beginner investing

Everything You Need to Know About Dogecoin

March 2, 2021 By Vicky Monroe Leave a Comment

Everything About Dogecoin

Dogecoin is a type of cryptocurrency that was created by Billy Markus and Jackson Palmer mostly as a joke. The coin has an image of a dog on the front and was inspired by a popular internet meme that features a Shiba Inu.

Palmer and Markus never expected dogecoin to catch on, but it’s recently grown to become the 10th most valuable crypto. To help you decide whether or not dogecoin is a good investment, here’s everything you need to know about this unique currency.

What is Dogecoin?

Dogecoin is a type of cryptocurrency that’s stored in a digital wallet. You can trade it, hold it as an investment, or spend it online.

Most retailers don’t accept cryptocurrency because it’s more volatile than fiat money like USD. But you can still use it to purchase gift cards through services like Bitrefill. Many fans of dogecoin also use it to give tips to online content creators to thank them for their hard work.

Is Dogecoin a Good Investment?

Dogecoin has recently surged in popularity. Many celebrities like Elon Musk and Snoop Dogg have started tweeting about it, which has created some buzz and caused its price to increase.

Everybody’s talking about dogecoin, so it may seem like a good time to invest before prices go up even more as they did with bitcoin. However, there’s no guarantee that dogecoin will continue to rise.

Many people believe that part of why bitcoin is in such high demand is because the supply is limited. There are only a certain number of bitcoins, which may be driving up the price.

However, dogecoin is uncapped, so the supply isn’t limited. Experts believe that this may prevent it from becoming as valuable as bitcoin and other major cryptocurrencies.

It’s also worth keeping in mind that cryptocurrencies are considered risky investments because prices rise and fall in a pretty volatile way. So even if you think dogecoin is the next big thing, you definitely shouldn’t pour all of your money into it.

If you want to purchase dogecoin, it’s wise to keep it as a small part of your portfolio and allocate most of your savings toward traditional, proven investments.

How to Get Dogecoin

You can either get dogecoin by mining it or purchasing it through an exchange. Here’s a closer look at both options.

Mining Dogecoin

If you’re not familiar with mining, it involves running software on your computer that confirms the accuracy of recent cryptocurrency transactions. This helps secure the network and prevents people from lying and claiming they have more coins than they actually do.

In exchange for performing this task, you may get a small reward. But your computer has to be the first to document the transaction and add it to the blockchain, so you’re not guaranteed any dogecoins. It’s kind of like playing the lottery, so you can’t go into it expecting to win every time.

However, the great thing about mining dogecoin is that you have a much higher chance of winning than you would with bitcoin. It also takes less computer power and time, so it’s easier to get started with.

Buying Dogecoin

If mining dogecoin sounds like too much work, you can purchase it on exchanges like Binance and Kraken.

Unfortunately, you can’t buy dogecoin with USD. So you’ll have to purchase another cryptocurrency that’s listed as a pairing and trade it for dogecoin.

Wrapping Up

If you’ve never bought in cryptocurrency before, dogecoin is a great coin to start with. But don’t get carried away by the hype and invest more money than you can afford to lose.

Even though prices have been on the rise recently, they could fall at any time. Cryptocurrency is a pretty volatile investment, so you should always exercise caution when deciding how much to buy.

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Check out these helpful tools to help you save more. For investing advice, visit The Motley Fool.

Saving Money: Four Mistakes To Avoid Like The Plague

January 4, 2021 By Joe Wallace Leave a Comment

Are you interested in saving money? Here are some mistakes you should avoid like the plague starting with the failure to save any money at all. In my own life, I have learned that when you aren’t putting something away for the inevitable flat tire, dead battery, chipped tooth, broken toe, or even a car accident, you leave yourself at the mercy of all these variables and more.

Step one toward saving money the smart way and not the hard way? Start as early as you can even if you are only putting a small amount of cash aside for contingencies. If you don’t plan for trouble in your life, you may find yourself financially wiped out by problems you can easily anticipate later.

The following advice is all based on mistakes I have personally made and would like YOU to see coming and prepare accordingly. The situations this advice is based on can happen to all of us eventually–be warned and prepare early!

Mistakes To Avoid When Saving Money: Failing To Prioritize

Some people start putting money aside to go camping, surfing, or for getaway weekends. Others sock money away to purchase equipment to help them do their hobbies. But if you haven’t created a savings “cushion” to act as an emergency fund, your vacation or hobbies are in jeopardy the first time an unexpected expense comes along you don’t quite have enough cash to cover otherwise.

Create a rainy day fund first–you can get a LOT of mileage out of it when you start thinking about the most likely surprise expenses you may encounter as part of your daily routine. Do you drive a great deal? Expect to have to replace your tired and battery–save up money to cover these expenses and keep growing that fund. One day, you’ll need it and when the time comes you want to have to raid your vacation account to get back to normal.

