My Most Consistent Hobby For The Last 5 Years
This is Day Eight of @ dragosroua’s #challenge30days writing challenge. For more info on the challenge, Click Here. Today’s prompt is “What’s Your Most Consistent Hobby For The Last 5 Years?”
I have a number of hobbies that I've spent varying amounts of time on over the last five years. I enjoy hiking, so I've been in the outdoors quite a bit. I like swimming, so I find various locations to be in/near the water. I also like money, so although I have been collecting coins for years, it's been recently that I started collecting silver. The main theme that sticks out from the last five years stems from the last one: Investing.
I have been working on ways to save money and have that money turn into more money. No, I'm not referring to alchemy.
Source: me.me
People who spend their lives (pun intended) living paycheck to paycheck aren't able to get ahead at all. The only way for them to get more money is to do more work. If there isn't more work available, or if they don't have the ability to work anymore (due to injury, lack of skills, etc...), they don't have the ability to provide for themselves and their families.
The Situation
According to Bankrate in 2017, 57% of American's didn't have enough money to cover an unexpected $500 expense! [CBS] That's alarming! Part of the issue is that personal financial management isn't taught in most schools or in most homes. We live in a "buy now, pay later" culture. And pay we do! According to Nerdwallet, "the average household with revolving credit card debt pays $904 in interest annually." Did you catch that?
The average household with revolving credit card debt pays $904 in interest annually.
That's crazy!
The First Step
My family already practices frugality with most things. I know that's not a common word, so in case you haven't used it recently, Google's definition is, "the quality of being economical with money or food; thriftiness."
That means that we save our money when we can, and we avoid unnecessary expenses like new cars and shopping trips to the mall. Those "extras" are not how we choose to prioritize our money and our decisions have served us well. When those unexpected expenses have popped up, we've been prepared and have been able to carry on.
This is NOT my new car
Source: Pexels
The Second Step
Once we had money saved, I started looking for ways to have that money working for me, rather than just sitting there losing value to inflation. I began investing in a number of different ways. The first thing I did happened longer ago than five years, but I'll list it anyways. I opened a Roth IRA and began making regular contributions.
Roth IRA
A Roth IRA (Individual Retirement Account) is a post-tax investment account where you investing in stocks, bonds, mutual funds, etc... but you pay tax on the money ahead of time. With a regular IRA, it's tax-deferred, so you don't pay tax on the money until you take it out, normally starting around 65 years old. However, with the Roth IRA, you put in money that you've already paid tax on, and then it grows tax-free! That means you're charged No Taxes on all the gains you make from now until when you pull them out. (Note: It's not guaranteed it will stay this way as the government is always looking for new ways of getting revenue.) Please note: there is a $5,500 cap on contributions per year. [IRS]
Robinhood
After I had my Roth IRA going nicely with regular contributions I decided I wanted to find another way of buying stocks that was more hands-on and would allow me to invest directly into specific companies that I thought were poised to do well. A friend told me about Robinhood and I signed up. They offer commission-free trading on regular stock purchases (they take the interest that is earned on your un-invested funds to pay for this... so just invest it, right?)
Robinhood allowed me the flexibility to buy a stocks without having to accumulate hundreds or thousands of dollars at a time to spread out the fee. With no fee, I could buy 1 share at a time. I started by trading in and out of a few positions, but eventually settled on stocks that I planned to hold for the long-term.
Crypto Currency
I've already talked about crypto currency in the this post from a few days ago, so I'll just refer you there if you're interested in what crypto's caught my eye.
Silver
Yes, Steemit was actually the cause of this. I had my silver addiction under control until I came here and ran into the crazy, hardcore stackers of #ssg. I used to buy an American Eagle every now and again, but I didn't really understand the value. It was more of a novelty. I would buy them as gifts for family and friends at special occasions, but I never invested in it. Again, that changed when I met Steem Silver Gold.
Now I have a problem. It's a good problem, but the main sticking point is that I don't have enough money to buy as much silver as I want to buy. I have started saving as much as I can and setting it aside for silver purchases. It seems like I'm able to go once a month or so and pick up some new coins. When I do, I like to post pictures of them here so you all can see them. I see this as being a long-term investment. It's a hobby that not only keeps most of its value, but it's also likely to increase in value (in my opinion).
Since I can't do a post on silver and not leave you some pics to sate that thirst, here are a few of a Bicentennial Eisenhower Dollar.
My Hobby
There you have it, my hobby is investing. I am making progress on it and enjoying myself as I go. It feels good to know that the decisions I'm making today can help my family for years to come. And I get to have a great time doing it.
