Money Earning more Money!

As you know, I enjoy up the game of looking for deals, and being the most efficient with my finances as I can be. Part of that is using what money I do have to earn more money, part of that is finding rewards or discounts for credit cards, or other organizations (which I only do with things I would spend already, or for organizations I believe in). Both of these things come together in the recommendation I’m about to make:

Consider opening an account with BlockFi to hold some of your cash you’re holding in the bank, and please use my referral link to do so! Sign up using this link and we both get a bonus! https://blockfi.com/?ref=d1848f1a

Here’s my reasoning as to why this is good for you (as it has been for me):

I’ve been using the following strategy to great effect: ever since the “high yield savings” accounts dropped to .5% interest, I was annoyed that my savings accounts were earning so little. I also have a small percentage interest in crypto, so I had opened a Coinbase account to buy a little. Somehow I heard that BlockFi offered interest on your crypto holdings, so I opened an account with BlockFi, moved my crypto from CoinBase to take advantage of this, and in doing so I discovered something FANTASTIC!: BlockFi also offers a VERY high interest rate on StableCoins USDG and USDC!!! (7.5%!!! - it was higher when I started, but things in the finance space are always changing, especially in this weird time…)

A “stablecoin” is a digital currency that is tied to/fully backed by the US Dollar, so pretty much a digital dollar. StableCoins must be fully backed (by actual holdings of dollars or other liquid assets like gold, etc), which is 90% better than dollars in the bank!! (Our Fractional reserve system for banks only requires banks to have 10% of the dollars that they lend on hand, so if everyone tried to take their money out of the bank at once, they would be lacking 90% of the assets to give to everyone that has their money ‘in the bank’ their money!!!!…..). I certainly don’t trust any system completely, but the naysayers that are worried about runs on StableCoins seem to avoid the actual intrinsic problem (same problem with bank runs they say of StableCoins) of banks that we are already using (at greater risk it seems to me!) so I have moved about half of my savings from my savings accounts to BlockFi in USDG and USDC. It is NOT a bank, nor is it FDIC insured, so I’m dividing it this way (half bank, quarter USDG/quarter USDC at BlockFi) for reasons of diversifying, but there is risk everywhere and I’m no more worried keeping my money here. I have made a really good return over the past 3 months I’ve been using BlockFi, and it’s faaaaaaaaaaaaaaar better monthly than my return at my banks!

If you have a lump of money that you’re not touching that you feel like earning better interest on (with an arguable tad more risk due to being a newer system) consider using my link and opening a BlockFi account and moving SOME of it there. I am super happy I did, and I think you will be too! If you transfer $100 to BlockFi, we both get a bonus!! (we each get $10 worth of Bitcoin - which you could immediately transfer to Stablecoin if you’re not into crypto… but….. free $10!!)

Oh, and you can buy the major Cryptos there and earn interest on holding it in BlockFi too, but I’m making this recommendation just for the fantastic interest on your ‘cash’ (StableCoins).