Blog – Page 6 of 6 – getwealthyfarmer

How to Earn Passive Income through Crypto Staking and Mining

Posted: January 25, 2025

Good day everyone today I am going to discuss passive income possibilities with cryptocurrencies. As discussed last post Overcoming Fear of Cryptocurrency Investments I was afraid of this industry. Once I had gotten over this, I started to look into passive income generating options. In keeping with why I started this blog to talk about investing and finance this fits right in. So far what I have researched and read about there are a few ways to generate passive income with cryptocurrency. What I find intriguing about this stream to generate income is it is relatively new. And I also wonder what other options will develop in this industry to make passive income.

So let’s breakdown how we can gain passive income from cryptocurrency. The options I will discuss are what I have encountered so far. So there well maybe other ways as well and if so I would love to hear from you about them.

You can hold certain cryptocurrency types and stake them and you get a certain percentage of interest by doing so.
Also one can invest in a mining rig and then earn cryptocurrency for your rig doing work on the blockchain.
Additionally just like stocks you can buy cryptocurrencies then sell at a higher price but this is not so passive.

So to describe these options more in detail. The first one is like dividends or interest rates in a bank account. You hold a certain cryptocurrency and earn more of it by doing so. The next way buying a mining rig is more involved and takes more effort and capital to see returns. But is passive at this point. The last way listed not so passive and requires one to be active and checking markets just like stocks.

The idea of mining I found intriguing, and by researching I found a less complicated way to get involved. And start to experience this way of generating income from the cryptocurrency industry. This will be the focus point of the next post. I will describe in more specific detail this way and how I went about it.

Till next round cheers 🙂

GWF

Overcoming Fear of Cryptocurrency Investments

By getwealthyfarmer

Posted: January 16, 2025

It has been awhile, too long in fact since my last post on here. I plan to be more active and posting more regularly going onward. For those that remember or seen my earlier post Bitcoin and all things Crypto!!! I have had a change of heart or opinion so to speak. So why this change in viewpoint you are asking? One main reason really fear. Why the fear? Many issues contributed to that fear. I will list them and explain how I worked through these issues. By doing this, I removed the fear so I have an open mind about Bitcoin and cryptocurrency in general.

Lack of knowledge was probably the biggest issue. I didn’t understand anything about Bitcoin or cryptocurrency. As people, it is in our nature to fear the unknown. This is especially true when it comes to finances or a time commitment. I didn’t know enough about it to want to invest any money. I also did not want to invest any time, fearing it would be wasted. The hardest hurdle to overcome is investing the time. Once a person can overcome that fear, we can start to educate ourselves. This applies to anything in life that we do not have knowledge of. But as we all know take investing as an example if you never start you never grow your wealth. The good thing is, in the digital age we live in now, there are a lot of online resources available. They can help start educating yourself. Additionally, there are good old fashioned books. I will do a mini review of a couple in future posts. For online resources, I will list a few below. They are helpful and I visit them regularly to stay abreast on news in the cryptocurrency world.

Coinbase is also a trading platform. You can also earn small amount of cryptocurrency while completing some of the learning/training modules.
LearnCrypto has lessons, articles, games all to help increase your knowledge
TastyCrypto another good resource in your journey

The above are just a few sources I am sure there are more as well.

The next issue was that I couldn’t find how it had a use in my life. I struggled to see that it served a purpose for me personally. This again was mainly because of my lack of knowledge of this industry or topic. I do remember an epiphany moment while walking through our local mall. And that was seeing for the first time ever a Bitcoin ATM machine. This did a couple things more me so I have more of an open mind. It showed me there is a purpose. Seeing ATM’s to buy and sell added validity to Bitcoin and cryptocurrency in general for me. It was also capable of sending to another crypto wallet. This showed a way of transferring funds to someone else or a service provider.

The combination of these events described above helped me to overcome the fear of learning about cryptocurrency. It started to pique my interest in investment opportunities and if they can be another stream of passive income. In the next post I will discuss what avenues i looked into to generate passive income with cryptocurrencies.

