Life Stages Archives | Page 408 of 571

Oct

2022

Cryptocurrency and the Wash Sale Rule for 2023

By Michael Flannelly | Growing Wealth, invest, Investing | Comments Off

Because crypto can be volatile, using tax-loss harvesting to offset capital gains has been relatively easy for crypto traders to execute — mainly because these investors haven’t had to worry about the wash sale rule.

Under the current wash sale rule, investors cannot sell ordinary securities at a loss (such as stocks, bonds, exchange-traded funds), and then buy back the same or similar securities and still claim the loss to offset other capital gains. But crypto investors can.

That’s because, for now, the IRS does not classify cryptocurrency as a security; it is considered property. So crypto investors may therefore sell crypto that has fallen in value, lock in the loss, and then buy it back again immediately — a wash sale — while still being able to offset investment gains for a tax benefit.

This may change if legislation that’s pending ultimately passes Congress, so it’s wise to be informed about the wash sale rule and how it could affect cryptocurrency trading.

What Is the Wash Sale Rule?

The wash sale rule prevents investors from selling an investment loss just for the tax-loss harvesting benefits while essentially maintaining their position in the security. For instance, if an investor sells 100 shares of stock ABC at a loss on October 1 and then repurchases 100 shares of ABC on October 15, they would not be able to use the tax advantages from the losses from the sale on October 1.

A wash sale occurs when an investor sells a security at a capital loss, and then buys the same or “substantially identical” security within a 61-day window, either 30 days before or after the sale.

Investors often take advantage of investments that have declined in value, selling the securities at a capital loss to offset the capital gains tax they may owe on the profits of other investments they’ve sold.

Known as tax-loss harvesting, investors commonly use this strategy to minimize investment tax liability. And for years, crypto investors have been able to claim multiple losses — some of which can also offset up to $3,000 in personal income — to offset gains, without having to worry about the wash sale rule.

💡 Recommended: Crypto Tax Loss Harvesting Guide for 2022

Does the Wash Sale Rule Apply to Cryptocurrency?

While crypto transactions aren’t subject to the wash sale rule at the moment, excessive crypto wash sales could still cause investors issues with the IRS. This is because crypto wash sales may fall under the IRS’ Economic Substance Doctrine, which states that crypto wash sales must have economic substance — like altering your exposure to market risk — to be eligible for tax benefits.

Because the crypto market can be highly volatile, crypto transactions often have economic substance, so its likely investors could still claim the tax loss benefits even if they repurchased the same crypto shorting after selling.

Nonetheless, the wash sale rule is something that all investors need to be aware of when trading different types of cryptocurrency. By understanding the rule and how it applies to cryptocurrency, investors can ensure they are taking advantage of all the tax benefits available to them.

Example of Crypto Wash Sale

A crypto wash sale occurs when an investor sells a specific cryptocurrency at a loss but buys the same cryptocurrency 30 days before or after the sale date.

For example, suppose an investor buys $5,000 worth of a specific cryptocurrency. This crypto then falls in value by half, trading at $2,500. The investor can sell their position, incurring a $2,500 loss, but immediately buy back $2,500 worth of the crypto to maintain their position. The investor could claim $2,500 of capital losses on their taxes but still have a position in the crypto.

Crypto investors often use a wash sale to lock in a capital loss for tax benefits but still maintain a position in a specific crypto.

However, the IRS could still flag this strategy for tax loss harvesting. The IRS may disallow a wash sale if a taxpayer is in the same economic position after the transaction, as in the example above.

The best way to avoid issues with crypto wash sales is to wait to repurchase the specific crypto asset after the 30 days period; this way, the transaction no longer classifies as a wash sale.

Will the Wash Sale Rule for Crypto Change in the Future?

As noted above, the wash sale rule doesn’t currently apply to crypto, but that could change in the future.

The Biden administration tried to change how the wash sale rule applied to crypto as part of the Build Back Better legislation. If it had passed, this bill would have made crypto subject to the wash sale rule like stocks and other securities. However, this bill stalled in Congress.

Investors should be aware of the evolving nature of how tax rules apply to cryptocurrency since it is still a nascent asset class. There will likely be further regulation of cryptocurrency in the future, which could affect how the wash sale rule applies to crypto.

The Takeaway

The wash sale rule is a tax rule that says you can’t deduct a loss on the sale of an asset if you buy the same or similar asset within 30 days before or after the sale. The wash sale rule applies to stocks, bonds, and other securities, but does not usually apply to cryptocurrency.

Many crypto traders use wash sales as part of a tax-loss harvesting strategy to minimize tax burden while maintaining a position in their crypto holdings. However, the evolving tax rules surrounding crypto may limit this benefit in the future. Crypto traders need to stay up to these changes when it comes to managing a crypto portfolio and tax liability.

Photo credit: iStock/kate_sept2004

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Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

²Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.

First Trade Amount		Bonus Payout
Low	High	Bonus Payout
$50	$99.99	$10
$100	$499.99	$15
$500	$4,999.99	$50
$5,000+		$100

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Oct

2022

What Are Bull Put Spreads & How Do They Work?