Money Mistakes: Setting Your Insurance Deductibles Too High Or Too Low

The emergency fund we just talked about? It won’t help you at all if you don’t plan accordingly with areas such as your insurance deductibles. For example, if you get into a car accident and have to pay for a new windshield, how does your deductible affect your need to dip into your emergency fund? Set your insurance deductible too high and your policy will force you to pay for the majority or all the repairs out of your emergency fund.

Conversely, setting the deductible too low costs more per month and may hinder your chances to save more money in any way. Strike a balance between your deductibles and your ability to pay in cash for better results.

Failing To Set Goals

This article leads with encouragement to set goals for your savings efforts starting with an emergency fund but what other things do you want to do with your savings? Making goals and a plan on how to deal with your non-emergency savings sets you up to succeed when the chips are down.

Know what you want to do with your money (a combination of retirement funds, emergency funds, and nice-to-have purchase goals) and you will be much better prepared to visualize what it takes to meet your goals. Give yourself specific concrete milestones and benchmarks for your savings–tell yourself you want to start saving money in the areas we’ve discussed here but also try to figure out how much you should realistically save and make attainable plans rather than too-lofty expectations.

Failing To Get Back Into The Savings Game After A Setback

You WILL have financial setbacks that affect your savings plans. It’s inevitable. The biggest mistake you can make is to fail to get right back into your saving routine and habits the moment you have the ability to do so. Don’t let a setback knock you off the road to saving more money–make a plan that anticipates what you will do when that happens and stick to it. Expecting these setbacks to happen and deciding what to do about it is far better than hoping that such a day will never come–it will.

Failing To Use a Savings Platform

Lastly, one of the biggest mistakes in savings is not trying to automate it. The reason is quite obvious. There are times when you accidently use your savings, instead. So, trying using savings automation like these platforms.

App	Fess and minimum:	Best for:
Digit	30-day free trial period. $5 per month	Setting aside automatically
Acorns	$1 per month	Spare change investing.
Qapital	$3 membership	Letting you set rules to automate savings.

The Motley Fool Stock Advisor Review Update

November 18, 2020 By Amanda Blankenship Leave a Comment

A few weeks ago I started using The Motley Fool Stock Advisor to see how their picks faired in the market. As an investing novice, my knowledge of what makes a good investment was relatively limited prior to using the stock advisor account. However, after a few weeks of observing my faux investments and making notes of how they are performing, I’ve learned a bit. Here is what I’ve found during my Motley Fool Stock Advisor review…

How The Motley Fool Teaches You About Investing

As I discussed in my initial review, The Motley Fool stock advisor is probably best-used by newbies (like myself) and intermediate investors. More seasoned investors may find the advisor informational, but I assume most experienced stock market investors know much of what is recommended.

The daily stock picks are displayed on The Motley Fool Stock Advisor like this…

When you like to expand each company, it provides more in-depth information about the stock and its performance history. As I looked at each recommendation, I noted The Motley Fool tends to suggest stocks that have had a steady increase in value over the last six months. Fiverr, for instance, had a starting price of around $63 six months ago and now is priced around $181. Seeing this trajectory can help you identify an expanding company that may produce decent returns.

My Stock Picks

It should be noted that I did not stick to all of the “top picks” from The Fool. Netflix was not a pick but it was listed among the top movers from the advisor the week I began. I have also always been excited about what Netflix does (in the market and as a company). Here is how they’ve been performing…

In my initial review of The Motley Fool Stock Advisor, I took a look at how easy it was to use and how much information was provided to newbies like me. Honestly, I’ve been pleasantly surprised by all the data the advisor provides on each investment. It gives me information on what I should pay attention to when I invest in the future.

Next Investments

My next move will be to alter my investment holdings based on the new recommendations from The Motley Fool this month. I plan to replace Solar Edge Technologies and Netflix in my portfolio with similarly-priced stock. These two are the only investments I’ve made since taking The Motley Fool’s advice that have not shown a positive return. Considering I invested in five companies, that is pretty great.

The net loss has also not been huge. For Netflix, which was only a “top mover” and not technically a Motley Fool recommendation, I’ve only lost $38 total. Solar Edge, on the other hand, has given me a net loss of $478. Trading these two stocks out for one of two of The Motley Fool recommendations may these small losses around.

When it comes down to it though, less than $550 in total loss for $10,000 in investments is not bad at all. If I were to make these stock picks myself, I would not have thought to consider any of these businesses. My highest earner, ASML Holdings, is a company I’ve never even heard of.

Similar to my last choice, I picked one of The Motley Fool’s picks for the day (Zoom) and I also picked Tesla, one of the day’s top movers. We will see how it goes.

Conclusion

In conclusion, The Motley Fool is educating investors, especially novices like me, on how to research and truly pick a good stock. I have been able to learn more about each stock, why it may be a good investment, and what signifies a stock that will provide good returns.

If you have been considering trying out The Motley Fool Stock Advisor, it is incredibly affordable at just $99 per year (for now). Don’t miss out on this great stock advice at a great price!