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Technology continues to change the way people view and interact with the world.



One of those ways is how people invest their wealth. From cryptocurrencies to non-fungible tokens, these shiny <a href="https://successcom.wpenginepowered.com/use-due-diligence-to-make-investing-easier/">alternative investments can be tempting</a> to the risk-willing investor. But <a href="https://successcom.wpenginepowered.com/when-considering-your-investment-strategy-keep-these-3-rules-in-mind/">is it the right strategy</a> for you? Let’s dig in.



<h2 id="h-cryptocurrencies">Cryptocurrencies</h2>



At its core, money is a token or symbol built on trust, one that facilitates an exchange of one’s products or services for that token or symbol. Historically, that trust has been forged by virtue of the backing of government entities.



The 2008 financial crisis took down the global financial system. The libertarian cryptocurrency underground took notice. Their response to the world’s seemingly flawed centralized financial system: bitcoin.



Bitcoin runs over a network of computers that belong to many people, spread out across the globe, who are collectively charged with maintaining and validating its ledger of accounts. No government, no banks, no financial institutions, no intermediary—just like-minded people with computers, Gorrilla-glued together with a common purpose: to create an independent and decentralized financial system.



The mechanism for validating that ledger is something called blockchain. Blockchain is encrypted software, or an algorithm. Thousands of individual computer systems must all validate each transaction that occurs on the bitcoin blockchain ledger. Because that validation process is foolproof, which means it’s 100% accurate, it has slowly built trust in those who use it.



This trust in bitcoin represents a counterweight to the need for traditional currencies backed or guaranteed by a government entity and run by a complex labyrinth of financial partners that, together, represent the current global financial system.



Slowly, bitcoin has become a new token or symbol built on trust to facilitate an exchange of one’s products or services for that token or symbol. In other words, thanks to blockchain technology, cryptocurrencies, such as bitcoin, are quickly evolving from a crypto asset to a form of currency that can be used just like money.



<h3 id="h-how-to-invest-in-crypto">How to Invest in Crypto</h3>



You can buy cryptocurrencies, such as bitcoin or ethereum, directly through <a href="https://www.paypal.com/us/home" target="_blank" rel="noreferrer noopener">PayPal</a> or <a href="https://cash.app/" target="_blank" rel="noreferrer noopener">Cash App</a>. Or you can use an exchange.



There are many cryptocurrency exchanges in the marketplace that trade cryptos; to name a few, <a href="https://www.binance.us/en/home" target="_blank" rel="noreferrer noopener">Biance.US</a>, <a href="https://www.coinbase.com/plp/nar3?utm_source=google_search_b&amp;utm_medium=cpc&amp;utm_campaign=14162546120&amp;utm_content=126804837498&amp;utm_term=coinbase&amp;utm_creative=570421865910&amp;cb_device=c&amp;cb_placement=&amp;cb_country=us&amp;cb_city=open&amp;cb_language=en_us&amp;gclid=Cj0KCQiAuP-OBhDqARIsAD4XHpc5viHYi4BWEKZQZArFZ1RdzZJd47kbJccBHf3KrdWS0g3xO0vScNQaAkxwEALw_wcB" target="_blank" rel="noreferrer noopener">Coinbase</a>, <a href="https://crypto.com/" target="_blank" rel="noreferrer noopener">Crypto.com</a>, <a href="https://www.etoro.com/en-us/?gclid=Cj0KCQiAuP-OBhDqARIsAD4XHpeKa4xbNb8c6jDTsFsqP31tDfC6zqp0YpROW-JBaDyBgxxj3L-PnkYaAgz2EALw_wcB" target="_blank" rel="noreferrer noopener">eToro</a>, <a href="https://www.gemini.com/?utm_source=google&amp;utm_campaignID=13567832040&amp;utm_adgroupID=126782346954&amp;utm_creativeID=547717427706&amp;utm_medium=cpc&amp;utm_content=e&amp;utm_term=gemini&amp;gclid=Cj0KCQiAuP-OBhDqARIsAD4XHpdMpAYROJY2v-k80uNjU_hRecMZz-XaNWc-FbQedsNkwHOcZk835SgaAigYEALw_wcB" target="_blank" rel="noreferrer noopener">Gemini</a>, <a href="https://www.kraken.com/en-us/" target="_blank" rel="noreferrer noopener">Kraken</a>, <a href="https://robinhood.com/us/en/about/crypto/" target="_blank" rel="noreferrer noopener">Robinhood Crypto</a>, and <a href="https://www.tradestation.com/?gclid=Cj0KCQiAuP-OBhDqARIsAD4XHpeWS9ZDpolEeZ2jVQ4JSETlSJceVuEV2KrL6veDMtQfD_e39phC8DUaAn0dEALw_wcB&amp;gclsrc=aw.ds" target="_blank" rel="noreferrer noopener">TradeStation</a>.



