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How to Earn Profits with Bitcoin Mining

In September of 2017, economist, El Erian pegged the Bitcoin price at a staggering $1, 300—a third of its present mark. In recent months, it hit a high of $3, 875—hardly a meagre number for investors, let alone buyers looking to fill their virtual shopping carts. Cryptocurrencies are here to stay, and if you have a head for computational puzzles and an internet connection, you could hammer together a decent portfolio.

Your Tools

  • To mine Bitcoins, you’ll have to purchase the hardware. In the past, you could use your desktop, but today, only custom Bitcoin ASIC chips have enough power efficiency to generate genuine returns.
  • Alternatively, you can use a cloud mining contract like Genesis Mining, which offers extra bells and whistles such as promotional codes and upgrades.
  • Software such as CGminer and BFGminer connect miners to a blockchain or mining pool. Choose one that provides analytics so that you can keep track of hashrates and speeds.
  • Bitcoin mining pools allow you to work as a group at solving blocks in exchange for shared rewards. While it’s possible to mine alone, it takes significantly longer to earn this way. You could wait a full year before you receive your first payout.
  • A Bitcoin wallet will be needed. You’ll be selling and buying Bitcoin, so you’ll also need an exchange. Keep your wallet on a device that lacks an internet connection because anyone who can access it can use your Bitcoins.

Mining

To mine, you’ll need to log into your account, set up an address, and enter it into your mining pool so that your Bitcoin will automatically be moved to your wallet. Once you’ve installed your software and signed in, choose your mining pool. It’s that simple—unless you actually intend on profiting from your venture.

How to Earn Genuine Returns

You will want to monitor the performance of your mining rig, so check your profitability. Much like stock trading, you’ll need to watch projections, market conditions, and the like so that you can buy and sell timeously. You’ll also receive a block reward, which was set at 25 Bitcoin in 2014, about every four years. This is the greatest incentive among most miners, but it diminishes as time marches on.

As with any investment, your security is created by your diversification, but instead of spreading your investments across investment types and regions, you will spread them across a network. Bitcoin mining difficulty is adjusted every two weeks to offset the computational power that’s being dedicated to it. You’re thus looking for a network that’s easy to mine and then moving to a new one as your current one adjusts. Of course, the more miners there are in a network, the smaller your payouts become.

If you’re not part of a pool, the rewards will go to the person who solves the puzzle first. If you have negligible mining power, your odds of receiving worthwhile rewards are insignificant, so your hardware investment has a direct effect on your pocket. Mining pools overcome this issue by splitting rewards evenly and increasing mining power exponentially. Cloud-based offerings overcome it by offering their hardware and power in exchange for a fee. You’re guaranteed uptime if you choose a reputable provider.

Is It Worth It?

Bitcoin mining gives you a relatively passive income, and it’s possible to earn about $2, 000 a year once fees, electricity, and hardware expenses are deducted. Bitcoin can be bought and sold, but online shopping could be more profitable. You can spend your profits on auction sites and at specialized Bitcoin stores.

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How To Expand Thinking Outside the Space of a Small Business

Any smart entrepreneur wants to know how to expand thinking outside the space of a small business. Small businesses are the backbone of the country’s economy but clever thinking and new ideas can take a small business and grow it into something substantial. A small step that a business can make to grow is to outsource whatever staff responsibilities it can. Many small businesses may not have the financing necessary to support administrative and IT departments. It’s a good idea for a small business to outsource as much as possible and find “virtual assistants” to lighten some of the workload and grow the business.

Think about expanding into other countries. If you have a working website, you can do business in other countries. For the United States, it is easy to expand business into Canada and the United Kingdom. The language is the same. All you need to figure out is payment forms and shipping options.

When deciding how to expand thinking outside the space of small business, it’s important for entrepreneurs to figure out unique solutions to growing their business. Thinking outside the space of a small business can be difficult. A person needs to look for ideas and solutions in places where they usually can’t be found. An important tip is to always be listening. A good businessman knows the next great idea can be found anywhere.

