Freelancing is a popular career choice that has grown significantly in recent years due to the rise of the gig economy and the increasing availability of remote work opportunities. The freelance market is made up of self-employed individuals who work independently and provide their services to clients on a project-by-project basis. 

This type of work provides a great deal of flexibility and control over one's own schedule, workload, and earning potential. However, like any career choice, freelancing has both ups and downs. Below we explore what a freelance career might look like, and provide tips on how to be your own boss and a successful freelancer.

What is the gig economy?

The gig economy is a labor market where temporary or flexible jobs are common, and independent workers work on a project or task basis rather than being employed by a company or traditional employer on a long-term basis. 

This type of work is often conducted through digital platforms or apps that connect workers with clients who need their services. Freelance platforms include the likes of Upwork, Fiverr, and Freelancer.com for instance. 

Gig economy jobs can range from driving for ride-hailing services to performing freelance writing or design work. The freelance business allows individuals to work when and where they want, providing them with a great deal of flexibility and control over their work schedules, essentially making them their own boss. 

However, it also comes with challenges such as a lack of job security, no benefits or protections, and potential fluctuations in income. While freelance work sounds attractive, it’s important to consider the skill set needed and whether the ups outweigh the downs in relation to your specific needs and wants. 

Being realistic about freelancing

The freelance business has gained a reputation for offering a very attractive lifestyle, but it still takes work and requires a number of skills and commitments that you, and you alone, will need to front. 

Organization skills

For a successful freelancer, being organized and managing your time effectively is crucial. This means staying on top of your tax obligations, keeping your documents in order, and ensuring that you meet all deadlines. 

Multitasking

In addition, multitasking is a necessary skill for most freelance workers, as you'll likely have to juggle multiple projects simultaneously. This requires effective task prioritization and the ability to switch between different topics seamlessly. 

Strong communication 

Good communication skills are also essential for success, as you'll need to handle difficult clients and know how to ask for guidance when needed. Effective communication is also crucial to a successful freelance career as you will likely need to take the initiative and approach potential clients for work. Promoting your skills and putting yourself out there also requires courage and self-confidence. 

Self-discipline

Perhaps the most crucial for a freelancer freelancing in this day and age is self-discipline. No matter what line of work you pursue, you'll need to stay focused and avoid distractions while working independently, whether it's the temptation of a nap or a social interaction.

The freelance lifestyle may sound flexible, but in reality (more often than not) it is still a full-time job as you are essentially running your own business.

Handle criticism 

Being able to handle constructive criticism is an important trait for freelancers, as you'll often need to accept and respond to feedback that isn't always positive. Remember, even talented freelancers producing high-quality work receive negative feedback.

Self-motivation

Being self-motivated is key when working as a freelancer, as you'll be responsible for managing your own work schedule and meeting deadlines without the guidance of a manager. If you prefer a more social work environment, freelancing may not be the best fit for you as it often involves working independently. 

Financial resilience

Finally, new freelancers should be prepared to have a certain level of financial resilience as there can be uncertainty about when their next paycheck will arrive. When they start freelancing, quiet periods of contract work can be anxiety-inducing for some people.

The upside of freelancing

On the positive side, freelancing allows individuals to work from anywhere, giving them the flexibility and autonomy to balance work and personal life. 

One of the primary advantages of freelancing is the ability to take control of your work schedule. You have the freedom to choose when and where you work, making it much easier to balance your professional and personal commitments. 

Freelancers having the freedom to select their own projects means that they have a great deal of control over the type of work they do, far more than a regular job. You can choose to work on projects you enjoy and are passionate about, and have the ability to set your own rates and choose clients that align with their values. 

Additionally, freelancers have the potential to earn more money than traditional full-time employees as they have the ability to work with multiple clients simultaneously and charge higher rates for their specialized skills.

Another benefit is that your earnings are directly related to your effort and the quality of your work, which gives you a real sense of achievement that you might not feel working in a traditional office environment.

When done right, freelancing can offer a great deal of professional and personal fulfillment. Before you start full-time freelancing, however, be sure to understand the bigger picture of what is required.

The downside of freelancing

One of the most significant challenges for many freelancers is that it can be financially unpredictable, as one's income can fluctuate from month to month, paired with a lack of job security. Additionally, there are no paid vacation days, sick leave, or other benefits that traditional employees enjoy. 

As a freelancer, you'll need to ensure that you're always available to communicate with your clients, which can require a certain level of flexibility. On top of that, freelancers might also need to continuously search for new clients and projects on online marketplaces to maintain their income. 

If you venture into the world of freelancing, it’s important to note that you will also be responsible for all administrative tasks, including accounting, invoicing, tax obligations, and chasing payments, which can be time-consuming and require a great deal of attention to detail. 

Another issue is the isolation that can come with working independently, as freelancers often work from home or their local coffee shop and may not have the same social connections as traditional employees.

