My son is 6 years old. Since he was born, I placed $100 every month for him in a government program for his college. By doing that, the GOV added 30% in Subvention, the company I used for the placement added 15% and the interest is about 6% every month. So the total is $151 monthly for is college. At the end of his secondary school, (in 11 years) when he is ready to go to college, he will get the big total.
"the catch is", if I take some money out before due time, I will be penalize, I will lose all the benefits I get from the program.
I have been doing all kind of business online for the past 5 years with some success. About 1 month and a half, I heard about Steemit from my mentors @jerrybanfield, @trevonjb and @craig-grant. Since then, I fall in love with the community and I decided to grow my account.
In the last week, Steem price becomes very tempting. I'm thinking. It is probably a good opportunity to buy some Steem.
Credit Link: https://coinmarketcap.com/
The only way for me to buy it what now is by using my son college money. Where I will lose about $3000 of $9,226.26 already accumulate. Seriously, I never thought I will come to this idea. This money was there only for his school.
I'm thinking. Did Steemit make me CRAZY? Hmmm...
I'm having some difficulty to take action. Today, I will ask Steemians. What do you think about that? Should I invest my son college money in Steemit or no?
I need some words of encouragement to help me make the right decision.
I'm one of the most pro crypto people around and I would say that you should leave that money untouched. The risks with crypto are high - even those of us who think they are the future of finance can't say how long that journey will take. The worst case scenario would be if your son going to college/uni coincided with a price crash - you would be left stuck and your son would pay the price. Only use money you can afford to lose.
100% agree with your comment.
Thank you so much for taking the time to answer my call. I have been thinking of doing that for about 3 weeks, but now, I will take this idea off my head.
Yes I think the risk is too high. You will never forgive yourself if it all went wrong. Think of it as your son's money and not yours.
i agree, especially with the last line.
Wow, that's a tough one, also the cryptocurrency market, as you must've seen is an unpredictable market.
I am not an expert on giving advise but I'll say to not invest money you can't afford to lose in cryptocurrency or even any investment.
Thank you for advice.
You are most welcome
It has pretty much already been said, but I would not recommend putting any money into crypto that you cannot afford to lose.
Yes, you are right, everybody says "don't do it". I'm very clear on that now.
Don't do it! ALL crypto can disappear over night. That is the risk we ALL assume when we decide to play the crypto-game. The rule of thumb is don't play with any real world money that you can't afford to set on fire and never see again because one day that very well may happen! Yes it may be the teeniest of possibilities but it can still happen. "Murphy's Law" exists for a reason. This whole system is meant to be volatile and go up and down and opportunities come and go all day everyday. Don't be afraid of missing the train and in turn do something you'll later regret. Yes it's cheap and yes it will go back up, but then it's going to drop again and go up again and repeat for as long as it is in existence. By the time you have money to invest and not worry about, trust that more opportunities will be there for you. The fact that you have to think about this so hard implies this is not money you care if it is lost. That's a sign you should be listening to and not ignore. All those mentors you mentioned all have videos about how they lost their ass in some coin deal back in the day. Learn from your mentor's mistakes and don't forget that those pitfalls exist and still happen everyday . For every success story on youtube are a 1000 stories of people making poor decisions that we all never hear about because they aren't on social media. Play it smart! Don't get caught up in hype or fluff pieces. Don't let your emotions amp you up to do something the analytical side of you doesn't want to do. That's not a good way to make monetary choices. The best of luck to you, your decision, and your child's college fund.
Hell you could make $100 here on steemit and move it into bitconnect and turn it into $250,000 in 3 years just by compounding interest. That's what I did. So that will literally be money with ZERO fiat ever invested into it! You could do the same thing and if your kid can get into a college that cost's more than $250,000 I would imagine there would be a few scholarships to cover the rest.
