hey guys how's it going it's Andy from Magoo investing happy Sunday hopefully you guys have all
had a fantastic weekend uh so far we've actually had some really nice weather up in Portland and
I went down towards the riverfront and saw the cherry blossoms for the first time I didn't even
know they were there uh so that was a very very good time on a Saturday but I woke up this morning
I was like what type of video should I do today because the stock market's closed and you know
it's not closed cryptocurrency cryptocurrency is trading 24 7 365 and my mom actually sent me uh
this kind of idea to make this video because using Coinbase I was able to make 30 to 35
in like 10 minutes probably the time that it'd take you to watch this video and I wanted to
talk about kind of the concept that Coinbase is using to incentivize people to get into
different types of cryptocurrency because I think it's a genius way to get more people involved
because in the past when I’ve been talking on this channel about crypto I’ve always said that
I really like the idea of investing in crypto but I feel the most safe with something like a bitcoin
and so I’ve only invested in bitcoin at this point but the whole concept of the Coinbase
earn uh program is to get people more comfortable with the idea of other cryptocurrency and kind of
get their investors more educated and I think it's a genius way for people to kind of broaden
their scope of where they're investing when it comes to cryptocurrency because
up until I did this I thought I would only be a bitcoin maybe an Ethereum type of person but
now I’m looking at all these other altcoins like Cardano um just kind of all the other options that
are available on Coinbase and it makes me more interested in these type of cryptocurrency because
as I say there's a million different ways to invest when it comes to stocks and the normal
stock market but cryptocurrency is an extremely large space and it's not just bitcoin that has
decent investment opportunities there are plenty of other options out there and so that's what
we're going to be talking about in today's video I do want to mention that I am not a
licensed financial advisor this is not financial advice and I’d really appreciate if the like and
subscribe button as would help my channel out a lot for the month of April I’m trying to go
with extreme consistency and I’m going to try to upload every day so really appreciate if you
would support these videos also there will be a link in the description if you would like to
sign up for Coinbase just know that I get a like five bucks maybe 10 bucks if you feel the need to
uh join Coinbase and kind of see what it's all about make some free money go for it if not
hopefully you enjoy the video but the whole idea of the Coinbase urn is that
it incentivizes people to look at different type of cryptocurrency and so when we click on the earn
uh tab on Coinbase there's a bunch of different kind of lessons that you go through it takes like
three to five minutes per uh lesson that you go through and they don't even really care uh if you
learn anything from it so for the first couple I spent like five minutes you know watching all the
presentations because I thought it was a very interesting way to learn about these different
types of cryptocurrency that I’d never really heard of before and so you have to basically click
on the correct answer based off of the information that was given but if you get it wrong they don't
really care you can try as many times as you want and then as a reward you get given different
types of cryptocurrency so I’ll go to my portfolio right now and you can see the breakdown currently
I have 32.68 cents which is fluctuated from 30 dollars and 58 cents as you can kind of expect
cryptocurrency is pretty volatile so I have some compound I have some stellar lumens I some cello
I have some new cipher and I have the graph and so this was pretty much 33 of free cryptocurrency
and I haven't even put in a payment method at this point so this was basically just free money
and it's the idea that I’ve talked how I won't be moving my bitcoin from robin hood to Coinbase
just for the idea that uh robinhood doesn't allow people to move their cryptocurrency you're allowed
to hold it on the platform but you're not allowed to transfer it and since I’m up like 400 percent
from my original investment I would have to pay that as income tax and I don't really want to do
that so I’m going to keep that in uh just sitting in robin hood but I thought it'd be a good idea to
kind of look at some of the other crypto options because I know a lot of people uh some people in
my discord have been talking about Cardano which I think is a very interesting way I’m going to have
to do some more research before I actually buy in but the whole idea of this earn reward thing
I think is genius I think it should really be used for normal investment um just platforms because
from that video I made yesterday if you missed that I’ll link that above right now but basically
the whole idea is that I’m worried that a lot of newer investors aren't fully comfortable with some
of the laws around specifically taxes and so this person yesterday if you didn't watch that video
was the wash sale rule meaning that someone sold for a loss and then bought back the same stock
within 30 days which gets rid of the net loss that they had so this person had 45 000 in that profit
based off of what their broker showed but the taxes that they had to pay towards the end of
the year uh the iris believe that they made 1.4 million in income mean that they have to pay a
tax bill of 800 000 and so I think this would be really smart for these different platforms
to have kind of these lessons that people have to go through to maybe take some more uh
aggressive investment opportunities maybe before you get involved with options or before you
are allowed to buy some of the more volatile stocks I think it'd be a smart idea if you can
incentivize people with you know five bucks per lesson over the long run probably not that big
of a hit to the companies but as of right now there's no real incentive for these companies
to do that and that's why Coinbase really has to put these dollar amount rewards for
people to learn about cryptocurrency because most people have heard about bitcoin haven't
heard about some of these other ones and so I’m very curious to see what you guys think about
the need for further education in our public school system because I’m not bashing on math
I think math is very important but did I really need to take a full year of geometry
