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From old coins to digital currencies, investors have found all kinds of ways to make a profit. Here are just four investment strategies that can be used. But before starting today’s post, I need to make it clear that I am by no means a financial professional or advisor and I’m certainly no expert in investing in currencies.
As you know, Mr. MMM and I go the tried and true low-cost index fund route with most of our invested money. But, if you’re interested in different types of currencies, I have 4 to explore with you. Just do me a favor, don’t go run out and invest all of your money into the latest cryptocurrency craze because you got excited after reading this post. That is most definitely not advisable 🙂 Okay, with that in mind, let’s take a look at how some people invest in currency!
1. Old Coins
Making money from old coins is nothing new. In fact, it’s something my great aunt used to do in her spare time as a waitress. She loved money and died a very rich lady. And, she worked her entire life as a waitress. Just goes to show you that you don’t need an astronomical salary to build significant wealth.
Anyway, back to the topic of rare coins. Getting involved in old coin investing does take some heavy research as there is a lot of information to devour and plenty of scams to avoid.
One avenue to gain entry into coin collecting is to attend trade shows. You can attend these shows to gather more info and get your feet wet with buying and selling. Coin collectors and investors fill these shows, so it’s a great place to compare prices and even barter.
Not surprisingly, there are also lots of places online such as https://www.vintagecashcow.co.uk in which you can sell old currency. But, an expert’s opinion would likely to be needed first to authenticate the coin(s).
2. Foreign Currency
Currency exchange rates are constantly changing. By buying a currency that’s on the rise, it’s possible to then convert this money back once it’s risen in value and make a profit. As you probably already know by hearing “the news”, currency values can be affected by all sorts of things, from political events to changes in trade or tax laws.
Oftentimes, a foreign currency broker is used to make these transactions. Brokers can be found by using a free site like https://forexbrokers.com/, or something similar. It’s important to note that different brokers charge different fees, so doing some upfront research is essential.
We certainly aren’t financially savvy enough to try our hand at this, but some people can actually make money from it. And to those people I say, may the foreign force be with you. 🙂
3. Rare Serial Numbers
There are also people out there that collect dollar notes with rare serial numbers. A single dollar note with the right serial number has the potential to sell for a significant amount of money.
When it comes to serial numbers, there are valuable patterns to look out for, some of which have even been given names such as Super Repeaters (e.g. ‘56565656’ or ‘29292929’) or Double Quads (e.g. ‘00009999’ or ‘33334444’). Many of these notes are often found by luck – you may have one in your possession right now.
This is something that really intrigues us but, again, we wouldn’t seriously consider it until we’re sitting on a beach sipping drinks every day dreaming up different things to do with our enormous cash stash.
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- What I Learned About Money After A Decade Of Adulting
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Here we are, the moment you’ve been waiting for – cryptocurrencies. Cryptocurrencies are the latest currencies that have the internet jumping for joy.
They’re essentially digital currencies, originally invented to help get around currency transfers, making it easy for people to trade internationally.
Obviously, the most hyped is Bitcoin, but there are many others out there. Cryptocurrencies have to be mined by users, so, just like traditional currency, there is a finite amount of it.
Recently the likes of Bitcoin have seen massive rises and have become popular amongst investors. Sites like https://coinblip.com/ can help compare the prices of these currencies.
The idea of cryptocurrencies fascinates us. We’re just not there yet. We’re still trying to wrap our heads around traditional currency and plug-n-play investments. Don’t laugh.
We only started to really focus on wealth-accumulation and investing a few years ago. Although it’s really interesting, I’m sure you can understand that investing in cryptocurrencies isn’t exactly at the top of our list at the moment.
And there you have it, 4 ways some people use to invest in currency for profit. It’s not something we have a real interest in yet, but who knows. Maybe when we’re rich beyond our wildest imaginations we’ll feel a little more comfortable taking on some risk just to try it out.
What are your thoughts on investing in currency for profit? Do you think it’s a viable option? Or, just something you should do if you’re already financially independent and don’t mind losing it all?