Where did you buy bitconnect
I used blocktrades to transfer steem directly into the btc wallet you get when you set up your bitconnect account. From there you can buy BCC tokens and lend them for about 0.8% interest a day. I can't directly throw the link in here out of respect for the Steemit community but throw a ".co" after bitconnect and make sure its the https version and that'll take you to it. When you sign up feel free to throw "IAmWade" in the sponsor spot but only if your inclined. ;)
Thank you for the idea, I will look into it.
@i-am-wade you do know bitconnect has been said to be a sort of ponzi?
The same has been said about both Bitcoin and Steemit. I used money I made here to get started and only have one referral worth a $7 kickback. I'm not in it to become a referral salesperson. I saw the Jerry compounding video. My thought process is if I can throw a little into it and just compound it up I didn't hurt anyone else and I didn't even invest any fiat into it. I just thought something she could try without risking any of her real world fiat as an alternative to yanking her kids college fund and dumping it into anything crypto. What are your ideas on good "crypto" investments outside of Steemit (which I still believe is probably one of the best crypto-investments on the board)?
I understand , just trying to shine a light on a point that has generated a lot of controversy in the bitconnect's side.
There's really no "safe" investment in this crypto's sphere, the idea is to know the risk that is associated with the investment.
If you check for a review of bitconnect, you'll see a lot say it's a ponzi, with reasons they think it is so outlined. Others who are making money off it probably will have a contrary opinion.
This makes for a balanced view, if the would be participant is made aware of this development, so he can at least know what he's getting into.
This can be done, especially, when you go in knowing the risks associated with it.
100% agreed. However, as a web developer and designer that owns his own international design firm, I can say I have yet to see one argument based in fact about bitconnect as a ponzi. Mostly people shouting "there is no bot! Show me the bot!" which is kind of hysterical as the "bot" is simply buy low sell high functions with specific rules to govern those exchanges. Those functions would be proprietary and those "profitability rules" the "secret sauce" that makes it work. Only fools would expect that to be published in the open for all the world to copy. The only other argument I've heard is from people without the proper math skills attempting to discredit something they just don't understand.
Again I'm not trying to sell anything, just inform of potential opportunity from a top 10 coin. This is all funny money we agree to play with, kind of like buying into a monopoly game that can be cashed out. So yes there is risk to all of it, just don't get caught up accepting everyone else's advice without doing your own due diligence. That includes MY own advice. I'm not a financial adviser and yes I'm intelligent and have done MY own research. My comments reflect my observations and experiences (which have been very successful without any real referral income). As stated I only have a little bit of time invested into the bcc platform and no fiat so to ME this is a risk free investment that requires ME to not have to act like a Mary Kay salesperson trying to get everyone to sign up under me. I have no need to "accelerate" my profits via referrals as my IRL business pay my bills. Yes there are others that are hot and heavy to make money from the referral program.
The same could be said about any fortune 500 company (as they ALL have referral program and most pay much higher than 7% (the max fee made through bcc) . Even Amazon gives me more points than bcc if I really wanted to work a referral program. At the end of the day she'll need to decide for herself what avenue and risks she is willing to make. Personally I recommend Steemit and Bitconnect as a 1,2 punch as far as investing in crypto is concerned. Everything else is only speculation. With these two it's speculation plus a chance at a somewhat reliable long term investment. Steemit locks up half your rewards and offers anywhere from on average 0.75% daily returned via Steem Power and another 10% monthly on SBD holdings. Yet all the minnow gamble their daily votes on which whales they want to back in hopes of curation rewards. While the whales get richer and richer off the backs of minnows and dolphins. Some of the whales are literally reposting minnow work and making $100s per post selling visability. Other whales ask for Steem or SBD for upvotes making themselves that much richer by the day as their only expense is a vote that regenerates itself at no expense to the whale. Explain to me how that isn't a scam or taking advantage of hopeful hardworking minnows?
