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Author Topic: Personal finance advice / ideas needed  (Read 1800 times)
Klaudia
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May 24, 2014, 08:48:31 AM
 #1

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?




 
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May 24, 2014, 11:46:40 AM
 #2

There are a lot of things you need to consider. Take your time before you make any decisions.
I can recommend this link: http://www.reddit.com/r/investing/wiki/faq
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May 24, 2014, 01:04:50 PM
 #3

Regarding your first point and third point probably you can join this two things, There is a Property fund listed on havelock that can do for you (I'm in and i trust it) but it's better if you do some research too to find if it's ok for you.


This is the trading platform where you can buy

https://www.havelockinvestments.com/

This is the official topic who talk about that fund...

https://bitcointalk.org/index.php?topic=215230.0

Search, read, learn and se if it's something you are interested to get involved...

Cheers

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May 24, 2014, 01:05:08 PM
 #4


It is only my personal experience so use it with caution.

To put it simple, the more I know about Cryptocurrency, the more I'm convinced that it is the best investment possible.

All investments have a reward/risk ratio but most investments you can do in your life are rigged or taxed to advantage a little elite.

In Cryptocurrency no authorities, wealthy elite or politics can get on your way.

Yes politics can blame Bitcoin but they cannot seize it.

To finish, the reward is just astonishing. It is not exceptional to multiply your investment by 10 folds once you have some knowledge.
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May 24, 2014, 08:22:06 PM
 #5

Silver.
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May 24, 2014, 08:28:03 PM
 #6

Other things that you have to keep in mind is timing.  For instance, I went into the real estate rental and stocks with limited funds after the big crashes when everyone was running away and now I have more than doubled my money.  But with any investment, you have to do your research and make sure the company is a solid bet to minimize your risk so 'nuff said, do your homework.

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May 24, 2014, 08:43:13 PM
 #7

Judging from your Post, I assume you don't know much about investing, so stocks could be difficult for you. I would look into funds. Depending on how old you are, you can select funds with different risks. High risk high volatility funds for younger and safer low volatility funds for soon to retire seniors.

Bitcoin is a good investment. I think it will do great, but still, don't put too much into it. It is a high risk investment compared to funds and property.
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May 24, 2014, 10:46:20 PM
 #8

The first thing you should do is figure out what your monthly expenses cost, then keep at minimum, six months worth in something highly liquid (like your savings account).  Since you seem to have a good amount of cash, you might want to bump it up to a year.

Next, how old are you?  Do you have anything saved up for retirement?  Look there if not.

After that, diversify.  You said you're already comfortable with your Bitcoin holding so I think you're on the right track looking at property, stocks, etc.

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May 27, 2014, 03:08:51 AM
 #9

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?

You should transfer your remaining fiat to one of the banks in Cyprus.  They provide great financial advice and customer service.  They'll take good care of your money and will be happy to assist you.
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May 27, 2014, 04:23:17 AM
 #10

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?

You should transfer your remaining fiat to one of the banks in Cyprus.  They provide great financial advice and customer service.  They'll take good care of your money and will be happy to assist you.

You really are the devil. You owe me that night with Selma Hayek or I need my soul back with interest.

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May 27, 2014, 05:12:25 AM
 #11

You really are the devil. You owe me that night with Selma Hayek or I need my soul back with interest.

I'll even make it two nights with Salma Hayek, but you're never getting your soul back, it'll always be mine! Smiley
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May 27, 2014, 05:15:13 AM
 #12

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?




