This is very important. When you earn money from the sales of your crypto, don't be myopic. Yes, you are free to spend your money the way it pleases you. Nevertheless, it's cool advising one another so we can grow together. Hence, I will tell you that, whenever you decided to sell any of digital asset, try not to spend all the cash on your immediate needs, but set some aside for savings and investments.
What I want to do in this article is to show you how savings can add up.
If someone should start saving $5 each day, in one week, such would have saved $35. This means $150 in one month. In a year, the person already saved $1,825.
Now, let's bring in 10 percent compounded interest monthly. This is what you should expect:
- 2 years = $3,967
- 5 years = $11, 616
- 10 years = $30,727
- 15 years = $62,171
So, think about this. With 10 percent interest compounded monthly a well as a monthly investment of $300 ($10 a day for 30 days), after a year, your money grows to $3,770.
See this now:
- 2 years = $7,934
- 5 years = $23,241
- 10 years = $61,453
- 15 years = $124,341
- 30 years = $678,146
- 40 years = $1,897,224
Perhaps due to your current situation, you felt it is impossible to invest $300 or $400 every month for the future. It's fine. You can just start with $100 per month. Well, I believe you should be able to afford to set that aside consistently.
So, a person that invests just $100 each month will get huge benefits when they retire. Remember, a time will come when you won't have the strength to be as productive as you are right now.
Please note, I'm not just encouraging you to save. For instance, if you save $100 each month for 40 years, you will have just $48,000 at retirement age. Nevertheless, it triples if you invest $100 per month even at let's say 7 percent interest compounded monthly.
Of course, this is apart from other sources of income and assets (your salary, proceeds from businesses, stocks, and so on).
In conclusion, my point is, don't spend all your Cryptocurrency proceeds on unproductive things that won't help you grow your financial life. Imbibe a good savings culture. Don't just save your money, but be investment minded too. Let your money always work for you, bringing in more money. Look out for proven investment opportunities out there. Indeed, we all can be wealthy without doing wrong and immoral stuff. Thanks for reading