Bull Put Spread: How This Options Strategy Works

By Brian Nibley | Going to College, invest, Investing, Terminology | Comments Off

A bull put spread is an options trading strategy that someone may use when they have a moderately bullish view of an asset, meaning they think the price will increase slightly. The strategy allows you to profit from an increase in an underlying asset’s price while limiting losses if an asset’s price declines.

Bull put spreads and options trading are not for everyone, but learning the ins and outs of this strategy may help your financial portfolio.

What Is a Bull Put Spread?

A bull put spread is an options trading strategy that involves buying a put option and selling another put option on the same underlying asset with the same expiration date, but at different strike prices. The trade is considered a neutral-to-bullish strategy, since it’s designed so the maximum benefit occurs when an asset’s price moderately increases.

To execute a bull put spread, a trader will simultaneously sell a put option at a specific strike price (the short leg of the trade) and buy a put option with a lower strike price (the long leg of the trade).

The trader receives a premium for selling the option with a higher strike price but pays a premium for buying the put option with a lower strike price. The premium paid for the long leg put option will always be less than the short leg since the lower strike put is further out of the money. The difference between the premium received and the premium paid is the maximum potential profit in the trade.

The goal of the bull put spread strategy is to finish the trade with the premium earned by selling the put (sometimes referred to as writing a put option) and lose no more than the premium paid for the long put.

A bull put spread options trading strategy is sometimes called a short put spread or a credit put spread.

How a Bull Put Spread Works

Bull put spreads focus on put options, which are options contracts that give the buyer the right – but not always the obligation – to sell a security at a given price (the strike price) during a set period of time.

The bull put spread strategy earns the highest profit in situations where the underlying stock trades at or above the strike price of the short put option – the put option sold with the higher strike price – upon expiration. This strategy, therefore, works best for assets that the traders of a bull put spread believe will trade slightly upwards.

The strategy provides a way to profit from a stock’s rising price without having to hold shares. An options strategy like this also caps downside risk because the maximum loss is the difference between the strike prices of the two puts minus the net premium received.

Even though the risk is limited, there can still be times when it makes sense to close out the trade.

Max Profit and Risk

A bull put spread is meant to profit from a rising stock price, time decay, or both. This strategy caps both potential profit and loss, meaning its risk is limited.

The profit of a bull put spread is capped at the premium you receive by selling the short leg of the trade, minus the premium you spent to buy the long leg put option. You achieve this maximum profit if the underlying asset finishes at any price above the strike price of the short leg of the trade.

Maximum profit = premium received for selling put option – premium paid for buying put option

The maximum losses (i.e., the risk) of a bull put spread is the difference between the strike price of the short put option and the strike price of the long put option, minus the net premium you received.

Maximum loss = strike price of short put – strike price of long put – net premium received

The breakeven point of a bull put spread is the price the underlying asset trades at expiration so that the trader will come away even. The breakeven point will equal the difference between the net premiums you receive up front and the strike price of the short put option. At the breakeven, the trader neither makes nor loses money, not including commissions and fees.

Breakeven point = strike price of short put – net premium received

Bull Put Spread Example

Alice would like to use a bull put spread for XYZ stock since she thinks the price will slowly go up a month from now. XYZ is trading at $150 per share. Alice sells a put option for a premium of $3 with a strike price of $150. At the same time, she buys a put option with a premium of $1 and a strike price is $140. Both put options have the same expiration date in a month.

Alice will collect the difference between the two premiums, which is $2 ($3 – $1). Since each option contract is usually for 100 shares of stock, she’d collect a $200 premium when opening the bull put spread.

Maximum Profit

As long as XYZ stock trades at or above $150 at expiration, both puts will expire worthless, and she will keep the $200 premium she received at the start of the trade, minus commissions and fees.

Maximum profit = $3 – $1 = $2 x 100 shares = $200

Maximum Loss

Alice will experience the maximum loss if XYZ stock trades below $140 at expiration, the strike price of the long leg of the trade. In this scenario, Alice will lose $800, plus commissions and fees.

Maximum loss = $150 – $140 – ($3 – $1) = $8 x 100 shares = $800

Breakeven

If XYZ stock trades at $148 at expiration, Alice will lose $200 from the short leg of the trade with the $150 stock price. However, this will be balanced out by the initial $200 premium she received when opening the positioning. She neither makes nor loses money in this scenario, not including commissions and fees.

Breakeven point = $150 – ($3 – $1) = $148

Bull Put Spread Exit Strategy

Often, trades don’t go as planned. If they did, trading would be easy, and everyone would succeed. What sets successful traders apart from the rest of the pack is the ability to make winning trades, mitigate risk, and limit losses.

Having an exit strategy can help by providing a plan to cut losses at a predetermined point, rather than being caught off guard or simply “waiting” and “hoping” that the market turns around in your favor.

An exit strategy may be a little complicated for a bull put spread. Before the expiration date, you may want to exit the trade so you don’t have to buy an asset you may be obligated to purchase because you sold a put option. You may also decide to exit the position if the underlying asset price is falling and you want to limit your losses rather than take the maximum loss.

To close out a bull put spread entirely would require that the trader buy the short put contract to close and sell the long put option to close.

