🔍
How To Buy Bitcoin On Kraken in 2021? Tutorial For Beginners! - YouTube
Channel: Nesami – Smart Investing
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What's up millennials? Welcome to this
last part of this little bitcoin series
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In the previous videos we talked
about why ARK Invest has
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about 46 million dollars invested in
bitcoin
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If that got you excited, well, in this video
I'm going to show you how you can buy
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your first bitcoin as well
if you haven't done so already. So today
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I'm going to be using Kraken,
which is one of the major exchanges but
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the method
is quite straightforward and it's also
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quite similar to the ones that are being
used by the other major exchanges out
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there. So with that being said, let's just
get started
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So step number one is: choose a platform.
I personally use Kraken and Binance
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but if you're a beginner you could also
definitely check out Coinbase Pro which
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is
this website over here. If you do so then
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do make sure that you're actually using
Coinbase Pro
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in that case and not the normal Coinbase
platform
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because the normal one well, it's
very very easy to use
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for beginners but they also have very
high fees
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So if you'd like to pay lower fees, which
of course we all do,
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then do use the Coinbase Pro version.
Personally I mainly use Kraken and
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Binance myself. The fees on both
exchanges are quite low and especially
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Kraken is quite easy to use as well.
Finance is a little bit more complicated
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Let me show
you Binance over here. Binance is a
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little bit more complicated
but I pretty much only use it for
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altcoins that aren't super popular yet
so
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yeah, in conclusion, if you're just
starting out and you just want to buy
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bitcoin then
I would recommend to choose either
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Coinbase Pro
or Kraken. Then step number two is to
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create an
account. As I just said, I'll be
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showing the method for Kraken, but well,
it's quite simple of course to create an
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account
and it's quite similar to the methods
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that are being used on the other
exchanges
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So let's just check this out. We've
got Kraken over here
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and on the right in the right upper
corner we see Create an account
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so we click that and here we put our
email
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my email, username, I'll choose that one,
password, well you just need to make sure
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that it contains at least eight
characters, one letter, one number
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and a special character. So pretty
straightforward. I'm just going to do
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that
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well let's say this is my password for
example
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Country of residence for me is the
Netherlands
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You have to continue and agree to the
terms of service and the privacy policy
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you have to
check that you're not a robot. I'm
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probably not a robot
I hope. And then you simply create
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an account. So when you click Create
account, you'll be
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brought to this page, Activate your
account, you're going to receive an email
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with an activation code. You can
also just click on the link
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within the email to activate your
account. So I'm just going to go ahead
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and do that.
And once you've activated your account
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we're going to step number three,
to verify your account. So once you've
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activated your account, you will be
brought to this page over here
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and just simply click on Verify
and here you have to select an account
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type. So for most of you
the starter account type would do. This
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is pretty basic, so you simply click here
on Get verified
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and here you have to provide some of
your details, your full name
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your address, your phone number and your
date of birth
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and once you've done that, you simply
click on Submit and then they will check
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your information
and get you verified. So once you're
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verified, you're ready for
step number four, which is to fund your
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account. On kraken you have
multiple ways to do so, but I think there
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are two methods
that are mainly used, so I'm going to
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talk about these two methods
and the first one is to simply click on
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the buy button over here,
on the top hand there, and just simply
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click Buy over here
and you select the amount of euros in
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this case you would like to spend on
bitcoin. So let's
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for example put 100 and in this case
you're going to see
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that the amount cannot exceed the
available balance because right now as
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you can see in the top right corner over
here
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my balance is zero so I can't buy bitcoin
with this way but what you can do
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is you can actually check this one you
can click on this button over here
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pay with Kraken euro balance and you can
add
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a new debit or a credit card. If you
click that
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you'll see a field over here which is
probably quite familiar to you
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you simply fill in the details over here
so your card number, your name, the
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expiration month, the expiration year
and the CVC code and then you add that
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card and that's
how you can actually buy bitcoin very
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quickly
with a debit or a credit card. But what
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if you don't have a debit or a credit
card?
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Well, you can also do a wire transfer
which you can simply do by clicking
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Funding over here and then you will be
brought to this page where you can
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select your currency.
In this case is going to be the euro and
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you're going to click on Deposit.
Now on this page you have to select your
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deposit method.