Funny Feedback
I want to point out that at the end of the long-winded article I wrote yesterday I included a disclaimer.
Disclaimer: These are just my opinions. They're for entertainment/informational purposes only. Do your own research. If you find value in resteeming to 40,000 dead accounts, feel free to use those services as much as you'd like. I'll get your posts in front of just as many eyes (0) for the same fee. Just send me SBD with the memo "down the drain" and I'll know what to do with it. Min .25 SBD. Remember, even turtles need spring cleaning, so encourage them to clean out their shells. Thanks.
I don’t know if you caught that, but I did offer to provide a resteem service to 0 people in exchange for .25 SBD. Well, @tim3w4rp caught on and sent his .25 SBD with the correct passphrase. While I was not expecting anyone to do this, I literally laughed out loud and am still chuckling about it. Yes, sometimes I’m easily entertained. Anyhow, you should check out his blog because not only is he a funny and clever person, you might appreciate reading about his thoughts. I have started following him and think it could be worth your while to do so as well.
Disclaimer: I do NOT run a recommendation service. This is a genuine recommendation because I thought it was so funny and that you might appreciate it as well. You can also see that I AM following @tim3w4rp. I don’t accept payment for recommendations. To demonstrate this, the 0.25 SBD that he sent me I have donated to @scilwa which is an organization that helps “empower People with Disabilities to be in control of their lives and to live more independently through informed choice and opportunities.”
Tim's Donation
Confirmed sent to @scilwa with a little extra
Additional Disclaimer: Not investment advice. These opinions are for entertainment/informational purposes only. I don't claim to be an expert, I just try to make the wisest decisions for my family that I can. That doesn't mean they're the wisest decisions for your family. Do your own research. Mind your own biscuits and life will be gravy.
Previous Writing Contest Entries
- Day Seven: 3 Things to Make Steemit Better Now
- Day Six: My Main Reason For Staying On Steemit
- Day Five: What Are The Top 5 Crypto Assets I'm Investing In Now?
- Day Four: What Are My Top 5 Most Relevant Witnesses On Steemit?
- Day Three: What’s The Best Thing That Happened To Me Because Of Steemit?
- Day Two: What Would I Do With A Gift of 1,000 Steem?
- Day One: How Did I Get On Steemit?
U will always get an upvote with an office reference
That works out well for me as it is playing in my house fairly often. :) I'm glad that you share an appreciation for the show.
hahaha someone bought into your disclaimer. Biscuits and gravy aside, nice job on the investments. I wonder though, what do you think me and my family should invest in? :)
Jo Bennett says that if you're not investing in property, then you're dumber than a dummy. (From the same scene in The Office).
My personal opinion (not investment advice) is that silver is going to go up in value sooner or later. It could go down again first, but I think it's headed up.
I think a well-diversified crypto portfolio is appropriate in this day and age. I don't think it's going away and the people who won't jump in because they're scared are going to miss out on huge gains.
Property is a good one, but it has to be in the right location and it has to be making you money. Taxes are high and likely to go higher, so holding something on the speculation that it will go up seems risky. You're probably better off investing in some sort of REIT (Real Estate Investment Trust). Storage units have been solid performers, but if when (not if) there's another economic downturn, people don't have the money for storage, so I'm not sure.
I'd say try to find things that are going to have value even if times are tough and people are struggling. Those are probably safer bets.
I wish I was informed and certified enough that I could give you financial advice. Those are just some things to think on, but if you have a professional financial adviser, I'd be curious to hear what he thought of my ideas. :)
ok you're losing your touch. I asked for advice after mentioning your disclaimer that you're not a financial adviser haha It was a joke :)
You do have some good ideas though. And for sure, you are NOT dumber than a dummy :)
Well, can't win them all. You win this round. ;)
Glad I'm not dumber than a dummy. That's been a life goal. Ha ha.
hahaha
Life goal #1 achieved! Check! :)
I guess you get another champions jacket. Look for it in the mail soon! :D
Oh, your steps are just like mine!
I do have an investment account through work, which I have in index funds. This is what I call the base of my investing pyramid - it provides a solid base.
Then, the next third are my IRA's - both roth and traditional.
Then comes Robinhood.
Lastly, the "off the books" investments which include silver and crypto among them.
That sounds like you're doing really well. Most people don't even have one of those, so you're taking the right steps.
It can be difficult to keep track of everything sometimes, so it's important to have it written down. Otherwise you could lose something. That's not a very efficient way of investing. Heh.