I would love to hear of your own journey to learn about cryptocurrency. Do you use it as a part of your investment strategy or as a passive income stream?

Until next post cheers 🙂

GWF

Review of the Bison Restaurant & Terrace in Banff, Alberta

By getwealthyfarmer

Posted: March 4, 2023

On a recent trip to Banff we tried a couple restaurants in downtown Banff the first one we tried was The Bison Restaurant & Terrace . The view of Mount Rundle that we had from our table was amazing.

Our meal was very well presented for an appetizer we had the fire roasted octopus which has been my favorite octopus dish to date, the flavor was amazing and the octopus nearly melted in your mouth which for anyone that has experienced octopus much it is inherently hard to get away from that rubber tire texture/feel to it. But truly did not experience that at all with this dish which was a feat in itself. Picture of the dish is below.

For my main I had chosen the bison short ribs which came with mashed potatoes and roasted cauliflower. The meat literally fell off the bone and melted in your mouth and the potatoes and cauliflower were nice accompaniments to the meal all in all leaving me stuffed to the point that absolutely desert was out of the question. A picture of this truly fulfilling and tasty dish is below. Enjoy, I know I did 🙂

For a drink we had the Cabernet Sauvignon from Black Sage Vineyard which to me paired amazingly with the meal.

Stayed tuned for another review of an eating establishment in Banff on this trip.

Thanks GWF 🙂

UK’s first free roaming bison calf at 6 months old

By getwealthyfarmer

Posted: March 4, 2023

Came across this story and was happy to see the progress made truly another win for not only bison but also ecology and ecosystems as a whole. Please see link below.

Photos capture UK’s first free-roaming bison calf at 6 months old | ITV News Meridian

Thanks until next time 🙂

Rare white bison video click link below!!

By getwealthyfarmer

Posted: January 30, 2023

Rare White Bison Goes Viral With Majestic Walk Down Snowy Road

Dividend income rollup for 2021

By getwealthyfarmer

Updated: April 18, 2022

Well we are well into 2022 now and thought this post would rollup dividend income earned in 2021. There is still some instability across the globe. But there is also some signs of optimism. This is evident in some of the quarterly earnings reports that have been coming out. Also companies are increasing their dividends or reinstating them in some cases for those that halted them. Energy prices are sky rocketing. Interest rates are starting to climb all signs that economies are flourishing at maybe even to quick a pace.

All in all for the investor that is in it for the long haul the above scenarios are good news stories in my opinion. As it usually means rising dividends, and also stock prices rising. Couple this with the short dips where instability and fear get the best of the investing community it can make for some decent buying opportunities.

Comparing dividend income in 2020 which ended up at $4489.94 there is a 42% increase in 2021 with dividend income coming in at $6381.78. Almost $2k a year more, this is a result of stable or rising dividends as well as some more cash invested. What for me is more important to try and illustrate is how a person’s wealth can steadily grow if they stay invested and disciplined on building their wealth. So what is 2022 going to bring us? It is off to fast start with inflation, and as mentioned before rising energy prices and also some geo political unrest. All these scenarios bring a mixed bag to the world of investing but also provide some good entry points or opportunities to acquire more shares of good solid companies if a person can be patient.

Below is a graph showing 2021 Dividend Income by the month. Wonder what can be achieved in 2022? Future posts will show where it is headed in 2022 and I for one am excited. Until next post stay invested and stay healthy.

Cheers GWF 🙂

Dividend 2021 Income Update!!!

By getwealthyfarmer

Posted: September 22, 2021

Dividend 2021 income update, first off I would like to apologize for not posting in awhile. This summer has been crazy with trying to travel as restrictions ease and take our kids back to where my wife is from. It was very good to take them there and see their grandmother. Numbers for Covid seem to be climbing back up again as lots of places in Canada here seem to be experiencing a 4th wave. So we will see what that brings.

