Topic: New Year | New Resolutions - How you gonna manage your finances - 2021 ? (Read 584 times)

Won't be as easy as it may sound. There are things having price increase over time and those are assets. But there's no assurance that the increase will be constant or continuous, there will be risk of losing money. Thus, you need to find something having quite of an assurance to lesser the risk. But having a plan of such is a huge leap. Not all of us will be brave enough to conquer doubts and fear when it comes to investments. And this shows progress if you are seeking for a better life.
I have many plans for this year but I won't settle for those plans alone. I, maybe most of us, need to focus more on making our plan, a success. 'coz if we won' t, it will be nonsense and a waste of time eventually. Plans are meant to be done, that's the purpose of doing so from the very beginning.

2021 doesn't look like it is suddenly better. People are talking about how 2020 was a bad year, and I agree that 2020 was a bad year, but not like it is over now. I get that every year people say "that was a bad year, hope new year is better" but 2020 was historically bad, we had a sickness that killed over 2 million people, infected hundreds of millions I suppose (counted and undetected combined) and locked people down to their houses which was fun for like a month but became economically impossible later.

So, 2020 was historically bad, but 2021 is not like we suddenly do not have covid at all, it os still here, we are still living with covid, and until 2021 ends we are not going to get rid of it neither. Sure, it is going to be a bit of better with vaccines and all, maybe big nations could get a lot better, but the world will still have it by 2022.

Last year, I was almost “drowned” financially because I didn’t save much money, but rather spending a lot which is a big mistake and lesson to learn.

I don’t have a job back then during the 1st quarter of 2020. The money that I’ve won in the Roobet video contest gave me at least 3 months to survive. During that time, I am trying to shift my focus into writing travel articles on Steemit and earn some STEEM tokens. I did earned only a little, but I never cashed out.

Most of the tokens that I have were all drowned to shit value, especially the big delay of bounty rewards. I was hoping for a rebound or comeback, but my financial situation got worsen. When the lockdown started that lasted like almost 2 months, I was depressed and thinking that my crypto and blockchain career is over until someone hired me and the rest is history.

During the mid-2020, I am struggling to save money despite that my job can sustain. I have also started doing interview gigs to build my own brand. It was mostly free, until I started getting little donations. I just keep doing my job and other gigs until I had a breakthrough sometime in the Q4 of last year where I did earn extra money for doing video reviews coming from the projects’ direct offers respectively.

Because I live within my means and not “upgrading” my life yet, I have saved a good amount of money. I learned about managing my finances (especially bills), limiting my expenses, hungry for more income, etc. It all paid off after so many months of sacrifices.

My goal for this year is to save even more money, limiting my expenses and bills, grow my daily, weekly and monthly average income, and if funds are good enough, will invest in a lucrative profitable real business (not ponzi scams lol). I usually put most of my funds in ETH and USDT. I don’t want to repeat my mistakes in the past of spending a lot without knowing how to make my income bigger than my expenses. Reminds me of Robert Kiyosaki’s Rich Dad Poor Dad book.

Same for me, even though bitcoin did pretty well my overall portfolio wasn't doing so great. I also lost some money gambling. For 2021 I just want to build up my portfolio again and hope the crypto market keeps rallying.

Maybe BNB, USDT could still be a good choice to buy for now, as I see the price for BNB increases and decreases, so that can give the opportunity to make a profit. USDT can be a good place to save money after making a profit, but it is hard to make a profit from USDT. Bitcoin is the best place to keep the investment, but we need to know that the value will be up and down and that can make money will change from time to time.

2020 was indeed a bleak year, i completely changed my plan due to the impact of the epidemic. Sad that it's going on and impacting my everyday life, 2021 I just wish that the epidemic was too soon for me to be back in my main job soon, and then if i have a spare cash, i think will use it to buy bitcoins.

Although we're from different background, one thing is certain, we're all chasing after our financial freedom by picking interest in bitcoin investment. The best possible way is to keep staking sat, that's getting our hands on as much bitcoin as can while it's still cheap. Yes bitcoin at its current price is still very cheap, with continue increase as we're recoding soon there won't be enough bitcoin on the exchange for people to purchase and it'll be priced high.

Just like last year although hoping this year I'll come out successful, my goals revolves around staking bitcoin. Everytging was going just fine before the distracting last year got the best of me but hopefully the end storyline this year will be me celebrating how much sat I have been able to stake at the end of the year.

Bitcoin will be doing some impressive numbers this year and the best investment will be buying bitcoin at every retest it present. The alts can't be vouche for so it's better you minimize your risk at the same time get in a better position of getting the best out of the surge of the bitcoin market.

The COVID-19 pandemic that is making economic crises in all countries of the world makes me more aware of the way my finances are organized.
The first lesson I will apply in 2021 is to buy less luxury goods and stop buying things we don't need. after that I will increase the percentage of
my salary for investing in Bitcoin. Because with Bitcoin managed to rise past the price of $ 30,000, it makes me even more optimistic that investing
in Bitcoin can make me a rich person. Those are the steps that I have started to carry out in early 2021. Hopefully my finances can be much better
than in 2020.