Another smart way to think outside the box is for small businesses to advertise using non-traditional methods. Car decals and bumper stickers can be printed up for a relatively small expense. Best of all, this advertising is mobile and it can move around the city and see a lot of eyes. Premium swag is a good idea to give away at community events. Premium swag is stuff that can be branded with a company’s name and distributed easily. Items such as coffee mugs, pens, and t-shirts are all examples of premium swag that people will end up using repeatedly and thus always see a company’s name.

Thinking outside the box requires a small business owner and his team to think creatively. Inspiration can comes from the most random places so it’s important for a small business owner to always be listening and always be thinking. Every idea that a person comes up with needs to be discussed and thought about. No idea is too small or too far-fetched. A good idea is to have a brainstorming people where team members feel free to discuss any idea they may have. Take meetings outside the office. Playing sports as a company or participating in active team exercises are things that help get the creative juices flowing and allow a company to grow and expand its reach.

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How Some Well-Off People End Up Living Paycheck to Paycheck

Living paycheck to paycheck is not just a malady of the working poor. Those who have higher incomes are often just as guilty. This is because many people spend as much as they earn; when their salaries increase, so does the amount of money they spend every month.

Those living paycheck to paycheck while earning six figures are hard to feel sorry for since it seems there isn’t much of an excuse. Unlike the working poor, who often call upon online installment loans for individuals because they aren’t earning a decent wage, those with cushy salaries but strapped for cash simply need to improve their personal finances. The way to do that is as follows:

Step one is resisting the urge to match lifestyle with earnings dollar for dollar. Just because it’s now possible to buy a bigger house or second car doesn’t mean you should follow through. Stick to going out only one night a week, like you did when you earned much less. The easiest thing to do is simply keep your lifestyle the same despite a boost in income. Take steps to further live below your means and only upgrade when it makes sense.

The next step is to deposit an initial amount in an account that is not easily accessible, such as an online bank. The next step is to examine your bills and find areas where you can save money. Next, develop another means of creating income that you can enjoy so it will not feel like another job. Finally, keep up the momentum, and, before you know it, you will have saved a fair amount of money without changing your lifestyle or feeling deprived in order to do it.

Another alternative is reducing debt by following a few simple techniques. Look around your home and find items that you no longer need or want, and sell them. Yard sales, eBay and Craigslist are popular methods to raise cash. If you receive a tax refund, apply it to your debt. Transfer balances to an interest-free credit card and try to pay it off, or down, during the “no-interest” period. If your children are now self-sufficient, and your spouse can maintain his or her livelihood, consider cashing in your life insurance and applying it to your debt.

Living within your means is still the primary goal once getting finances in order is achieved. There should be enough latitude for you to be comfortable in case of unforeseen circumstances. One of the biggest culprits is the habit of immediate gratification. Easy access to credit traps you into purchasing more than you can reasonably afford.

Set a budget and stick to it. Review it periodically to make sure you are still on track. Pay attention to where your money goes. If you spend haphazardly, you will not be able to see problems on the horizon, and they will overwhelm you before you realize it. Paying in cash helps you stay on budget. This takes a major commitment because it is too easy to pull out a credit card when you are at the point of sale and discover you do not have enough cash. This is a perfect time to ask, “Do I really need or want this?” Be critically aware of the actual cost of charged items. Verbalize how much you are actually paying for the items you charge, even sale items.

The more you earn, the more you spend. Unfortunately, that is an accepted practice in our society. Your personal finances should be paramount in your overall economic plan. Shopping is a landmine to be navigated. Make a list and stick to it, compare prices before buying large ticket items, find areas that you can cut out, or cut down, and resist the urge to splurge as much as possible.

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Better To Be Safe: Setting Up An Emergency Fund

As the economy is constantly fluctuating with the greatest amounts of changes in obligatory government spending, it is becoming more evident that people will be needing to tighten up on their budgets. As a great amount of the nation’s population struggles to consistently make ends meet, there have been experienced tastes of what it feels like to live paycheck to paycheck. In these struggling cases, one may wonder about what measures will be taken in case there is to be an emergency. A family that does not earn enough income to be able to purchase health insurance might find that they are in the most difficult of times in the case of an unfortunate health emergency. Therefore, it is imperative to ensure that individuals and families are constantly working to purchase only what they truly need, while setting aside an emergency fund for the possibilities of the most unexpected events and incidents.