💡 Recommended: Buy to Open vs Buy to Close

Pros and Cons of Bull Put Spreads

The following are some of the advantages and disadvantages of bull put spreads:

Bull Put Spread Pros	Bull Put Spread Cons
Protection from downside risk; the maximum loss is known at the start of the trade	The gains from the strategy will be limited and may be lower than if the trader bought the underlying asset outright
The potential to profit from a modest decline in the price of the underlying asset price	Maximum loss is usually more substantial than the maximum gain
You can tailor the strategy based on your risk profile	Difficult trading strategy for novice investors

Impacts of Variables

Several variables impact options prices, and options trading terminology describes how these variables might change in a given position.

Because a bull put spread consists of a short put and a long put, the way specific changes in different variables impact the position can be different than other options positions. Here’s a brief summary.

1. Stock Price Change

A bull put spread does well when the underlying security price rises, making it a bullish strategy. When the price falls, the spread performs poorly. This is known as a position with a “net positive delta.” Delta is an options measurement that refers to how much the price of an option will change as the underlying security price changes. The ratio of a stock’s price change to an option’s price change is not usually one-to-one.

Because a bull put spread is made up of one long put and one short put, the delta often won’t change much as the stock price changes if the time to expiration hasn’t changed. This is known as a “near-zero gamma” trade. Gamma is an estimation of how much the delta of a position will change as the underlying stock price changes.

2. Changes in Volatility

Volatility refers to how much the price of a stock might fluctuate in percentage terms. Implied volatility (IV) is a variable in options prices. Higher volatility usually means higher options prices, assuming other factors stay the same. But a bull put spread changes very little when volatility changes, and everything else remains equal.

This is known as a “near-zero vega” position. Vega measures how much an option price will change when volatility changes, but other factors are unmoved.

3. Time

Time decay refers to the fact that the value of an option declines as expiration draws near. The relationship of the stock price to the strike prices of the two put options will determine how time decay impacts the price of a bull put spread.

If the price of the underlying stock is near or above the strike price of the short put (the option with a higher strike price), then the price of the bull put spread declines (and makes money) as time goes on. This occurs because the short put is closest to being in the money and falls victim to time decay more rapidly than the long put.

But if the stock price is near or below the long put’s strike price (the option with a lower strike price), then the price of the bull spread will increase (and lose money) as time goes on. This occurs because the long put is closer to being in the money and will suffer the effects of time decay faster than the short put.

In cases where the underlying asset’s price is squarely in-between both strike prices, time decay barely affects the price of a bull put spread, as both the long and short puts will suffer time decay at more or less the same rate.

4. Early assignment

American-style options can be exercised at any time before expiration. Writers of a short options position can’t control when they might be required to fulfill the obligation of the contract. For this reason, the risk of early assignment (i.e., the risk of being required to buy the underlying asset per the option contract) must be considered when entering into short positions using options.

In a bull put spread, only the short put has early assignment risk. Early assignment of options usually has to do with dividends, and sometimes short puts can be assigned on the underlying stock’s ex-dividend date (the date someone has to start holding a stock if they want to receive the next dividend payment).

In the money puts with time value that doesn’t match the dividends of the underlying stock are likely to be assigned, as traders could earn more from the dividends they receive as a result of holding the shares than they would from the premium of the option.

For this reason, if the underlying stock price is below the short put’s strike price in a bull put spread, traders may want to contemplate the risk of early assignment. In cases where early assignment seems likely, using an exit strategy of some kind could be appropriate.

Start Investing Today With SoFi

Trading options isn’t easy and can involve significant risk. Many variables are involved in options trading, some of which have been notorious for catching newbie traders by surprise. While we’ve answered the fundamental question “what is a bull put spread” here, new investors looking to implement this strategy will still have a lot to learn.

For investors ready to dive into bull spreads and other options trading strategies, SoFi’s options trading platform is a good place to start, thanks to its intuitive design. Investors can trade options from the mobile app or web platform. Plus, they can check out educational resources about options if any questions arise.

Trade options with low fees through SoFi.

Photo credit: iStock/kate_sept2004

Oct

2022

12 Ways a College Athlete Can Make Money

By Emily Greenhill Pierce | Budgeting & Goals, Going to College, money | Comments Off

Student athletes typically have extra busy schedules along with the usual college expenses. Between classes, course work, practices, and games or competitions, finding the time for a job to make some money can be tough.

Fortunately, there are many ways for college athletes to make money — through coaching, training gigs, remote work options, and more. With a little creativity, it’s possible to earn some cash doing what an athlete does best: playing to your strengths.

Here, you’ll learn more about how college athletes can make money while working on their degree.

Rising Cost of College

There’s no doubt that college is a big-ticket item: In the 2021-2022 school year, the average cost of tuition and fees at a public college was around $10,740 for in-state residents, and $27,560 for out-of-state residents. For private college, the average cost was $38,070.

Between 1980 and 2020, the average cost of an undergraduate degree went up by 169%.

Even if you’ve been awarded a scholarship, student athletes still need money for everyday expenses and all those protein bars. If you’re wondering how to make ends meet, read on for answers to the question, “How can you make money as a college athlete?”