What are some of your favorite pieces of silver?
Arrgh, me fav'rite piece o' silverr?
I dunno, probably my stack of 1800's morgan dollars. I like to think of the individual history of each coin. Where it has been, what it was used for, etc. Of course, no one knows. But I think the history is just so cool.
I agree with you there. It's one of the reasons I like the older coins as well. And especially with the "junk" ones, you can get them fairly close to spot price. Makes for good investing.
Ah, good ol' @tim3w4rp. Or should I say good young. Anyway. He's a cool kid. :)
Guess you better watch what you put in your disclaimers.
I think your hobby is one of the best that I've seen yet. You turn your hobby into a money making machine over time that allows you to retire at whatever the heck age you want.
Okay, maybe that's a little exaggerated, but hopefully it means sooner than later.
Yeah, I have to be careful. I didn't realize anyone other than you and Lynn were reading them!
The machine isn't working as quickly as I'd like. There have been a few things that have slowed us down. It's ok though. We're still standing and hopefully things will pick up speed soon.
I would like it to be on my terms, not working until I drop because I can't afford to stop.
Oh, I know all about the bumps in the road to retirement. Aka, business shutting down. Not helpful. However, as you say, still standing and hoping things will pick up soon, before my wife gets totally fed up. I suppose I probably should just go ahead and get that part-time job she keeps saying I should, though I'm not sure how that's supposed to get her out of her job. My logic and her logic aren't on the same page. :)
If you got that part time job it would take time away from Steemit though! Oh, no! Ha ha. It might be nice to have a little extra cash on hand though. Sometimes the extra padding in the pocket helps keep things positive. And if you have enough extra, you could even buy silver! ;)
Yes, some extra would be nice, but she's wanting to quit her full-time as soon as possible, so as soon as I get the part-time, she'll want me to look for the full-time. We've done this before years ago, when I was unemployed for a few weeks. Only that time it was get whatever job, then get a better one. It's like, okay, if I can get the better job, might as well go for it, so I did. :)
Our situation is fine. It's just not as awesome as it was. So, no we don't have two years worth of expenses in reserves, but we're more than a paycheck away from being out in the cold, too. It would be nice to strike the happy medium between have everything anytime and destitution. It's good for the soul to wait for stuff for a little while, anyway.
Makes sense. Or if both of you end up having jobs at the same time then you can stockpile money and you'll be able to get to that two year savings mark. At some point you'll want to retire for good and it will be nice to have the extra money.
And yes, learning the discipline of waiting can be good for a person. It's just tough to do in the moment.
Money making machine, haha. Good one, @glenalbrethsen. :)
I've tried "investing" as well. Margin-trading, to be specific. Hence the quotation marks. Learning how to do it was a tedious process. One that has already cost me quite a few hours of sleep and some money, albeit not much. I've learned my lesson and now I'm investing in a proper manner. I use whatever spare money I have.
The thing I'm hoping will give me the edge over others is the fact that I'm 24 years old. I don't have many friends who are investing like I am. In fact, I only have one such friend.
Now I'm going to have to pull out my coins. I have several Bicentennials sets, that I bought with my allowance as a kid. I just need to make some time to revisit my coins, who knows what treasures I have hidden away!
You should! Take pictures of them and post them so we can see what you have! If you make your own post of it, you can tag me in it and I'll swing by and give you a vote. :D
I'm hoping to spend an afternoon next week seeing what I have. I will definitely post photos of some of my better coins.
you post is always entertaining and full with vital personal life experiences. i really like your style of writing and how you analyze things
Thanks, I'm glad you found it entertaining. Thanks for stopping by. :)
Thank you very much for the endorsement. It is very much appreciated. Even more so after I've seen the donation you've made to @scilwa. Great job!
I also like your hobby. I like the idea of merging two hobbies into one. Collecting and investing. I guess it's not that common anymore. Even though I'm Pokémon generation, I don't really see the value in collecting. I guess it comes down to me never making an effort to actually collect something worthwhile. (Although I wish I've had 1st edition Charizard. That would be sweet.) I think this is even more visible with today's teenagers. All they do is exchange snaps.
Anyways, with investing and particularly cryptocurrencies, it's also very entertaining and exciting, as you never know what springs up. It may also be very much nerve wrecking, but such is the nature of it. I guess there lies the power of collecting something tangible, as you can at least proudly put in on display in your living room.
Also, if you haven't yet come across it, Quintric could be of interest to you.