How Do You Plan To Spend Or Save Your BCH Earnings?

How Do You Plan To Spend Or Save Your BCH Earnings?

Some members here have shared their goal to accumulate 1BCH or more. 

I have read one or two posts where they shared how they used their BCH earnings to build their house. And another member was able to buy a new laptop.

And then some have shared their BCH earnings with different beneficiaries.

Different people have different goals.

Hi, I am John and in this post, I will share with you how I plan to manage my BCH earnings.

Three weeks ago, posted 

I Will be Living by my BCH Income in the Next Two Months

And June is about to end already. I thought before I sell my BCH for my consumption, I must first have a plan on how much am I going to save and how much I am going to spend.

In this post, I will share with you first, why I need to do this and how I plan to manage my earnings.

Why Not Spend It All?

With my current financial status, I have every reason to convert every Satoshi that I have to Philippine Pesos. As I have mentioned in my post, I Will be Living by my BCH Income in the Next Two Months, this is my only source of income for this month. But I have to think of the future as well.

Disclaimer

What I will share in this post is not a full-proof formula. Your situation is most probably different from mine. What works for me may not work for you. But my goal is to give you an idea based on what I've learned in my study of managing personal finances.

A Student of Personal Financial Management.

I have been a student of Personal Financial Management for years. No, I don't think you can't find this as a specific course in any university or college.

But I read books on this subject, study them, and try to implement what I learned in my life.

In the book "The Abundance. Formula" by Bo Sanchez, the formula is to set aside for the savings first and the rest is for your expenses.

In that book, the author suggests this formula.

Income - savings = expenses

Meaning, once you receive your income, set aside a certain percentage for your savings and the rest for your expenses. If we put some numbers...

100%-20%=80%

I will refer to this as the 100/20/80 formula.

Meaning set aside at least 20% for your savings and the rest is for you to spend.

I know, setting aside 20% is easier said than done. Unless you are earning way much more than your basic expenses. Doing this requires a lot of discipline

Earning Cryptocurrency Only

And here is my dilemma. Currently, I am earning cryptocurrency only. In fact, it's almost purely BCH only

And the volatility of cryptocurrency these days makes it very difficult to make a solid plan. For I don't know how much I will have in fiat value by tomorrow.

And my earnings here in ReadCash are much lower in the past two weeks than I hoped for.

BCH or Philippine Peso?

The first question before I could make my plan is, should I make my plan BCH or in Philippine Peso? 

Before the cryptocurrency prices dived, it was easy to make a plan like saving at least 0.2 BCH per month. This way one will have 1 BCH in 5 months.

But with the low prices these days, the Fiat money value is just too low.

Since I need some cash for our basic needs, I have to think in terms of the Philippine Peso, while trying to save some BCH at the same time.

The next question is 'when?' Should I sell my BCH that would cover my family's basic expenses for the whole month? Or should I do it on weekly basis? What are the risks involved?

This month, I sold 0.06854161 BCH to pay my bills. I did that on two different dates. 

At first, I sold 0.02661698 at the price of PHP 30,056 (approximately $639). I got PHP 800. I was hoping the price would go up in the coming days. Unfortunately, it dropped instead.

Then two days later, I was forced to sell  0.04192463 BCH at the price of PHP 28,622.75 ( approximately $609). I used the money to pay my bills.

The Plan

While the 100/20/80 formula is ideal, I don't think I can follow this directly on my BCH earnings. 

First, the schedule. I am going to sell part of my earnings once a week. I will sell whatever amount of BCH I earned from, ReadCash (at the time of writing, I have 0.0695 BCH in my ReadCash wallet). 

Image source: Unsplash

For now, I'm not expecting much, but I hope they will be enough to help with our expenses.

Whatever I earn from NoiseCash will serve as my savings. If, and only if, necessary, sell also half of my BCH earnings from Noise.

Start saving for my Emergency Funds

A small portion of the fiat money that I will have will be used to start building my emergency funds again.

Strive to Earn More

So far I have earned at least 0.35 BCH from the start of June, both from ReadCash and Noise Cash.

With the upcoming bitworkerrs.cash platform by @CryptoMax, I will have another source of BCH income.

But at the moment, I need to be more active on Publish0x to earn other coins. 

I also need to earn Fiat money to keep me sane from this wild roller coaster ride of cryptocurrency volatile prices.

I can get that from Forum Coin and Mylot even if it would just be $5 a month from each platform. At least they could help pay the bills.

And I will try my hand on Fiverr once again. And I am an internet

What to do

These are the things that I need to do.

• Monitor my daily earnings in BCH. I will use a pen and a notebook if I have to.

• I need to go out more and take more photos to share in NoiseCash. And hope to earn $2-$8 a day. Currently, ly I'm earning $1.5 to $4.5 a day.

• Write at least 5 articles per week in ReadCash

• Write 2-3 articles per week in Publish0x

• Learn how to use other social networks to promote my content. This includes:

  • Twitter

  • Instagram

  • Forum.com

  • And others…

• Interact with other ReadCash authors.

Let Your BCH Grow.

The next question is: "How do I make my BCH grow?"

I have read that there are platforms where I can put my BCH where it could earn compounded interest daily. This is something I need to learn about next.

In Conclusion 

It's always good to save some of your earnings, whether it's fiat or crypto currencies before you spend them. This way, you will always have some funds in case of emergencies. And you can invest some of those funds in institutions where it will gain interests and/or dividends like the stock market or managed investments that come with insurance (Variable Universal Life Insurance or VUL). 

I hope there will be services like the VUL in cryptocurrency in the future.

That's it for now. Thanks for reading.

• Check out my other posts in Read.Cash

• Check out my other Articles in Publish0x.com

• Join me in ForumCoin.Com *

• Follow me in Noise.cash

• Follow me on Twitter

Lead Image is from Unsplash