Great news for crypto! Whats happening with BRICS and how does it affect the US Economy?
Mindset shifts to help you grow your wealth. Rich Habits - releasing a course!
👋 Hello Everyone.
Some great news. So many of you have asked for a course on the various topics we dive into through my private community and the public lives that I do. With that said Austin and I have put together an amazing and affordable course that will be live in the coming days. The course is called: The Rich Habits Podcast - Wealth Building Blueprint. I am so excited about this course and feel it is a great first course for us and all of you.
The course is priced at $45 dollars and is based on $1 dollar per minute. I felt that this was a great way to provide additional value while still making it affordable for all. I will be updating in the days to come and you will be able to find it in various links in bio and other locations. Thank you all so much for following along on this journey and loving the content and insight that I provide daily, weekly and monthly.
📣 What is going on with BRICS and their growing stance against the US Dollar??
What would the advantages of a BRICS currency be and how would that affect the US dollar?
A new currency could have several benefits for the BRICS countries, including more efficient cross-border transactions and increased financial inclusion. By leveraging blockchain technology, digital currencies and smart contracts, the currency could revolutionize the global financial system. Thanks to seamless cross-border payments, it could also promote trade and economic integration among the BRICS nations and beyond.
A new BRICS currency would also:
Strengthen economic integration within the BRICS countries.
Reduce the influence of the US on the global stage.
Weaken the standing of the US dollar as a global reserve currency.
Encourage other countries to form alliances to develop regional currencies.
Mitigate risks associated with global volatility due to unilateral measures and the diminution of dollar dependence.
How can investors prepare for a new BRICS currency?
Adjusting a portfolio in response to emerging BRICS currency trends may be a challenge for investors. However, several strategies can be adopted to capitalize on these trends. These are:
Diversify currency exposure by investing in assets denominated in currencies other than the US dollar, such as bonds, mutual funds or exchange-traded funds (ETFs).
Invest in commodities like gold and silver as a hedge against currency risk.
Gain exposure to BRICS equity markets through stocks and ETFs that track BRICS market indexes. (look at VT, VXUS and AIQ)
Consider alternative investments such as real estate or private equity in the BRICS countries.
Prudent investors should also weigh these strategies against their exposure to market, political and currency fluctuations. BRICS itself will have many challenges and things wont happen overnight however preparation and diversifying is always a great way to mitigate the downsides in a shaky economy and maximize the upside.
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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 #5…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 now being held on ZOOM and its awesome. It is scheduled every Thursday @ 7pm EST. This is so exciting and will add so much more personal/community interaction. So buckle up and let’s have some fun.
💸 Show me the MONEY!!!!! Where are the most profitable sectors moving forward for investors - regardless of a recession or a small bump in the road. (Important REPEAT)
Real Estate: I know I know there is just so much bad news with interest rates, prices and in some cases inventory levels. But real estate is a very diverse sector with a lot of options. My thoughts for great opportunities moving forward are 1) affordable housing. Think retrofitting a mobile home park with tiny homes or renovating an old building or schoolhouse into efficiency apartments. I love these option and I am personally working daily on finding a great project in these alternative real estate sectors.
Artificial Intelligence: Yes I have been pushing this agenda for almost a year and yes there has been a slight pullback in recent days but I still believe this will be the leading sector of growth among stocks and index funds for the next few years. I still like Nvidia, AMD, Micron, C3, Meta, Tesla and Palantir.
Cryptocurrency: I believe crypto will continue gaining momentum and mass adoption in the coming months and really get into full bull market mode by the time the Bitcoin halving comes around in the Spring of 2024. So I will continue to dollar cost average into Bitcoin, Etherium, Chainlink, XRP, XLM, Quant and some high flyers (like Bitrock) as they come across my desk. So keep crypto top of mind and only invest if you understand the disruption and why it will be a tremendous sector for investing in the coming years.
😭😭 What is Cryptocurrency? Why do people invest in it? and how does it work? This is for those confused and just getting started. The important takeaway is to understand the magnitude and disruptive power that crypto and the associated blockchain creates:
What is cryptocurrency?
Cryptocurrency (or “crypto”) is a digital currency used as an alternative payment method or as an investment. Cryptocurrencies get their name from the cryptographic techniques that enable people to buy, sell or trade them securely without the need for a controlling authority, such as a government or financial institutions.
Why do people invest in cryptocurrencies?
People invest in cryptocurrencies for the same reason anyone invests in anything. They hope its value will rise, netting them a profit.
If people began using Bitcoin for payments on a huge scale, demand for Bitcoin would go up, and in turn, its price in dollars would increase. So, if you'd purchased one Bitcoin before that increase in demand, you could theoretically sell that one Bitcoin for more U.S. dollars than you bought it for, making a profit.
The same principles apply to Ethereum and all other cryptos. Ether is the cryptocurrency of the Ethereum blockchain which is where developers can build financial apps without the need for a third-party financial institution. Developers must use Ether to build and run applications on Ethereum, so theoretically, the more that is built on the Ethereum blockchain, the higher the demand for Ether.