Overall, freelancing can be a rewarding career choice, but it requires a significant amount of self-discipline, motivation, and business acumen to be successful. It's important for individuals considering freelancing to weigh the benefits and drawbacks carefully before making the leap.

If you’re unsure whether freelancing is for you, consider slowly taking on one or two freelancing jobs while still working your traditional 9-5. This way you can test the waters with first-hand experience and see if this is something you would like to pursue full-time. 

10 steps to kickstart your successful freelancer career

If you’ve decided to take on a slow transition or full-time shift to freelancing, we’ve put together these 10 steps for you to take in order to build up your portfolio. From finding work on freelancing websites to managing the workload and establishing pricing, here are the tools you’ll need to build your freelance business. 

Step 1: Find your first job

Freelance work can be found through online freelancing platforms, which are a popular option for both freelancers and clients, with recent data showing that 75% of freelancers find work this way. Explore the various freelancing platforms and find which one best caters to your needs. 

Step 2: Build a portfolio of freelance work

To create a successful freelance profile, it needs to make a strong impression and showcase your skills, experience, and personality to potential clients. Consider taking on smaller projects in the beginning that will display your skill set to gain experience. The more you can show, the more interest you can attract. 

Knowing which freelance projects to take on and how to write a winning proposal can be crucial in securing steady work and building a reputation in the industry.

Step 3: Establish your pricing formula

One of the most common questions that freelancers have is how to price their work, as it can be challenging to balance fair compensation with the risk of losing clients to competitors.

There is a fine line between overcharging and scaring away potential business and selling yourself short. Use trial and error to figure out specifically where your skill set lies, and don’t be afraid to check out what other freelancers offering similar skills are charging. 

Remember: Your work is valuable, and your expertise, experience, and dedication deserve to be rewarded.

Step 4: Discuss the job parameters with the client before beginning

Before starting work on a project, it's important to discuss and agree on details with the client, including deadlines, the scope of work, and payment terms. This step is vital and should never be skipped.

Be sure to understand what the client wants and effectively communicate your requirements before spending any time on the project you’ve just landed on. 

Step 5: Manage client expectations

Freelancers need to manage client expectations and maintain a positive working relationship through effective communication and a clear contract. Always start on the right foot by being polite, assertive, and transparent.

Each client will be different so ensure that you navigate these relationships in a tailor-made manner. Ideally, you want to establish a strong client relationship and meet (or hopefully exceed) their expectations. 

Step 6: Manage your time effectively 

You’ve landed the job, now it's time to do the work. Time management is key to productivity and success as a freelancer. Ensure that you are scheduling work during productive hours, using time-tracking software if necessary, and effectively using your time to balance the workload of multiple projects.

Take the time to explore various tips and tricks for managing your time between projects, and build a winning formula that works specifically to your needs. The primary goal here is to maximize your productivity. 

Step 7: Get paid

Getting paid as a freelancer can involve choosing the right payment options, dealing with fees and invoicing, and learning the best course of action for receiving international payments. Tap provides a winning formula that caters to both crypto and top fiat currency payments. 

Unfortunately, this is also the time to learn how to address and handle non-payment issues.

Step 8: Manage your finances

Freelancers need to manage their finances carefully, as income can vary and benefits and tax obligations are the sole responsibility of the freelancer.

Be sure to stay up to date with policies like health and disability insurance, and learn about investing and passive income solutions for retirement and other savings goals. 

Step 9: Level up your freelance career

As a freelancer, there are many opportunities to grow your career and income, such as becoming an agency with other people working under you or teaching others your skills and experience through online courses. 

Step 10: If in doubt, start small

It's possible to balance freelancing with a day job, but it takes planning, determination, and persistence to make it work. This is also a great way to test the market and see if the freelancing life is for you. 

How to navigate the freelance business as a newbie

Now that you have a clear understanding of what freelancing entails, and a to-do list of steps to take to pave your new career path, below are some tips for anyone starting out or looking to become a freelancer. These will come in handy as you navigate the space and ensure that you don’t sell yourself short. 

Be selective about what jobs you take

To showcase your skills and present yourself as an expert, it's important to choose freelance projects that align with your skills and interests, rather than accepting every job that comes your way.

Establish a good pricing formula

Finding the right pricing balance can be tricky - charging too little can make you appear less experienced while overcharging can lead clients to seek out more affordable options. Researching market rates can help you find the right pricing balance.

Keep checking in with clients

Following up with clients after completing a project can lead to more work and strengthen your professional relationship. Consider suggesting additional projects that could benefit the client's business and make a note to check in again in a few months.

Always get a signed contract before starting

Before starting work on a project, always ensure you have a signed contract that outlines the obligations on both sides, including payment terms. Although it may feel awkward to request a contract, it can save time and hassle down the line.