Lastly, you can invest in crypto-focused mutual funds or exchange-traded funds.



If you’re doing it yourself, you’ll have to do your homework regarding the types of cryptocurrencies you want to invest in, the exchange you want to use to manage your investing or the funds that focus on cryptocurrencies.



If you don’t have the time or interest to research, consider partnering with a certified financial planner or <a href="https://successcom.wpenginepowered.com/4-things-to-consider-before-working-with-a-virtual-financial-adviser/">a financial adviser</a> familiar with cryptocurrencies.



<h2 id="h-nfts">NFTs</h2>



Cryptocurrencies are just one byproduct of blockchain. NFTs, or non-fungible tokens, are the latest crypto assets to emerge from this new technology.



The best way to view NFTs is to think of them as a sort of certificate of authenticity accompanying any originally created digital asset. Ownership of NFT-designated digital assets created by someone, such as artwork, music, videos or memes, can be validated as an original digital asset sold to you, by virtue of you owning that NFT-designated digital asset.



Because digital assets can be easily copied and exchanged, without being an NFT digital asset, why would anyone pay a premium for an NFT digital asset?



The answer is simple: A copy is not an “original,” just as a copy of an original painting is not an original. An original da Vinci painting is far more valuable than a copy.



The NFT authenticates that originality. When you own an NFT, you own an original.



<h3 id="h-how-to-invest-in-nfts">How to Invest in NFTs</h3>



There are a number of marketplaces that allow you to trade in NFTs, such as <a href="https://foundation.app/" target="_blank" rel="noreferrer noopener">Foundation</a>, <a href="https://opensea.io/" target="_blank" rel="noreferrer noopener">OpenSea</a>, <a href="https://rarible.com/?gclid=Cj0KCQiAuP-OBhDqARIsAD4XHpcfGH7CoABySN_NTCJ8eVm_q5XDLiIAIjGKtwe-Qci2_5HpBdkqTF8aAm_QEALw_wcB" target="_blank" rel="noreferrer noopener">Rarible</a> or <a href="https://superrare.com/" target="_blank" rel="noreferrer noopener">SuperRare</a>. These marketplaces charge a fee for NFT sales.



<h2 id="h-ethical-investing">Ethical Investing</h2>



Ethical Investing is an investment strategy that is aligned to an investor’s ethics, values, morals, religious preference or environmental concerns. Typically, ethical investors buy mutual funds or exchange-traded funds that include companies that meet the investor’s ethical standards.



<h3 id="h-how-to-get-started-with-ethical-investing">How to Get Started with Ethical Investing</h3>



In the investment world, ethical investments typically include:



<ul><li>Impact investments – Includes stocks, mutual funds or exchange-traded funds focused on making a positive social or environmental impact on society.</li><li>Socially responsible investments (SRI) – Includes stocks, mutual funds or exchange-traded funds focused on making a positive impact based upon specific religious, political, governance or personal values. These investments are also known as sustainable investments.</li><li>Environmental social governance funds (ESG) – These are mutual funds or exchange-traded funds that are specifically designated an ESG fund because they set high standards for environmental, social or governance investing.</li></ul>



No single type of investment strategy works for everyone. It depends on <a href="https://successcom.wpenginepowered.com/how-to-create-a-personal-financial-plan/">your financial goals</a> and history. If you don’t feel you have the time or energy to invest in research, consider leveraging the knowledge and experience of a financial adviser.&nbsp;



Reference to any products, service, processes, hypertext links to third parties or other data by trade name, trademark, manufacturer, supplier or otherwise does not necessarily constitute or imply its endorsement, sponsorship or recommendation by SUCCESS®. Product and service information are the sole responsibility of the author.



This article originally appeared in the May/June 2022 Issue of SUCCESS magazine. Photo by @bradneathery/Twenty20

Cryptocurrencies and NFTs might feel like an exciting way to expand your portfolio, but is it the smartest move for you?

