3 Ways to Diversify Income Streams & Survive the Crisis
We each actually have a goose that lays golden eggs. The expression on Wall Street is, don't put all of your eggs in one basket. Well, the next better thing we could do is to diversify the goose.
Number one is the worst number when calculating income sources because it can instantly turn into zero, especially in times of crisis. People lose their jobs, businesses and investments already now. There are no guarantees in this world, so you need to have a backup plan.
This article shows how to create plans B, C and D using one investment tool, knowledge and frugality.
Plan “B”: How to get a monthly salary bump
For further calculations, we will use $10,000. This amount is modest in long-term investment standards but achievable for anyone who started saving a portion of revenues.
To deposit $10,000 into CoinLoan Interest Account, you have to convert them to one of the assets, available on our platform. Check out the complete list of assets in the figure below. In our example, we will use 10,000 USDT stablecoins.
Maximum APY for USDT is 10.3%. It means that amount of our deposit allows to cream off $82 interest every month, leaving the principal for another month.
Plan “C”: How to save money for a Great Goal
If you don’t need to withdraw interest monthly, you get an opportunity to benefit from compounding.
The bottom line is that earned interest adds to the principal deposit amount, allowing you to make interest on interest. The longer the deposit term, the more noticeable the earnings.
The figure below shows how the 10,000 USDT deposit is growing for three years. If you leave your investment for a year, you will earn 1,030 USDT. Dividing this amount by 12, we get not 82, but all 86 USDT thanks tо the effect the compound interest.
The same amount left for three years will bring a total of 3,419 USDT profit, that is, 95 USDT per month.
Plan “D”: How to keep money for a rainy day
CoinLoan Interest Account, unlike bank deposits, has no lock-up period. You can replenish or withdraw your principal whenever you want. That’s why your deposit is at the same time your financial reserve.
Should something happen to the primary income source, such a reserve can be quickly mobilized to cover necessary expenses — food, medicines, housing, etc. This financial safety net calms the nerves and gives you the confidence of knowing you can handle whatever comes your way.
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