#Ulogs entry 001: JOINING DISCORD THIRD OPEN DISCUSSION IS GREAT LEARNING FOR ME AS A STEEMIANS
steemgigs·@liamnov·
0.000 HBD#Ulogs entry 001: JOINING DISCORD THIRD OPEN DISCUSSION IS GREAT LEARNING FOR ME AS A STEEMIANS
Picture credit to @smaeunabs
Good day fellow steemians. Last night our community have an open discussion hosted by @smaeunabs. Her discussion focus with a certain topic which help us to learn about more in steemit. It was an honor to be part of this community. I've learned a lot and improve my English writings. In steemit we have earned but also we have also to learn. Attending an open discussion is one way of learning
Even I was in my way home I open my discord channel just to join the open discussion because I don't want to behind the topic of the discussion. Until I reach in my home my discord channel is open inorder to listen the topic. In the jeepney I was bringing my notes and pen inorder to write the important details of the discussion. Here is the topics discussed by @smaeunabs in open discussion .
1. Saving vs Investing
2. Financial planning pyramid
3. Establishing Good Financial background
4. Bitcoin and Cryptocurrencies
5. Different Financial Vehicles
***SAVING AND INVESTING***
Saving is putting aside your money or not spending the money you have earned. The methods of savings include putting aside in a deposit account or investment fund or as cash. Deposit account allows money to be deposited and withdraw by account holder. Or you deposit your money in a coin bank.
Whereas Investing is putting your money to grow like ***selling load*** to the consumer where you earn also interest of your money . Like my experience that I invest my money by having a ***singking fund*** which you allowed the member borrowed the money with 10% interest rate and payable with in two months.
***FINANCIAL PLANNING PYRAMID***
We must protect first ourselves by having a health insurance, debt management, disability insurance and having emergency fund.
We must think first our financial and life goal First we must get rid of debts. There are two kinds of debts. The good and bad debts. The good debts is you borrowed money to have business and investment or even you buy a house. Your money will earn interest. The bad debts is you borrow money to spend in your travels or even to buy new unit of cellphone. Prepare an emergency fund, if you have shortage of money you can use this for emergency purposes. You must compare your long term and short term goal in life. A short term goal can attain in a year or less. Your short term goal is like you have to save money because you want to go to a certain place you want to have a pocket money or you have to buy cellphone. But long term goal is a goal attain in more than a year or ten years. For Example you have a goal to buy house and lot so you must have to save money in long way run because of it big amount to save.
Assest your financial capability, you must need to know your financial capability before doing such investment. It is very important to be honest to yourself if you can't afford do not continue.
Plan ahead and set target. Plan ahead what to do and what are your targets.
Increase your cash inflow by having another income like by selling load or even a sari sari store, post regularly in steemit and try to be more creative what you have of your resources because not all are given an opportunity.
***Spend less than what you earn /delayed gratification***. You are earnings to have goals. If you have high earnings you increase also your expenses. Just limit your expenses. Expense your money on a valuable things. You must learned to practice delayed gratification.
***Know your risk appetite***. There is a saying that " the higher the risk the higher return of investment ". So Cash is safest way of investment.
***Understand your investment options***.
***Sorround yourself with a like minded people***. You must do research and read books about what you have to invest.
***Be consistent***. You can not invest money if you don't have money
***BITCOIN AND CRYPTOCURRENCIES***
Bitcoin is the first cryptocurrency introduce in the market. Cryprtocurrency is decentralized which means no third party can run either government and bank. It's characteristics is can easily pass one account to another account.
How to acquire cruptocurrency are initial coin offering . You can sold first before you can exchange platforms like bittrex oiliness and others. Or you can make coins even is not licensed if you know how to program.
Cryptocurrency is steaking the low of supply and demand people are thinking its valuable. China is the biggest traders of cryptocurrency market. When China banned crypto the whole is affected the down of currencies in China.
Advantage of cryptocurrency. It is the future of money. No need entities because it is decentralized. The disadvantage is no one will regulate if it okey to invest. Also @smaeunabs is sharing us how to withdraw money with the use of blocktrades. We must convert steem and SBD into a mother coin which is bitcoin and etherium. This is only two cryptocurrencies recognize in the Philippines. But she advice us to use blocktrades with the use of etheriun because it will directly go to your wallet. Here is my screenshot of how to transfer money to coin.ph wallet.
Converting SBD to ether
Get ether address in your coin.ph wallet and paste. Then generate.
Use steemconnect
Receiving ether
***FINANCIAL VEHICLES***
Is the investment that leads to financial goods. ***Saving account***. Allowing you to deposit money and keep the fund safe and you can easily withdraw funds as you need.
***Time deposit***. Lower to your risk in investment mechanism that provide a specific interest rate for leaving fund deposited for a specific amount of time.
***Bond***. Fixed income investment in which an investor loans money to an entity which borrows the fund for a definite period of time at fixed interest rate.
***Stock market***. It is the collection of market and exchange where issuing and trading of equities or stock publicly. If you buy a stock you became an owner.
***Real estate*** . Can not easily convert into cash. Before you invest ask yourself and learn more. Please we must educate ourselves.
Lastly ***RISK COMES FROM NOT KNOWING WHAT YOU ARE DOING***
I would like to thank and congratulate @smaeunabs by sharing her knowledge to all of us because it is very helpful to us a steemians. Thank you for spending your time to us.
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