Not too long ago, a reader sent me a message letting me know that someone had created a fake Instagram account of me and was DMing people telling them to invest in some crypto scheme. I’m not a big-time influencer by any means, so it’s a bit flattering that some scammer thought I was a big enough personality to work my persona into their scam.
Interestingly enough though, I write about different ways to make extra money, and some of the things I do – like opening new credit cards and bank accounts to earn signup bonuses – do seem sort of sketchy. It’s not completely unbelievable that maybe I could be into crypto.
So, in the interest of completeness, let me make things clear. I will never recommend crypto! I have personal objections to it, including the following:
- I think it’s a terrible use of energy and resources (Bitcoin, for example, uses more energy than entire countries).
- It has no value beyond speculative value – i.e. the only reason you are buying crypto is with the hope that someone else will pay more for it later.
- I don’t like how it seems rife with scams and how inherently, much of crypto seems designed to prey on the uninformed and desperate (for example, see the case of the “Cryptoqueen,” who scammed investors out of $4 billion and then disappeared).
Needless to say, if you ever see me promoting crypto or some crypto exchange, you should assume I’ve been hacked or someone has created a fake account of me.
But even beyond my personal objections to crypto, the fact is, for almost everyone, the inherent risk that comes with crypto simply isn’t needed. Indeed, for almost everyone, doing anything outside of normal investing and saving isn’t necessary.
Crypto gets its allure from how much you can seemingly make from it – it’s like winning the lottery if you get in at the right time. And while we all want to hit home runs, the truth is, we don’t need home runs to win at most things in life.
You Don’t Need Crypto To Win At Investing
Even if I’m wrong about crypto and it’s actually the best thing around, the simple fact is, investing in crypto is completely unnecessary to a successful investing career.
I think that’s something that a lot of people get wrong about investing. We’ve all seen those articles about how much money you could have if you’d invested in Apple or Amazon stock long ago. Or when you see stories about how much your Bitcoin would be worth now if you’d had the foresight to invest thousands into it back when it was worth nothing in 2010. It makes you think that’s what investing is about – finding those big winners that can set you up for life.
Articles like these are a disservice to most people, giving people an incorrect view of what investing is really about. It’s not about finding that needle in the haystack and making it big with that one breakout stock (or breakout cryptocurrency, in this case).
Some people might hit it big. And more power to them. But the number of people who hit it big by picking their one amazing stock or getting in at that right time with some crypto or NFT is infinitesimally small – probably as realistic as saying you’ll be an NBA player or a Hollywood movie star. Some people might pull it off. The vast majority won’t.
The great thing is you don’t need any big wins to win at investing. Look at the math. The only thing you really have to do is save a decent amount of money over time, stay consistent, and do it for a long time. The earlier you start saving and investing, the less money it takes also. This is all you actually need to win in your investing life. Finding some random thing that hits it big is nice – but it’s not required.
Winning At Investing Is A Long Game
Investing isn’t a get-rich-quick scheme. It’s a long game – and the formula to win is pretty simple. Here’s how you win with money (at least when it comes to investing and saving money).
1. Buy Index Funds And Do It For A Long Time. Buying index funds isn’t as glamorous as someone saying they’re a millionaire because they invested in Bitcoin back in 2010 (how many people even fit in this category?).
But buying index funds (things like the Vanguard Total Stock Market Index Fund or Vanguard S&P 500 Index Fund) is about as safe a bet as you can get when it comes to investing your hard-earned money. And importantly, it’s all you really need to do.
Ignore the stuff you see from influencers on YouTube or Tik Tok. Those are distractions that are designed to take your money. You don’t need any of that.
2. Keep Costs Low. Beyond investing correctly, the next most important thing is to keep your costs low. Fortunately, these days, it’s so easy to invest in low-cost index funds that it baffles me why anyone would invest in anything else more expensive.
If you need convincing on this point, you should read John Bogle’s The Little Book of Common Sense Investing. It makes the case for index funds and low-cost investing in a far more convincing manner than I ever could. The book is so short and easy to read you can read the whole thing in a day. If you read that book and still think you’re smarter than Bogle, then I don’t really know what to say.
3. Create Or Build Your Own Assets. Finally, if you do want to take risks and have some more fun with your investments, don’t give your money away to make someone else rich. Instead, put your money into creating your own businesses or assets. Things like a business or real estate can have huge, outsized returns with the added advantage that they are things with value that you control.
I think this is the much better way to go for home runs if going for home runs is something you simply have to do. Instead of investing and hoping things go your way, you can use your money to create something that is in your hands.
Sure, there’s no guarantee that your business will work out, but if boring investing isn’t enough for you, then this is what I recommend. If things don’t work out, at least you tried and had some control over whether you succeeded or failed.
Final Thoughts
We’ve all fallen for the myth of overnight success. That all it takes is one lucky break to make it big.
Interestingly enough, it’s the way I thought about this blog for a long time. I thought the secret to blogging was getting discovered by some big publication. If just somehow, some big newspaper would notice me, this blog would make it big.
It turns out that’s not how you make it with most things in life. It’s not about that one big win. It’s about consistently putting in the work and having the patience to keep going over the long term. It’d be great if we could win the lottery or find that diamond in the rough. But that’s not really how the world works.
This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- SoFi Money ($325) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $300 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
- Upgrade ($300) – Upgrade is a free checking account that’s currently offering a $300 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $300 Referral Bonus – Step By Step Directions.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($800) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- Fifth Third Bank ($200) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $800 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
I recently watched a video on YouTube where the guy bought a dollar a day on Cash app bitcoin. Si $7 every Friday. After a certain amount of time (I’ll have to look again) He made $167 profit from doing that. So I fully believe that Investing in crypto can be beneficial. I don’t believe in those people that scam others into a get rich quick. “Pay $30 get $5,000 scam”. But if you buy crypto while it’s down and then let it sit for 6 months to a year (or longer) it will grow. If you see it going down just leave it. Don’t freak out and take it out. Let it gain its value back up. That’s what many people do wrong! They freak out thinking oh no it’s all gone. Well it can go up just as quick as it goes down. When you see it going down. Buy more!!! That is just my opinion though. I can’t tell you how many times Coinbase has helped me out of a rut. They have a learn and Earn crypto part in their site and it’s really helpful. You just learn it, earn it and sell it if you need it. Hope this info helps someone 🙂
I thought I’d chuck a couple hundred into a fund based on crypto when it launched (cause I have zero interest in actually directly buying crypto) 😀 that was terrible timing, as everything crashed right after!
Ah, that stinks.
crypto has no underlying asset