 

If you want awesome advice, hit up Fatwallet. Most of us around here are going to be more towards cryptos. FatWallet (the finances section) has a ton of great advice on how to handle investments and such. And a lot of people there can even help with real estate (which is what ends up being the most common investment).
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May 27, 2014, 05:27:53 AM
 #13

Well the bank is fine until it messes with you
It really depends what country your in and what bank you use
Anyways congrats at least you now have money to invest and that is a step in the right direction making it earn money for you
Regarding rental properties some people do that for a living see (rentalstarter) But the normal person would probably just buy a duplex or triple and rent one or two parts of it to subsidizes their own house.
Saving accounts while safe do not have a yield worth betting on if anything if your banks are making record profits its better to join them and receive the dividend plus the shares than having it sit in the savings account
(Can't beat them join them lol)
Bitcoins at 8% is a fairly good amount assuming you have quite a few so its good for diversifying
As for the stock market well there are also bonds which are a far larger market than the stock market so might be worth looking at

So onto your question regarding 100,000 Euros and how to spend them
- Find a few good companies that pay a solid dividend to supplement income
- Put a percentage into riskier plays
- Get some commodities and shares
- Read a few financial magazines to see strategies
- I guess since you have Bitcoin consider Litecoin as well

Your strategy seems fairly safe so not a bad strategy already would increase the Bitcoin holdings to around 15% then sell off the difference if you have the patience to cover your initial investment about it.

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May 27, 2014, 11:59:43 AM
 #14

If you own a commercial property that is paid off, you are already set for life.

100k Euro isn't much this day, but investing it in under valued commercial property can partly secure what you have.

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May 27, 2014, 12:05:45 PM
 #15

Spread a little bit to everywhere proportional to your feelings about it, so long as you can keep track of it all. Do not be emotional or lazy, just do what you think is best.

Good advice is simple but harder than it sounds! Smiley
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May 27, 2014, 01:18:57 PM
 #16

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?

 

Seriously, investing and making money is overrated sometimes, a lot people invest into something they don't know and got a negative returns. So my advice to you is to invest what u know and don't invest all until you know what you are doing Tongue

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May 28, 2014, 12:51:27 AM
 #17

I would go into real estate for sure. I'm still a student so my options to invest in are somewhat limited at the moment, and find crypto currencies the next best choice. Read up on the real estate basics and set a path from there. Like some already pointed out: do research and plan, be meticulous.

Do not rush into anything, you have time I presume so take that to your advantage.
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May 28, 2014, 01:55:10 AM
 #18

Real estate speculation was a game of the past.

Tycoon around the world are selling. Buying now implies you are betting against them.


You should invest in production of basic necessity such as food, cloth production. Something that we need everyday.

 
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May 28, 2014, 02:03:43 AM
 #19

how about forex?
It sure need skills but seem easy to learn now that video tutorials on youtube are available.
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May 28, 2014, 02:45:35 AM
 #20

how about forex?
It sure need skills but seem easy to learn now that video tutorials on youtube are available.

Forex is extremely difficult to trade.  I wouldn't advise it

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May 28, 2014, 04:12:42 AM
Last edit: May 28, 2014, 05:40:12 PM by Trading
 #21

As others wrote, diversify.
Keep a part earning 2%, if necessary, in a strong bank (not Cyprus or any of the PIGS, those banks can end badly; HSBC might be a good choice, but be prepare for low interest and high fees), at least 30%, just in case.
Another part in funds. You can find all kinds, real state, stocks, commodities.
If bitcoin goes lower, under 300, maybe you can buy more.

My main posts and a few more are reposted here: https://oneskeptic.tumblr.com
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May 28, 2014, 01:59:15 PM
 #22

Real estate speculation was a game of the past.

Tycoon around the world are selling. Buying now implies you are betting against them.


You should invest in production of basic necessity such as food, cloth production. Something that we need everyday.

 

There are so many ways to get into real estate, forget about the tycoons...it's also something we need everyday; a roof over our head.
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May 29, 2014, 05:55:44 PM
 #23



hm.........

gunna say no.
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May 31, 2014, 08:33:11 PM
 #24

With real estate you make money in barrelfulls, loose it in truckfulls.

The thing that sets real estate apart from many other investments is that your personal knowledge makes the biggest different in whether you're successful.

