BlackRock Bitcoin ETF and what that means for Crypto in the US! Best AI side hustles for 2023!
Don't let fear stifle your dreams, whats next in the economy and how it related to the inverted yield curve!!!!
👋 Hello Everyone.
Thoughts on the inverted yield curve - and is it accurate once again? Currently the signs are all RED and its not good.
The inverted yield curve has long been regarded as the best indicator of an impending recession. It occurs when the yield on long-term bonds falls below the yield on short-term bonds. This phenomenon is considered noteworthy because it goes against the normal expectation that longer-term investments should yield higher returns. While an inverted yield curve does not guarantee a recession, it has historically been associated with economic downturns. So, what does it mean for the possibility and severity of an upcoming recession?
The inverted yield curve suggests that investors have a pessimistic outlook on the economy's future prospects. When long-term bond yields decline, it indicates a flight to safety, with investors seeking refuge in less risky assets amid concerns about economic growth and potential market volatility. Lower long-term yields could reflect expectations of lower inflation and reduced future interest rates, both of which are associated with economic weakness.
However, the inverted yield curve alone does not provide a clear timeline or severity of an impending recession. It is merely one piece of a complex puzzle that economists and analysts use to assess the state of the economy. Other factors such as unemployment rates, consumer spending, business investment, and geopolitical events also play significant roles.
It is crucial to approach recession predictions with caution. While the inverted yield curve has accurately signaled past recessions, it is not infallible - so don’t panic as this is just some critical information we have to keep our eyes on. There have been instances when an inverted yield curve did not lead to a recession or when a recession occurred without an inverted yield curve.
In conclusion, the inverted yield curve can be seen as a cautionary signal that suggests a potential economic downturn. However, it does not provide definitive answers regarding the timing or severity of a recession. So as always we keep investing, adjusting, diversifying and find the best plays month over month in any economic conditions.
📣 Best side hustles for 2023!!!! And why you should become an expert at one of them. Think of it this way. If you are trying to optimize your wealth journey but cant seem to save enough to get to that 15-20% per month, building one of these side-hustles could get you there quickly.
In the rapidly evolving field of artificial intelligence (AI) and chat GPT, there are several promising side hustles that individuals should in 2023. These opportunities arise from the increasing demand for AI-related services and the growing applications of chat GPT technology across various industries. Here are some of the best side hustles to consider for 2023:
Chatbot Development: As businesses seek to enhance customer service and streamline operations, there is a rising need for chatbot development. Side hustlers can offer their skills in building intelligent chatbots that can engage with customers, provide support, and automate routine tasks.
Virtual Assistant Services: AI-powered virtual assistants are in high demand, both for personal and professional use. Individuals can offer virtual assistant services, leveraging chat GPT technology to handle tasks like scheduling appointments, managing emails, conducting research, and organizing data.
Content Creation and Copywriting: Chat GPT models can assist in generating compelling and engaging content. Side hustlers can leverage this technology to provide content creation and copywriting services, helping businesses develop blog posts, social media content, product descriptions, and marketing materials.
AI Data Annotation: AI algorithms require large amounts of annotated data for training and validation. Side hustlers can engage in data annotation tasks, helping label and categorize data sets for AI models, such as image recognition or natural language processing.
AI Consulting: With the increasing adoption of AI in various industries, there is a need for expert guidance. Side hustlers with a deep understanding of AI and its applications can offer consulting services, advising businesses on AI implementation strategies, technology selection, and ethical considerations.
Chat GPT Customization: While chat GPT models are powerful out-of-the-box, customization can further enhance their usefulness. Side hustlers can specialize in customizing chat GPT models to cater to specific industries or niches, tailoring the responses and behavior of the chatbot to meet specific business requirements.
AI Education and Training: As interest in AI grows, many individuals and businesses seek to acquire AI-related skills. Side hustlers can offer training programs or educational resources that teach AI concepts, chat GPT utilization, and practical applications of AI in various domains.
When pursuing these side hustles, it's important to stay updated with the latest advancements in AI and chat GPT technology, continuously up-skill, and showcase expertise through online portfolios and platforms (Tiktok, Instagram, LinkedIn). Building a strong network and actively engaging with the AI and chatbot community can also provide valuable opportunities for growth and collaboration.
