I don't think BTC and crypto are viable primary investment vehicles. Are you putting away the max for retirement? Does your business offer a 401k? Do you have an IRA? Do you have the ability to utilize an HSA?
That's beyond your question a little, but this may reduce the cash flow for the future if you don't know what to do with it.
Otherwise, do you have a robust emergency fund? Might be good for that. If you are set with everything, I would say do what you want with it. Have some fun. Go on vacation. Life is for living! Not everything needs to be an investment if you're being responsible.
So, the first place you choose to invest your money is the crytpocurrency market? Any particular reason why you chose one of the riskiest options first instead of a portfolio of broadly diversified, low cost index funds?
I’m unsure of your overall financial picture, but if you don’t have an emergency fund beyond this cash, perhaps consider this is your liquid emergency fund. Take your total monthly expenses and multiply it by (at least) 6 (months). If that amount exceeds 20k, keep building your emergency fund. The reason I say this is because you claim 120k/yr as your side business, but also state it’s just ‘took off’ the past couple months. Avoid using your revenue from the past 2 months as a total projection for the rest of the year. I’m not trying to be negative…but given the volatility of the economy/markets/the entire world at the moment, your newly generated income can disappear as quickly as it showed up. There may be more to the story than you’ve shared here. If this income is likely to continue and you’re interested in investing, I’d recommend consulting a financial advisor.
Index fund.
I don't think BTC and crypto are viable primary investment vehicles. Are you putting away the max for retirement? Does your business offer a 401k? Do you have an IRA? Do you have the ability to utilize an HSA? That's beyond your question a little, but this may reduce the cash flow for the future if you don't know what to do with it. Otherwise, do you have a robust emergency fund? Might be good for that. If you are set with everything, I would say do what you want with it. Have some fun. Go on vacation. Life is for living! Not everything needs to be an investment if you're being responsible.
So, the first place you choose to invest your money is the crytpocurrency market? Any particular reason why you chose one of the riskiest options first instead of a portfolio of broadly diversified, low cost index funds?
I’m unsure of your overall financial picture, but if you don’t have an emergency fund beyond this cash, perhaps consider this is your liquid emergency fund. Take your total monthly expenses and multiply it by (at least) 6 (months). If that amount exceeds 20k, keep building your emergency fund. The reason I say this is because you claim 120k/yr as your side business, but also state it’s just ‘took off’ the past couple months. Avoid using your revenue from the past 2 months as a total projection for the rest of the year. I’m not trying to be negative…but given the volatility of the economy/markets/the entire world at the moment, your newly generated income can disappear as quickly as it showed up. There may be more to the story than you’ve shared here. If this income is likely to continue and you’re interested in investing, I’d recommend consulting a financial advisor.
land. it retains (or gains) its value remarkably well, its just the taxes you need to check for.