A recent survey of US freelancers produced a shocking statistic about freelance finance.
70% of freelancers have no long-term savings.
Yes, you heard that right, 70%!
The survey pointed to two big reasons for this:
- Unpredictable income
- The extra costs involved with freelancing
If you’re part of this 70%, then you should really start putting together a plan. Here is an excellent article by Carter Killman, on how to start tracking where all you’re money’s going – he teaches us that although it’s never too late to save money, it’s also never too soon! Every month you receive income is another opportunity to invest in your savings.
But saving your money is only one part of the freelance finance equation. You don’t need to necessarily hire a freelance finance analyst (although, if times are really dire…) to get your funds, and fund-spending, in check. You also need to find somewhere to keep the savings that will give you strong and consistent returns.
In this article, we’re going to show you why storing your savings in cryptocurrency is not only a great option but also why Blockfi is the best place to help you manage it.
An Intro into Crypto
Cryptocurrency can be really confusing and overwhelming to get your head around at first. There’s an enormous amount of different new coins being announced every day which the media are constantly saying are the next big thing, so what should you believe? You only need to check into cryptocurrency twitter to see a constant fluctuation of stories…
In fact, you may have seen that the wild ride of Bitcoin and Ethereum’s price ups and downs are regularly making the headlines. As a disclaimer, if you’re someone who has an appetite for more risky investments – these could be great options for you!
Plus, if you’re willing to venture out on this path, BlockFi makes everything super convenient. With a low cost to buy, sell, and trade a variety of crypto assets at competitive prices, you also have the ability to store them all in one place. This makes saving with Bitcoin and Ethereum much safer.
But let’s say you’re worried about the volatility of Bitcoin or Ethereum and want a more consistent and reliable option to store your savings. Then, you should consider the more stable coins.
Stablecoins are cryptocurrencies whose value is pegged to a stable reserve asset – like the U.S. dollar or gold. This makes them, as their name suggests, a very stable option compared to other well-known cryptocurrencies, making stablecoins a lot less risky as an investment.
But you don’t need to know all of the ins and outs of how crypto works to benefit from them. What matters, is that you can earn far more from putting your savings into Bitcoin, Ethereum, or stablecoins, than you can when putting them into a savings account with your bank.
Still not convinced? Let’s take a quick look at the numbers:
If you start storing your savings in a BlockFi Interest Account (BIA) (which is a crypto interest-bearing account), then you will earn up to 8.25% APY on stablecoins, up to 4.5% APY on BTC, and up to 45% APY on ETH.
To clarify: that’s 100x more than you can get from an average standard savings account – which, if you’re struggling with your freelance finance, can only be a good thing. Blockfi has an entire list of their current rates, so you’re always kept in the loop: check them out here.
There’s a lot of options out there to buy and manage your cryptocurrency, but we recommend that you take a look at Blockfi for these reasons:
- BlockFi Interest Account (BIA) enables your cryptocurrency to earn up to 8.25% APY. The interest accrues daily and is paid monthly. With no hidden fees and no minimum balances, there’s really no reason to wait…
- Blockfi have introduced the world’s first Bitcoin rewards credit card, which enables you to earn up to 3.5% back in Bitcoin on every purchase.*
- Borrow money against your crypto at interest rates as low as 4.5% APR. You don’t have to sell your crypto to get cash. BlockFi lets you borrow funds against your crypto assets so you can get a loan while continuing to hold onto your assets.
- Blockfi have just introduced the ability to buy crypto instantly, or implement repeat buys using bank transfers (ACH) starting on October 6, 2021. This means you can take advantage of market opportunities without waiting for it to process – the fastest and easiest way to buy crypto and start earning interest on your savings!
- With Blockfi you can also set up recurring buys, so you can have a “set it and forget it” approach to investing. Let crypto do the hard work making money for you behind the scenes, so you can focus on your clients. Win-win!
*3.5% is an introductory offer that spans the first 90 days of card ownership, beginning on the date of card activation. The introductory offer is capped at $100 dollars in bitcoin.
And now it’s up to you. You’re all set to begin smart saving – whether that’s with stablecoins, or other digital currency – the world of freelance financing is suddenly not so bleak! We’ve given you all the finest knowledge on the world of crypto, so your freelance finance plan can begin to flourish.
If you have any questions on saving money as a freelancer or handling cryptocurrency, then please leave a comment below and we’d be happy to help.
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