Outsource administrative tasks if necessary

Administrative tasks such as invoicing, accounting, and tax management are important but can be time-consuming.

Consider delegating or automating these tasks to free up more time for paid work. Several millionaires interviewed in a study said that one of their keys to success was recognizing their weaknesses and delegating accordingly. 

Structure your day

To manage your time effectively, create a routine that allows you to balance work and other commitments. Scheduling work during your most productive hours and avoiding leaving work until the last minute can help you maximize productivity.

Stay motivated

Freelancing can be challenging at the beginning, but it's important to persevere and not give up. With experience, you'll gain more confidence and find it easier to secure work and manage your business.

Best of luck with your new venture if you decide to start freelancing.

Kyber Network was launched in 2018 with the aim of being the main liquidity hub for the DeFi space. KyberSwap is the platform's interface, a decentralized exchange (DEX) aggregator that provides convenient and secure value exchange within the crypto market. Overall, the Kyber Network platform provides a smooth token-swapping experience while boosting earnings for liquidity providers. 

What is Kyber Network (KNC)?

Kyber Network is a decentralized multi-chain liquidity hub that provides instant, secure transactions on any decentralized application (dapp). Its main goal is to provide deep liquidity pools that offer the best rates for DeFi dapps, decentralized exchanges (DEXs), and other users. Kyber Network is built on the Ethereum blockchain and makes use of intricate smart contracts.

KyberSwap is its flagship DEX aggregator and liquidity platform. KyberSwap sources liquidity from multiple DEXes to provide the best swap rates for traders in DeFi. KyberSwap is decentralized and permissionless, allowing users to conduct transactions on any of its supported 12 chains, including Ethereum and Binance Smart Chain. 

Kyber Network seeks to solve the liquidity issue in the DeFi industry by allowing developers to build products and services using the platform's protocol, while KyberSwap acts as the trustless trading platform that also provides rewards for liquidity providers. With over $1 billion in total volume from over 1 million user transactions, Kyber Network is a growing player in the DeFi space.

Kyber Network's governance structure is managed by holders of its native Kyber Network Crystals (KNC) token through a decentralized autonomous organization (DAO) called KyberDAO. This allows KNC token holders to have a say in the network's decision-making processes and contribute to its development and growth.

Who created Kyber Network?

Kyber Network was founded by Loi Luu, Victor Tran, and Yaron Velner in 2017. The project created 226 million KNC tokens, most of which were sold to buyers and investors during its initial coin offering. This raised Kyber Network 200,000 ETH (roughly $50 million at the time) to launch the platform. The protocol went live on the Ethereum blockchain in February 2018, with Vitalik Buterin as an advisor. 

In October 2017, the Kyber Network burned over 10 million KNC tokens, bringing the maximum supply down to roughly 215 million KNC.

Victor Tran is the current CEO of Kyber Network, while Loi Luu is the current Chairman. Yaron Velner stepped down as CTO in October 2019 but remains as an advisor. The Kyber team has over 50 employees globally, and its headquarters is in Singapore, with a large presence in Vietnam.

How does Kyber Network work?

Kyber Network is a decentralized protocol that enables users to instantly trade tokens without intermediaries. KyberSwap is the user interface for Kyber Network, with two protocols: Classic and Elastic. 

Classic features the Dynamic Market Maker (DMM) protocol and the Amplification (AMP) programmable price curve. Elastic is a tick-based AMM (automated market maker) with concentrated liquidity, allowing liquidity providers to specify the price range for adding liquidity and earn fees for swaps processed at a specific price. 

KyberSwap also has features like the Reinvestment Curve, multiple fee tiers, JIT Protection, and liquidity mining farms. The Kyber Network aggregates liquidity from various sources into a single liquidity pool on its network, and anyone can provide liquidity. The protocol is integrated into dApps (decentralized applications), DeFi (decentralized finance) platforms, and crypto wallets, enabling users to utilize any Kyber Network-supported token and allowing platforms to receive payment in their preferred token. 

The Kyber Network protocol relies on reserves to provide liquidity for its decentralized exchange platform, KyberSwap. When a user initiates a trade, the platform searches for available reserves to find the best available rate being offered by takers. 

There are three main types of reserves: Price Feed Reserves (PFR), Automated Price Reserves (APR), and Bridge Reserves. PFRs use price feeds to calculate conversion rates using smart contracts acting as an alternative to market makers, APRs provide rates for available crypto assets through smart contracts, and Bridge Reserves access other decentralized exchanges to deepen liquidity. 

Previously, reserves were required to participate in the Kyber protocol by staking KNC to pay for network fees, but a recent upgrade removed this requirement, making it easier for reserves to participate. Kyber Network collects fees in ETH, with a portion of them going to reserves based on the amount of liquidity they provide.

The reserves model is a critical component of KyberSwap, enabling the platform to offer fast and competitive token trading services to its users.

