors.
Among the many titles given to Bitcoin, digital gold is the best description since it’s a legit store of value. When looking at retirement and finances, having an asset that won’t be eroded by inflation is paramount. A person who bought 100 Bitcoins ten years ago when costing less than a dollar is for sure set for retirement as we speak.
The best thing about investing in Bitcoin is that you can have the cryptocurrency make money for you using different ways. Balancing these income sources provides your retirement savings portfolio with diversity, which helps spread the risk. The most common ways to own some Bitcoin is:
Buying and Holding
Similar to shares, Bitcoin is a great investment option for speculation. All you need to do is buy Bitcoin through an established crypto trading exchange, store it safely in your Bitcoin wallet then hope that the price continues to rise in the future.
Over the years, the technical fundamentals of Bitcoin continue to indicate that its price will continue to rise over time. If that remains the case, buying some Bitcoin now is a smart move since you may dispose at a higher price in the future.
Accept Bitcoin as a Means of Payment
Bitcoin can be used as a currency accepted as a means of payment for goods and services. If your client or employer allows it, you can receive your salary in Bitcoin. Doing so will allow you to accumulate the cryptocurrency over time, hold on to it, and make money out of your salary.
As more entities continue to open up to the idea of accepting Bitcoin as a form of payment, you can open up to the idea as well. Not only will it open your investment options to a global perspective, but it will also provide a secure and fast way to get paid.
For those looking for something to do on the side, trading Bitcoin has proved a lucrative venture. So good are the returns that some quit their normal jobs to concentrate on it. Since we are talking about fast-tracking your retirement, Bitcoin trading is a viable option.
Whether doing it as a hobby or a full-time job, trading will make you good money. It may take time to understand the fundamentals and the volatility of Bitcoin prices, but all said and done, the returns are mind-blowing.
Apart from getting involved in Bitcoin, there are several other ways to boost your retirement package. They include:
Maximize your 401 (K)
If you can contribute to your 401(k), ensure that you pump in the maximum amount allowed by the law. For some, the employer matches one’s contribution to the 401(k), which is free money that you should pass on.
Expand Your Investing Horizons
As mentioned earlier, you don’t have to wait for your golden years to retire. Being smart and open-minded about your investment options will help fast track the process. Get a good investment advisor who is experienced in a variety of different asset classes and seek advice. Make money from investing in proven stocks, mutual funds, and bonds.
Pay Your Debts
Having too much debt and paying minimum values for it will slow you down. Debt is good when managed and planned for. However, sparing little money to pay it off will slow down your financial plan. Strive to clear your debt as much as possible, including your credit card balances. It will free up so much money for your retirement savings.
Letting your money make more money is a smart move. In the current world, the wealthy work hard and smart, which helps them accumulate more assets. Capitalizing on digital opportunities and passive sources of income is smart.
The secret to fast-tracking your retirement is to invest in an asset that has explosive growth potential in the coming years. Bitcoin is an excellent place to start, secure your retirement plan, and provide you with financial peace of mind.
To learn more about Bitcoin, you can check out our full step-by-step overview of “Getting Started in Bitcoin” video course, as well as the live coaching options that we have available through our memberships.