12 Smart Ways to Make Money as a Student Athlete

If you need to balance athletics and academics, there are an array of part-time job opportunities well-suited for the student athlete.

Here are 12 ways you can bank on your abilities, while adding to your college bank account.

1. Working for the Athletics Department

Landing a job in your school’s athletics department can be a convenient way to earn money while figuring out how to get involved at college and meet other students. Many college athletic departments can provide part-time gigs — in the office or the locker room.

Try asking your coach or athletic director about money-making opportunities. Athletic departments often need the support and, since they’ll be helping out a student athlete, the arrangement can be a real win-win.

2. Training Younger Athletes

Your athletic talents can help nurture the next generation. You could earn an hourly wage working in an after-school sports program for kids — either directly at a school, with a private league/program, or with an organization such as the YMCA.

Parents are often looking for role models to coach and train their children. Some college athletes offer their expertise in a private one-on-one or small group setting for an hourly rate — between $20 to $25 per kid.

Your coach or athletic director may have insight on opportunities for working with children. Bonus: Running around with those energetic kids can help keep you in shape.

Recommended: 15 Low-Cost Side Hustles

3. Personal Training

Still curious about how a college athlete can earn money? Think about all those hours spent training, whether your sport is baseball or gymnastics. You can parlay your workout know-how into income. As a personal trainer, you could make around $20 bucks an hour working with a client, and schedule sessions around your availability.

However, some clients (definitely gyms) may require you to have a personal trainer certificate from an accredited program, which could take time and money.

4. Managing Social Media

In addition to hours in the weight room, college athletes, like most young people, have spent a lot of time on social media. Why not turn those hours of screen time into cash?

Some small businesses don’t have a social media presence. You could check with your campus pizza joint, a local fitness center, or your team’s favorite coffee bar and see if they might hire you to set up or maintain their social media accounts. You could arrange for an hourly rate or flat monthly fee.

Recommended: Finding Jobs That Pay Off Student Loans

5. Vlogging

Some student athletes start their own YouTube vlog relating their experiences or testing sports equipment. As it grows, you can eventually monetize it by using income-producing programs such as Google Adsense.

The flexibility of vlogging is great for a busy college athlete’s schedule, but it might take awhile for you to learn how to get paid for social media and start bringing in income.

Quick Money Tip:When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a zero fee bank account that doesn’t charge you for overdrafting.

6. Writing Sports Articles

You can make some extra dough by writing about your experiences as a college athlete — personal stories or articles about your triumphs and challenges or an insider’s scoop on the big match.

Check with local newspapers or online sports publications for submission requirements and pay scale.

7. Working Seasonal Jobs

Many college athletes may have more hours for a job during the off-season. If the bulk of your athletic commitments are in the spring, you might consider an easy way to make money in the winter, whether shoveling driveways or ski detailing in a sporting goods store.

A primarily winter season could free up time for an athletic summer job, such as being a lifeguard or a counselor at a sports camp.

8. Selling Old Sports Gear

Student athletes can clean out their closets and earn extra money by selling their gently used sports equipment, apparel, and footwear. Online marketplaces such as SidelineSwap and Geartrade deal specifically in used sports products. Or you can always list your items on Ebay, Facebook Marketplace, and/or Craigslist.

9. Selling Sports Cards

Like many college athletes, you may have spent your childhood collecting trading cards of your sports heroes. Now your hobby could really pay off. There are many websites and antique stores waiting to buy individual cards or your whole collection.

Only one problem: Some of your sports cards may have high sentimental value. You may not be able to part with them!

10. Starting an Online Business

Being your own boss is a great way to ensure a flexible schedule for a college athlete. Tap your entrepreneurial streak. The possibilities are endless — editing services, translation services, online T-shirt sales with a unique logo for your team — and you can hire your teammates to help out.

Recommended: 11 Benefits of Having a Side Hustle

11. Modeling

Here’s how else student athletes can make money: Most are physically fit, making them good candidates for modeling work. You could submit photos to a local talent/modeling agency and mention your athletic skills as a plus. A photoshoot for a print ad or an on-camera commercial can yield good money for a few hours of work.

12. Cashing in on Endorsements

In 2021, college athletes earned the legal right to profit off of their names, images, and likeness (NIL). While some student athletes have raked in five- to six-figure endorsement deals, the majority of the 460,000 college athletes across the country earned smaller payouts or free products from local businesses.

While the ruling may be controversial, for some, it’s an easy way to benefit from your years of hard work and dedication to your sport.

The Takeaway

Student athletes can leverage their years of training and discipline into finding a part-time job. You can channel your sports knowledge and work ethic into coaching, personal training, vlogging, writing sports articles, or launching an online business.

With a little research and hard work, you can find an income source that is financially rewarding and won’t put your studies or athletic performance in the penalty box.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.60% APY on SoFi Checking and Savings.

FAQ

Is it legal for student athletes to make money?

Student athletes are allowed to hold on-campus and off-campus jobs.

How many hours are student athletes able to work?

The NCAA dictates that student athletes are limited to participate in school athletic activities for a maximum of four hours a day, or 20 hours a week. Depending on a student’s course load, that leaves a few hours a day for a part-time job.

