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Crypto can be risky. Should you take a chance on it?
Key points
- Many investors have enjoyed great success with cryptocurrency.
- Dave Ramsey, however, is not a fan for a few reasons.
Any money you might need for a near-term goal, like buying a home, should be tucked away in a safe place, like a savings account. It’s also important to keep enough money in your savings account to cover three to six months of essential living expenses.
But if you have money at your disposal beyond that, you may be eager to invest it. And that’s a smart idea.
Investing is a great way to grow wealth over many years. Frankly, it’s something you pretty much need to do if you want a shot at a comfortable retirement.
When it comes to investing, you have different assets you can look at. Stocks and bonds have long been popular choices, but these days, a growing number of people are having success by investing in cryptocurrency.
But is that the right move for you? If you ask financial guru Dave Ramsey, he advises against it for a few big reasons.
Why Ramsey doesn’t like crypto
Although cryptocurrency seems to be a pretty trendy investment, Ramsey has a few major problems with it. First of all, cryptocurrency is pretty unstable. Granted, the same can be said about the stock market, which has certainly seen its share of volatility over the past two months.
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