Same as last year. Save and invest at least 1/3 of my income. In addition, no debt for consumption, only for investments that have a stable and fair value, for example an inexpensive property. The only thing I'm going to change is more emphasis on crypto investments. My crypo investments have been high in the past, but I want to invest more capital in it than in stocks and other "old" investments.

Managing finances have been quite easy for me as an individual for I mostly do budget and be mindful on my expenses not to exceed my salary so that I can still save some for my investment with crypto most specially talking about Bitcoin and also for back up money which is good that I have been doing for quite too long because I have back up money to spend when the pandemic have started last year which makes me let us just say somehow financially capable to survive the crisis despite of the situation. The same thing will still be my managing strategy on my finances this 2021 up until the next coming years. Focus on what is the priority, and if will be spending on leisure be mindful of the upcoming days to stay in control with my finances.

So, you mean you haven't been hodling a good bag of Bitcoin for long term investment when the price was still low and that you started to realize how profitable Bitcoin is in the long run?
Anyway, everyone is looking to buy the dip (special for us who has been in crypto space for quite a long time), but the current price might not be as expensive when Bitcoin hits the 6 digit figure in the future. Buying fragments is still a good option If you have long term plans.

The fact that digital currencies are still the best at this time. Bitcoin is very suitable when a pandemic came and until now people prefer to use this and I guess that is the reason why there are too many private companies who start adopting cryptocurrencies.

Investing in bitcoin is something like you also managing your asset, through holding you avoid spending it because you are hoping that there will be more increase price in the future. My new year's resolution is to start collecting the amount of bitcoin and accommodate them all this year.

Probably not the best idea.

If bitcoin hits 6 figures, would you continue with your dollar-cost-averaging plan? What if it hits 7 figures?

IMHO, DCA is only a valid strategy when the market conditions you are buying in at is subdued. You want to ensure that you snap up an investment for cheap, but you also don't want to expose yourself to further downside risk that could materialise in a bear market.

I actually suggest that you read Benjamin Graham's The Intelligent Investor, that could be a financial resolution in and of itself and it will cover the guiding principles of value investing from bottom up (even if some elements have become outdated).

There are high hopes for a rise in the price of Bitcoin and Ethereum in 2021.  Prices for gold, silver, platinum and palladium may also rise. 

In the new year, you should definitely have several sources of income.  It is also necessary to undergo training, acquire new skills and improve professionalism.  In addition to work, you also need good rest.  You need to take care of your health.  Every day you need to walk in the fresh air.  Move a lot and do sports. 

This will help you make more money.  You also need to be very careful about your income and expenses.  In the new year, you need to be economical and thrifty. 

Look for new sources of income.

It can be related since many investors in stock market ship in crypto where there is much active market now. Due to Pandemic many businesses are still not operating so the market of stock is still into recovering phase and with the new strain of covid might happen economy will surely be affected unlike in crypto which is based more on digital usage.

I also read this book, but I have never been able to apply the tips therein in my life. Too many problems fell on me in 2020, which led to constant withdrawals from my accounts.
I believe that this year I will be able to take my finances under total control and implement as many tools as possible in my life.

It is of course harder to do TA or similar research on a brand new coin, or even a a few month old coin, because it is still on the development process and anything could happen. However it is easier to do it on Bitcoin, even though you may or may not get the right answer from it, it is at least simpler to check it. I am in favor of finding decentralized currencies, there are so many currencies that have people in charge, XRP, BNB, BCH, BSV, USDT and similar, well stablecoins are already not good for investment because they are "stable", but all others that are centralized and run by some people are bad for me, I omit those and use the others in the top 25, and that is much better.

I would advise you to try to get away from those as well, they make no sense to invest at this current stage, you can already get profits from decentralized ones as well anyway.

My plan is the same as in previous years, to allocate as many fiats as possible to Bitcoin, and preferably to gold/silver as additional insurance. Furthermore, as before, trust politicians as little as possible, and do not trust so-called experts who say all their lives what suits them best at a given moment.

The goal of the world's elites is to keep as many people as possible poor and dependent on a system that makes them rich. The best annual decision for everyone, start thinking with your head and realize that small people are the only ones who can change the world for the better, but only if we unite and start changing the world together.

The new year starts with good news. Already now BTC costs about $ 30,000, there has been no such growth for a long time. Do you think the popularity of cryptocurrency is related to the pandemic? Personally, I believe that cryptocurrency has a huge future, you just need to wait a little.

That is what I want to do if I see the downtrend comes to the market. I do not want to be late to buy bitcoin or other coins because I realize that we still have more time to invest in any potential coins. But I think it is better to stick to bitcoin, and the other top 20 coin lists, so we do not confuse to analyze or to select the coin. When you can invest every month, you will see your money value can increase from time to time, but you will also see that the value will decrease. But you do not have to worry because if the price increases, you can sell it and make a profit.