Do student athletes get paid?

Student athletes don’t receive salaries from colleges. However, they are allowed to benefit from monetizing their name, image, and likeness, and benefit from commercial endorsements.

Photo credit: iStock/GCShutter

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Oct

2022

How to Make Passive Income with Cryptocurrency

12 Ways to Make Passive Income With Cryptocurrency

By Brian Nibley | Growing Wealth, invest, Investing | Comments Off

There are numerous ways to earn passive income with cryptocurrency, such as staking, lending, and even yield farming. Like many other investments, crypto presents the opportunity to not only earn a return through trading cryptocurrency, but also by putting your investment to work to earn passive income.

Earning passive income generally means utilizing your assets, without active involvement, to generate additional dollars, and it can be done in the crypto space. The concept is the same as compounding interest or reinvesting dividends in the traditional financial world or earning rent on investment properties. Continue reading to learn how to earn passive crypto income.

Can You Generate Passive Income with Cryptocurrency?

It is possible to earn passive income with crypto, but keep in mind that any returns will depend on the method chosen and the amount of crypto you have to start with. Also, given the crypto market’s volatility, there’s no guarantee that any crypto strategies will deliver returns at all.

Still, those holding large amounts of crypto have several potential avenues to make money with crypto. However, it’s up to you to weigh the risks of trying to earn a yield on your crypto, and its potential rewards, versus the risk/reward ratio of simply holding for potential long-term gains.

12 Ways You Can Earn Passive Income With Crypto

Many of the potential ways to earn passive income with crypto involve lending and borrowing. Other methods, including running a node, mining, or staking coins, are more technical.

Here are twelve ways to earn passive income with different types of crypto.

1. Proof-of-Stake (PoS) Staking

Proof-of-stake is a consensus method used in blockchain technology that serves as an alternative to Bitcoin’s proof-of-work. PoS networks agree on which transactions are valid through a process that involves nodes locking up, or “staking,” large amounts of tokens for a time. Crypto staking replaces the role of mining in a proof-of-stake system, and is, effectively, like sticking your assets in a locked savings account in order to earn interest.

Instead of “miners” receiving new block rewards, like in a PoW system, “validators” receive new block rewards in PoS. Validators do not need expensive computer hardware, but they do need to have sufficient tokens to have a chance at adding the next block to the chain. Many networks require an initial investment before allowing staking.

2. Interest-Bearing Digital Asset Accounts

A number of service providers allow users to deposit their crypto and earn a yield on it, as they might with depositing cash in a savings account. To do so, simply open an account and deposit your crypto or stablecoins. You can do an internet search to find companies that provide these types of accounts.

In exchange for the deposit, users earn interest on crypto. Stablecoins like U.S. Dollar Coin (USDC) and Dai (DAI) often have the best interest rates. Note that there might be a “lockup period” involved, where users can’t access their funds for a fixed amount of time. And there are risks associated with these types of accounts, as they aren’t offered the same government protections as standard bank accounts.

3. Lending

There are several ways that investors can lend out crypto. The main draw of lending is that you can charge interest to a borrower. The amount earned will depend on a few things, including:

• The total value of crypto being lent

• The duration of the loan

• The interest rate

Higher rates, longer loan terms, and larger loan quantities can lead to more income from the interest paid by borrowers. In some cases, those earning crypto passive income through lending get to choose the terms of the loans they create. In others, a third party negotiates the terms ahead of time. Here are some of the main forms of crypto lending:

Margin Lending

Margin lending is lending crypto to traders who want to use borrowed assets to increase their leverage through margin trading. This allows traders to amplify their positions with those assets and repay the loans with interest. Crypto exchanges handle most of the details on the lender’s behalf, in this case. Users only need to make their digital assets available.

💡 Recommended: Learn more about margin trading and how it works

Centralized Lending

Centralized lending involves relying on the lending infrastructure and terms set by a third party. In this case, the interest rates and lock up periods will be fixed ahead of time. Users must deposit their crypto to the lending platform before earning interest.

Decentralized Lending

Also known as DeFi lending, this option involves using lending services directly through the blockchain. There are no intermediaries, and lenders and borrowers interact through smart contracts that automate interest rates.

Peer-to-Peer Lending

Platforms that enable peer-to-peer lending make it possible for people to borrow directly from one another. Users first deposit their crypto into the lending platform’s custodial wallet. They can then set the interest rate, terms of the loan, and decide how much they’d like to lend. This gives users some control over the crypto lending process.

4. Cloud Mining

Mining proof-of-work cryptocurrencies typically requires substantial investment in computing hardware, along with the necessary technical knowledge. Cloud mining contracts offer an alternative.

Instead of setting up a new mining rig, people can simply “rent” hashing power from an established operation through the internet. In exchange for a fixed fee, people can buy cloud mining contracts that entitle them to a certain hash rate for a certain period of time. The contract owner receives new coins in proportion to the size of their contract.

Be warned, however: Many cloud mining scams exist. Those interested in cloud mining would do well to do as much research as possible to try and make sure the company offering the contract is legitimate.