Similarly my dividend 2021 income continue to climb as well which in times like these sure is a light at the end of the tunnel kind of feeling. I always reinvest my dividends which allows for less commissions by using DRIP’s(Dividend Re Investment Plans). Typically your financial institution will allow you to synthetically DRIP companies you are invested in. Every dividend payment if big enough will then buy a whole share or more.

When comparing dividend 2021 income this year to the same time period as last year it looks like this up to this point in 2020 I had received $3056.87 this year up to end of August I have received $3804.19 some of this is due to more money invested but also reinvesting every dividend I did receive to buy more shares to make the next dividend payment received bigger from each company held.

Combine this with companies that also routinely increase their dividend payments then it really starts to make a difference thanks to the wonder of compounding!!!. Below is a snapshot on a monthly basis to help illustrate the trend upwards. Would love to hear your own story and thoughts on DRIPS and experiences investing in dividend stocks.

Till next round cheers from GWF 🙂

Covid vaccines and memories of travel !!

By getwealthyfarmer

Posted: June 17, 2021

Covid vaccines deliveries are finally ramping up here in Canada which finally allowed me to get mine. I was able to get my first dose of a vaccine it was the Moderna one. Like most shots there was a slight pinch in the arm. Followed by a day or two of minor soreness. I realize that not everyone has had such a pleasant experience with vaccines. The more people that get fully vaccinated the sooner life can return to a more normal state.

With Covid vaccines rolling out we are starting to see things open in the UK and US with travel resuming in those countries more freely. With us in Canada travel is restricted somewhat in some provinces to essential stuff only. This brings us to the main reason of this post. The memories of travel and seeing different landscapes and experiencing different cultures and cuisine.

Travel for luxury/tourist reasons is not a must. Travel can be a very life enrichening experience for those able to do so. And being able to see some of the challenges that other cultures or people living in certain geographic locations or environments can really open one’s eyes to how fortunate they maybe in their home environment. This could lead them to have a goal to relocate to somewhere more desirable to them. The one thing is for sure if while a person travels they are present in their surroundings it will wake something up inside them for better or for worse.

It could be the simplest of things like fond memories of a certain attraction or destination. To something as compelling as moving something within you that makes you want to change your current situation. Definitely the possibilities stretch from one extreme to the next and everything in between. I will also be posting a couple pics of some of my favorite travel experiences so far.

What about you? What are some of your travel experiences were they life changing? Did they make enough of an imprint to make you want to comeback again at some point?

Travel memories

La Jolla California — The Cave at La Jolla, California

The picture above is one of my all time favorite places to visit the San Diego/ La Jolla California Area. So much to see and do, awesome sunsets and amazing views. Click here for the cave store to find out more about this awesome point of interest.

I definitely am one of those ones that is eager to have the freedom to travel again if wanting too. With that I will sign off for the night. Goodnight from GWF 🙂

2021 Dividend Income

By getwealthyfarmer

Posted: May 11, 2021

It has been awhile since a dividend income check in. In fact this will be the first post about dividend income for 2021. So to play catch up we will discuss the first 4 months of 2021 in this post. Covid-19 vaccines are getting rolled out, there is beginning to be some optimism. As things open up in the US and Europe there is some light appearing the end of the tunnel.

This is seen in the markets as equities have been clawing back from their drops at the start of the pandemic. Without a doubt there have been some sectors that have gained in the wake of the pandemic but still on the whole most have suffered on some kind of level. More likely than not is there will be a wide spread gain across all sectors when things are back to normal.

Some companies have halted dividend payments, some have reduced them, others have been able to maintain them. But for certain there has been a lot fewer increasing their dividend payouts over the past year. Hopefully as globally things improve we will start to see the optimism creep into 2021 dividend income levels from corporations. Companies still paying dividends is a testament to picking good quality companies that can weather such a storm.

It also brings peace of mind and easier to sleep at night knowing that your investments will be growing and working for you just that little bit harder. That is the magic of reinvesting your dividends and the beauty of compound interest. Would love to hear how your dividend income is doing and how Covid has impacted it. So without anymore delay below is a graph showing the dividend income monthly for 2021 so far.