What is the Kyber Network Crystal (KNC) token?

Kyber Network Crystal (KNC) is the native coin for the platform and acts as both a utility and governance token. Users can stake it to vote on upgrades and policies or delegate their tokens to other validators and earn a portion of the block reward. 

Users who stake KNC receive rewards in ETH, and network fees paid in KNC will be burned over time, gradually reducing its supply. KNC holders can participate in the DAO and governance proposals by staking their assets or delegating their vote. 

They can also earn liquidity-mining rewards by staking their tokens in eligible Rainmaker farming pools or participating in various activities such as Trading Contest, Gleam Giveaway, and AMAs.

How can I buy KNC tokens?

Tap's mobile app offers a user-friendly platform for users to purchase, trade, and safely store Kyber Network's KNC token in an integrated wallet. The app supports a variety of cryptocurrencies and fiat currencies, which can be used for buying and selling KNC tokens. The app also makes use of a smart router which finds the best Kyber Network price at any given time.

Additionally, users can securely store not only KNC tokens but also other digital assets on the app. Downloading the Tap mobile app provides users with access to verified cryptocurrencies and fiat wallets, allowing them to take advantage of a wide range of investment opportunities.

Index funds are an increasingly popular form of investment that offers investors a low-cost, passive way to gain exposure to a broad range of assets. With minimal management fees and no need for active trading decisions, index funds can provide investors with higher returns at lower costs than more traditional forms of investing. 

What is an index fund?

An index fund is a type of mutual fund or exchange-traded fund (ETF) composed of a basket of stocks or bonds that tracks a specific stock market index such as the S&P 500 or Dow Jones Industrial Average. These might also be referred to as index mutual funds.

Unlike actively managed funds, which attempt to beat their respective benchmarks through security selection, index funds strive to replicate their underlying market indexes by holding all (or substantially all) of their components in similar proportions. 

This makes index mutual funds more cost-effective than actively managed funds since they incur fewer trading costs and require less research and fewer management fees. On top of that, since they track established indexes, investors can benefit from the diversification within the asset class without having to pick individual stocks themselves. 

Index funds provide an easy way for investors with any level of experience or resources to access some of the market's best-performing assets at a minimal cost. Index mutual funds are also favored for long-term investment strategies such as retirement funds. 

How do index funds work?

Index funds, also commonly referred to as "indexing", follows a passive form of investing (unlike traditional mutual funds that are typically actively managed funds). Instead of fund managers actively trading a variety of stocks, index funds are built by mirroring the securities of a particular index and holding them. 

The key notion is that by mirroring the profile of the index or stock market, the fund will match its overall performance. For example, over the last thirty years, the S&P 500 has grown an average of 10.7% per annum, which its index mutual fund will mimic.

While the most popular index fund tracks the S&P 500, other prominent index mutual funds include:

The Bloomberg U.S. Aggregate Bond Index

Which tracks the bond market.

The MSCI EAFE Index

Which tracks foreign stocks in Europe, Australasia, and the Far East.

The Dow Jones Industrial Average (DJIA)

Which tracks 30 large-cap companies listed on the stock exchange. 

The index fund portfolio holdings will remain as is unless there is a significant change in the market's benchmark index. Benchmarks are used to measure the performance of the market indexes and will influence whether any changes to the composition of the portfolio need to be made. If changes are necessary, managers will rebalance the percentage of securities as necessary.

Passive vs actively managed funds

Both mutual funds and index funds are great investments, however, they differ slightly in how they operate and the returns one can expect. As with any investment endeavor, investing involves risk.

Actively managed funds

An actively managed investment fund offers investors access to an experienced team of financial professionals or simply a fund manager who makes knowledgeable decisions about where and how to allocate the funds across asset classes. This generally enables larger returns than traditional passive investing.

Typically, many mutual funds are actively managed funds, however, it's best not to assume a fund is actively or passively managed simply based on the fund type. There are plenty of funds that break this rule, like actively managed exchange-traded funds.

The advantages of an actively managed fund are that it can earn higher returns and beat the market index. It's important to note that this is not a guarantee so it's best to check the history of the fund you wish to invest in beforehand and the performance of the team managing it.

It's also worth noting that when the mutual fund sells individual stocks it incurs fees and taxes which will affect the fund's performance. Investors are also required to pay a flat fee despite the performance of the actively managed mutual funds, which could result in the mutual fund underperforming the market index.

Passively managed funds

On the other hand, a passively invested fund mimics a market index and does not have a fund manager or team of fund managers making decisions on what and when to invest.

With passive funds, there are fewer decisions to be made and trades to execute, which allows for less effort and lower fees. Automating the bulk of a passively managed index mutual fund makes it much more cost-effective than paying professionals to determine when and what should be bought or sold.

Typically, an index fund will fall into this category as it does not require full-on management. Once the index on which it will mimic is established, the shares are purchased and the index fund continues with little to no input.