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🎙️ I am also really excited about how quickly the podcast has grown. So thank all of you that have downloaded and given it a listen. We have climbed the charts very rapidly and we are currently ranked #9…For those of you that have not stopped by it is the Rich Habits podcast on Spotify and Apple. And please feel free to DM me or message on any platforms and let me know your thoughts and takeaways.
For all PAID community members please note that the private livestream is up and running and I am so excited for what we will be covering this week. It is scheduled every Thursday @ 7pm EST. And I am excited to announce for the Private Lives I am switching over to ZOOM this week and test it out. This is so excited and will add so much more personal/community interactions. So buckle up and let’s have some fun.
💸 What is the difference between a traditional financial advisor and a wealth manager that is a fiduciary?? I get asked this a lot, and the differences not only in overall cost and commissions (its huge) but also the performance may shock you!!
Here goes. A financial advisor and a wealth manager that is a fiduciary both provide guidance and assistance in managing clients' finances, but there are key differences between the two roles.
A financial advisor is a broad term that encompasses professionals who offer advice and recommendations on various financial matters. They may specialize in areas such as retirement planning, investment management, tax planning, or insurance but in most cases their strategies are a bit more generalized (so do your research). Financial advisors can work independently or as part of a financial advisory firm. They typically assess a client's financial situation, goals, and risk tolerance to develop a personalized financial plan. They may also help clients with specific transactions, such as buying or selling investments. Financial advisors generally earn commissions from the financial products they recommend, which may create potential conflicts of interest. Keep in mind that advisors that are not fiduciaries are not bound by law to guide you to the best products that suit your financial goals and can sell you on products and strategies that can earn them the most in commissions.
On the other hand, a wealth manager that is a fiduciary has a higher standard of care and legal obligation to act in the best interest of their clients. Being a fiduciary means they must prioritize their clients' interests above their own and disclose any potential conflicts of interest. Wealth managers take a holistic approach to managing clients' wealth and offer comprehensive services that go beyond investment advice. They consider various aspects of a client's financial life, including estate planning, tax strategies, real estate, crypto currency, philanthropy, and generational wealth transfer. Their goal is to help clients achieve long-term financial well-being and meet their specific goals.
Wealth managers that are fiduciaries often charge fees based on a percentage of the assets they manage, rather than earning commissions. This fee structure aligns their interests with the clients' since they are not incentivized to recommend certain financial products for their own financial gain. These fees generally range from .08%-1.35% and are dependent on assets under management. By acting as fiduciaries, wealth managers provide a higher level of trust, transparency, and accountability to their clients.
In summary, while financial advisors offer specialized financial advice and may earn commissions, wealth managers that are fiduciaries take a more comprehensive approach, prioritize their clients' best interests, and have a legal obligation to act in a fiduciary capacity. Choosing a wealth manager that is a fiduciary can provide added peace of mind and assurance that the client's financial well-being is the top priority.
🚨 BlackRock, Wisdom Tree, Invesco all filing for Bitcoin ETFs and what this means for the crypto currency sector!! Buckle up because I don’t think Gensler and the SEC will have a choice but to cave and start approving and laying out reasonable legislations to move forward with crypto-tech in the USA.
BlackRock, the world's largest asset manager, may be on the verge of ending a decade-long ban on spot bitcoin exchange-traded products (ETPs) in the United States. This development is significant for the cryptocurrency sector in the country and has generated speculation among investors. Many believe BlackRock will get the green light and pave the way for the next big bull run.
In the past, numerous asset managers have applied to launch bitcoin ETPs in the US, but the Securities and Exchange Commission (SEC) has consistently rejected these applications due to concerns about fraud and manipulation in the unregulated spot bitcoin market. The SEC has only approved ETPs based on bitcoin futures contracts listed on regulated exchanges such as the Chicago Mercantile Exchange.