Cryptocurrencies and NFTs might feel like an exciting way to expand your portfolio, but is it the smartest move for you? | SUCCESS

A Beginner&#8217;s Guide to Alternative Investments

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A Beginner's Guide to Alternative Investments | SUCCESS

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Tom Corley is the author of the best-seller Rich Habits: The Daily Success Habits of Wealthy Individuals. He writes from Rich Habits Institute headquarters in New Jersey.

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Tom Corley

10 Money Habits That Are Leaving You Broke

Chances are you should be saving more and spending less. Instead of waiting for your situation to magically improve, take a hard look at some of the not-so-good money habits you may have developed over the years.

Chances are you should be saving more and spending less. Instead of waiting for your situation to magically improve, take a hard look at some of the not-so-good money habits you may have developed over the years. | SUCCESS

10 Money Habits That Are Leaving You Broke | SUCCESS

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The differences between the rich and poor are simple, but not insignificant.

The differences between the rich and poor are simple, but not insignificant. | SUCCESS

16 Rich Habits

16 Rich Habits | SUCCESS

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The 8 Most Common Secrets of Self-Made Millionaires

Since 2004, I’ve been immersed in studying what to do and what not to do in order to become wealthy and avoid poverty. Thanks to my research, I’ve made two monumental discoveries:



First, your daily habits have a great deal to do with your financial circumstances. Some habits lift you up and help you grow wealth, while others drag you down and could put you in the poor house.



And second, there are four paths to wealth: the Saver-Investor Path, the Big Company Climber Path, the Virtuoso Path and the Entrepreneur Path.



When you choose the path that is right for you and install what I call “Rich Habits” to reinforce you on your journey, building wealth becomes almost automatic. Conversely, if you choose a path that is not right for you, building wealth becomes almost impossible.



The most common path people take to wealth? It’s the Saver-Investor Path, which has created more millionaires than any other. I’ve spent quite a bit of my time learning how the Saver-Investor Path works for my latest book, Effort-Less Wealth. What makes this path so special is that it is available to almost everyone. It requires no special set of skills or particular education. It doesn’t demand significant risk, long working hours or isolation from friends and family.



There are just a few basic things you will need: 1) at least a middle-class income—it’s hard to save when you have to scrape by to cover the bills; 2) Discipline; 3) Consistency; and 4) Time—the typical Saver-Investor in my Rich Habits study was at it for 32 years, but accumulated north of $3.2 million.



Those are the traits of a Saver-Investor millionaire. But they’re just the starting point. To leverage those traits, you’ll need to cultivate the eight common habits I observed the most during my study.



<h2 id="h-1-be-frugal-not-cheap">1. Be frugal, not cheap.</h2>



Being frugal means spending your money wisely. Frugal spenders make a habit of buying the highest quality product or service at the lowest price possible. They focus on quality first and cost later.



Cheap spending means buying the cheapest product or service, with little regard for quality. Cheap products break down after just a few years, forcing you to replace them over and over again. Cheap services are typically provided by those who are either inexperienced in their field or who are not very good at what they do. This can result in mistakes that cost you money down the road.



<h2 id="h-2-keep-your-spending-in-check">2. Keep your spending in check.</h2>



The Saver-Investor self-made millionaires in my Rich Habits study accumulated their savings by sticking to the following guidelines for spending their net, or take-home, pay each month:



<ul><li>Housing – 25 percent or less. Side note: The wealthy tend to buy, not rent.</li><li>Cars – 5 percent or less. This includes not just the monthly payment, but also insurance, gas, tolls, registration fees and maintenance.</li><li>Clothing – 5 percent or less. Refer to the frugality habit here: Invest in quality, not quantity.</li><li>Vacations – 5 percent or less. The Saver-Investor Millionaires in my study took modest, inexpensive vacations and found bargain travel deals for their families.</li><li>Entertainment – 10 percent or less. This category includes bars, restaurants, movies, music, books, gifts and so on.</li></ul>



Getting control of your spending is not an easy task, and it might challenge your vanity—many of the wealthy are not afraid to bargain shop or use coupons. Once smart spending becomes a daily habit, however, it gets much easier.



