Financial Goals 2021: Taking a huge step towards financial freedom
I started my crypto journey in the year 2017 when Ponzi schemes were blooming. I joined schemes that used cryptos without having much knowledge about it. All I knew then was that anytime I receive money in my wallet, it would either increase or decrease in value. I accumulated about 0.8BTC. Due to a lack of exposure, I felt crypto was the best and greatest way to be rich. I felt nothing could go wrong with crypto. How naive I was.
Then the Ponzi schemes crashed and I still had my 0.8btc. Due to the hype of bitcoin and crypto, I started buying into other cryptos like Tron, ripple, and electroneum. I started steemit in September 2017 as I was looking for a way to continually earn in the midst of all the crashing schemes. I made a fairly wonderful sum of money on steemit.
I was excited about cryptos and due to my poor knowledge about cryptos, I kept on buying different cryptos even at all-time highs. I could get angry with anyone who challenged me saying crypto would crash.
Not so long after came the violent bearish market and I lost a lot of money. I sold some BTC for way less than the actual value for the fear of it crashing.
I became totally broke and left everything about crypto. I was heartbroken. Things became so hard in 2020 and so I decided to come back. I contacted @belemo who was doing so well and he gave me one or two tips. I still remember how my prayer that time was to just make a dollar a day and hit the 500HP limit. This was June last year
Fast forward to December 2020
The boy who wanted to make a dollar a day from posting and commenting was earning approximately six dollars a day passively added to post rewards. He also has about 7500hive worth of cards on dcity.
I don't want to lose this joy. hence the need for planning. If you remember I said I accumulated a total of 0.8BTC but went broke. This I can say was because there was no plan. This time a structured plan is needed.
On this note, I want to especially thank @theycallmedan for this initiative. There is a saying that if you want to be wealthy learn under wealthy people. this initiative has helped me to read through posts of people who are way richer and has helped me form my plan. it has also taught me how some wealthy people think.
So what are my financial goals for 2021?
My financial goal in 2021 is to take huge steps towards being financially free. This is a summary of what I want to do in the year 2021. However, I will like to follow the format given by the owners of this initiative.
Question 1: which is going to be your investment strategy?
I take investment as a delicate and serious thing as it could push me to places where I want to be or crash me totally. From my story, you can see why I say this.
My strategy will be based on a three-prong approach.
1. proper research about what I am investing my money into.
Warren Buffett says
" Do not invest in what you do not have proper knowledge about "
This is the first thing I will do before even thinking of investing in anything. This means that if I see a cryptocurrency that is being talked about, I should do proper research by reading about the project, reading the news as to why it is being suddenly hyped, and then also look for factors that will make the project profitable in the long run to me.
2. Buy low and sell high
This strategy has been there as long as trading is concerned. I intend to buy crypto when they are low and sell them when they are high. The profits I get from the sales will be compounded.
**3. Using spare cash that I can let go off to invest should it go wrong **
A mentor once told me that no one knows where the price is going, we only speculate.
This means that when investing, I should know that there is a possibility of it going down, and to this effect, I intend to use 15% of my monthly earnings for investments.
I also intend to invest in new initiatives with prospects like SPEAK, CTP, and the likes. I can imagine those who invested in Leo when it was at its initial phase. They are most likely smiling wherever they are.
Do you have any specific assets that you want to invest in?
Yes, I do.
I intend on investing my earnings in the crypto industry. I also intend to invest in a cab service(something similar to uber). I intend on giving the company a vehicle and getting returns for the vehicle. The gains from the vehicle will be used to buy another car. the cars are fairly used so I intend buying them at a cheap price and giving them and getting weekly returns.
I intend to start fish farming. I already have a large plot of land and a borehole to start.
Finally, I intend on buying one or two landed properties which will be kept and sold later in the future.
Plans on how to grow my stake
My first plan is to find a way to get employed in a hospital and start earning a salary. Then a fraction of the salary will be used for investments.
Sometime in August, I started playing dcity and I started earning daily rewards. I intend to use half of the daily reward to invest in LEO as this seems to be among the most functional token on the hive engine and also one of the most functional community so far.
I also intend to trade cards in LEO which will help me increase my stake in LEO and also in hive
I intend to also up my posting game. This is an excellent source of free crypto and knowing this, I intend to post at least 3 LEO finance related post a week and other types of posts for the rest of the week so I can earn rewards. This plan has already kicked off.
Late Uyobong king said that you don't look for ways to reduce your expenses, instead look for ways to increase your income. To this effect, I intend to start coding. I have registered for a python course and I also have videos by Mosh that can aid my learning. I regard this as an investment in myself.
Finally, I intend on engaging more on the hive blockchain. I already know the benefits of engaging so I would just increase my tempo. I intend on being very active on leofinance as this community seems to be sharing lots of love.
In summary, I plan on increasing my stake by compounding as much as possible
This should be all for now. I would update it as ideas keep on coming but for now, this is all I have in plan for the year. I pray I achieve all these sets of goals.
Thank you for reading my blog.