Growing up in the USA we were told that you need 1 million dollars to retire. I recently heard that there is a new figure that is closer to 1.5 million. What is interesting is that also growing up I was never told about Social Security. Here in the US we have this system where in our taxes we pay into Social Security. And then when we retire the government will pay give us a Social Security check each month to live off of. I was never under the impression it was for my generation. So I always knew that I was going to have to save for my retirement. I knew I needed a 401K for when I retire. A 401K is a fund where you put pre-tax money into and let it grow in interest until you retire.
(To be clear Social Security doesn't supply a living wage really but it's supplemental to what you already have and they say it will be around for me when I retire)
Image Source : Debt Round Up
Now with that in mind and the new 1.5 million mark I need to hit I need to start really going for it. As Dave Ramsey says "Live like no one else now so that later you can Live like no one else" (something like that at least). It means live super cheap now so that later you can live like a king (basically).
About 2 or 3 months ago I was introduced to NEXO.io. It's a website like Celsius where you deposit your crypto and basically stake it for a limited time. You set aside a certain amount of crypto for a certain amount of time and you earn interest on it. The interest is a set amount and guaranteed. And it is safe at Nexo, or as safe as you can be.
$375M insurance and maximum security with the audited custodian BitGo
You can deposit the following Tokens and earn interest on them:
The best part to it is that you don't have to perform KYC if you don't want to. I didn't and I earn 5% on my BCH and ETH. You can upgrade your verification to earn more rewards if you want.
Now on to the nuts and bolts of Nexo.
Last month I moved 0.5 ETH to NEXO and started a 1 month fixed term with it all. It states that at base level you earn 5% for a 1 month fixed term. It is not 5% per month however. The good news though is that the amount you earn in interest is paid out each night and then the next day you earn the interest on that new slightly higher amount.
After 1 month I earned 0.00214316 of Ethereum in interest. By my rough calculations that is .42% of interest per month. You can set it to auto renew and your interest will compound daily. Take that .42% and multiple it by 12 months and you get 5.02%.
The same can be said for my BCH holdings. I locked up 0.00875078 BCH and after 1 month I earned 0.00003742 BCH which is that .42%.
I utilize Noise.cash and so each day I get micro payments sent from Noise.Cash over to Nexo. So for my BCH I do not setup automatic renewal because each time the month expires I start a new fixed term but with all the BCH I earned. It's not a huge amount but it's free money guys.
The other amazing thing about Nexo is that is accurately tracks your transactions. It tracks every time I earn interest and when it pays out. It tracks when I top up my BCH wallet from Noise.Cash. It then lets me export my transactions to a csv file for easy data editing. And unlike Trust Wallet it tracks EVERY transaction and sometime its tracks everything so much its annoying haha. When I earn interest its a transaction, when the interest is paid to me it's a transaction. If I have 2 BCH fixed terms going at once it shows both but you don't know which is for which.
Another nice feature is that you can earn an extra 2% of interest per coin you lock in if you choose to get paid out in NEXO tokens.
This one is more of a gamble because the price of NEXO could fluctuate but I guess so can the price of your crypto. But your percentage you earn is not based on a monetary value but percentage of the actual coins you lock in. You will need to finish your Advanced Verification if you want to utilize this option though.
There is also a Loyalty Level as well. The more Nexo coin you hold the more interest you can earn.
Here is what I think is my referral link if you want to give it a try. Again you do NOT need to complete KYC to start earning interest because I didn't :)
https://nexo.io/?u=6054cabd00ba8b058014df99
Here is the normal URL: https://platform.nexo.io/
To finish up. Nexo is a great tool to basically stake tokens/coins that you normally couldn't stake. Say you have 1 Ethereum that you don't want to touch but want to put to work for you. Put it in Nexo and set it in a automatic 1 month renewal fixed term. It will continue to grow while you do nothing. If you can get your money to work for you then you are truly doing something right.
At times it may not look like it still guys but we are still in the beginning of the crypto revolution. Value of various cryptos are only going to go up. The demand for crypto's is only going to go up. Earn that interest now when everything is still young and new and you will reap the rewards later in life. If you are going to HODL your coins anyways you might as well earn interest on them.