Index funds vs mutual funds

Investors looking to build a portfolio have two popular fund options: index funds and mutual funds. Both types of funds are created by offering diversification through a curated range of stocks and bonds and access to professionally managed investments, but there are some key differences between index funds and mutual funds that investors should be aware of before making their choice. 

Index funds typically carry lower fees than mutual funds, but they also come with fewer features and tend to be more passive in nature. 

Actively managed mutual funds on the other hand provide more flexibility when it comes to customization, as well as access to professionally-managed portfolios which may yield higher returns over time. Understanding how both index and mutual funds work will help investors make an informed decision about which type is right for them.

Is it worth investing in index funds?

Financial professionals will typically agree that index funds are a great way for investors to invest passively in the stock market. Not only do they require little input, but they also offer a low-cost option with a strongly diversified portfolio. Index funds also offer a good investment option for long-term investors.

However, it's important to remember that all investments come with risks, and individual financial situations can vary widely. Before making any investment decisions, it is highly recommended to consult a professional financial advisor who can assess your specific circumstances and provide tailored advice. Their expertise will help you make informed choices aligned with your financial goals and risk tolerance.

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As we explore concepts within the investing world and the various available options, today we are looking into mutual funds to gain a proper understanding of what they are, how these are categorized, and what these actively managed funds could contribute to your investment journey. 

What is a mutual fund? 

A mutual fund is a type of investment vehicle that pools the money of many investors and invests it in stocks, bonds, or other securities. Mutual funds offer investors diversification, professional management, and economies of scale. 

These actively managed funds also provide liquidity since they can be easily bought and sold through a broker or financial advisor. Mutual funds come with various levels of risk depending on their asset allocation strategy, with some being more conservative than others. Investing in mutual funds is a great way for individuals to access the stock market without having to purchase individual stocks themselves.

How can you access actively managed funds?

Investing in mutual funds is an easy and cost-effective way to diversify your portfolio, as they offer access to a wide range of asset classes. Mutual funds are professionally actively managed funds handled by fund managers who make decisions on behalf of the investors. 

Accessing mutual funds is relatively straightforward, investors can buy mutual fund shares directly through a fund house or use the services of a financial advisor or online broker. The price will reflect the mutual fund shares' net asset value plus fees associated with the trade.

When one wants to redeem their shares, they will be worth the net asset value at the time plus any fees. The net asset value (NAV) of a mutual fund, more commonly referred to as its price, is determined by the total worth of all the securities held in the portfolio and divided by the number of outstanding shares.

Before investing in any mutual fund shares it’s important to understand the fees associated with them, such as management fees and sales charges, so that you can choose the best option for your needs. Mutual fund investing can be lucrative, but there are still risks associated.

The different types of mutual funds available

As with most investment options, there is never just one type. When it comes to mutual funds, there are roughly six different types that one can explore. Any interested mutual fund investor should become familiar with the following types:

1. Stock Funds

Also known as equity funds, stock funds are made up of stocks (publicly traded shares of a company). Stock funds allow mutual fund investors to invest in multiple publically traded companies, and effectively own a tiny piece of each. These stock funds are known to deliver the highest returns when compared to other mutual funds and have the greatest growth potential, however, they are also considered to be the most volatile. 

Growth stock mutual funds, in particular, are known to grow at a faster rate than the rest of the markets. These are categorized by the companies' value, with small-cap funds incorporating companies valued below $2 billion, medium-cap funds $2-10 billion, and large-cap funds looking at companies valued at $10 million or higher. 

These mutual funds can be further broken down into a number of categories, and offer a perfect means to diversify within the stock funds category:

Growth and Income Funds (Large Cap)

Aiming for slow and steady development, these calm-growth stock mutual funds invest in large-cap companies that have relatively modest rises and falls when compared to their smaller counterparts. As a result, mutual fund investors can be sure of long-term gains with minimal risk.

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Growth Funds (Medium Cap)

A perfect medium between small-cap and large-cap funds, these mutual funds invest in mid-sized companies for moderate growth and volatility.

Emerging Market Funds (Small Cap)

These are the most volatile funds as they have the capability to offer massive profits or losses in a brief period. Investing heavily in up-and-coming startups with the potential for exponential growth is an integral part of these aggressive mutual funds.

International Funds

International growth stock mutual funds allow one to diversify their money even further and are composed of a variety of companies from across the world and differentiated by capital size. These mutual funds typically include the likes of international brands and market giants beyond the borders of a specific country. 

2. Bond Funds

With bond funds, you have the option of investing in government or corporate bonds. Here, instead of buying a company's stock, your money is lent to governments and in return one earns interest. Unlike growth stock mutual funds which can be volatile and unstable in nature, bond funds offer steady returns and are known to provide consistent profits over time. 