Mostly you can use the first option
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which is this one, the FIDOR bank
transfer. And when you use this
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option what you simply have to do
is to send an amount of money that you
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would like to spend on bitcoin
to this international bank account
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number
okay? And when you do so, something that
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is very important to always do
is to include this entire reference code
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so not just only this code over here but
also the part
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kraken.com. So once you've done this,
once you've transferred the amount of
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money, it can take a few days before it
actually shows up
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within your Kraken account. And before
you can actually buy bitcoin
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so once you've funded your account, we're
ready for step number five
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which is to buy crypto okay? We've
already seen that there are multiple
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options to do so. So first of all we've
got this very
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easy option which is simply click on the
Buy button, the Buy crypto over here
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and then as we said before you can
simply select
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the amount of money you would like to
spend on bitcoin
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and then if you've got actually some
money in your account
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then it won't give you the error message
which
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is given right now in my account because
I don't have any on my account
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or you can pay with your credit or
debit card
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but if you're a little bit more advanced
you can also go for the Kraken Pro
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option. You can simply click on the icon
in the upper right corner over here
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to go to the Kraken Pro platform
and once it's loaded you can simply
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click on Connect to start
trading. So when Kraken Pro has actually
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loaded
the first thing you want to do is to
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select the right
market which you can do so over here, in
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the left upper corner.
Right now it's on bitcoin euro, but
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you can also buy other crypto like
ethereum
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or ripple or litecoin etc.
But in this case we're actually going to
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use the BTCEUR market okay,
because we want to buy
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bitcoin for
euros, so we click on that and then we've
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got these trading options on the right
hand side over here
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which have a few options that you might
not know just yet
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So let's just go through some of these
options. First of all we have the action
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which is pretty
straightforward: you either buy or you
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sell.
And then you have the type of order you
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would like to use.
So for the beginners I would just
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recommend to either choose the market
order
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With a market order what you do is you
simply buy
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bitcoin for the current price. As you can
see right here in the middle
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the current price is 8887
euros for one entire bitcoin okay? So if
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you choose a market order
then you will use this price as a
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reference.
But what you can also do is to choose
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a limit order, you can choose a limit
order
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if you would like to actually determine
how
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much you would like to pay for a bitcoin
if you for example think that the
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bitcoin price is going
lower in the future. For example you
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think it's going down to 8700
then you can also choose a limit order
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okay?
But for now we're just going to stick to
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the market order which is the most
straightforward option and then for
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leverage we simply go for none.
The funds: here you can choose how much
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money in your fund
you would like to use to buy bitcoin
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with. Then you can either go for the
quantity
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of bitcoin you would like to buy, so
let's say for example you would like to
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buy
0.01 bitcoin for example and then you
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will see that you would have to pay
about 89 euros to pay for that
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0.01 bitcoin
so you don't have to buy one entire
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bitcoin, you can also buy
a small part of a bitcoin. What you can
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also do is say: well,
I've just deposited 100 euros so what
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you can do
is simply put 100 euros over here in the
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total price
and then this platform, Kraken will tell
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you that you're going to buy
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0.01124859 bitcoin okay? So
once you've done
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that you simply click on the Review and
buy button
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you confirm your buy and then well
congratulations, you've got your first
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bitcoin!
So now that you've bought your bitcoin
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you're ready for step number six:
how do you store your crypto? Well you
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can do so in multiple ways.
You can simply decide to leave your
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crypto on the exchange, so on Kraken Pro,
but if you have a larger amount of money
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in crypto then you could also choose to
go for a Ledger. A Ledger is
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like what almost looks like a USB
stick over here
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which you can connect with a cable to
your computer
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and you can use this device to keep all
your crypto safe
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thanks to the cryptography and the
private keys which will be
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provided to you and you will only have
access to your crypto
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with your private keys. Something you do
need to take into account is that a
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Ledger Nano
costs money of course, to buy, so if we
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look at this website over here,
a Ledger Nano S, which is probably useful
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for the majority of you,
costs about 60 euros. So well, let's say
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if you only have about 100 euros in
crypto
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then it probably doesn't really make
sense to buy a Ledger
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and you can decide to simply keep it on
the Kraken Pro
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exchange or on the other platform you're
using
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but if you have for example about 1000
euros in crypto then you could maybe
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decide to go for a Ledger Nano S
to keep your crypto safe. Awesome, so
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there you go:
six steps to buy your first bitcoin
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If you still got questions after
this video, then what you could do is
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send me an email at [email protected]
and I'd love to help you out. You
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can also join our Discord
channel if you've got any more questions
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or if you would just like to chat about
the stock market or
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crypto. If you've gotten any value out of
this video, then I would like to ask you
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to hit that Subscribe button
because it only costs you a few seconds
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of your time, but you could help me out a
lot
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on my mission to help millennials and
other people to manage
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their money better. I'd appreciate that a
lot. See ya!
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you
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