They claim it helps redistribute the wealth. It's bullshit trickle down economics disguised as a marketing technique to help promote our works by adding enough votes to push our articles over from the new category to the hot in hopes of eventually getting on the trending list in hopes for the longest amount of visibility as possible. Gaming the system in a way that really doesn't payoff in the long run because at the end of the day you end up with low quality followers. All the short cuts are about those guys getting their cut out of your hard work and they rarely ever work. Yes people earned an extra $.20 or maybe even a dollar on that post but who can live off $4 a day? Not this guy and definitely not in America (where I'm from).
Like I said even Steemit can be considered a ponzi when people scheme and scam to try and work the system. It only isn't one when we work it, the idealist way, as laid out in the white papers by creating your own content and working the community for true support from like minded individuals. Not S4S and gaming whales and hitting up support groups hoping for money votes. The people that really get paid on here have loyal followers and lot's of them. That's the "idealistic" approach to Steemit and why I still think Steemit is the number one best opportunity in crypto for honest fast cash, scheme free, starting from nothing (zero investment). Thanks for the counter comment Bitfairy.
I agree, it is very important to "put it all out on the table" to be truly fair in the decision making process. However calling a legitimate top 20 coin a "ponzi" while on an arguably "ponzi" based site Steemit, that all converts to and is fundamentally tied in value to BTC which again has been called a "ponzi" since day one as BTC was invented by a still unnamed creator. People seem to be very quick to paint with broad strokes. The only real cure is for people to keep having these kinds of conversations, keep helping each other and looking out for each other as we all explore this new crypto-space. So again thanks Bitfairy for bringing up some very relevant points that needed to be brought up.
@i-am-wade, just go to read all, you made your point. I had to agree on that any investor really need to do his own research, no one should take anybody's word for it, because at the end of the day, it is the person's money that will get lost, if it goes south. Thanks again for taking out time to type this, I can see you are passionate about bitconnect and steemit. I am of the latter. Anyways I'll take another look at bitconnect.
Do have a wonderful day.
Thank you so much, I'm glad that I can come on Steemit to get advice from you. I will definitely play it smart!
No matter what you do, don't join a fucking pump group.. That's suicide!!!
I will not. LOL
Uh... don't risk your child's future for a possible reward here. If you can put $100 away a month, try to put another $100 towards buying more STEEM Power and use that to build your STEEM earnings.
Yes, good idea. Thanks
Uber on the side and use that money to invest in steem. I make 1000+ a month doing that part time
Great way to do it. Thanks for the advice.
It depends on what YOU believe in. Projecting your believe system based on what you've written, I would keep money where it is due to penalization. If there is no penalization, I would put a part you are ready to loose into crypto. If your believe goes up one day you can invest your money even much better. But for such an investment, the faith in God or at least an altruistic mind is needed.
Great way to see things. God already open my eyes. Thanks for the advice.
As much as i believe in steem and in crypto.... it is a gamble.
No...be conservative...but don't listen to me, I could of bought bitcoin 2010.
I will not do it. I will restrain myself now from all temptation.
I really was drawn to this post because it resonated with me for a few reasons. I could never say go head, take part of that money and buy steem, because number one I don't consider myself an expert and you could lose that money and end up regretting it, so in all my comment is not in any way to tell you to or to not use any of your sons college money for steem. But I will say as someone who's parents never even thought of putting aside money for my college, I do strongly believe that kids that have to be creative and work while going to college are way more equipped for life in general, and value the education a huge amount. I worked full time while earning my BA and I will tell you that I thought twice before I ever skipped a class, or skipped an assignment. I did not have time to party or sleep through a midterm, because it was me who was paying every dime. It is just natural to not think of how much things cost when we aren't the ones putting the coins in the pot. So, I think it is absolutely wonderful that you are putting money towards your son's college experience. It is obvious you are a great mom and thinking of your son's future. But I just wanted to tell you not to feel so bad if ever you do have to use some of that money. When people have to work at things, brilliant things come about. It is just one of those rules in life :) Anyways, I enjoyed this post and it touched me! I am going to follow you and look forward to more of your posts!
Why on Earth are you posting this level of personal financial information on a publicly viewable platform? You gotta delete that photo, man.
at the very least, blur out all Personal Identifiable Info... No Bank name, no account names...
