Foray into CryptoCurrency – The MCO Card (Crypto.com)

Cryptocurrency

Invest in cryptocurrency! The first thing that comes to mind is that it is a scam or it is risky. It is not only after you take some time to find out more.

Getting someone to go into cryptocurrency can be challenging. When I first started, I was late to the game but the fees I paid were way much higher than what it is today. Today, I can see that the adoption crypto is slowing and steadily increasing and solutions are being provided to solve the problems in the real world. There are indeed real world situations that need solutions.

MCO/CRO Card

I have been with crypto.com (CRO) for almost 2 years now. (Updated:  3years now) Though I did not experience that huge dip in prices after it went as high as USD20+ (MCO) but what I have seen from them is absolutely amazing.

CRO coins are what define crypto.com (They were used to be called Monaco and MCO coins) and the fact that they managed to obtain the domain name says something great about them.

I would say the CRO coin is more of a hybrid crypto. You can get a real metal card depending on how much of the coins you buy. A real debit card that pays you instant cashback on anything you can pay with the card.

You can always opt for a “free card” and that gives you a 1% cashback on all transaction and it gets better.

Buying and staking 50 MCO coins will get you the Ruby card – 2% cashback

These staking requirement changes from time to time so do visit https://crypto.com/cards to find out more.

In summary:

Blue card – 1% cashback (No staking required)

Red card – 2% cashback (USD 400 equivalent)

Blue/Green card – 3% cashback (USD4,000 equivalent)

Icy White card – 4% cashback (USD40,000 equivalent)

Black card – 5% cashback (USD400,000 equivalent)

What I really like about this is not just the cash back. However you have to be comfortable to lock in at least 10000 CRO for an initial 6 months.

Pros:

1. I always want to buy cryptocurrency more fuss-free and easier. This platform makes it really easy

2. Funding from SGD does not incur any fees if you use xfers and follow their instructions diligently

3. 100% cashback in CRO coin for subscription to Spotify and Netflix (literally free – capped at the amount for blue and green card)

4. Unlimited access to loungekey (Airport lounge)

5. You can trade other crypto available on the app and their exchange

6. Certain coins have “earn” capabilities, meaning you get interest by staking it on the earn platform on the app.

Cons:

1. The price of CRO is around 0.25 SGD at time of writing. That’s double of what I initially got into but you never know when it will go higher or lower

2. You need to put in an initial investment to get all these benefits

3. You need to fund your debit card with cash first before using it.

Things may get complex from here if I add on more information. If you wish to know more, drop me a note and I can share more with you.

Meanwhile, if you use my link/referral code, you will get USD25 and I will get USD 25 worth of CRO.

All you need is to make a transaction and stake your CRO to get the debit card of your choice. That’s some cool amount of cash to start off with.

https://platinum.crypto.com/r/im3py887ty to sign up for Crypto.com and we both get $25 USD 🙂

The need for an Emergency Fund?

Emergency Fund

I discussed with many others about the need for an emergency fund, the purpose of an emergency fund and the reason for an emergency fund. I can’t say more that I am a pro-believer of an emergency fund. The naysayers are out there thinking about the every single penny that is without a higher interest cost. Everyone is programmed differently and we react differently in the response of what we termed as a “decision”.

Situation

With the Covid-19 situation, I do not think that the previous requirements apply now. Taking reference in the medium Singaporean salary on MOM stats in 2019. (~SGD 4,563) A really safe bet is no longer the 6 – 9 months of emergency funds but 12 – 18 months of safety net. Each and every individual is different, as we also adapt to situations quite adequately.

How much one’s emergency fund really depends, a fresh graduate. (For example who make three grand a month) One may not have much disposable income after netting off parents’ allowances, school loan if any and daily expenses. A typical planner would say probably three to six months worth of cash fund to tide through any sudden surge in expenses. I’ll say that is rather quite a decent sum to begin with. How then should the emergency funds look like for someone who is in his 30s, 40s and 50s? A $9k emergency fund ten years down the road does not reflect an emergency fund 20 years down the road. People change, society change, lives change and money value changes certainly.

I can’t speak for everyone but I do see that almost everyone’s spending pattern increases when they get a promotion, get married, buying a house, buying a car, having children, family members becomes sick, friends who are retrenched, friends who fall into financial debt and many more. We are not the person we were at ten years old so neither will we be at twenty years old.

Naysayers

Against others who says there isn’t a need for such funds. Perhaps the only uncertain thing in life is to know that no one ever knows what. When shit hits the fence, it will hit us hard and fast. It is probably then too late to realise so. If there isn’t a need or purpose to think of that in such a manner,. At least think of it as paying/investing in yourself first before other things.

Perhaps we should so away with the thought of “Spend first save the rest or Save first and spend the rest” There isn’t really a one size fit all theory. Afterall, how many of us are blessed to have people taking care of our education, exposures, overseas trips, trend and fashion purchases when we were still young and not understand the meaning behind financial planning.

The use for emergency fund

Perhaps there is that profession certificate that you are aiming for. Some even to build those first $100K before age 30 or 25. Even before you dwell into that, put that emergency funds aside. There will be a time where there will be a use for it. It could prove to be extremely useful when the time comes. We have seen this in the most recent budget release. Our country’s reserves are being utilised to tide through this unprecedented period of distress.

I often hear folks who tells me bonds, equities, funds are liquid. They can easily get funds out when they need them. I’ll probably say no because emergency funds are defined as such. You got to understand the reason why it is called that. The level of ease has to be as liquid as cash on hand. One can argue that cash in bank and at most in Fixed Deposits is the alternative.

Liquidity in investments

Bond price, equity prices, fund prices will rise and fall. During recession, the true sellers outweighs all buyers. There is a false sense of security on the understanding of liquidity. In times where there is immediate use of the cash on hand. Emergency funds gives that comfort and security. In doing so and I find there there is no better way at this moment. Unless there are disruptions that change the way in the future.