My Crypto Journey is a Binance Blog series showcasing how crypto, blockchain, and Binance have changed the lives of various individuals for the better.
This is a story about crypto becoming a viable alternative income stream for a 45-year-old Nigerian.
For Izugod, crypto became an alternative income stream and helped fund a family business. Read his success story in this entry of My Crypto Journey.
My Crypto Journey follows the lives of African individuals whose lives have been, in one way or another, positively impacted by crypto, blockchain, and Binance.
This is the story of Izugod (pseudonym), who successfully set up alternative income streams using crypto.
“My cousin introduced me to crypto in 2017. She was my guide to navigating crypto trading.” – Izugod, 45
Izugod, 45, is a confidential secretary in Nigeria. In 2017, he learned about crypto through his cousin, who had already been active in the crypto space. She became pivotal to Izugod’s journey into the world of digital assets, teaching him crypto basics, as well as explaining where to find free educational resources and how to handle and transfer crypto more safely.
Thanks to his role model, Izugod developed a responsible crypto trading attitude, which helped him build his crypto portfolio slowly but steadily.
“Crypto helped my family stay afloat in tough economic environments.”
During stressful periods when cashflow was low, additional funds from crypto activities like trading tided Izugod over. On several occasions, to settle urgent expenses, he would sell some of his digital assets.
For Izugod, income from crypto was not just a lifeline during difficult times; it also presented a rare chance for his family to realize their longstanding entrepreneurial dream.
“I was able to buy a flour-mixing machine for my wife’s budding home baking business,” shared Izugod. By using the proceeds from one profitable activity to kick off another one, Izugod was able to diversify his income streams and strengthen his family’s finances.
Setting up multiple income streams is a common way to increase one’s financial security. With more than one source of income, you can be better prepared for negative external events like a financial crisis or a period of high inflation.
“I’m on a personal mission to become a better trader. There isn’t a day that I don’t use Binance to help me on this journey.”
Izugod strives to improve as a trader daily and uses the resources Binance offers to inform his learning. Binance Academy is one channel that provides free crypto educational materials for people like Izugod. Whether it’s for trading, building fundamental knowledge, or learning about new Binance products and services, millions of people can pursue crypto literacy through Binance Academy.
Exploring alternative income streams is a hallmark of successful personal wealth management. Izugod’s interest in diversification shows strategic approach to pursuing financial stability. “I am now confident of falling back on my Binance trading income if I have to leave my day job,” said Izugod.
Before trading, decide on a strategy and remember to stick to it.
Two things increase when you invest more capital – potential profits and possible losses. Always do your own research (DYOR) before committing your funds.
From time to time, convert your unrealized profits into cash. Use these profits to reinvest in other income opportunities or reward yourself for your hard work. I have gotten an extra boost of motivation after treating myself and found myself working even harder for a better future.
Want to write your own success story? Sign up for a Binance account to take your first step into the world of crypto today.
