The first few weeks of the new year is a good place to assess your financial and crypto situation.
Ask yourself these questions
I ask myself the following questions:
How much have I saved in an emergency fund?
Is my money in the right accounts?
Have I transferred crypto from my hot-wallet (e.g. exchanges) to offline cold-wallet (e.g. ledger nano s)
What is the asset split between various investment and crypto vehicles?
With the blur of the holidays fuzzing out my faculties, it's a good time to sit down and reflect on your financial situation.
Financial laundry list
Retrieve statements from various websites
I like to keep track of my crypto, and EFT purchases in an excel file to track the cost of acquisition and current value. This allows me to keep on top of the asset allocation split and whether I am still happy with the allocation.
Planning spending for big purchases.
With the increases in allocations to various crypto and investment vehicles, I will have less take-home pay. Any big purchases I plan on making will require some forethought.
Obsessing over upcoming bills.
It's never too early to worry about bills. Therefore, I check my savings now, curb any needless spending, and front-load my cash to cover the bills.
Reviewing insurance policies
Dig out your insurance policies and evaluate if you can adjust any premiums by increasing deductibles. At the very least, I will make some educated phone calls to my insurers to see if I can negotiate a decrease in premiums.
Cold wallet transfer
Review all crypto exchange accounts to determine what crypto should be transferred offline to my cold-wallet. The difficulty is choosing the most efficient time to move to lower transaction fees cost.
What other activities do you do when you are reviewing your personal and crypto finance situation?
Thank you for reading and hope you have a good rest of the day!
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