While bond funds err on the side of caution, it's important to remember that in order for an investment to be worthwhile it needs to grow at a faster rate than inflation. History shows that these types of mutual funds earn between 5-6% per annum, which should be evaluated against the inflation rates (typically 3-4%). While bond funds are a safe bet, one must consider whether they will generate wealth.

3. Index Funds

Index funds are a kind of mutual fund that seeks to match the performance of an index or certain segment of the market. Unlike most mutual funds which have their investments actively managed by professionals, index funds only buy the investments included in a specific index, a process known as passive management.

For example, the renowned S&P 500 index tracks the stock prices of some of America's leading businesses to measure their financial performance. Investing in an index fund of this nature allows you to invest in multiple companies at the same time.

While many investors believe index funds are more beneficial in the long run due to their lack of management fees, there is a plethora of professionally managed mutual funds that routinely surpass these. Not only this but investors who invest in mutual funds will always benefit from an experienced investment professional monitoring one's portfolio, making up for any additional costs with increased profits. 

4. Income Funds

Those seeking regular income from their investments should consider mutual funds that focus on stocks paying dividends. Investors who opt for such a fund are not worried about the volatility of stock prices, instead, they're prioritizing receiving reliable small amounts of money from companies inside these mutual funds throughout the year.

5. Money Market Funds

Money market mutual funds provide investors with the opportunity to earn returns from loaning money out for short-term periods. Money market funds are typically loaned out to governments, banks, and companies that have contractual agreements in place to pay back investors within a year or less.

In comparison to bond funds, money market funds often fall short in terms of building wealth. For example, they typically pay an average return rate that is no higher than 3%, meaning your capital can actually decrease with time if inflation exceeds this level. 

Money market mutual funds can act as a protective guard over one's cash. While it safeguards against any potential losses, its conservative nature also limits the chances of any significant growth.

6. Hybrid Mutual Funds

To ensure your investments are well-rounded and secure, hybrid mutual funds cleverly spread out the money across stocks (equity) and bonds (debt). Two common types of these intelligent funds include balanced funds and target-date funds. Investing with hybrid mutual funds offers returns in smaller time frames. 

Balanced Hybrid Mutual Funds

Balanced hybrid mutual funds are investment funds that provide a combination of stocks and bonds, allowing investors to benefit from both the potentially higher returns of equities while also mitigating some of the risks with fixed-income investments. 

These mutual funds typically have an asset allocation mix between 60% stocks and 40% bonds, but this can vary depending on the fund's objectives. Balanced hybrid mutual funds offer diversification within one single fund, making them ideal for those seeking to minimize their overall portfolio risk.

Similar to most mutual funds, these types of mutual funds are actively managed by experienced professionals who continually monitor market conditions in order to make adjustments when necessary.

Target-Date Hybrid Mutual Funds

Target-date hybrid mutual funds are a type of investment fund that combines both stocks and bonds to provide investors with the potential for higher returns while mitigating some of the risk associated with equities. 

These mutual funds typically have an asset allocation mix that is based on when one plans to retire, allowing investors to benefit from diversification within one single fund. Target date funds can also be referred to as lifecycle funds.

Why invest in mutual funds?

Investing in mutual funds is a great way to diversify your portfolio and maximize your returns. Mutual funds are pools of money from several investors that can be used to purchase stocks, bonds, or other investments. 

Most mutual funds allow investors to spread out the risk associated with investing across multiple assets instead of just one, reducing the volatility of your overall portfolio. Additionally, mutual fund managers have access to greater research capabilities than individual investors do which can help them identify profitable investments more quickly. 

Overall, investing in mutual funds is an excellent way for individuals to benefit from professional management while also reducing their own risk exposure. Mutual funds are also recommended for long-term investment goals, particularly for retirement. 

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Crypto wallets are a critical tool for anyone looking to use, store, and manage crypto assets. Crypto wallets come in various forms, with different features and security options that cater to the needs of different users. Finding the right crypto wallet is essential if you want to get the most out of your cryptocurrency investments. 

No matter what type of crypto wallet you choose, it’s important to do your research before making a decision since each one comes with its own set of advantages and disadvantages. It’s also important that you keep your private keys safe so no one else can access them, this will ensure that only you have control over your funds and crypto assets. 

What is a crypto wallet?

A crypto wallet is a digital wallet that stores manages and facilitates the use of various cryptocurrencies. In order to store and use crypto assets, one needs a digital wallet. Unlike traditional wallets that simply hold your cash or cards, crypto wallets facilitate transactions as well as store your funds. 

Each crypto wallet has a public and private key which are unique alphanumeric codes that grant the user access to the funds. Public keys are wallet addresses to which other users can send you cryptocurrencies, similar to your bank account number, while private keys are akin to a pin number and should not be shared with anyone. 

In essence, crypto wallets act as secure interfaces for users to access, store and transfer funds across different blockchain networks. In essence, it’s like a bank account for digital currencies. 

