Journey to Financial Independence with Passive Income Part 4: YouTube Progress and Other Investments
Well, it’s been about a month and a half since my last post, and a lot has happened since then. For future posts, I will base my post timing on whether I have anything to report, since there’s no point in being that consistent if I have no new insights.
YouTube Automation
Well, I finally got my first subscriber! (That wasn’t one of the filler channels Caleb advised me to create for the algorithm). On top of that, one video got over one hundred views and a couple others are getting higher view counts as well. While this isn’t much, I’m really glad to be getting some tangible progress.
Investments
I had a bit of a mindset change over the last month when it comes to stocks and similar investments. The Motley Fool stocks (or most stocks in general) have a moderate risk-to-reward ratio — as in they could be great for some extra spending money or long term financial security. However, for long term investing ETFs like SPY tend to be safer and and more appropriate, so as I mentioned in the last couple posts that’s where I put my saving money. The money I put into Motley Fool stocks, however, is money I’m not afraid to lose. In which case, why not go all-out with it, since my goal is to make a life-changing amount of money, not just supplement my income. So, I decided to sell my Motley Fool stocks and look for investments that would maximize the risk-to-reward ratio.
Cryptocurrencies
That’s when I got into cryptocurrencies. Not just the big ones, like Bitcoin and Ethereum, but specifically the early phase altcoins, as that’s where the biggest risk-to-reward ratio lies. It started by scrolling on CoinMarketCap to see what kinds of new cryptocurrency projects were coming out. The first one I invested in is called EverGrowCoin, which rewards holders 8% of their investment for every billion USD in market volume, and the founders plan to add an NFT marketplace and a couple other services to add use cases for the coin. So far I’ve made several thousand from alt coin investments, so my current plan is to keep researching new alt coins and investing $1000 because at my current net worth that strikes a good balance between getting large gains and not putting too much on the line. For research, I try to understand how the coin works and what makes it unique, then I see what people are saying about it on YouTube or Reddit. Some of my other investments include Altura, DeRace, Chain Guardians, Ethereum 2 (Staked on CoinBase), Olympus DAO, Wonderland TIME, Klima DAO, Terra Worlds, and Vetter Token. I’m not going to go into detail on why I chose each one here, but there are many resources online for learning about them. Of course, since this is all insanely high risk, I’m going to add a disclaimer that this is not financial advice, this is just my personal choice of investment.
Future Plans
While becoming a crypto millionaire sounds nice, that might be a bit too far to reach, and I could much more easily make enough money to “quite my job” by just aiming for a couple hundred grand and using that money to buy an online business from Empire Flippers. In addition to that, I would still have the slow and steady growth from SPY. I have also heard of a crypto savings account through the Anchor Protocol that gives consistent 20% APY, so I might put some of my earnings in there in the future. As of now, income plan is to have an Empire Flippers website, YouTube Automation, and an Anchor investment in addition to SPY. I believe this plan will provide adequate diversification and stability. And again, I will aim to post another update in a month or when I have some new progress to report. Until next time, let’s get rich!