This article provides information for educational purposes. NerdWallet does not offer advisory or brokerage services, nor does it recommend specific investments, including stocks, securities or cryptocurrencies.

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode starts with a discussion of three questions you should ask yourself before buying crypto or investing in the industry.

Then we pivot to this week’s money question from Linda, who wrote us an email:

“We would like to buy a home within a year. However, my husband’s credit score needs work due to his high utilization. Should he get a new card with an introductory rate of 0% and do a balance transfer?

Thank you.”

Check out this episode on either of these platforms:

Our take

Before you jump into the world of crypto, make sure you are ready. To start, ask yourself if you are in a position to take on such a volatile investment. If you have high-interest debt, aren’t saving for retirement or don’t have much in savings, think about tackling those areas of your finances first. Then do your homework. Learn what a digital wallet is, how blockchain works, and which cryptocurrency you might want to invest in and why. Lastly, think about how you’ll diversify. Volatile investments should generally account for no more than 10% of your entire portfolio, according to many financial advisors. Even within crypto investments, think about
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