Growing up, the big deal about money that came across me was save, it was like the only way to make money as most times pop told stories of how he was able to save up to get most necessities that he needed and for myself, saving got me to a setting point and up to where I am today. The main thing is not to belittle saving and from my first few words it's obvious that saving has made it possible to have money available when needed. Please this is certainly no excuse but we Nigerians aren't used to investing and prefer saving which is exactly a good thing imagine not being informed well enough about the importance of investment or best places to invest money so saving remains the big deal for everyone. I'm not saying that this is how everyone keeps or grow their money but more like majority. It would only be exceptional to see the knowledge that are in books and definitely investment for myself was explained in the book Rich Dad Poor Dad by Robert Kiyosaki, although for me to begin my money moves was definitely from Brian Tracy I'm a book where he wrote on ISS - Invest, Save, and Spend. ISS has been the formula to get the progression that is required financially and you simply can't just get it all at the beginning because it all takes time.
Investment And Saving
Funny enough when it comes to money we still find it difficult to differentiate investing and saving well enough because I've heard someone say they invested their money only to discover that in actuality that the money has been saved. The difference is simple and concise as Investing means keeping your money down let's say $100k for a period of time and it adds in value over a period of time as you could get $150k after the period of investment but saving $100k would mean that one would come back to $100k over the time the money was saved. There's certainly increment in saving money as you get just the same amount that was put at first.
It's okay to stay safe with ones money but that would leave one where they are as there's less risk. I've heard that investing is risky and I ask what's not risky. The fear that comes from investing is a lack of trust in what is being invested in and surely, it takes a lot of work because this money and where it goes to has to be sure to prevent or reduce losses entirely.
In the crypto space, more people have lost hope in investing in crypto with the incessant scams that projects turn out to be. It's actually more serious than anyone can imagine because as long as it involves money, that is all that is necessary.
Investment on the otherhand is no magic that it pours out instantaneously as it maybe slow although it's certain. Using crypto as a yardstick, it is clear that I seem like people have lost money especially for those that bought at the top and crypto experiencing the bear market and they are crushing it hard. Imagine buying Hive at 50 cents and presently at 34 cents which is 16 cents loss which is almost 50% loss already. The key to investment would always remain patience and keeping at the investment plan that one has set out and should always remain willing to be flexible and grab whatever opportunity that's good enough.
Thanks for visiting my blog, till next time.