{"id":1304,"date":"2023-01-18T05:21:00","date_gmt":"2023-01-18T05:21:00","guid":{"rendered":"https:\/\/thefamilybusiness.info\/?p=1304"},"modified":"2023-05-12T14:43:09","modified_gmt":"2023-05-12T14:43:09","slug":"s3e3","status":"publish","type":"post","link":"https:\/\/thefamilybusiness.info\/s3e3\/","title":{"rendered":"S3E3: Cryptocurrency. Scam or Legit?"},"content":{"rendered":"
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Bitcoin was the first decentralized digital currency, created by anonymous developer using the alias Satoshi Nakamoto in 2008. Many others have followed since, such as Ethereum, Litecoin, and DogeCoin just to name a few.\u00a0<\/span><\/p>\n

https:\/\/coinmarketcap.com\/all\/views\/all\/<\/a><\/p>\n

Cryptocurrency is considered by many to be among the most revolutionary financial technologies of the modern world, as it is not tied to any particular country or organization, making it almost impossible to control.\u00a0<\/span><\/p>\n

Blockchain technology i<\/b>s an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.<\/p>\n

Crypto Exchanges:<\/b> A crypto exchange is a platform for buying and selling cryptocurrencies<\/b>. In addition to trading services, crypto exchanges also offer price discovery through trading activity, as well as storage for crypto.<\/p>\n

https:\/\/www.forbes.com\/advisor\/investing\/cryptocurrency\/best-crypto-exchanges\/<\/a><\/p>\n

Crypto Hot and Cold Wallets:<\/b> A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and\/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and\/or signing information.<\/p>\n

https:\/\/money.com\/best-crypto-wallets\/<\/a><\/p>\n

Cryptocurrency has become popular because it gives users access to a convenient and secure way to transact money. Although it carries with it a certain level of risk due to its potential price volatility, and the fact that there is no one to call or email if there is a question or an issue because it\u2019s being run by thousands of servers across the globe.<\/p>\n

What happened to FTX?<\/b><\/p>\n

FTX that was founded in May of 2019 filed for bankruptcy in November of 2022, and unfortunately a lot of people lost a lot of money. The consequences of FTX’s rapid decline and collapse likely will affect cryptocurrencies well into the future and could drag down broader markets as well.\u00a0<\/span><\/p>\n

https:\/\/www.investopedia.com\/what-went-wrong-with-ftx-6828447<\/a><\/p>\n

Current Regulators in the United States for our Financial System that all have varying degrees of protections set up to help in the case of insolvency.<\/p>\n

FINRA<\/b> https:\/\/www.finra.org\/about<\/a><\/p>\n

SEC<\/b> https:\/\/www.sec.gov\/<\/a><\/p>\n

SIPC<\/b> https:\/\/www.sipc.org\/for-investors\/what-sipc-protects<\/a><\/p>\n

Crypto Regulation<\/b><\/p>\n

https:\/\/www.coindesk.com\/powered-by-consensus\/crypto-regulation-new-laws-2023\/<\/a><\/p>\n

Cryptocurrency exchanges are legal in the United States<\/b> and actually fall under the regulatory scope of the Bank Secrecy Act (BSA). The Bank Secrecy Act of 1970, also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.\u00a0<\/span>\u00a0<\/span><\/p>\n

FinCEN<\/b> is the U.S. Financial Intelligence Unit\u00a0<\/span><\/p>\n

https:\/\/www.fincen.gov\/<\/p>\n

What is CBDC<\/b>?<\/p>\n

https:\/\/www.federalreserve.gov\/central-bank-digital-currency.htm<\/a><\/p>\n

Ripple Labs, Inc.<\/b><\/p>\n

https:\/\/ripple.com\/<\/a><\/p>\n

Ripple and the SEC lawsuit.\u00a0<\/span><\/p>\n

The lawsuit claims that Ripple raised over $1.3 billion through the sale of XRP tokens without registering them as securities with the SEC.<\/p>\n