Hi @melowd,
If I was in your position I would not do it.
If you can't save more than $100 per month what happens if you stop putting that money for the college fund and buy Steem instead? Will you lose money from the fund? Maybe that could be like something in the middle.
Don't do it! You did a great thing by saving for your child's education. That's really smart of you. Look at that saving as an investment in your son's future. Just don't risk that for anything.
There are no guarantees in life, not with steem .. or with anything else for that matter.
If you are keen on holding some steem, try to invest a little each month. If you can't, spend time on Steemit, post regularly and earn that steem.
You created that investment for a reason. I'm looking for ways to invest in Steemit myself, but I think I'm going to just make small investments at a time. Look how that investment grew. Just put extra money in Steemit when you have it and it will grow as well. I would not touch that money, especially with a penalty assessed.
I don't have a direct answer for you but I do have some insight into financing for college. My eldest just graduated, I still have one in college and one in high school. Several years ago, prior to any of my children being in college I had a client who was a financial aid officer at a local University. My client explained to me how financial aid, be it loans, grants or scholarships was determined. Some assets were considered when determining the amount of aid available. First on the list was income, second cash in bank accounts and stock market accounts, 529 college savings accounts and finally any property other than your primary residence. The assets not considered were your primary residence, health savings accounts and retirement accounts. So the more you make, the more you save, the more you invest the less aid (much of which is purely grant and scholarships) you get. My conclusions were, and my client agreed, that by my eldest's junior year of high school, I needed to use most of my savings to pay off my mortgage. Second, I had to limit my income by maximizing contributions to my retirement accounts or if applicable a health savings account. Third, do not put any money in a 529 savings account until the mortgage is paid and retirement accounts are funded. Remember you can make a withdraw from an IRA penalty free (not tax free) if the funds are used to pay college expenses.
My biggest caveat is that our systems both education and financial are breaking down. What has been true in the past is not likely to be true in the future. This is the strategy that has worked well for my family thus far. Most of the expense were paid for by grants and need based scholarships and finally by student loans that are manageable. My eldest's student loans are about what mine were some 30 years ago - not bad. Just some food for thought.
Hi - no I would not sink too much of your son's money into one thing. I would never tell someone what to do, but this is what I have done a percentage into some solid cryptos, some into silver as it is really low right now, and I am dollar cost averaging my money monthly into some cryptos. So... even as little as $50 a month that you can afford to lose. I also have been investing in some extra food... always a good idea.
Just putting in my two cents worth.
Barb C
Simple as that: NO
I been struggling my self I have 3 high school I don't have savings, but usually I don't touch the money I keep, I only use the one that I'm willing to lost,. extra money I mean
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STOPdon't
DO NOT do it, you will regret it !
Nah... Risking your son's future for steemit is something i would advise, especially in the current state of the market. Just save up money like you did for his collage and invest in steem.
Don't do that!
But if you are able to put aside $100/month for your sons savings, maybe you can put away another $100, or less, towards steem. That's still quite a lot of money that you could invest.
Don't use the money because you loose benefits. Just use 100 from what you would have put into the account anyway. Also, I may have other ways to help you so that you can save and not worry about those programs depending on where you live at.
My advice is if I were you I will just keep that money. because that money is for my sons future and I dont want it to loose..crypto currency is amazing and it can also make you rich instantly..but for the sake of your son dont use that money, just keep it..just for playing safe in case of something went wrong
No, I would not do that. You're getting free money from the government, getting nice interest and the money is safely there. Keep it there.
Sure, you might buy some steem, bitcoin, eth and it might triple in two months, but it might also became half. No one know how it will go, whereas you're getting nice interest on your son's college money and you can be pretty sure that it will stay like that.
Keep the money in the fund, and if you have any extra money, you can invest that into crypto, but dont touch the fund.