<h2 id="h-3-surround-yourself-with-fellow-saver-investors">3. Surround yourself with fellow Saver-Investors.</h2>



The Saver-Investors in my Rich Habits study intentionally surrounded themselves with friends who shared their savings mindset. Why is this important? Habits spread like a virus throughout your social network. If your inner circle includes too many spenders, you will eventually become infected by their spending habits and will be unable to save.



<h2 id="h-4-understand-need-vs-want">4. Understand need vs. want.</h2>



People who overvalue their wants will surrender to instant gratification, eschewing saving in order to buy things they crave right now: 8K TVs, glamorous vacations, expensive cars, bigger homes and flashy jewelry.



Want-Spenders routinely incur debt in order to finance their standard of living. They are undisciplined with their money and create their own poverty. They have been brainwashed by advertisers and a consumerist society to think that it is perfectly normal to buy in excess of their needs.



When Want-Spenders are no longer able to work due to old age, they live out the remainder of their lives in abject poverty, becoming dependent on others.



<h2 id="h-5-avoid-emotional-purchases">5. Avoid emotional purchases.</h2>



When you are feeling overly optimistic about your future income, you can fall into the trap of spending money you have or spending future money you expect to receive by incurring debt.



When you feel sad or depressed, emotional purchases can act like a quick fix, temporarily lifting you out of sadness. The remedy is to be constantly vigilant regarding your emotions and look for healthier ways to address them.



<h2 id="h-6-eliminate-spontaneous-spending">6. Eliminate spontaneous spending.</h2>



Everyone has about three hours of willpower energy, and it is greatest after a good night’s sleep. When willpower is high, your prefrontal cortex is in control of your brain. You make good decisions. When willpower is low, you lose discipline over your spending and other things.



This is why supermarkets place products at the checkout lines. Their hope is, in your weakened state, you’ll make a spontaneous purchase of a sugary soda, a bag of chips or a tawdry tabloid.



The remedy is to do your shopping immediately upon waking up from a night’s sleep, after taking a nap or after a light meal. These three things restore your willpower reserves.



<h2 id="h-7-avoid-lifestyle-creep">7. Avoid lifestyle creep.</h2>



When you increase your spending to match your income, you are falling victim to lifestyle creep. It’s the explanation for why so many people continue to live paycheck to paycheck even as they make more money.



Lifestyle creep is typically incremental. It happens over many years without you consciously realizing it.



The remedy is to fix your savings rate, taking a certain—perhaps climbing—percentage off the top regardless of how much you make. This acts as a buffer, preventing you from spending too much and keeping you on track with growing your wealth.



<h2 id="h-8-don-t-supersize-your-life">8. Don’t supersize your life.</h2>



When Connor McGregor boxed Floyd Mayweather in 2017, he received a $30 million guarantee for the bout. Upon receipt of his guaranteed money, he purchased a $17 million yacht. Because he didn’t have enough money left over from the guaranteed money to pay his income taxes, he had to withdraw money from existing wealth to pay the tax man—talk about a punch to the gut.



Supersizing your life is driven by excessive optimism about a sudden increase in income or wealth, such as a large bonus, significant raise, inheritance or other windfall.



The remedy? Same house, same spouse, same car. Refuse to upgrade your lifestyle when your income or wealth rises significantly. Have a plan and stick to it.



Becoming wealthy as a Saver-Investor is not an event. It’s a process. By adopting financial growth habits, building wealth is put on autopilot.



This article originally appeared in the May/June 2021 issue of SUCCESS magazine.



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First, your daily habits have a great deal to do with your financial circumstances.

First, your daily habits have a great deal to do with your financial circumstances. | SUCCESS

The 8 Most Common Secrets of Self-Made Millionaires | SUCCESS

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Business &amp; Branding

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Stay ahead in business: strategies and insights for success

In 2008 I decided to write my first book, <a href="https://www.amazon.com/gp/product/1934938939/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=1934938939&amp;linkCode=as2&amp;tag=sm0fe-20&amp;linkId=H3UUAUU2QNP5QEA2">Rich Habits</a>, sharing the findings from my five-year study on the daily habits of the rich and the poor. This is my journey of all the failures I experienced on the way to success, and how—although I encountered a lot of speed bumps on the way—I never stopped.

144 Failures: After completing my manuscript, I sent out 144 query letters to literary agents to help me find a publisher. Thirty responded, and all 30 said, "No thanks.” But I didn’t quit.

