In the past weeks the economy has taken another strange turn with the decreasing value of cryptocurrency. In light of this, we present a comparison between your financial opportunities investing in crypto versus investing in property management.
Crypto provides a higher chance to get rich quickly through investments in a lucrative but highly uncertain venture. Times Money Mentor explains that the most popular cryptocurrency for example, bitcoin, was only worth $1 in 2011 near its launch. Ten years later, bitcoin reached its record value of $69,004, implying that a promising return could be gained from blockchain technology. As 2021 ended and 2022 began however, bitcoin values dropped to $47,000 in March and $29,000 in May. This still seems like a lot of money, but with it comes the stress and risk of a digital market that could crash at any moment. For those who bought into bitcoin at its beginning, the challenge is not just to decide the right time to sell, but also how to successfully manage a digital wallet full of cryptocurrency. For those looking to enter the market, a larger investment will be needed for just one bitcoin or adjacent cryptocurrency.
One of the other risks involved in cryptocurrency, or blockchain technology, is that it is not protected. When one accumulates Crypto, these virtual coins are stored in a digital wallet with a password. This means that if the password to the digital wallet is lost or forgotten the crypto currency stored inside it is lost forever. If you have the financial means and ability to enter the cryptocurrency game and you are willing to take on the risk that crypto presents, then there are chances for financial gain with the click of a button and some waiting. For those not in an ideal position to invest large amounts of money into cryptocurrency however, there are many more secure avenues for investment.
In property management you may not make as much at one time, but you will have a stream of residual income that will grow as you add to your property management portfolio. In the rental industry there are a number of different ways to earn a profit. One is to be a real estate property owner. As an owner, you can rent out your home and leave the heavy lifting to a property management company such as All County® making you, the owner, a passive profit.
To make a larger profit you may consider becoming a property manager. As a property manager you work for owners to manage their most important asset, their home. In doing this you receive a percentage of the rent paid by tenants on a residual monthly basis. Though this may not be a large profit from one home, as you add more doors to your property management portfolio your monthly income can skyrocket.
At All County®, we have seen that those who work to grow their business and use our processes achieve significant success. This is not a get rich quick business, but a business structure that can have incredible yield when worked at diligently. Additionally, among franchises and business startups, property management is on the lower end when it comes to barriers of entry. You still pay some money to purchase and start your property management franchise, but there is no costly inventory or astronomical fees. This makes owning your own business less of a risk, especially for those just entering the franchise market with little self-employment or business experience.
Deciding where to invest your money is an important step in ensuring a secure financial future. There are many options to choose from ranging from the near gamble of cryptocurrency, to the more secure but labor intensive industry of property management. Whether bitcoin or one of its counterparts, cryptocurrency will make large promises of wealth at risk of certainty while property management will provide wealth and financial success that builds over time. Crypto and property management are both ways to increase your wealth, but the comparison between them sheds some light on where you can feel confident placing your investment.