Paying Ourselves First

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Avatar for PatsKy8135
3 years ago

When I ventured into stocks seven years back I have realized one thing. INVESTING in myself paid the highest dividend in itself. The more I know, the more that there is to know in the field of the financial sector. Only when I got scammed investing into cryptocurrency through a third party that I realized I needed to learn how to do it properly. Strategically, started with IcoinPro and learned how to spot actively trade using Microprofit System with 5-10% in a day as the power of compounding can make wonders on our portfolios. Remember what Albert Einstein said, “Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it.”

Likewise, my work in the Middle East also taught me one thing, that our hard-earned money regardless of how huge it may be without a proper plan on what to do with it, would end up being broke and back to zero again.

A colleague whom I would call "lucky" because she won a car worth a million Qatari riyal back when we were doing our shopping at Family Food Center. We were given coupons and we did try our "luck". Well, she got it but I didn't. She told me she will keep the money in the bank and will let it stay there for as long as she is working in Doha.

She would buy the things that she hasn't bought for herself and would send money to the Philippines for her family. When I suggested that she would "invest" at least 1/4 of it, she was so hesitant to do so. She just doesn't believe in investing especially in the stock market because she "heard" lots of stories saying that they lost a lot of money. The worst thing that could happen would be scammed.

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I couldn't blame her for having those thoughts because she was not informed properly. She didn't give herself time to educate in terms of equities and mutual funds for a start which has at least 8-12-16 % compared to the bank with less than 1% annual interest, I doubt if she would ever realize that stocks can make her money grow by investing into blue chips companies.

Most people who are not giving themselves time to invest in Financial Education by attending FREE webinars and workshops lost the chance to grow their finances more. The idea is to have the "KEY" towards financial abundance. You can't unlock the full potential of your financial growth should you remain on the rat race. It might be helpful but considering the reoccurrence of "black swan," it is a must to LEARN the ways on how we could grow not only our finances but also as an individual.

Hence paying ourselves entails "learning" in terms of growth which could only be possible if we were open to opportunities for more learning curve. Remember we all the same 24 hours a day, but what makes it different is how we "spend it"

Internalizing the interview of Jeff Kirdeikis, CEO/FOunder of Uptrennd to Roger Ver and the latter mentioned, "it's not about how many poor there are in the world but on how many rich people are!" The thought came at once indeed, why is it that other people managed to earn $$$ while others don't? If we were given the same 24 hours a day although the opportunities may not be the same as well as status quo, the point is that we all the same 24 hours a day?

How you pay yourself can significantly boost your growth may it be long-or short-term depending on your goals. I have a line from a book I read a long time back and I could not even recall the author but the line which stated "the not knowing is scarier than anything" has been the turning point of my learning curve. Hence apart from stocks, I diversify my portfolio into cryptocurrency especially more on Bitcoin Cash because of a very practical reason that it can bring more economic freedom to the world, just how these two amazing content creators were able to share their thoughts about BCH https://read.cash/@Pantera and https://read.cash/@Jnavedan on my post here https://read.cash/@PatsKy8135/bitcoin-cash-is-a-revolutionary-peer-to-peer-electronic-cash-4ded73dd

Now for your FREE TIPS (either here or at Noisecash, https://noise.cash/u/PatJules83, kindly share your profile link so I could come and visit you there as well)

  1. What are the most practical ways you have done in order to pay yourself first? (30 words)

  2. How do you think paying yourself can bring productivity? (25 words)

  3. What's your view about, it's not between stocks and crypto but it's about stocks and crypto! (20 words)

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Highly appreciated for not spamming my post. Merci beaucoup!

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3 years ago

Comments

Nice

$ 0.00
3 years ago

The Indian cryptocurrency users seem to have found hope at the end of the tunnel when Finance minister Nirmala Sitharaman spoke about taking a “calibrated” approach with regards to crypto trading in the country. In a recent interview, Sitharaman noted that they were already carrying out “negotiations and discussions” with the central bank of India to regulate the cryptocurrency.

During her interview, the finance minister stated that they will keep “a window available for all types of experiments in the crypto world,” while only a few weeks ago a report rattled the community with the mention of a ban. The crypto bill also included the possible development of a central bank digital currency and mentions restrictions on private cryptocurrencies. However, with Sitharaman’s current statement, the status of crypto seems to check the ‘it’s complicated’ box.

The Finance minister noted:

“Obviously, RBI will be taking a call on what kind of official currency, cryptocurrency will have to be planned and how it has to be regulated.”

The crypto businesses and users within India have urged the regulators to reconsider their stance on crypto. With her current statement, the crypto circle must be breathing a sigh of relief as this is still better than an outright ban.

According to the CEO of crypto exchange CoinDCX, Sumit Gupta,

“The FM’s stance on ‘considering a calibrated approach’ is an encouraging sign. We are a 100-plus staff company with some of the best talents from premier institutes like IIT.”

The crypto-boom has been exponential after the COVID-19 outbreak and India has been witnessing a rise in its trading volume since March 2020. The Indian crypto exchange, WazirX hit $2.4 billion in trading volume in February, which was twice of what it saw in January. At the time of writing, the 24-hour trading volume on WazirX was over $41 million.

$ 0.00
3 years ago

https://ambcrypto.com/india-to-take-a-calibrated-approach-regarding-crypto-acc-to-fm/ hi dear I would appreciate if you could share based on what your thoughts as per your comment and upon checking this has a similar content on the site attached.

I have read about Indian Government regulating crypto hopefully it would be a good note as there's tons of Indian merchants here in the Seychelles.

$ 0.00
3 years ago

Thank you so much for the mention! I started my journey in read.cash just a few days earlier and I'm trying to allocate much of my free time into creating some good content. I just followed @Jnavedan thanks for recommending this quality author. I am very excited to meet you guys and I already think that read.cash shows a lot of promise. I know that Bitcoin Cash is moving in the right direction and will keep promoting it any way I can. In noise.cash my profile is : https://noise.cash/u/Pantera99 but I haven't put enough time in this yet.

$ 0.05
3 years ago