Wherever there is money to be made, there will always be crafty scam artists with complex plans to bilk naive and unsuspecting investors out of their money. Since bitcoin and dozens of other digital currencies are proving to be very lucrative investments, it comes as no surprise to find criminals surfacing, pretending to be legitimate members of the digital currency industry.
Aside from the illegal ‘pump and dump’ schemes that were commonplace with many of the early fly-by-night cryptocurrencies, there are scarier scenarios involving pyramid schemes that have the potential to do a lot of damage to the industry’s reputation. The Ponzi or Pyramid may involve the criminal using a legitimate cryptocurrency, but the ones that may have the most painful impact on their victims are those ‘currencies’ created solely to run the scheme. These fraudulent acts have nothing to do with digital currency and everything to do with criminals preying on easy targets that buy into their get-rich-quick pitches. Unfortunately, as we have witnessed time and time again, that is not how the story will be portrayed in the mainstream media – they will find a way to blame bitcoin.
The ‘three-legged stool of retirement’ is a term dating back more than sixty years, and is used to describe the most typical sources of retirement income. Those sources are Social Security, employer sponsored pensions, and personal savings.
Times have changed and none of these legs have the kind of strength needed to support the retirement needs of a nation. All three are facing serious financial shortfalls that will devastate the retirement plans of a significant percentage of the population.
Perhaps the time has come for the old stool to get a new leg…
After several weeks of renovations and a major vehicle repair, I wasn’t surprised to learn that my credit card balance was over $10,000. What really shocked me was the message on the last page of the statement:
“If you make only the Minimum Payment each month, we estimate it will take 94 years and 3 months to fully repay the outstanding balance.”
As much as I would like to live a long and healthy life, I have no desire to break any world records in longevity. This also raises an important question: What are the long term consequences to your financial well being when you jump down the credit card rabbit hole instead of saving and paying with cryptocurrency?
As a small business begins to grow, it becomes part of the engine of job growth for the American economy. What many people don’t know is that over half of these small businesses are home-based, and somewhat more surprising is the fact that even though they operate from home, only twenty five percent of them are run solely by the owner with no outside employees. These home-based small businesses are an important contributor to the health of the U.S. economy, and cryptocurrency can play a role in their growth.
According to the 2015 S&P Global Financial Literacy Survey, only 57% of adults in the U.S. possess basic financial literacy. The survey covered simple concepts such as diversification, how interest is calculated, and how compounding works.
The statistics are even worse for high school students who, according to the Programme for International Student Assessment, have a mere 18% financial literacy rate. Without intervention, almost half of those financially illiterate students will grow up to be financially illiterate adults. With student debt topping $1.3 trillion, something needs to change…