There’s a lot of hype surrounding cryptocurrency, so there’s truly no better time to make some big moves in the crypto game. But all new investors have one big predicament they’ve got to figure out: getting capital to start investing. If you’re new to investing, then chances are you don’t have a ton of extra money to spend on crypto. Here are a few ways you can find the pocket cash to get started in cryptocurrency.
Take on a Side Job
One of the best ways to earn some extra money for cryptocurrency investing is to start a side hustle. If you have a unique hobby or skill set, why not get paid to do it? The internet has made it easier than ever to profit off your talents.
If you create handcrafted jewelry or other items, you can sell your crafts online with websites like Etsy. Do you have a skill that others would be willing to pay for? Maybe you’re a good contractor, house painter, or home remodeling expert. You can enlist your services online for people who are in need of your skills.
Another great way to make money on your hobby is to teach your craft to others. For example, if you’re an expert yoga practitioner you could run your own yoga classes for beginners. It’s a great way to make money doing what you love, and it also feels good to help people develop new skills.
Leverage Your Property
Do you own property? Then you might have an easy way to get a large sum of cash to put toward cryptocurrency investing.
If you don’t mind having a roommate, you could rent out a spare room in your home to a traveler or tenant. There are lots of people who may be visiting your city and are looking for a more adorable and homely place to stay, and you could list your spare room on a vacation rental site whenever you feel like it. You could also lease your spare room to a tenant if you’re okay with having a roommate for a prolonged amount of time.
If you have a substantial amount of equity in your home, you could also consider getting a reverse mortgage to give you extra investment funds. A reverse mortgage essentially takes money out of your home and puts it straight into your pocket. Just use a free reverse mortgage calculator to get an estimate on how much you could receive.
Sell a Few Things
Own a few things that you don’t need anymore? Just sell your old stuff online and easily make some extra cash. This has been a tried-and-true internet side hustle since the early 2000s. Just a few sales could get you enough money to make a good first investment in Bitcoin.
Do you get a thrill sitting at the table, having cards dealt to you, and trying to put on your best poker face? If you’re a seasoned gambler, you might be able to earn your crypto funds by winning a few hands. In the United States, Las Vegas is the mecca of gambling, but you’ll also find plenty of reservations that have casinos.
But if you’re not able to make it to a casino, you could also do online gambling. Just be sure to gamble on a reputable site. Also be aware that your gambling winnings may be subject to federal income tax, so you should keep track of your winnings and losses.
Boost Your Savings
Getting funds to invest in cryptocurrency might be as easy as just putting more money away in savings. The best way to keep yourself from overspending on things you don’t need is to make more cash purchases rather than relying exclusively on your debit card. When you have cash in your wallet, you have a more tangible idea of how much money you have to spend. You won’t be in for any shocks when you log into your online bank account after a night out on the town.
Create Your Own Cryptocurrency
If you need money to invest in cryptocurrency, why not create your own cryptocurrency? If you create a successful cryptocurrency, other people may want to invest in it—you could wind up making so much money that you don’t even have to invest in other types of crypto.
Even if you’re on a tight budget, you can use any of these tips to give yourself a little bit more cash for crypto investing.