Ripple has argued that XRP is not a security and should not be subject to the same regulations as other securities.<\/p>\n

As of the recording of this podcast the lawsuit has not yet been settled.<\/p>\n

https:\/\/www.sec.gov\/news\/press-release\/2020-338<\/a><\/p>\n

In conclusion <\/b>I personally don\u2019t believe crypto currency is a scam and I do believe there is opportunity however there are and will continue to be bad actors that will try to take advantage of innocent people!\u00a0<\/span><\/p>\n

If you want to invest you need to learn, do research and proceed with caution.\u00a0<\/span><\/p>\n

As always let me know via DM or text what you plan to do and if you\u2019d like me to introduce new companies and opportunities for you to research.\u00a0<\/span><\/p>\n

Always keep in mind that you should never invest in high risk investments like crypto with money that you can\u2019t afford to lose especially something new regardless of the potential for high returns.\u00a0<\/span><\/p>\n

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let\u2019s begin building a financial wall around your family.\u00a0<\/span><\/b><\/p>\n

Join the conversation on Social: Facebook<\/a>, LinkedIn<\/a>, Instagram<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

\nhttps:\/\/media.blubrry.com\/thefamilybusiness\/content.blubrry.com\/thefamilybusiness\/TFB_S3E3.mp3<\/a><\/audio><\/div>

Podcast: Play in new window<\/a> | Download<\/a><\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin was the first decentralized digital currency, created by anonymous developer using the alias Satoshi Nakamoto in 2008. Many others have followed since, such as Ethereum, Litecoin, and DogeCoin just to name a few.\u00a0 https:\/\/coinmarketcap.com\/all\/views\/all\/ Cryptocurrency is considered by many to be among the most revolutionary financial technologies of the modern world, as it is […]<\/p>\n","protected":false},"author":1,"featured_media":1308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"

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My suggestion is using a fact finder and working with their client to find ways where we can uncover additional funds to build their IUL.\u00a0<\/div>\n
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Go to\u00a0https:\/\/thefamilybusiness.info\/asset-map\/<\/a>\u00a0to begin your today!<\/div>\n

These are some of the three main ways that I found, and that you may find as well, to purchase your own IUL (indexed universal life).<\/h3>\n

1. Pay Down Debts<\/b><\/h3>\n
Perhaps delaying paying off your mortgage fast (15 years vs. 30) or if you're paying above your loan by making extra principal payments, you're actually paying off early one of your biggest tax breaks and delaying that for a time can actually help you fund your IUL.<\/div>\n
So stretching that out and utilizing those funds that you're using to pay off the home early, and then building an IUL to supplement your retirement can be a strategy for you to explore. Regardless we all should pay down consumer debts to free up funds to build our retirement account.<\/div>\n

2. 401k<\/b><\/h3>\n
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The second way is using your 401(ok) or work sponsored retirement plan.\u00a0<\/div>\n
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The good news is that some companies pay a match. Take advantage of that!<\/div>\n
It's free money.<\/div>\n
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However because there's market volatility you may want to consider alternatives for the money you're saving above the match.<\/div>\n
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If you're young you typically have time to sustain the inevitable stock market downturns because you have time for the market to recover again before retirement.<\/div>\n
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If you're more seasoned and the market goes down, you might not have that market recovery time to build back up.<\/div>\n
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Tax-deferred does not equal tax-free. Freeing up those funds, if you're paying above a match and putting it into an IUL, can be a viable strategy.<\/div>\n
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3. Taxable Accounts<\/b><\/h3>\n
You earn taxable interest. So there's interest on the tax that you earn, and reinvested dividends if any, you're taxed on that, and then you're taxed on distributions!<\/div>\n
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It could be capital gains, it could be a tax on your income as well.<\/div>\n
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Regardless these taxable accounts are the least tax-efficient vehicles. Look for diversification.<\/div>\n

So, instead of putting all your eggs in one taxable account bracket, why not put some of those funds<\/div>\n
in a tax-free bracket?<\/div>\n
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What is Indexing?<\/span><\/strong><\/h3>\n