When setting aside a certain amount of money for an emergency fund, the saver must realize that they should only live within their means. Meaning, if the top-earner of a family of four is making $40,000 annually, they should not be worrying about how to make payments on a new edition of an expensive and high-end vehicle. Instead, they should be set with an obligation of making small payments on an economical and inexpensive car, or have already paid off on their new and lower-priced car, or even a lower-priced used car.

As a lower or middle-class earner of income, there should be a practical budgeting plan set for their expenses. A good plan for setting aside a dependable emergency fund would be to save as much money as possible after obligatory living expenses. However, in order to keep one’s sanity while still having the opportunity to enjoy life, they should set aside an amount of expenses their budget for miscellaneous expenses. Miscellaneous expenses can consist of entertainment such as movies, nightclub, parties, or vacation. Even though lower and middle-class earners may not be making as much money as the higher-class earners, it does not mean that they are not working hard. Therefore, they should still treat themselves for the work they do.

Emergency funds may be needed to be used for many reasons aside from accidents or health problems. For example, a college student that had set aside enough money for their textbooks may have thought that the amount they saved was enough, until they realized that the cost is actually much more than they expected. In this case, the emergency fund can be utilized in order to cover the remaining expenses of their textbooks. The same concept can apply to a child’s college tuition expenses. The child’s college funds may have accumulated to a great amount, but with tuition rates increasing, enough may not have been saved as the parents may have thought. In this case, an emergency funding to fall back on would be greatly beneficial.

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Identity Stolen? Steps for Recovering from Identity Theft

You see a lot of information out there on how to prevent getting your identity stolen. But what you do when your identity is already stolen? 

The key here is to minimize the damage the negative effects that occur with identity theft – and that means you have to work quickly. You need to contact the appropriate financial agencies as soon as possible so they can freeze your accounts and give you numbers. This will stop the criminal act as soon as possible.
Contact your:
– Credit card company
– Bank
– The three credit bureaus

The Credit Card Company
There are always financial specialists at your bank, who are monitoring your credit card use, they will often notice transactions that are abnormal and not in keeping with your spending habits. In most cases they will notify you by phone. They will call asking if you spend a certain amount of money at a certain store. If you have, then simply confirm expenditure. Otherwise, let them know that you have not made the purchase.By the same token, it’s probably a good idea to call your credit card company if you plan on traveling somewhere.If you do happen to lose your credit card or have it stolen, you should notify your credit card company as soon as possible. Legally, you have 30 days to make this notification.

When you report your card has been stolen you minimize your liability, and at most, you’ll only have a $50 out of pocket expense.

Problems arise when you don’t inform your credit card company of the loss. In this case you would be held responsible for any unauthorized purchase.Close your credit card account and ask them to reissue a new car for you. You’ll also want to use a different password, so that the thief cannot help but feel accounts in your name.

At the Bank
If your debit card for your checks or stolen, there are laws that also protect you. You must report card missing within two days of realizing the loss. If you do this, you will be accountable for up to $50 of the charge.
If you forget to report the card is missing within this allotted time, you can be held accountable for up to $500 of the unauthorized charges, and if you do not report an unauthorized withdrawal within 60 days, there is no limit to the damage you will be held accountable. When you lose your checkbook reported to the bank, close your account and open a new account.

The Three Credit Bureaus
Call up the credit bureaus to check and see if any new accounts are open, or if any charges are made. Call up the company that has reported the information and explain the situation. They will remove this information for you. You can also choose to freeze your reports so no one has access to them while you clear up the fraud.

Law Enforcement Agencies
Most financial institutions require you to file a report with the police agency. This offers a record of the identity theft. It also gives you proof to show when and if unauthorized financial transactions take place after the incident.

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If I Had $1000000: Managing and Investing Large Sums of Money

There are many different mind frames that are out there for investors. Some tend to look for income generated from their efforts. Others look for capital gains so that they can more control their income tax recognition. Others look for significant opportunities and then invest heavily in these investment opportunities. All different strategies can be ultimately successful and an investor can make money in a variety of different ways. The best strategy for investing depends on your investment horizon and risk tolerance. One additional factor that can go into play is the amount of capital that you have. How you do so will depend somewhat on the investment capital that you have.

