Maggie Love, Founder of SheFi, made investing in crypto a little less cryptic in our final SkimmU Money course. Then, Guidefi’s Charlene Fadirepo joined for a panel discussion and audience Q&A. We’re cashin’ out.
How can I decide if investing in crypto is right for me?
First, determine your risk tolerance. If you have a low risk tolerance, crypto probably isn’t for you. But if you feel ready to take a walk on the wild(er) side, it could be worth considering. Either way, education is important. Do your research and learn about a few coins and crypto exchanges that interest you before building an investment strategy.
What are the risks of investing in crypto?
ICYMI: Crypto is volatile. It’s decentralized, meaning, there’s no central authority regulating cryptocurrencies. And, crypto doesn’t rely on trusted parties (think: banks) to manage or hold assets. So more of the responsibility and risk are placed on the investor. Aka you.
If I decide to invest, where do I buy and store crypto assets?
After doing your research, check out a crypto exchange to get started. When it comes to storage, there are a few options if you want to store it yourself (like hot wallets or cold wallets). You can also consider a custody solution (aka a third party provider to manage your crypto wallet). Consider security when deciding which crypto wallet you want to go with.
More from this series
Course 1: Minding Your Mindset
In our first course of SkimmU Money, founder of The Fiscal Femme, Ashley Feinstein Gerstley, explains how to get your mindset right for your investing journey. Then, Fidelity’s Kelly Lannan joined for a panel discussion and audience Q&A. Mind on your money, money on your mind.
Course 2: Building Your Portfolio
Farnoosh Torabi, Financial Expert and Editor at Large of CNET Money, joins us for our second SkimmU Money course. We dive into how to start building a strong (read: diversified) portfolio. Then, Fidelity’s Leanna Devinney joined for a panel discussion and audience Q&A. Runnin’ up that (money) hill.
Course 3: Investing for Later(ish)
Investing isn’t only about playing the long game. In our third SkimmU Money course Bola Sokunbi, Founder and CEO of Clever Girl Finance, told us all about investing for our short-term goals. Then, Girl$ on the Money’s Mabel Nuñez joined for a panel discussion and audience Q&A.
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