Save in non fiat currency.
I’m going to start to save my money in cryptocurrency. I think there’s no better time than now to start. Why would I save in a currency that continuously depreciates? Doesn’t make too much sense to me. I shall start saving in steem whatever little I can.
I have no idea why I did not think of this sooner.
When I compare the two i.e. savings in a bank compared to what I have on steemit it amazing how much better it is to have funds here. As most already know, I can upvote people and be of some help; My savings can’t do that . Not to mention I barely get any interest back. Not only do I get some interest here but I get rewarded in multiple ways. I have a better chance of growing my savings here. If that doesn’t happen in the long run I do have other cryptos that I believe in such as eos.
I’m not giving financial advice, just my opinion.
I think we should all consider such a move if / when we can.
That very smart move im doing it for very long time this is the best way to get more on your money
I’m excited to start.
This is a great understanding. I have seen you shown alot of fianancial prowess from your youtube channel.
I think and act this way as well, I divide savings into parts, cryptocurrency( using dollar averaging overtime), and buying USD(might not be applicable to you). However, I basically lack risk management,and this is really telling on my now, I hope I wont fall back to power down soonest, if crypto doesnt rise.
Also, appreciable physical investment are great. Bonds are good. You know more, dont overlook them. I should learn from you, anyway.
I think assets make a great investment. It’s even better when they yield cash flow.
I’m not the investment guru. I’m still learning like you everyday . Also I’ve never invested in the bond market, I listened to some guy who said it wasn’t stable and would collapse. Not too sure why or how.
Not sure if you’ve heard of Robert kiyosaki or not but I listen to that guy a lot. He is very good. I think so.
Yes, Indeed. Assets are best. Its like a safe haven. Bond may collapse, but government bonds are safe. It may differ from country to country anyway. I know Robert however, I havent study any of his books. Do you have his YouTube channel or so?
Yes listen to him on YouTube and his weekly radio show on his website.
Cryptocurrencies are extremely volatile and risky but have a huge upside. Only invest what you can afford to lose completely.
If you have some short term goal you are saving for or if you want to maintain an emergency fund I suggest you keep at least some of your money in the bank. Investing in the crypto space is venture capitalism. There is a relatively high risk of failure but the potential profits are very high.
I know it’s risky but I believe what this stands for more than what banks stand for. I’m more than happy to take the risk here. I’m not saving everything in cryptocurrency though.
Its true... interests rates on bank accounts are basically negative if you add any fees at all!
So true.
One thing about crypto is I can't have digital assets seized by a court, unlike a bank account.....
True, the light switch just turned on in my head I guess.
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this is the time actually to start you are right the prices are at the bottom this is a golden opportunity infact
It is possible that they are at the bottom but I would be cautious. Drip savings into the market but don't shove everything in. Traditional markets generally slump a little in the summer. Also all major crashes occur in late summer/autumn - however that is only after massive growth so crypto is probably safe.
I'm going to put more in now slowly and increase depending on the direction of the market.
You're right, take advantage of the low of the cryptos to invest and save on them is a good idea, in fact, I dare say it is better than betting on the stock market.
I think you have to treat crypto like it is a cross between a stock/futures/FX market.
Currently about 50% of my savings are in Crypto. Unfortunately since I've been doing it I am about 40% down. That loss will only be realised if I cash out which I do not intend to do. In fact I intend to invest more when everything bottoms out as I think there is a big future in crypto. The banks and institutions are moving into the arena which means they see a future too. I believe we are currently undergoing a shakedown by the big players because there are weaknesses in the system that can easily be exploited. EOS RAM trading being an obvious one.
I've spread my investments fairly widely to include base chains such as EOS, IOTA and NEO and then thrown a little money into apps/tokens that I think have got potential, TEL, PRL for example. On these little apps it has only been $20-30 or so. Just a small punt so that that is not a big deal if they crash.
The only other thing that I would consider investing in is IP as the financial infrastructure is going to change radically in the next few years.
Happy your journey to save my money in cryptocurrency and I think This is a great understanding. But its have few risks if you handle within properly you will get a good result in future. best of luck .