5. Dividend-Earning Tokens

Tokenized stocks are cryptocurrencies backed by shares of equity in a company. Sometimes, these tokens offer dividend payouts in the same manner that shareholders receive dividends. Dividends are usually paid on a quarterly basis.

Owning and holding some of these tokens could prove to be yet another way to earn passive income with crypto.

6. Yield Farming

Yield farming is one of the more complex options listed here and will require a lot of additional research for those interested. But it can also be one of the most lucrative options available to make passive income with crypto.

To yield farm, investors deposit tokens into a special smart contract called a liquidity pool. Those who provide liquidity in this way receive a portion of the fees generated through traders accessing the pool.

Yield farming often requires some Ethereum (ETH) along with a DeFi token of some kind like Uniswap (UNI) or Pancake Swap (CAKE) or possibly a stablecoin like Tether (USDT).

The term “yield farming” became popular in 2020 and 2021 with the rise of decentralized exchanges, which rely on smart contracts and liquidity provided by investors.

7. Run a Lightning Node

The Bitcoin Lightning network is a layer-2 scaling solution that allows for lightning-fast affordable micropayments at scale. Lightning nodes facilitate these transactions, and those who run nodes receive a small portion of each transaction fee that gets routed through their node.

Unfortunately, running a Lightning node usually generates very little income. Because fees tend to be low, those who run a node might only make a few dollars per month in Bitcoin, or less.

Most participants who do run Lightning nodes do so to support the use of Bitcoin as a medium of exchange. And as the Lightning network grows and more transactions get routed through it, the income for node operators could presumably rise as well.

8. Affiliate Programs

Affiliate programs exist for many different business models, one of them being crypto-related products and services. Some exchanges offer affiliate programs, which reward participants for getting others to sign up or open accounts.

In general, to participate, users simply have to:

• Sign up, submit an application, or share an affiliate link

• Introduce a platform or product to their friends, family, or social media followers

• Earn rewards when someone takes a certain action, like signing up for an account on a given exchange

As an example, an exchange may offer a small Bitcoin incentive to those who get a new user to sign up for an account through their affiliate link. Affiliate programs might not be the fastest way to generate passive income with crypto, but they could be one of the easiest. (Make sure to check the company’s terms of service before bulk sharing an affiliate link.)

9. Master Nodes

Some blockchain networks contain a specific type of node referred to as “master nodes.” Those who run these nodes can receive large payouts, as masternodes receive a portion of the block rewards each time a new block is mined.

The chance to run one of these nodes probably won’t be available to the average person, however, as running a master node often requires holding a significant amount of the network’s cryptocurrency.

10. Forks and Airdrops

Forks happen when an existing coin branches off into a new chain. Airdrops happen when new coins are created and “dropped” onto users as a type of reward.

Users don’t have any control as to when or if these events might occur. But being active in the crypto ecosystem increases the odds.

In 2017, for example, everyone who held Bitcoin (BTC) received an equivalent amount of Bitcoin Cash (BCH) when the network hard forked. Someone who had 1 BTC, for example, would have received 1 BCH.

Similarly, in 2021, users of the KeepKey hardware wallet (among other groups) received an airdrop of FOX tokens from the company that runs the ShapeShift platform. Those who had logged into ShapeShift during a certain time period automatically received the tokens in their crypto wallets.

11. Sun Exchange

Sun Exchange is a South Africa-based company that crowdsources funding for solar power projects. Investors can purchase solar cells used for community projects in South Africa and receive a regular payout once the projects begin producing solar power.

Customers can pay for solar cells in either fiat currency or Bitcoin, and can also receive their payouts in fiat or Bitcoin. This method of generating passive income with crypto differs from the others in that there’s a tangible investment. While the other options are financial products, Sun Exchange allows people to invest directly in renewable energy projects built in South Africa.

The returns from solar projects are typically small, paid out monthly, and spread out over many years. The projects involve 20-year leases, so buying in is a long-term commitment. (Currently, there is no secondary market for trading your solar cells.) But more than any potential profit, investors may be drawn to the clean energy tax incentives and the idea of providing affordable renewable energy to South Africa.

12. Crypto Games

As online gaming continues to grow in popularity and spills into the metaverse, the opportunities to earn passive income through crypto games should grow, too. There are many crypto games out there, and a lot of them reward players for participating with various types of crypto.

Some of the numerous games out there include Axie Infinity, The Sandbox, Gods Unchained, Ethermon, and Pegaxy.

Pros and Cons of Passive Income Generation With Crypto

Even when it comes to potential passive income generation, it’s wise to weigh the potential risks against the potential rewards.

Here are some of the pros and cons of learning making passive income with crypto.

Pros	Cons
Some options can be rather simple.	Most options come with considerable risk.
Allows investors to put off capital gains.	Some options can be difficult to navigate for beginners.

Pros

There are several benefits to generating passive income via crypto.

• Some options can be rather simple. Most interest-bearing digital asset accounts are straightforward. Users deposit stablecoins and start earning interest, in most cases. Centralized lending might involve little more than putting crypto assets into a custodial wallet and giving permission to an exchange to lend them out.

