With a shift in going digital and relying more on technology and the internet, more individuals are following suit in a variety of popular fads. Whether that is buying real estate and renting out properties or investing in cryptocurrency, local Edward Jones Financial Advisor Ryan Painter says be mindful of the potential risks:
“You can do really well with real estate. It is harder right now with interest rates being higher. First advice with real estate would be if you can pay cash, do it. If you can’t, make sure it is something you can afford to pay even if the renters don’t. The risk with real estate is it is just a lot more work than people think. Similarly, people got really into cryptocurrency, bitcoin, and all of these other coins that have been created, treat them like a collectible at this point. It is more like a trading card, it is more like a collectible right now than it is a currency. I can say that confidently because you can’t take a bitcoin anywhere in the world and spend it. You have to turn it back into dollars. So, until it is universally accepted as a coin, it is going to continue to be very volatile and risky. Don’t put any money into cryptocurrency that you can’t afford to lose.”
Painter went on to report we are in a digital world already as over 90 percent of transactions are done digitally because use of a debit or credit card are digital forms of payment.
