I choose to have multiple streams of income that are reliable and fairly steady. Real estate, stock dividends, stock trading, Crypto investing. Crypto investing can take on many forms such as just buying and holding the coins, trading the coins similar to the stock market, staking the coins. One unique feature of the crypto field is Mining.
Info on Crypto mining – Like anything do your due diligence. This is called GPU mining. To build something like this, you need to be a little techie and have electrical knowledge or know people who do. I know a lawyer who had his I.T. guy put it together for him. This is running on a dedicated plug in my garage with a 30amp breaker. It pulls 1100-1300 watts continuously. It would be fine on a 20 amp circuit if you weren’t using anything else. In the colder climates you can use this to heat a room or your house etc… I had it in my office, building and testing it. The room was a good 15 degrees warmer than the rest of the house. Depending on the price of crypto which is down quite a bit rt now, this will make around $$17-20 a day. Parts were around $6000. 100% return on your money maybe 300 days, 9-10 months. This is an infinite return: After an investment pays for itself, then it just prints money afterwards. You are not getting 10, 20, 30% return. After you have gotten 100%, the rest is just extra, infinite….. I love these types of investments. Hardest part is taking that step versus researching/debating for another month…
If you don’t have the time or skills for that. If you have a nice computer or the kids have a tricked out gaming pc you can make a couple dollars a day which adds up. You can use the website NiceHash to see if your computer can make anything for you instead of just sitting there. I bought a new graphics card on eBay and my office pc makes $4 a day now. $28 week, $121 month $1460 year.
There is a whole different topic on ASIC miners – these are industrial machines that I don’t even want in my house because of the energy usage and how loud they are. These machines can cost anywhere from $10,000 to over $75,000 but you can ship them to someone to setup and host it for you. i.e. making $20-250 a day. They do the maintenance and pay for electricity and in return skim money off your profits.
Building something like this might cost $5000, you can cut corners and make this for $3000 or less. The main cost is the GPU cards. Just as the stock market goes up and down so does everything else. In the next down trend, you may be able to pick up parts a lot cheaper than now, they are marking parts up two to three times.
If something is profitable, what price are you willing to pay?
Would you pay a $1 to make $10?
Would you pay $10 to make $11?
Would you pay $10 to make a 1$?
This is where people start to baulk because they don’t understand the math, want to get rich quick and when you add zeros it gets too scary. Spending ten dollars to make a dollar is a ten percent return and if you can make that in a few months that’s pretty good. People would repeat that over and over, but this pays for itself and is an infinite return. Do you see the beauty? My investment makes 100% returns in a year and is now just making me money streaming into my bank account.
Add the zeros and people go crazy, invest $10,000 and I only get $1000 back? Invest $100,000 and I’m getting $10,000 every month.
Sign me up for that, you just built yourself a robot employee, welcome to the future.
What’s happens when your assets start buying you more assets? That snowball is starting to get bigger: Real estate, Dividend stocks, crypto mining. When your money is doing all the work for you it is a beautiful thing, Let’s revisit the mining rig 6 months later:
Now on a bad day we are making $50 a day, $16,000 to $20,000+ a year. The crypto Mining space is ever changing like any investment so we will see how this asset performs this year. Whether we need to invest more into it or just take the profits.
This material has been distributed for informational and educational purposes only, and is not intended as investment, legal, accounting, or tax advice. Investing involves risk.