• Allows investors to put off capital gains. Instead of selling a large amount of crypto that has gone up in value since the time of purchase, investors might consider keeping those holdings in the crypto ecosystem and using it to generate a yield. The yield would still equate to taxable income, but would likely result in less of a tax burden than selling a large amount of crypto outright.

Cons

There are also drawbacks that crypto traders must consider when contemplating passive income.

• Most options come with considerable risk. Losing all of your crypto assets is a real possibility in some cases. This can happen as a result of hacks, smart contract bugs, or because the lending platform goes bankrupt.

• Some options can be difficult to learn to navigate. Getting involved in DeFi requires setting up and using an Ethereum (ETH) wallet, then becoming familiar with one or more DeFi protocols. This could prove difficult for those who don’t yet hold any ETH and haven’t used crypto wallets before.

The Takeaway

Some of the numerous ways that crypto investors can generate passive income with their holdings are by staking, lending, and even participating in crypto games. Of course, some methods of earning passive crypto income are simpler than others, and for beginners, it can be as easy as depositing coins into an account and earning interest. Others could try their hand at running a node.

FAQ

Is staking crypto passive income?

Yes, staking crypto provides a type of passive income. However, it’s important to understand that when you stake crypto, you receive the income in the native token of a specific network. This creates an additional risk, and if the price of that token falls, losses could still be realized even if users earn a significant yield from staking.

What are the risks of trying to create passive income with crypto?

In many cases, users are assuming 100% risk when earning passive income with crypto. While it is possible to earn a high rate of return, total loss of principle is also a possibility. There’s also the risk of tokens losing value. If yields are earned in an altcoin, the rate of return relies on that token’s value. There is also a risk of protocols being hacked.

Photo credit: iStock/Deklofenak

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Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

²Terms and conditions apply. Earn a bonus (as described below) when you open a new SoFi Digital Assets LLC account and buy at least $50 worth of any cryptocurrency within 7 days. The offer only applies to new crypto accounts, is limited to one per person, and expires on December 31, 2023. Once conditions are met and the account is opened, you will receive your bonus within 7 days. SoFi reserves the right to change or terminate the offer at any time without notice.

First Trade Amount		Bonus Payout
Low	High	Bonus Payout
$50	$99.99	$10
$100	$499.99	$15
$500	$4,999.99	$50
$5,000+		$100

SOIN0722038

Oct

2022

How Does Non-Farm Payroll (NFP) Affect the Markets?

Nonfarm Payroll: What It Is and Its Effect On the Markets

By Brian O'Connell | Financial Independence, invest, Terminology | Comments Off

The nonfarm payroll report measures the number of jobs added or lost in the United States. The report is released by the Bureau of Labor Statistics (BLS), usually on the first Friday of every month, and is closely watched by economists, market analysts, and traders. The nonfarm payroll report can have a significant impact on financial markets. A strong jobs report may lead to higher stock prices as investors feel confident about the direction of the economy. A weak jobs report may have the opposite effect, as investors become concerned about the health of the economy.

The nonfarm payroll report is just one of many economic indicators that investors can use to gauge the economy’s strength. However, market participants often pay attention because it provides a monthly snapshot of the U.S. economy’s health.

What Are Nonfarm Payrolls?

Nonfarm payrolls are a key economic indicator that measures the number of Americans employed in the United States, excluding farm workers and some other U.S. workers, including certain government employees, private household employees, and non-profit organization workers.

Also known as “the jobs report,” the nonfarm payrolls report looks at the jobs gained and lost during the previous month. This monthly data release provides investors with an understanding of the health of the labor market and the economy as a whole.

The US Nonfarm Payroll Report, Explained

The nonfarm payroll report is one of two surveys conducted by the BLS that tracks U.S. employment in a data release known as the Employment Situation report. These two surveys are:

• The Establishment Survey. This survey provides details on nonfarm payroll employment, tracking the number of job additions by industry, the average number of hours worked, and average hourly earnings. This survey is the basis for the reported total nonfarm payrolls added each month.

• The Household Survey. This survey breaks down the employment numbers on a demographic basis, studying the jobs rate by race, gender, education, and age. This survey is the basis for the monthly unemployment rate reported each month.

When Is the NFP Released?

The Bureau of Labor Statistics usually releases the nonfarm payrolls report on the first Friday of every month at 8:30 am ET. The BLS releases the Establishment Survey and Household Survey together as the Employment Situation report, which covers the labor market of the previous month.

4 Figures From the NFP Report to Pay Attention To

Investors look specifically at several figures within the jobs report:

1. The Unemployment Rate

The unemployment rate is critical in assessing the economic health of the U.S., and it’s a factor in the Federal Reserve’s assessment of the nation’s labor market and the potential for a future recession. A rising unemployment rate could result in economic policy adjustments – like changes in interest rates that impact stocks, both domestically and globally.

Higher-than-expected unemployment could push investors away from stocks and toward assets that they consider more safe, such as Treasuries, potentially triggering a decline in the stock market.

2. Employment Sector Activity

The nonfarm payroll report also examines employment activity in specific business sectors like construction, manufacturing, or healthcare. Any significant rise or fall in sector employment can impact financial market investment decisions on a sector-by-sector basis.

