Domenic Carosa from Earnity about The Crypto Market and Financial Independence
One could define financial independence in a number of different ways. For the purposes of this article, we will define it as having solved the problem of money. An individual who has achieved financial independence within this definition no longer needs to worry about earning money and can live comfortably from the investments they have already made. This independence is the objective of Earnity, a new DeFi platform developed by Dan Schatt & Domenic Carosa.
While financial independence should be the eventual goal of every individual, many do not reach this goal until it comes their time to retire. Unfortunately, many others never become financially free and continue to work until their bodies fail them. The only way to become financially free is to grow your wealth to a point where it can passively generate enough income to cover your expenses.
To do this, individuals make use of a wide range of financial mechanisms and investments. Some investors choose to purchase and then rent out real estate. Others choose to invest in dividend stocks and live off the yield. Some of us may already be so wealthy that the mere interest payments generated from a bank account are enough to live comfortably.
The problem with these investments is that they all require one thing: money. Many young people face the reality of soaring home prices, an ever-increasing cost of living, and salaries that have not remained consistent with inflation over the last 20 years. As a result, many of the roads to financial independence that previous generations have taken are no longer accessible to younger people.
Cryptocurrencies represent a new and exciting way for anyone to not only take control over the finances but even to grow their wealth exponentially. The internet has no shortage of stories of those who have invested in cryptocurrencies and changed their lives for the better. The hope of achieving this financial independence is therefore helping to fuel the explosive valuations many of us are witnessing occur in the cryptocurrency markets today!