However, it's important to note that to some, cryptocurrencies aren't investments at all. Bitcoin enthusiasts, for example, hail it as a much-improved monetary system over our current one and would prefer we spend and accept it as everyday payment.
How does cryptocurrency work?
Cryptocurrencies are supported by a technology known as blockchain, which maintains a tamper-resistant record of transactions and keeps track of who owns what. The use of blockchains addressed a problem faced by previous efforts to create purely digital currencies: preventing people from making copies of their holdings and attempting to spend it twice
Individual units of cryptocurrencies can be referred to as coins or tokens, depending on how they are used. Some are intended to be units of exchange for goods and services, others are stores of value, and some can be used to participate in specific software programs such as games and financial products.
🤔 What prevents most people from earning a high income? - The barriers and how to overcome.
There is a quote that states - “You are a dog starving in a slaughterhouse”. And I see a lot of people suffer with this. There is money and opportunity all around but they either don’t act or try to do too much.
Some key takeaways:
While individual circumstances can vary, there are several common factors that prevent people from making a high income. Here are five key takeaways to consider:
Lack of Skill Development: A high income often correlates with valuable skills. Failing to invest time in developing skills that are in demand can hinder earning potential. Continuous learning and up-skilling are crucial to stay competitive in the job market.
Fear of Risk and Change: High-income opportunities might require stepping out of one's comfort zone or taking calculated risks. Fear of failure or resistance to change can prevent individuals from pursuing new ventures or career paths that could lead to higher earnings.
Limited Networking: Building a strong professional network is essential for discovering job opportunities, collaborations, and potential clients. People who don't invest in networking might miss out on chances to connect with influential individuals who can help elevate their career.
Lack of Confidence and Negotiation Skills: Negotiating a higher salary or freelance rate requires confidence and effective negotiation skills. Many individuals, especially women, tend to undervalue their worth and accept lower offers, which can impact their earning potential over time. This goes for negotiating investment opportunities as well.
Mindset and Self-Limiting Beliefs: Negative beliefs about money, success, or one's abilities can be self-limiting. A scarcity mindset or imposter syndrome can prevent individuals from pursuing high-income opportunities because they don't believe they deserve or can achieve such success.
It's important to note that these factors can interact and vary in their impact depending on individual circumstances. Overcoming these barriers often requires a combination of self-awareness, effort, and sometimes seeking guidance or mentorship to help navigate the path toward higher income.
👂👂 Have you been following the crypto news? So many amazing updates relative to adoption and whats next !!!!
Here are a few of the key takeaways:
Solana news: Solana Pay, the decentralized payment app developed by Solana Labs, has been added as an option for companies that use the leading e-commerce platform Shopify.
That means the millions of businesses that use Shopify can offer customers Solana Pay as a payment option. Its initial integration will feature USDC – the second-largest stablecoin with a $25.9 billion market capitalization, according to CoinGecko. This is great news for Solana and should help with its future growth. Keep an eye on this one.
Grayscale News is fantastic: The U.S. Court of Appeals has sided with Grayscale paving the way for Bitcoin ETFs. This is massive and I expect BlackRock and Fidelity to follow suit very soon. One more step in the right direction opening up the door for institutional investors to dive in. Many news sources claim that approvals could happen this year still.
Coinbase: As the listed custodial partner, Coinbase surged as did Bitcoin and many cryptos. We have been talking about this for months and now a lot of great news and adoption is unfolding right before our eyes. This is why I preach DCA at all times.
Blackrock, Fidelity and Others: The SEC has 2 days left to make their ruling on these other Bitcoin ETFs. The market assumption is that since Grayscale received preliminary approval that all others should follow. This is obviously huge news and a major win for crypto in the US. More to come but buckle up. With these funds likely up and running prior to the Bitcoin halving we could see a major run-up in Bitcoin pricing.
These are just a few of the highlights we are seeing throughout the crypto markets. So keep your eye on the prize and DCA into the projects you deem most promising.
Weekly Book Excerpt (“The more of wisdom we know, the more we may earn. That man that seeks to learn more of his craft shall be richly rewarded) Richest Man in Babylon - George Samuel Clason
I love this book and quote. I feel it is so timely and especially relevant now since we are bombarded with information and opportunities daily. With so much stimulation it can be difficult at times to focus and many fall victim to the shiny syndrome.
So as difficult as it may seem it is important to find focus so you can execute on whatever it is that is driving you. Now I am not saying you cannot be diversified, however I am saying you must find direction and purpose in your work to find success.
Money Mindset - Weekly insights
Have you tried Acorns yet. 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.
Brand of the month - Public.com
As you all know I love Public.com and all they have to offer. If you haven’t signed up yet, I suggest you go check it out. I use Public mostly for purchasing Treasury Bills and Cryptocurrency but they offer so many great features. So when you are ready to sign up go to my Instagram - @robertcroak and use the link in bio. Enter richhabits as the code for some FREE stock and get busy diversifying your portfolio.
Thanks for following along. See you soon!