The Weekend Financial Wrap: Your Next Job, Your Home Values, and Your New Opportunity
If you are unemployed, your chances of getting a job improve. Your home is probably worth more and you now have an unprecedented chance of owning a valuable collector’s item.
You may have thought that the high cost of investing in collectibles like art was too expensive. However, there is a new collectors market that you can afford and it is booming. We are talking about NFTs.
What are NFTs?
An NFT (Non-Fungible Token) represents ownership of a unique item in a blockchain. These can be digital files such as GIFs, JPGs, MP3s, videos, etc. that represent art, music, sports cards, and other creative works.
NFTs have become a sizable market. Messari, an online database for the crypto industry, estimates NFT sales will exceed $ 1.3 billion in 2021.
This month, digital artist Beeple (real name Mike Winkelmann) made headlines when his digital collage sold for $ 69 million at a Christie’s auction. Not only did the price tag set a record, it also signaled the arrival of NFT art in the mainstream.
Don’t have $ 69 million left to lay out an NFT? Do not worry. The average price of an NFT is $ 2,000. A few sales like Beele’s push the average up. Most NFTs can be purchased well under $ 1,000.
Some artists regularly sell NFTs for a few hundred dollars or less. Sports NFTs can run into six digits, but many are available for less than $ 10. Then there are brands. Taco Bell recently sold a drop of 25 product NFTs for $ 1.60 each. Within a few days, one of them sold again for $ 20,000.
Hot NFTs to buy
First, understand that when you invest in an NFT, you are actually buying a token that establishes your ownership. It’s like a title for your car.
Since they are part of blockchain technology, NFTs need to be purchased in specific locations. Some of the most popular are:
- Rable – The world’s largest NFT platform. It mainly sells small digital works of art for hundreds of dollars and less.
- Open sea – Works of art tend to be more expensive here than rable. It also sells trading cards and domain names.
- VIV3 – Find a wide variety of artwork in low to high price ranges and sports NFTs here.
Conclusion on NFTs
If you want a slice of the NFT market, look for quality and rarity. The best advice is to buy what you know. If you play sports but know nothing about art, stick with sports rolls and cards.
Your home equity has likely increased
If you own your home, congratulations. One of your most valuable assets has likely appreciated in value. This is an additional resource that will make your financial life more secure.
Home equity is the amount you owe on your mortgage versus the current value of your home. According to CoreLogic, a real estate analysis firm, the average home’s equity has increased 16.2 percent over the past year.
More financial security
That leap into home equity means your financial position is more secure. If you need more cash to weather the pandemic, you can unlock some of that increased equity.
This increase in equity could moderate the most recent one Refinancing downturn. However, you can also use a HELOC or home equity line of credit to access the money in your home.
Obviously, if you are financially sound you don’t need to use the increased equity in your home. There is nothing you can do and just breathe easier.
Update your resume
If the pandemic has put you into hibernation, it’s time to wake up.
According to the Department of Labor, jobs rose by 379,000 in February. The unemployment rate was 6.2 percent. That’s a small decrease of 0.04 percent. However, economists and business consultants are forecasting a further decline in March.
Increased vaccinations and reduced COVID-19 cases mean the economy is opening up again. That means more jobs. Check out our article next week, “How To Make Your Pandemic Layoff A Plus”, for more.
A million new jobs
Ian Shepherdson, founder and chief economist at Pantheon Macroeconomics, issued a notice earlier this month stating that the economy could “easily create a million” more jobs.
“The core story here,” Shepherdson wrote, “is that the reopening of services will be the dominant factor in payroll over the next few months.”
Indeed, leisure and service jobs drove employment growth in February. The catering industry alone accounted for 286,000 additional jobs. Manufacturing and retail are expected to follow.
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