Hmnnn... This is quite serious, as much as tempting as it could be, I feel you should consider the risk that will be involved in taking any action, and since you wouldn't be the only one that will bear any consequences of such decision, and considering the fact that it's highly unpredictable, Will advise you to stay put, don't do something that you wouldn't be able to forgive yourself for in the future
Using internet and taking part in different "money offer" pojects I have 1 main rule: NEVER invest to this projects my real money from my wallet or bank account. One of them may be donor for other, but it will be only virtual currency, made in Internet. Not my real cash.
Perhaps because of this rule, I can not become fabulously rich, but I can not lose everything at once. Think twice before doing important step.
Great post!
I agree with what others said - don't do it. It is not your money, it is your son's college money. Only invest what you can afford to lose, and you cannot afford to lose that. If steem crashes or goes to zero, you'll be out everything and miserable about taking the risk - and that's what investing in crypto is: RISK. Amateurs tend to only look at the upside potential, while pros look at the risk of loss.
That said, if you can set aside some money apart from that account, invest that. Every little bit helps! Don't look for a huge return, average buying over time, double up when it goes down, and hope/wait for the upturn. Most of us expect it to come, eventually.
Be smart and be patient. There will be other opportunities to take advantage of in the future. :)
Whatever anyone tells you, all of cryptocurrency is a big experiment that no one knows what the result will be.
Do not risk your child's future on it. You don't need a lot of money to do well in cryptocurrency, but in small amounts and over a few years that can accumulate, but it has to be money you can afford to lose.
I agree with @cryptofiend about the investment side of this question.
However, there are very important points that need to be made.
Your son will probably not go to college. College is dead.
Youtube has most college course beat, hands down. And many of the ACTUAL college courses are now on-line. But the time your son gets to the age of 18, there will be no benefit to going to college. The degrees are worthless, and the classes are over-priced, and lacking in quality.
https://www.amazon.com/Worthless-Young-Persons-Indispensable-Choosing/dp/1467978302
Second, your savings account won't be around in 13 years. The govern-cement is planning to bail-in all retirement accounts. They will give you an IOU, and won't be there to pay on it. That is along with The US$ going into hyperinflation. The amount you are saving now is not even keeping up with the rate at which college tuitions are going up. There is a good chance that your money will not be there, or will be completely useless by the time your child is 18.
Crypto is a gamble, only invest what you can lose. Better still write some posts and have 2 sources of income for his schooling.
Start his own account and he can earn his money, could be the youngest steemer here, that would be worth a vote or two
Never ever invest money you can't afford to lose. This is a golden rule.
They hey day of crypto investing is over. It is no more profitable to be smart in FOREX, or trading Penny Stocks, or better yet Options. Crypto is the same. Another investment, NOT to be taken lightly. As someone who has lost lots in crypto: do not touch your sons money because of FOMO. Chip away and get yourself a real investment. IF they are your mentors, they will help you, chances are, they're not. And they can't help you. Only you can help yourself. And as much money as there is in crypto, you better man up your Affiliate and Marketing skills. Cause it is the same as trading penny stocks, you don't make money, you earn it by selling. Just make steemit posts talking bout steemit and crypto if you just want money. Don't even bother with the Facebook small talk. Maybe photo of family and family travels. But do your son a favor and pay close attention to what he enjoys. No matter what, nurture that joy, no matter what jealousies or insecurities creep into your head. Our goal in life is to follow our bliss, help your son find his bliss, and that college money will simply be icing on the cake. While your at it, find your bliss. It is the only thing worth sharing with the world anyway.
There is a way to make more money than steemit with other cryptos, but it will need a $10 dollar investment on a course so you can join a facebook group of that course, there people are starting to coordinate to pump a crypto and hold it. I am sure i am regretting sending all my bitcoins here lol just to get more voting power that is 3 cents when i could have be getting a thousand in two days.
Now I have to wait 7 fking days to get my bitcoins out of here lol. The regret man the regret! :(
What group is this?
https://www.udemy.com/cryptocurrency/learn/v4/overview
Suppoman's course, when you join it you will have access to his facebook group, that's the group I am talking about.