Let's say I go into two houses on the same block, from the outside they can look the same, inside can look similar, but both have completely different potential and one can be a money pit. One might conceal a leaky roof with a major mold problem that will cost $10,000 on top of normal repairs. The other property may be just fine in terms of the roof. You can use material defects to your advantage when it comes down to negotiating which is still a socially driven event (Meeting person to person and hashing something out).

The pool of investors you're also betting against is much smaller in most cases. In my specific area I'm in the market with maybe 10 other guys, half of which only buy 1 house a year. My knowledge can give me a leg up on them, compared to other investments you can also use this to your benefit.

The other side is that real estate investment can ruin you. My parents bought their current house off a flipper, guy bought it for $60k, put $20k in it and sold it to my parents for $130k. This house was their 10th flip, however they still didn't grasp the market at all and where it was going. Their next property was purchased for $250k-$300k, they put $100k into it and it eventually sold at a net loss of over $200k. It drove the management into personal bankruptcy as the business wasn't a separate entity. This was 2007 and they still have not re-entered the market. It can be very vicious to those who don't really learn how the market works along with the intricacies of the real estate process. 
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May 31, 2014, 10:00:39 PM
 #25

Real estate can be a great bet, in the right place (ex. Dubai), in the right moment (2005-2007).

But also can be a nightmare: most part of western world after 2008.

My main posts and a few more are reposted here: https://oneskeptic.tumblr.com
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May 31, 2014, 10:31:13 PM
 #26

I would invest all of it in opening up a video rental store Tongue
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May 31, 2014, 10:34:13 PM
 #27

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?


Which country are you in? Every economy has its own best options for tax free investment.

And though I'm sure there are plenty of very bright people here, they will tend to be at the battier end of the investment spectrum. I'm no different.




 

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May 31, 2014, 11:20:55 PM
 #28

8% of overall net worth in bitcoin seems to be way too conservative for me.

i'm at 95% in BTC right now but i understand that is extreme...i'm aware of the risks.

you should consider upping your BTC holdings to 20-25%

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June 09, 2014, 04:20:28 AM
 #29

I know this forum has some bright minds here, so I thought I would ask here.

I realized I have not been very good with my own finances. All my money is simply being kept in banks, which I am sure everyone agrees, is not the smartest idea. Sadly I did not have bright parents to enlighten me on how to manage  finances, so I simply went along through life, lived bellow my means and tried to save some.

Now I realized I want to change it. I don't want cash just sitting there in the bank, when I am sure there are better things to convert it to.

So far I have come up with a very narrow list only:

- Buy property to rent? (management overhead, not sure I want to get involved in the renting business I don't really understand that well)
- Saving accounts  (expecting more than 2 % of interest these days is stretching it..)
- bitcoins: already bought more than I am comfortable with (invested 8 % of my all savings)
- stock market ? Maybe, but I was looking and looking even into the "blue chip" companies and to really say that "yes, this is better than simply holding cash", is kinda hard, seeing them underperform etc.

How would you convert theoretical 100 000 euros to feel more secure about your financial future ?

 

The answer to your question is dependent on the answer to a number of questions that you did not provide answers to.

Probably the most important question is, when do you anticipate on retiring (in relation to today)?

Other questions to ask are: How stable is your job? What is your income? Do you have any debt? Do you have any short term goals like buying a car and/or a house? Do you wish to finance your child's education?

All of the above will help shape the answer to your question. Many financial advisers will at least meet with you for free in the US. I am not sure about Europe (considering you mentioned EUR I assume you are in Europe).

I you have 8% of your assets in BTC now then that is probably as much of your assets you need invested.

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June 09, 2014, 04:58:00 AM
 #30

8% of overall net worth in bitcoin seems to be way too conservative for me.

i'm at 95% in BTC right now but i understand that is extreme...i'm aware of the risks.

you should consider upping your BTC holdings to 20-25%


I am moving in that direction now. Of course for me it is philosophical thing as well as an economic one.