136 Failures: So I spent six months pursuing publishers directly. Most didn’t even respond. Those that did said no. But one said yes. Unfortunately, though, I received a call months later from my publisher— they were filing for bankruptcy. But I still didn’t quit. Instead, I decided to self-publish.

1,000 Failures: I then mailed 1,000 books to book reviewers and followed up with them. But no one responded to my calls or emails. I even personally delivered my book to The Asbury Park Press, my local paper, and followed up with them multiple times. Again, total silence. I kept trudging.

1,900 Failures: I spent 18 months speaking to more than 2,000 people at high schools, colleges, libraries and business associations. I sold only 100 books, and no buzz buzzed.

1,850 Failures: I spent two years calling 2,000 radio stations in the U.S. I did 150 radio interviews and sold 700 books—500 of them from one radio show alone.

2,499 Failures: I emailed 2,500 newspaper editors in the U.S. about doing a piece on my book. One editor from The New Jersey Star Ledger interviewed me. I sold 173 books from that piece.

2,000 Failures: I created a scholarship program, funded by my royalties, to help promote <a href="https://www.amazon.com/gp/product/1934938939/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=1934938939&amp;linkCode=as2&amp;tag=sm0fe-20&amp;linkId=H3UUAUU2QNP5QEA2">Rich Habits</a>. After 2,000 mailings and follow-ups I received two incomplete scholarship applications. But I kept at it.

Then <a href="https://www.successwithsaltar.com/business-consultant/">Lauri Flaquer</a> interviewed me for her Internet TV show, Focus Forward. She loved the interview and my book and informed me that she was going to be my publicist. How could I say no to the only person who believed in me? I followed Lauri’s advice—I began writing articles for my blog again. I began tweeting again certain articles Lauri thought might be of interest to the media. Soon, I received an email that would change my life.

The email was from Farnoosh Torabi, the host of the popular Yahoo Internet show Financially Fit. She responded to one of my 16,000 Twitter pitches and agreed to do an interview. And it went viral with 2.2 million hits. One of those hits was Dave Ramsey, the third largest radio host in the U.S.—he was raving about my research on his show. The next day, Dave interviewed me for 30 minutes.

I sold 12,000 books. <a href="https://www.amazon.com/gp/product/1934938939/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=1934938939&amp;linkCode=as2&amp;tag=sm0fe-20&amp;linkId=H3UUAUU2QNP5QEA2">Rich Habits</a> rose to No. 7 on Amazon, and I received Amazon’s coveted “Best Seller” designation.

Bob Dumas, a CBS producer, emailed me to ask for an interview, and it—my first appearance on national TV—aired on seven CBS affiliate stations across the nation. I sold 2,000 books.

Gerri Detweiler, director of consumer education and a writer for Credit.com, contacted me for another interview, which was picked up by MSN Money. I sold 2,000 books.

Susan Kane, SUCCESS magazine editor in chief, emailed me to write a piece for their November 2014 issue, in which five pages were devoted to my book’s message. For the same issue, publisher Darren Hardy interviewed me for theSUCCESS audio CD. Getting on that CD is like striking gold.

As I write this, I don’t know if I will sell 1,000 or 100,000 books. I also don’t know what unintended consequences will result. But I do know this: It would have never happened if I had quit. Quitting, I now know, is the only real failure.

To everyone out there on the verge of quitting on your dream, I want you to remember my success story, in spite of the 9,529 failures. Success wants to see if you have what it takes to overcome all of the obstacles it puts in your way. It wants to see how you react to your mistakes and failures. But most of all, it wants to see if you deserve it.

<a title="16 Rich Habits | SUCCESS.com" href="https://successcom.wpenginepowered.com/article/16-rich-habits" target="_self" rel="noopener noreferrer">Check out the 16 rich habits that separate the wealthy from the poor—and change your autopilot mode to reach your potential.   </a>

In 2008 I decided to write my first book, Rich Habits, sharing the findings from my five-year study on the daily habits of the rich and the poor. This is

In 2008 I decided to write my first book, Rich Habits, sharing the findings from my five-year study on the daily habits of the rich and the poor. This is | SUCCESS

A Success Story of 9,529 Failures

A Success Story of 9,529 Failures | SUCCESS

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Tom Corley

Latest Articles

A Beginner’s Guide to Alternative Investments

10 Money Habits That Are Leaving You Broke

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The 8 Most Common Secrets of Self-Made Millionaires

A Success Story of 9,529 Failures