However, some market participants believe that BlackRock might succeed where others have failed. The anticipation of BlackRock's potential entry into the market has already driven up the price of bitcoin by 22% since the filing. This optimistic sentiment is also reflected in the narrowing discount to net asset value of the Grayscale Bitcoin Trust (GBTC), the world's largest crypto fund, as investors expect a favorable regulatory environment.
Other asset managers, including Invesco, WisdomTree, Bitwise, and Valkyrie, which previously had their spot bitcoin ETF applications rejected, have refiled in the hope that the regulatory landscape has evolved.
One key factor contributing to the optimism surrounding BlackRock's application is its plan to list the iShares Bitcoin Trust on the Nasdaq exchange. The exchange intends to establish a surveillance-sharing agreement with a US-based spot trading platform for bitcoin, addressing the SEC's concerns about fraud and manipulation. The agreement would enable information sharing related to trading, clearing, and customer identification.
While some experts believe BlackRock's proposal addresses the SEC's concerns sufficiently, others argue that manipulation could still occur on other exchanges, potentially influencing the bitcoin price. The article also mentions the possibility of using the recently launched EDX Markets exchange, modeled on Nasdaq and NYSE and backed by prominent financial institutions, as a solution to meet the SEC's requirement for a "significant size" regulated market.
BlackRock's potential approval of spot bitcoin ETPs in the US could have a significant impact on the cryptocurrency sector. It could pave the way for increased institutional adoption of bitcoin and potentially drive a wave of buying. However, the outcome remains uncertain, and the SEC's final decision on BlackRock's application is eagerly awaited by market participants.
Just getting started in crypto? It’s not as scary as one would think. You can open an account and attach your bank account pretty quickly and easily. I like Public.com (there is a link in my bio - use the affiliate code “richhabits” for a FREE $10 in stock when you fund the account).
🤔 Dealing with the FEAR of failure in life and business? And how to overcome it!
So many people let fear of failure override their desire to achieve at a higher level. Whether it be analysis paralysis or simply the inability to act. Fear hinders far too many people and prevents them from reaching their goals in life and in their financial journeys.
How do you contend with this fear? Overcome it? This is where it's get fun. You have to get out there and be willing to fail. To go against what family and friends may say is a bad idea or crazy to them. If you goal is to have an amazing life and build wealth you have to be willing to fail and fail often.
I rarely meet high achievers that have just had a trajectory of win after win. Usually these paths to greatness are riddled with far more failures than high fiving and bottle popping moments. So stop worrying about failure and what others may think if you are wrong and get started building that company, technology or inventing that product you have been thinking about for years! And always remember that - all of the good stuff is outside of your comfort zone.
Weekly Book Excerpt (George S. Clason - The Richest Man in Babylon)
“Gold cometh gladly and in increasing quantity to any man who will put no less than one-tenth of his earnings to create an estate for his future and that of his family.” This quote will forever be the foundation of how to build wealth and how simple it really can be. The sentiment, although over 100 years old, still rings true that - Time in the market and consistency are the greatest factors in your wealth building journey. So be consistent, make solid financial decisions, don’t worry about the Joneses and let compounding do its thing,.
Money Mindset - Weekly insights
I am so proud to announce my affiliation with Acorns. I know you all have heard me talk about this awesome platform for years but now I am officially working with them and I couldn’t be more excited. If you haven’t used Acorns yet its a must in your wealth building journey. Even if you use it just for the roundup feature.
How it works - You simply attach your bank account and set the rate of risk you want in your portfolio and Acorns does the rest by rounding up your daily purchases and investing those funds. It’s such a great investment tool because it is automated and just a few cents at a time. It’s like found money.
Finding freedom in an unfree world: I don’t think I touch on this enough. I feel the number one goal in all of our wealth journies is to own our own time. There is not greater luxury that setting your own schedule and living your life on your own terms. So as you go through this journey always keep your eye on the prize so you live the live of your dreams and not someone else’s.
Brand of the month - Dun & Bradstreet
I am excited to add Dun & Bradstreet to my portfolio of companies that I proudly represent. A DUNS number is so important to the success of your small business. So if you have not applied for one please read up so you can understand the importance of it. Please use the provided link so you can check out all the amazing benefits for your company -
D&B link
Thanks for following along. See you soon!