The different types of crypto wallets

Crypto wallets can be divided into two main categories: hot wallets and cold wallets. 

Internet connectivity is the defining factor between hot wallets and cold wallets. Hot wallets are connected to the internet, making them less secure but much more user-friendly. On the other hand, cold wallets are stored completely offline and do not require any internet connection. This provides a higher level of security, which makes them ideal for individuals who plan on storing their crypto assets long-term. 

Each of these categories can be further broken down into varying wallets. Under the hot wallets umbrella, there are desktop wallets, mobile wallets, and web wallets, while under the cold wallets umbrella, there are hardware and paper wallets. 

Hot wallets

As a hot wallet is easy to set up and constantly connected to the internet they are ideal for users looking to make daily or frequent transactions. Typically with hot wallets, funds are quickly accessible and they tend to be very straightforward to operate. Below we look at the three main types of hot wallets: desktop wallets, mobile wallets, and web wallets. 

Desktop wallet

A desktop wallet is a cryptocurrency storage solution that allows users to store, send, and receive crypto assets from their personal computers with the crypto wallet stored on the device’s hard drive. 

It is generally considered to be a secure way of managing crypto assets as it does not require the user to store their funds on an exchange, instead giving control over the private keys associated with the hot wallet to the user.

The downside however is that it may be vulnerable to computer viruses should someone gain access to your desktop. 

Mobile wallet

Mobile wallets are digital crypto wallets that allow users to manage their cryptocurrencies directly on their mobile devices. These crypto wallets are very convenient and secure compared to carrying large amounts of money around or keeping it in a traditional bank account.

Mobile wallets provide users instant access with more control over their funds and are particularly useful for quick payments that require a scan of a QR code. When downloading this type of hot wallet ensure that you use a link from the website directly to ensure that you are not falling for a fake wallet. This goes for all hot wallets and cold wallets listed here.

Mobile wallets are typically the best crypto wallets for users actively spending their crypto assets.

Web wallet

Web wallets are hosted by third-party services, which act as custodians for users' private keys. Web wallets provide an easy way to manage digital currencies, allowing users to quickly send and receive payments without having to download or install any software. 

Additionally, web wallets offer enhanced security features such as two-factor authentication and multi-signature transactions. With these features in place, web wallets can provide a secure environment for storing cryptocurrencies regardless of the user's level of technical expertise, an added bonus for hot wallets.

Cold wallets

Cold wallets are hack resistant and therefore are considered the best crypto wallets for hodlers. In order to facilitate trades, cold wallets need to connect to the internet in order to trade directly from their cold storage devices.

Hardware wallet

Hardware wallets store private keys on a physical device like a USB drive or an external hard drive. A common example of this is the Ledger Nano X, while secure it retails for roughly $150.

These crypto wallets provide maximum security but require more effort to set up and use compared to other types of crypto wallets. They typically are also more expensive as one needs to buy a physical device. 

Paper wallet

Finally, paper wallets are simply printed copies of public/private key pairs which allow you to securely store funds offline without having any digital device at all. While these are considered to be the best crypto wallets in terms of security, if the paper gets damaged then the funds are lost.

Finding the right crypto wallet for you

In order to find the right crypto wallet you will need to establish what specifically you wish to do with your funds. If you are looking to hold them long-term, cold wallets are by far the more secure solution, however, if you are making payments and using cryptocurrencies in your day-to-day life, a hot wallet or even a mobile wallet might be better suited to your needs. 

Many crypto users utilize a combination of two or three, using the more secure crypto wallet option to hold their funds long-term while also having a portion of funds in a preferred hot wallet allowing them quick and easy access to their funds when they need them. 

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Ethereum Naming Service is a branch from the original blockchain network which aims to make the crypto space, particularly within the DeFi and Web3 sectors, more user-friendly and accessible. Similar to how Domain Name Service made the internet more accessible, Ethereum Name Service aims to do the same and become a fundamental component of these sectors.

What is Ethereum Name Service (ENS)?

Ethereum Name Service (ENS) is a decentralized naming system that simplifies sending and receiving payments in the Ethereum network. It works like a domain name service (DNS) uses IP addresses, but instead for Ethereum crypto addresses, allowing users to register human-readable names that are mapped to their Ethereum addresses. This makes it easier to remember and share addresses, instead of having to remember long strings of characters.

For example, a user could register the domain name "myname.eth" and associate it with their Ethereum wallet address. Once registered, anyone can send payments to "myname.eth" instead of the complicated Ethereum address.

Users can register a name through various ENS domain registrars or directly through the ENS manager. Once registered, the name is added to the Ethereum Name Service Registry, and the user becomes the owner of that name. ENS uses a hierarchical system of domains similar to the DNS system used for the internet. 

Once registered, the user can then set the resolver, which is a smart contract that provides information about the Ethereum wallet address associated with the ENS name.