If I were to have a million dollars, how I would manage it would fluctuate widely form how I would if I had lower amounts of money. Managing large sums of money is very different than dealing with smaller amounts of money. For one, you have more to lose with larger amounts of capital. Secondly, you have less of a need to make a significant amount of money as you already have a large reserve of capital.

Many turn to capital preservation as a way of investing once they have a large amount of capital. Often this is done through a large allocation of their investment capital towards treasury bonds and corporate bonds which produce a steady amount of income. Many times managers of large sums of money also maintain a large cash holding. The goal with having a large amount of money is often to maintain that capital as opposed to earning lots on it.

While investing for capital preservation is often a good idea for older investors, many younger wealthy investors would only see an erosion of their purchasing power over time due to inflation. A pure capital preservation strategy may be the wrong answer for some of the investors with large capital amounts to handle.

As such, for larger amounts of capital we recommend that investors engage in a dividend growth portfolio by investing primarily in companies that pay dividends that escalate each year. By doing so, there’s a rising stream of dividends that they can move their money around if they do not need this money or can use to support their lifestyle. Companies that have a proven track record of raising dividends typically are reliable companies with wide economic moats that allow them the ability to outperform other businesses.

The benefit of having a large sum of money is that no one idea needs to capture your entire capital balance. Investors can pick and choose between a variety of different methods. Diversification is the key and you don’t want to have too much invested in any one stock. Some wealthy investors even turn to index funds as an vehicle which often paces more actively managed funds.

Managing large amounts of money is challenging, but so is any form of investing. Be sure to diversify with an eye towards capital preservation when you do.

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Fact or Fiction: 5 Passive Income Myths

Passive income is income earned regularly without having to put in a lot of effort to maintain it. It’s often used as a seductive term with falsehoods attached, whispered in people’s ears by those who know just how much people want a break from their daily grind. Passive income can help save your finances when practiced correctly, and just a small amount can change your life. However, before people decide to sign up, there’s a lot they have to know about passive income and how it really works.1. No Experience Necessary

This is a half truth at best. While anyone can technically set up websites, sell product and do all the things one needs to do in order to create a passive income, it still requires knowledge of how the markets work. Someone that doesn’t know how to get the word out about what he or she is doing, or who isn’t sure how to build a customer base, simply isn’t going to make any money. Knowledge is power, and experience is king in making a successful income stream.

2. Requires No Work

A passive income stream often requires quite a bit of work to set up, regardless of what a person’s method of choice is. Whether it’s creating a blog, making Youtube videos, writing a book, setting up a Dropshipping website, all of these things will take work. People need content, they have to market it, and in order to keep a fan base they have to maintain what they’ve created, come out with sequels, etc. While the royalties or ad payments might roll in, they don’t do so for nothing. The good news is that the work can definitely be worthwhile if you’re willing to put in the effort for multiple streams of income.

3. Runs ForeverOnce again, there’s no such thing as a perpetual motion machine. Even if someone does get a great income producer set up, like a blog that earns thousands of dollars every month, they can’t just let it sit. Eventually fans will get tired of waiting for updates, or they’ll get bored and income will peter off. While these income streams might be different than those one earns from a day job, they still need to be kept up and added to in order to keep earning money over the long term.

4. Every Entrepreneur is an Island

It sounds simple enough on the face of it; set up a vehicle and make sure to do some weeding to keep it fresh and fun. But that isn’t enough. People have to network with other online entrepreneurs, and make sure they build healthy, reciprocal relationships, in order to really get themselves and their vehicle seen and known by people. Once they manage that, then they’re a great deal more likely to achieve the sort of success they’re looking for.

5. “Passive” IncomeIt should just be called income; there’s not much that is passive about it. No matter how people set out to earn extra income, there’s going to be work involved. There’s likely going to be a lot of work involved. However, it can often be done from home, or in one’s off time, which is a huge bonus for those dedicated to their careers no matter what their income is. 

