Joy Mbanugo is the cutting edge, female powerhouse of the modern financial space, with a passion for innovative technology, imaginative financial solutions, angel investing, and a little bit of calculated risk — all while looking fabulous.
We sat down with her to learn more about why buying crypto is important for women and how to get started. Here are Mbanugo’s top three tips for investing in crypto currency; as she is someone with an innate, intuitive sense for finances, we recommend listening to her wisdom.
Please note that this is not intended for financial advice. Any opinions expressed herein by Mrs. Mbanugo are strictly for informational purposes.
Just Do It
“Buying crypto is as easy as using Venmo,” said Mbanugo. “Just do it! We need more women in the crypto web3 space. Whether you are Black, white, pink, purple, you have a responsibility to yourself to learn about the newest wave of financial technology. Don’t get left behind.”
For the uninitiated, the web3 space is ‘a new iteration of the world wide web that hosts decentralized apps that run on blockchain technology. Web3 advocates emphasize user privacy and ownership of data,’ according to Business Insider.
Have No Fear
Don’t be afraid of ‘the dip.’ The crypto market has a natural ebb and flow, just like the traditional stock market.
“It’s still early days,” said Mbanugo. “Jumping out when you get nervous is what will set you back in the long run. Remember, buy low, sell high. Buying Bitcoin or Ethereum is like buying Coca-Cola or Procter & Gamble these days. They are strong entities with massive staying power. They aren’t going away.”
Mbanugo jokes that ‘finance isn’t sexy,’ but she knows that cryptocurrency and blockchain tech are the closest her sector will get. With that new inherent magnetism can come high hopes, rose-colored glasses, and, later, crushed dreams. So, do not put your entire nest egg into crypto if you are risk averse, and find out if you are risk averse before you make any big moves.
“Crypto is currently tanking, and fast,” Mbanugo explained. “It is down from its 2020 and 2021 highs, so any gains that investors enjoyed are now gone. However, Ethereum and Bitcoin are still up from 2017. So don’t put all of your eggs in one basket — you never know what could happen.
“Many who just started in crypto and made huge bets on Bitcoin because of FOMO are down in a big way: Bitcoin is down a whopping 41% at the time of this writing. Dollar cost averaging (DCA) a modest amount with every paycheck, if you have one, is the best way to go. You could even opt for an app like Acorns, which does it automatically for you.”
Allocate Your Investments
“I recommend allocating just one to five percent of your income if you are just starting out and don’t have much expendable funds yet,” Mbanugo explained. “Take care of your bills first, invest second, have fun third — but don’t put all your money in steps one and two. Life isn’t about being miserable until you hit the proverbial jackpot.”
For those new to the crypto space, allocation refers to how you spread your investment across different digital assets. For example, you might choose to put 50% of your money into Bitcoin, 30% into Ethereum, and 20% into Litecoin. Allocation is important because it allows you to diversify your holdings and mitigate against risk.
“By spreading your investment across different assets, you reduce your exposure to any one particular coin or token,” Mbanugo said.
This is especially important in the cryptocurrency market, which is notoriously volatile. Even the most popular coins can lose large percentages of their value in a matter of hours. By carefully allocating your investment, you can protect yourself from sudden market swings and safeguard your overall portfolio.
About Joy Mbanugo
Joy Mbanugo is the go-to market finance infrastructure expert and implements systems to prepare companies to go public. She has worked in finance for 19years with companies such as Ernst and Young, Google, and Blackrock. To book a call with her to discuss board seat opportunities, venture investment deals, or how her methods can set you up for success, please visit: www.joymbanugo.com