The resolver can be thought of as a mapping function between the name and the Ethereum wallet address. When someone sends a payment to an ENS name, the resolver is queried to retrieve the associated Ethereum address. Once the Ethereum wallet address is retrieved, the payment can be sent directly to the address.

ENS also allows users to add additional data to their domain names, such as an IPFS hash or a swarm hash, making it possible to associate decentralized content with a domain name. For example, a user could associate an IPFS hash with their domain name, making it possible to access decentralized content using a human-readable name.

Who created Ethereum Name Service?

Ethereum Name Service (ENS) was initially part of the Ethereum Foundation and proposed by Nick Johnson in 2016 as a way to simplify the process of sending and receiving payments in the Ethereum network. Nick Johnson is a software engineer that previously worked at Google and the Ethereum Foundation. 

The ENS system was launched as a separate entity in May 2017 as a decentralized naming service on the Ethereum blockchain. Since its launch, ENS has been widely adopted by the Ethereum community and has become an essential part of the Ethereum ecosystem.

How does Ethereum Name Service work?

The Ethereum Name Service (ENS) system is similar to the DNS (Domain Name System) used on the internet. Users can register an ENS domain name under the .eth top-level domain and associate them with their Ethereum addresses by using the platform's smart contracts.

This means that instead of sending payments to complicated and hard-to-remember Ethereum crypto addresses, users can simply send payments to easy-to-remember domain names. For example, instead of sending funds to 0x71C7656EC7ab88b098defB751B7401B5f6d89, users can instead send funds to tap.eth. 

The system uses two smart contracts to make this possible: the registry and the resolver. 

ENS Registry

To use ENS, users must first register a name through a registrar. Registrars are entities that facilitate the registration of domain names under the .eth top-level domain and store all the domains. Once a user has registered a name, it is added to the ENS Registry, and the user becomes the owner of that name.

ENS Resolver

The next step is to set the resolver, which is a smart contract that provides information about the Ethereum address associated with the ENS domain. Resolvers can be set by the user or they can use one of the default resolvers provided by ENS. Once the resolver is set, users can associate their Ethereum crypto address with their ENS name. This is done by adding a record to the resolver that maps the ENS name to the wallet address.

ENS allows users to add additional data to their ENS domains, such as an IPFS hash or a swarm hash. ENS also supports subdomains, which are domains that are associated with a parent domain name. This makes it possible to create a hierarchical naming system that is similar to the DNS system used on the internet.

What is the ENS token?

The Ethereum Name Service (ENS) did not have its own token until recently. In 2021, the ENS team announced the launch of a new governance token called ENS, which is separate from the old ERC-20 token with the same name. 

The new ENS token is used for governance and voting purposes and is not used to pay for the registration or renewal of ENS domain names. Instead, users need to pay in ETH to register their “.eth” domains, with an idea of the costs reflected below (subject to change due to market fluctuations, please review the ENS website for accurate costs):

$5 in ETH per year, for a five+ character .eth ENS domain;

$160 in ETH per year, for a four-character .eth ENS domain;

$640 in ETH per year, for a three-character .eth ENS domain.

The higher prices are due to the supply of three- and four-character .eth names being smaller. 

The total supply of the new ENS token is 100 million, and they were distributed through a community airdrop in 2021.

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What is the ENS DAO?

The ENS DAO (Decentralized Autonomous Organization) is a community-governed organization that oversees the development and management of the Ethereum Name Service (ENS) ecosystem. It is responsible for making decisions about the future direction of the ENS system, including upgrades, changes to policies, and new feature development. The organisation is governed by the ENS token holders, who have the right to vote on proposals and decisions related to the ENS ecosystem.

The organization is an important part of the ENS ecosystem, as it ensures that the system is developed and managed in a decentralized and community-driven manner. It allows stakeholders to have a voice in the decision-making process and ensures that the system remains responsive to the needs of the community.

What is the ENS Foundation?

The Ethereum Name Service (ENS) Foundation is a non-profit organization that supports the development and growth of the ENS ecosystem. It oversees the development of the ENS system, promotes its adoption, and provides support to users and developers.

The ENS Foundation is involved in a wide range of activities related to the ENS ecosystem, including organizing community events, providing guidance, and funding the ongoing development of the ENS system. It plays a critical role in supporting the growth and development of the ecosystem alongside the ENS DAO, which is responsible for making decisions about the future direction of the ENS system.

How can I buy ENS tokens?

Tap's mobile app enables users to easily acquire, trade and securely store Ethereum Name Service (ENS) in an integrated wallet. Users can buy and sell the ENS token using a variety of supported crypto or fiat currencies. The app also provides a reliable space to store ENS tokens and other digital assets. By downloading the Tap mobile app, users can unlock the potential of a range of cryptocurrencies and fiat wallets.