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Job Ready

These days, the job market is extremely tough. Many exceptionally qualified individuals are finding that they are simply unable to find work due to the massive influx of applicants. While this influx of applicants may make things more difficult when you’re hunting for a job, all is not lost. In fact, all you need to do is spend a little time making sure you are easy to find on the Internet. There are a number of important reasons for this, and this is something that you should really take to heart. Never underestimate the power of your online reputation when you are looking for a job.

You really just have to look at this like a hiring manager to understand it. Hiring managers can often get dozens, if not hundreds of resumes for every job they post. With all of the candidates looking for work, hiring managers can afford to be a little picky about the type of person they hire. Often, they’ll make a short list of people they are considering for the job after glancing at resumes. However, after they set this list aside they will also start to look these names up on the Internet.

If someone looked you up online, what would they find? Would they see pages full of amazing information about you and your life, or would they find a few snippets here and there about you? If someone looks you up online and see lots of amazing content telling your life story, you look like you’ve made a real impact on the world. This makes you look better to the hiring manager, and it can go a long way toward helping you get that interview. If you are wondering how to get your name out there like this, there is one very simple method you should consider: reputation management companies.

Reputation management companies like Reputation.com can do a lot to help you in this area. You may be asking yourself “What is Reputation.com? What can a company like this do?” Well, this company and others like it are staffed with specialists who know how to get your name everywhere you want it to be. If you want your name associated with professionalism and character, then you should take the time to talk with a reputation management professional. They can help ensure that when a hiring manager looks you up on the Internet, he or she will be excited to contact you.

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All or Nothing: Gambling and Finances

Gambling and finances are strongly correlated in that they rise and fall simultaneously. Furthermore, gambling can have negative implications towards one’s financial situation. It doesn’t take a lot of losing streaks on the roulette table or slot machine to send your financial safety rolling downhill. For the casino lovers and financial activists alike, here is how you can manage both worlds without possibly ruining your future for the long haul. The “All or Nothing” attitude in gambling is both dangerous and potentially profitable. There are only two possible outcomes – you win or you lose. Sadly, casinos and other gambling venues won’t just let you take their money. There is always a slight advantage to the house, and that is what’s keeping casinos thriving. Knowing this fact is important as it instills a mindset of protecting your capital and limiting the risk as much as possible.

Becoming financially responsible is the next step to beating that gambler attitude. You should practice sound money management and plan ahead for regular expenses. Properly managing your personal cash flow is key to surviving such rough economic times. Cutting back on expenses and limiting your purchases to necessities is an example of an effective method to balance your gambling and finance-related goals.

Limit your gambling activity, especially when you have a limited supply of money. Avoid browsing online casinos or driving by your nearest poker house. Whenever you feel the urge to make bets, distract your mind with something else. It could be a sport or your pet cat. Limiting your gambling activity limits the inherent risk of losing money in such prospects.

Invest. Although some people would say that investing in financial instruments like stocks and bonds are somewhat a form of gambling because you can’t be entirely sure that it is going to be profitable, investing is much safer than just relying on sheer dumb luck and hoping for the dice to roll in your favor. There are tons of investing-related articles and resources you can find on the Internet. You can also attend free short courses that tackle smart investing.

Keep in mind that while gambling and finances are strongly correlated, the two have entirely different approaches to money making. Gambling, as said on the title, is an all or nothing game. Meanwhile, finance management and investing is a slow but consistent process that will take years to establish and be completely comfortable of handling.

Learning how to control gambling while simultaneously grasping the concepts of finance management will enable you to live a more secure lifestyle later on. Be sure to involve your family when practicing money management strategies to make it easier for you to accomplish your specific goals.

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Earning a Passive Income With a Laundromat

Have you ever noticed the only people in a laundromat are those spending money washing and drying their clothes?  I have and my mind instantly went into business mode with my first thoughts being minimal monthly expenses and no employees.  Those two factors convinced me this long-standing and low-risk business model and is still earning a passive income for many owners in 2017. Then I did some research…

Below are a few positive factors relating to this industry I found while reading the Coin Laundry Association’s website

  • The industry is 70 years old and has steadily grown since inception
  • Currently around 29,500 laundromats open in the US
  • Recession-proof
  • Does $5 Billion a year in gross revenue
  • Income averages from $15,000 to $300,000 a year
  • No authority franchises

Stats like that get me excited!

