Big on Bitcoin? American Financial Benefits Center Instead Encourages Long-Term Investing

Bitcoin

When Peter Thiel, a founder of Paypal and fourth on the Forbes Midas List and worth $2.2 billion, says he is big into Bitcoin, many people wonder if they should invest in cryptocurrencies too. According to many financial advisors, it is important to understand the difference between investing and speculating or gambling. Despite how confident an individual is about their forecasting ability, speculating or gambling usually involves risking an amount of money that can be lost, while investing is building toward financial goals like getting married, going on vacation and retiring. Many American Financial Benefits Center clients, who have lowered their payments with income-driven repayment plans (IDRs), understand the need to make slow, steady progress toward financial health.

“Maybe for some, putting money into Bitcoin or other cryptocurrencies is like putting money into lottery tickets with limited odds and a big payoff,” Sara Molina, manager of AFBC. “But for most of us, especially after working so hard to find a solution to student loan debt, money is too important to be gambled. On the other hand, investing for the future is extremely important.”

Gamblers base their strategies on mysterious signs and interpretations and are motivated by the need to get rich or outperform the stock market. They often put all of their resources into a single entity such as a horse, a stock or a cryptocurrency.

Maybe for some, putting money into bitcoin or other cryptocurrencies is like putting money into lottery tickets with limited odds and a big payoff. But for most of us, especially after working so hard to find a solution to student loan debt, money is too important to be gambled. On the other hand, investing for the future is extremely important.

Sara Molina

Manager at AFBC

Investors base their strategy on diversifying, spreading investment dollars out strategically in different types of investments, such as stocks, bonds, real estate, and domestic and foreign businesses, taking care to understand how all of those interact.

Investing is long term, and though it does not produce the adrenaline rush of finding the next big winner, it can provide a solid, sustained base from which to live with financial health. From this perspective, cryptocurrencies, like real estate in the early 2000s or stocks in the 1990s, are not investments, but market speculations that have a much higher chance of failure. American Financial Benefits Center encourages clients to continue long-term strategies undertaken to secure a brighter, better future.

“We feel that clients know the value of money and the importance of long-term planning,” said Molina. “We urge them to continue to steadily repay their student loans with the IDRs we have helped them secure by assisting in the application process, and we hope they feel they can use any money they have left over toward retirement and any bigger purchases that are on the horizon.” 

About American Financial Benefits Center

American Financial Benefits Center is a document preparation company that helps clients apply for federal student loan repayment plans that fit their personal financial and student loan situation. Through its strict customer service guidelines, the company strives for the highest levels of honesty and integrity.

Each AFBC telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).

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Contact

To learn more about American Financial Benefits Center, please contact:

American Financial Benefits Center
1900 Powell Street #600
Emeryville, CA 94608
1-800-488-1490
info@afbcenter.com

Source: American Financial Benefits Center


Categories: Financing and Student Loans, Financial News

Tags: bitcoin, cryptocurrency, finances, gambling, income-driven repayment, investments, student loan repayment, student loans


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About American Financial Benefits Center

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American Financial Benefits Center works to align each client with the different U.S Department of Education programs available to them based on their income and occupational situation.

American Financial Benefits Center
1900 Powell Street (600)
Emeryville, CA 94608
United States