Steemit Crypto Academy | Homeworktask 7 lectured By @stream4u | Money Management & Portfolio Management.

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➪ Money Management

Money may not be able to buy happiness, but it can provide a sense of security. You may always feel like your life is one step away from a financial cliff if you don't get a handle on money management.

Money management, on the other hand, plays a much larger role in a family's financial success or failure today than it did in earlier generations, and it was a much more huge subject at the turn of the century than it had ever been. This was the result of a shift in the economy's structure.

At its most basic level, personal money management refers to the purchases you must make to meet your daily needs and desires. This entails keeping track of your checking and other bank accounts, as well as credit card purchases, to ensure that your monthly expenses do not exceed your monthly income.

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➪ Money Management(Future Plans)

The first that comes to mind is to cut-off all the debts first and ensure that I have enough money after paying for all of the necessary bills like electricity, house, internet, ofcourse foods and others that are necessary bills to pay.

This I think my near future plan as well hmmm. I think borrowing money to buy a house is sometimes a better financial decision than paying cash because houses typically appreciate (scaling factor) over time. Even if you have to pay interest on the loan you owe the bank, the rate at which your home appreciates may outweigh the money you lose due to interest payments.

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➪ Portfolio Management

Investing is simple at its core. That isn't to say it's simple; rather, the behaviors required for success are fairly straightforward. You can improve your chances of achieving financial independence by reminding yourself of what they are and keeping them in the back of your mind as you amass a collection of assets that generate passive income.

Portfolio Management in layman's term is simply diversifying all of your assets into parts that requires your time, your assertiveness into details and studying before investing on that certain stocks, cryptocurrency, project or company. Basically if you manage your portfolio really well you might avoid the unnecessary losses on your investments.

If you are into cryptocurrency for example the likes of Blockfolio, Delta or Coindex are some the popular apps that manages your crypto assets.

➪ Portfolio Management (Future Plans)

Here's a screenshot of Blockfolio on my mobile phone

My Future Plans?hmmm? I think it would be to study and research more about different cryptocurrency projects especially I am interested to learn more about decentralized finance projects and protocols and let's see if I can earn thru yielding/farming with diverse allocations of my so-called future assets and take advantage of having crypto portfolios apps which makes things so much easier.

I am hoping to be a better person particulary with regards to managing my portfolio, ofcourse managing my mental health is one key to that which is undervalued most of the times I think.

➪ Failures?

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I mishandled my earnings when I panic sell and buy during the fall of bitcoin last couple of years ago. Just resigned from my regular job as a civil engineer with nothing to hold onto; only the assets that remained in my crypto wallets which then eventually evaporated into thin air.

Family debts left and right due to me as a failure which I can't help the family also develop depression and anxiety during those times. It was really hell, failures after failures there's alot of it that I experienced personally but there are good things I've learned from them.

➪ Conclusion

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Money and Portfolio Management cannot be separated, they are tied to each other. But first you need to learn how to discipline yourself on how you spend your money outside of your responsibilities on the other hand Portfolio Management will teach you valuable lessons about how to be a wiser at managing your diverse assets/money/investments thru attention to details. Failure is unavoidable, humans tends to fail but there's a way to minimizing those chances.

Thanks to prof @stream4u for this week's amazing lesson about Money and Portfolio Management!