[INVESTOR] Am I
How I managed to INVEST
Only used 1% of my Annual Income each year.
Took that amount each year and divided into 3 baskets.
[First basket] I stored (33%) away HODL every year.
[Second basket] I invested (33%) into other programs that accumulate over time every year.
[Third basket] I traded (33%) every year.
"a person or organization that puts money into financial schemes, property, etc. with the expectation of achieving a profit."
Image Source: Pixabay
I wanted to have at least 3 strikes before I was OUT!
Care to discuss how YOU managed to invest?
Let's learn and share the GOOD and the BAD to IMPROVE!?...
I was an over-spender for many years, I always failed at saving. Finally I decided to save 10 dollars a week. It was such a small amount, I wouldn't think about it. When that account reached a hundred dollars or so, I created an investment account and pretty soon watching the account grow was as fun as spending it. It changed all of my financial habits.
Thanks for using the discussion tag.
(offers @whatsup a drink)
I hear you on that! We pretty much ALL start out over-spending at first. I remember my father giving me $20.00 a week allowance as a child. And every week I spent that on toys and games at Toys R Us which is filing bankruptcies ATM. (guess I didn't spend enough) ;)
After 3 years I finally realized (doh) that I had collected every G.I. Joe figure that Mattel had made and began to stare at my collection piled in my room which then the light bulb went on, so I began to sell them and give them away to my friends knowingly I was no longer interested in toys like Transformers, Voltron, Robotech, and such...
As I got older I used that money and bought Nintendo video games, RC Cars, skateboards, and fashionable clothing which still ended up spending even more money and still NO savings.
It wasn't until my Father made a deal with me that he would DOUBLE my money that I could save after a year!
Guess what?
I didn't spend hardly anything that year and my father NO longer honored that DEAL for next year...
Well, ever since then I pretty much was saving a dollar a day (cash and coins) in a piggy bank and continued through out my daily life. ($365 a year savings) This was far more manageable as lad and adult which allowed me to measure and replinsh if I borrowed or took from my savings.
Looks like you can make a hundred dollar stretch as far as I can.
Thanks for chiming in and NOT getting lost on your way to the "Bitcoin store".
It's my pleasure @whatsup
Keep STEEM N ON,
Frank
Your father is/was a wise man! What a great story. I am happy he got you on the right path.
I think SteemIt is also a great way for people to painlessly put away some money. I think "spenders" don't realize how nice it feels to watch a nest egg grow.
Cheers, I've followed you.
(clinks glass)
He was wise, and now just like most generations will continue to pass down our knowledge/wisdom/resources for the future!
Cheers!
:D
P.S. Steemit is painless accumulating, saving, making, as well as spending...Just have to find a balance/measurement to FOLLOW since NUMBERS & MONEY tend to distort our rationale most of the time.
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Did somebody say 1%?
Here is a blast from the past 8+ months ago...
Enjoy :D
https://steemit.com/life/@cassidyandfranks/are-you-the-1-or-how-to-become-the-1
Is only setting 1% of your income aside each year enough to make any serious returns on investing?
Depends how long you have been investing?
10 years X 1% = 10%
10 family members X 1% = 10%
10 clients X 1% = 10%
By having a low 1% threshold to began to ask the question...
Would you miss 1% of your annual income IF it comes crashing down that year?
If the answer is NO, can you imagine how many more YEARS, FAMILY MEMBERS, and CLIENTS this begins to add up to?
The hard part after that is to CONVINCE them NOT to do more than 1% a year...
MOAR YEARS MOAR FAMILY MOAR CLIENTS = MOOOAAARRR..RETURNS...FOR EVERYONE!!! :)))
Minimizing RISK is KEY and MORE IMPORTANT, would you agree?
Well if you are only investing 1% a year, it would take a very long time to reach a point where you could live off your investment.
That's where [TRADING] comes into play if you so choose to Follow...
https://steemit.com/discussion/@cryptocrusaders/trader-i-am
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