The investment space is filled with opportunities yet laden with pitfalls. Many find the complexities of financial markets, the volatility of investments, and the fear of losses overwhelming. Jessica Freeman, the founder and Vice President of Finance at Beta Virtual Assistance, believes one must have the financial literacy, resilience, and ingenuity to navigate this space.
Jessica's journey through the ups and downs of the financial world is an inspiration to those needing guidance in penetrating the space or are stuck in a limbo of investing. Shortly after graduating college, she received a beginner's guide to investing. Jessica felt inspired to secure her financial future; hence, she took her earnings from her piano teaching business and immediately approached a financial advisor at her local bank, eager to set up a retirement account and start building wealth.
Timing is of the essence in the financial world, and Jessica entered the space at the peak of the dot-com bubble in 2000. Her advisor suggested diversifying her investments into tech and medical tech funds, which both plummeted during the subsequent market crash. A tax oversight made matters worse, diminishing her retirement account.
Such an experience would be enough for many to walk away from investing altogether, but Jessica didn't succumb to frustration and understood the mistakes that had been made. The determined woman began educating herself with books by investment legends like Warren Buffett and Peter Lynch. She immersed herself in the fundamentals of finance, sneaking in reading sessions during her children's nap times.
Jessica began investing independently, reinvesting proceeds from her first home sale and prudently deploying an inheritance during the 2008 market crash. Her persistence paid off, as she had become an expert in the field by the time her investments grew.
The self-taught expert, always curious and willing to adapt, eventually explored the cryptocurrency space in 2017—a time when digital assets were capturing global attention. Newsletters and media outlets extolling crypto's potential filled her with fear of missing out (FOMO). Jessica purchased shares in the Grayscale Bitcoin Trust, one of the few accessible crypto investment vehicles at the time.
Unfortunately, Jessica's timing mirrored her earlier investing experience. The crypto market crashed in 2018, forcing her to sell at the bottom to harvest tax losses. Again, instead of walking away, Jessica learned from her missteps and continued to educate herself about this emerging market. Her experiences taught her that there's a recurring theme of a lack of accessible, reliable resources for individuals navigating traditional finance and crypto.
Many faced the same challenges Jessica encountered (i.e., poor advice, market volatility, and overwhelming choices) but didn't have the necessary knowledge or support to persevere. She then decided to establish a business to empower others, which initiated the beginnings of Beta Virtual Assistance. It was initially planned as a broad-based service company offering bookkeeping, editing, and more. With the COVID-19 pandemic, the business faced headwinds, and the plans for it were stalled.
Jessica exhibited resourcefulness, and a crypto trading course encouraged her to leverage her years of experience in finance and technology to make the foundation for the company's new direction. She witnessed the systemic problems in the crypto space: overly complex tax obligations, predatory pricing for software solutions, and a general lack of user-friendly resources.
The founder saw many investors struggle with issues like lost cost basis, which can result in inaccurate tax filings. They're unaware that once they move crypto between wallets or exchanges, their cost basis—the original value of their assets—can be lost, leading to inflated taxable gains. Another problem Jessica highlights is the misunderstanding of reporting obligations. Many believe they only need to report when converting crypto into fiat currency or transferring it to a bank account. However, tax laws require the reporting of all transactions, even when trading between cryptocurrencies.
The industry expert also educates investors on the implications of upcoming Internal Revenue Service (IRS) rules, which will soon require exchanges to report both sales and purchase information. These changes can be a critical problem for those unprepared. Recognizing all these pain points, Jessica envisioned Beta Virtual Assistance simplifying and demystifying these processes for others. She partnered with Guillaume Proulx, a tech-savvy entrepreneur and her former blogging collaborator, to bring her vision to life.
The duo discovered a more cost-effective way to provide crypto tax software to users, undercutting competitors while eliminating unnecessary course requirements. They also developed a course to teach users how to leverage the software effectively. Beta Virtual Assistance has grown rapidly since then, earning a reputation for helping crypto investors, especially those overwhelmed by disorganized records, shifting regulations, and unreported transactions.
Jessica shares an encounter with a client, a local woman seeking help after a series of complex crypto transactions. She had invested in Bitcoin after receiving a medical settlement, and in 2021, she made several trades and earned significant profits. The eager client reinvested her gains into Ripple (XRP), which later plummeted, leaving her with an 83% unrealized loss. Unfortunately, she hadn't sold the losing asset to harvest her losses by year-end. This left her liable for taxes on gains she no longer held.
Another client experienced the devastating effects of crypto scams. Hackers had drained all his funds after exploiting a vulnerability in a site he'd once connected to his wallet. These instances reinforced Jessica's mission to educate investors. Her motivation has always stemmed from her identity as a lifelong teacher.
"I'm a teacher at heart," Jessica says. "I don't want to see people go through hardships that are completely avoidable. I want to help people learn how to navigate challenges like losing their life savings to crypto scams or being blindsided by tax bills." She also aims to redefine the crypto market by making it more accessible and inclusive.
Beta Virtual Assistance has launched several initiatives reflecting Jessica's passion. The team shares insights on navigating the crypto world on the Safer Crypto Investing blog and a dedicated Facebook group. They also host monthly challenges to teach essential skills, such as using blockchain wallets, recognizing scams, and securing assets.
Jessica Freeman's commitment to education and client empowerment is proven by her years of experience helping investors understand the complex crypto world and avoid unnecessary losses. Her innovative approach ensures that Beta Virtual Assistance will continue to lead in this space.