The first 2 things I look for in a business are: Is it proven and can it be replicated.  If 70 years of steady growth didn’t answer that question (which it did) then this will. The market is expected to grow even faster!!!  Due to mortgage loans increasingly becoming harder to obtain, approximately 35% of Americans are renters; therefore builders are constantly constructing multiplexes to keep up with the huge demand.  Why do I mention these facts?  While the CLA says laundromats can operate anywhere, they also state densely populated areas with a high number of renters is a perfect location.  In order to determine if this growing industry will bring sufficient passive income to justify moving forward let’s look at a hypothetical scenario of opening a laundromat in the Midwest.

If we opened a laundromat in Ohio how much monthly passive income would it bring in?

Start-up Costs

BUILDING:  The average size laundromat is around 2,000 square feet which rents for around $60,000 a year in Ohio. In that size store you can expect to fit anywhere from 20 to 30 coin operated washing machines and another 20 to 30 coin operated dryers. Purchasing all the equipment for your new laundromat will be the largest up-front expense AND the most work you’ll EVER need to put into this business.

MACHINES:  When bought in bulk, debit/credit card operated washers and dryers cost approximately $800 each and the standard coin-operated machines go for around $500.  Going with the card operated machine would be a no brainer for me considering we live in a world where cash (especially coins) are used less and less each year.

SEWAGE HOOK-UP:  Then you must consider the cost of connecting the washing machines to the local sewer system in your town.  This can cost upwards of $200 per washer according to Entrepreneur Magazine .  Since no two municipalities are the same, making an educated guess with any accuracy is impossible so we are going to assume the worst-case scenario and say it will cost $200 per machine or $4,000 total.

Note: Always assume worst-case scenario with little information

Total Up-front cost = $21,858

Building deposit = $1,858

Machine Cost = $16,000

Sewage Hook-up = $4,000

*Note*  If you have a credit score above 660 and some assets you can get a loan for the $21, 858 at 6% interest which is approximately $390.00 a month.  If this isn’t and option, there are companies that lease these machines on a monthly basis…

Potential Income

Based on information from the Coin Laundry Association ( www.coinlaundry.org ), a washer is used between 3 – 8 times a day with the nationwide average cost per turn being $2.50.  Dryers typically bring in 40% – 60% of total washer revenue. For the purposes of this hypothetical, we’ll assume washers get 4 turns per day and dryers account for 50% of total washer revenue.

Are We Turning A Profit?

Monthly Income:

  • Washing = $9,000 (4 turns per machine equals $300/day x 30 days)
  • Drying = $4,500 (50% of washer revenue

Monthly Expenses:

  • Leasing a building = $5,000 per month
  • Loan repayment Note: $390
  • Hiring a person to collect the money = $300 (1 hour a day x 30 days)
  • Utilities: (electricity, water, etc.) = $4,000

Monthly Income = $13,500

Monthly Expenses = $9,690

Potential Profit: $3,810 per month or $45,720 per year

That’s more than the average American’s salary and its passive income to you!  You will have to take into consideration the possibility of incidental expenses popping up.  Assume 20% will be lost due to these unplanned expenses, the annual income is $36,500 a year.  If you don’t have the credit or money to open a 40-machine store; start smaller.  If expenses and income are cut in half, you’re still left with $18,250 in profit at a start-up cost of around $10,000. Good luck and go make some money!!

Take action or gather more research with this Resource

The opportunity here is amazing! If you’d like to begin the process of earning excellent passive income from a laundromat go for it!  MyCorporation.com also provides phone assistance and guidance to help start everything you need. The first thing you need to do hire a professional to write you a well thought out business plan.  There are plenty of resources for this service on the internet. Our friends at MyCorporation.com being one can provide you with exceptional service starting an LLC for $69.00 plus state fees. The minimum for a lawyer to assist you in this is $200.00.