3. Average Hourly Wages

Investors may consider average hourly pay a barometer of overall U.S. economic health. Rising wages may indicate stronger consumer confidence and a more robust economy. That scenario could lead to a rising stock market. However, increased average hourly wages may also signify future inflation, which could cause investors to sell stocks as they anticipate interest rate hikes by the Federal Reserve.

Investors may take a weaker hourly wage figure as a negative sign, reducing their stock market positions and seeking shelter in the bond market or buying gold as a hedge against a declining U.S. economy.

4. Revisions in the Nonfarm Payroll Report

Nonfarm payroll figures, like most economic data, are dynamic in nature and change all the time. Thus, investors watch any revisions to previous nonfarm payroll reports to reevaluate their own portfolios based on changing employment numbers.

How Does NFP Affect the Markets?

Nonfarm payrolls can affect the markets in a few ways, depending on the state of the economy and financial markets.

NFP and Stock Prices

If nonfarm payrolls are unexpectedly high or low, it can give insight into the economy’s future direction. A strong jobs report may signal that the economy is improving and that companies will have increased profits, leading to higher stock prices. Conversely, a weak jobs report may signal that the economy is slowing down and that company profits will decline, resulting in lower stock prices as investors sell their positions.

NFP and Interest Rates

Moreover, nonfarm payrolls can also affect stock prices by influencing the interest rate environment. A strong jobs report may lead the Federal Reserve to raise interest rates to prevent an overheated labor market or curb inflation, leading to a decline in stock prices. Conversely, a weak jobs report may lead the Federal Reserve to keep interest rates unchanged or even lower them, creating a loose monetary policy environment that can boost stock prices.

Investors create a strategy based on how they think markets will behave in the future, so they attempt to factor their projections for jobs report numbers into the price of different types of investments. An unexpected jobs report, however, could prompt them to change their strategy. Surprise numbers can create potentially significant market movements in critical sectors like stocks, bonds, gold, and the U.S. dollar, depending on the monthly release numbers.

How to Trade the Nonfarm Payroll Report

While long-term investors typically do not need to pay attention to any single jobs report, those who take a more active investing approach may want to adjust their strategy based on new data about the economy. If you fall into the latter camp, you’ll typically want to make sure that the report is a factor you consider, though not the only one.

You’ll want to look at other economic statistics and the technical and fundamental profiles of individual securities you’re planning to buy or sell. Then, you’ll want to devise a strategy that you’ll execute based on your research, your expectations about the jobs report, and whether you believe it indicates a bull or a bear market ahead.

For example, suppose you expect the nonfarm payroll report to be positive, with robust job growth. In that case, you might consider adding stocks to your portfolio, as share prices tend to rise more than other investment classes after good economic news. If you believe the nonfarm payroll report will be negative, you may consider more conservative investments like bonds or bond funds, which tend to perform better when the economy slows down.

Or, you might take a more long-term approach, taking the opportunity to buy stocks at a discount and invest while the market is down.

The Takeaway

Markets move after nonfarm payroll reports, but long-term investors don’t have to change their portfolio after every new government data release. That said, active investors may use the jobs report as one factor in creating their investment strategy.

Whatever your strategy, a great way to build and maintain your financial portfolio is with a SoFi Invest® online brokerage account. The SoFi app allows you to trade stocks, exchange-traded funds (ETFs), and IPOs. You can get started with an initial investment of as little as $5.

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Cryptocurrency and the Wash Sale Rule for 2023

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12 Ways a College Athlete Can Make Money

Rising Cost of College

12 Smart Ways to Make Money as a Student Athlete

1. Working for the Athletics Department

2. Training Younger Athletes

3. Personal Training

4. Managing Social Media

5. Vlogging

6. Writing Sports Articles

7. Working Seasonal Jobs

8. Selling Old Sports Gear

9. Selling Sports Cards

10. Starting an Online Business

11. Modeling

12. Cashing in on Endorsements

The Takeaway

FAQ

Is it legal for student athletes to make money?

How many hours are student athletes able to work?

Do student athletes get paid?

12 Ways to Make Passive Income With Cryptocurrency

Can You Generate Passive Income with Cryptocurrency?

12 Ways You Can Earn Passive Income With Crypto

1. Proof-of-Stake (PoS) Staking

2. Interest-Bearing Digital Asset Accounts

3. Lending

Margin Lending

Centralized Lending

Decentralized Lending

Peer-to-Peer Lending

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4. Cloud Mining

5. Dividend-Earning Tokens

6. Yield Farming

7. Run a Lightning Node

8. Affiliate Programs

9. Master Nodes

10. Forks and Airdrops

11. Sun Exchange

12. Crypto Games

Pros and Cons of Passive Income Generation With Crypto

Pros

Cons

The Takeaway

FAQ

Is staking crypto passive income?

What are the risks of trying to create passive income with crypto?

Nonfarm Payroll: What It Is and Its Effect On the Markets

What Are Nonfarm Payrolls?

The US Nonfarm Payroll Report, Explained

When Is the NFP Released?

4 Figures From the NFP Report to Pay Attention To

1. The Unemployment Rate

2. Employment Sector Activity

3. Average Hourly Wages

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