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June 09, 2014, 08:01:09 AM
 #31

one more option to consider: buy gold.
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June 09, 2014, 10:42:40 AM
 #32

how about consider peer to peer lending. have a look at lendingclub.com
and silver is a very good buy imo.
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June 09, 2014, 11:06:34 AM
 #33

What you should do is simple:
Buy a little more bitcoin while they are cheap
Buy stable stocks with high dividends and a long future (think pharmaceutical firms and supermarkets)
Buy a little of more risky stocks, particularly in the tech sector and biotech sector.  The former sector often has high growth potential and the latter often has high potential to be acquired by big pharmas for patents and expertise.
Buy a little of government bonds to (sort of) hedge against bitcoin
If you don't find enough stocks you like the look of, by a little of commodities.

I reckon something like this looks good:
10% bitcoin
20% stable stocks
10% unstable stocks
10% bonds
10% commodities
40% cash

Once you get comfortable with having less cash, increase holdings in bitcoins and stocks.
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June 09, 2014, 09:03:52 PM
 #34

silver
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June 09, 2014, 09:07:12 PM
 #35

What you should do is simple:
Buy a little more bitcoin while they are cheap
Buy stable stocks with high dividends and a long future (think pharmaceutical firms and supermarkets)
Buy a little of more risky stocks, particularly in the tech sector and biotech sector.  The former sector often has high growth potential and the latter often has high potential to be acquired by big pharmas for patents and expertise.
Buy a little of government bonds to (sort of) hedge against bitcoin
If you don't find enough stocks you like the look of, by a little of commodities.

I reckon something like this looks good:
10% bitcoin
20% stable stocks
10% unstable stocks
10% bonds
10% commodities
40% cash

Once you get comfortable with having less cash, increase holdings in bitcoins and stocks.

Such a big percentage for cash?
That's 40.000$ if we're imagining 100.000, and it would devaluate so quickly...
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June 09, 2014, 10:01:21 PM
 #36

30% buy bitcoins, 30% buy mining rigs, 30% properties (apartments)

H/w Hosting Directory & Reputation - https://bitcointalk.org/index.php?topic=622998.0
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June 09, 2014, 10:15:06 PM
 #37

30% buy bitcoins, 30% buy mining rigs, 30% properties (apartments)

That seems like an interesting balance but should add a note
30% Buying Mining Rigs and then 80% of revenue to reinvesting into the mining rigs to keep up with difficulty increases or to shift the rigs elsewhere.

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8% yearly interest on your crypto holdings. Make 1 BTC into 1.08 BTC completely risk-free. Register & download app
findftp
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June 09, 2014, 10:19:02 PM
 #38

i'm at 95% in BTC right now but i understand that is extreme...i'm aware of the risks.

Yes, but where did you came from.
It is easy to buy 100 dollars worth of bitcoin in 2010 and now say you have 95% networth in bitcoin.

It is not easy to put several thousands in bitcoin right now and hope for the best because there is much more to loose.

Your initial "investment" was way lower.


If it goes to zero, it only had cost you $100 back then.

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RoadStress
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June 09, 2014, 10:40:24 PM
 #39

30% buy bitcoins, 30% buy mining rigs, 30% properties (apartments)

That seems like an interesting balance but should add a note
30% Buying Mining Rigs and then 80% of revenue to reinvesting into the mining rigs to keep up with difficulty increases or to shift the rigs elsewhere.

Well 80% is a bit too much, but I would say at least 50% needed for reinvesting and 50% cash-out for ROI. Mining isn't a "buy and hold" game. It's more like "buy and reinvest" game.

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okthen
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June 09, 2014, 11:23:11 PM
 #40

Oh and don't forget to review your investment from time to time.
Otherwise you'll (hopefully) end up with 99% bitcoin, independently of what you invest initially.

(wishful thinking  Roll Eyes)
jeffersonairplane
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June 09, 2014, 11:25:49 PM
 #41

If you do it right, you can invest in Crypto currencies.
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