I can't remember the last time I needed to find you know what angle a triangle had if you give
me a length and a width I haven't had to use that since I’ve been out of college but I think it'd be
really helpful if they actually taught you know the normal things that you need to know like how
to pay taxes uh how to invest the different types of benefits for retirement accounts I think it'd
be very beneficial because I don't know how they haven't set this up yet I don't there's no real
benefit you're just kind of screwing over people and it's up to the normal person to figure out how
to do it successfully which is kind of the reason why I started making this YouTube channel because
you know I didn't have the safety net put in place by you know my public education I made some
mistakes and I made mistakes probably earlier than most people so I decided to share my experience
and that was the whole reason I got involved here and so when I go through these earn rewards
it's super simple it doesn't take that long and it just gives you free money and has people be
safer about their types of investments and when I look around the YouTube space when it comes to you
know the different types of videos I see I see a lot of stuff about you know this stock is going to
10x well the other side of the coin is it could go down 90 in the next couple months and so I think
a lot of people get it's kind of like headline reading and they kind of understand the general
idea of you know maybe some investment strategies but they don't really understand the full
you know the full story of how to invest safely and so and so looking at some of the robin
hood data the amount of people that have gotten involved in the platform has really accelerated
over the past couple years back in 2018 they had six million users and now in the end of 2020
they have 13 million so this is some explosive growth that if people have gotten involved with
the stock market towards very volatile times that allows people to make a lot of money but
I think people don't really understand you know the full importance of investing in the
stock market I found this information that approximately six out of ten households in
the united states own securities investments typically through taxable accounts however that
figure drops to a little over 3 in 10 if only taxable investments are considered households
that own taxable accounts are more likely to be older affluent college educated and white relative
to households with only retirement accounts or households without investment accounts so
there's a major discrepancy between the types of people that are benefiting from investing in the
stock market and if we're not going to be able to put this type of education into schools which I
don't understand why we can't do that I think it'd be very beneficial for some of these investment
uh platforms to put some incentives in place to you know allow people to learn about investing
in the stock market I saw td ameritrade was having an online investor day but there's no
really incentives to do that obviously you get the benefit of learning about the overall stock market
but if you can put some dollar amounts money talks and people are going to be more likely to
learn about the overall stock market and be safer if you put some dollar amounts behind it
and the amount of money that's going in and out between these major platforms on any given day
if Coinbase can afford to put you know thirty dollars towards every account that gets opened
I think you know robin hood td ameritrade Charles Schwab I think they could benefit from
putting like 15 incentives just have some basic understanding of some of the more important rules
when it comes to the overall stock market explain stuff like the pattern day trader rule uh the wash
sale rule and just kind of some general concepts of how to be a more successful investor because
for the people that aren't like you that aren't watching investment you know content online
for the most part they're just kind of flying blind and I’m very curious to see how many
people get screwed over based off of the game stop situation based off of this wash sale rule because
from everything I’ve seen a lot of people were going in and out and they kind of understand
the idea that this is day trading if you have a an account under 25 000 you're only allowed
to do three trades within a five day span but they don't maybe understand that they are not going to
be able to write off those losses if they've sold and then bought back within 30 days so
it's going to be kind of interesting uh let me know if you guys have ever used the Coinbase earn
feature I think it was probably the easiest 30 plus dollars I’ve ever made in my life
and if you don't really care about learning the information and you just want to click through it
you can probably make you know thirty dollars in the time that takes for you to watch this video so
let me know if you've taken advantage of that let me know what type of altcoins or cryptocurrency
you've been buying in the past if it's been stuffed besides bitcoin because that's pretty
much the only thing I own at this point besides you know the 30 dollars of free crypto I got from
using this earn feature so thanks for watching this video I’ll be back tomorrow talking about
renewable energy stocks because the stock market's actually open uh and I hope you guys enjoyed this
video let me know if you have any thoughts about how we can improve the education system overall
if that should be put on place for you know stuff like the different brokerages and incentivize it
with you know like 15 for people to take maybe like an hour course to kind of have a general
understanding of how the stock market works or if you think it should be put in the public education
system something that should be taught in all schools so everyone has a baseline understanding
of how to use investment successfully and grow wealth over time because as I talked about from
that irs data about securities the more affluent the wider and the more college educated you are
the better chance you have to succeed based off of investing in the stock market and we really need
to even the odds because there's definitely these myths out there that the only people
that can you know succeed from using the overall stock market are the people that are already rich
and that's definitely not true you can put yourself in a significantly better spot if
you invest often and early and that's the whole reason this channel so hopefully you guys enjoyed
this video thank you all for supporting me and I will see you in the next video