The best savings strategy for business and crypto traders A key lesson to learn
Hello Hive.
We have talked about savings in different light and so many people ha shed their point of view on what percentage of your income is meant for saving.
The importance of savings and how it can save one in emergency cases.
Regardless of how much we have talked about this, there are some income that can never be enough for someone to save from.
Say for instance I earn $30 in a month and my basic need of food alone is much more than that, it becomes difficult to save in this instance unless you want to fast or starve on some day.
There are some income that is totally difficult for one to save from which is very unfortunate in such situation.
Coming around the crypto space, it is much easier to save if we have a saving strategy.
There are days of abundance (bull market) when tokens are quite high and you can trade to save as much fiat or stable coins as possible.
While during the bear market savings can be much lower in amount.
It is obvious that myself and a fee other persons must have been doing the exact opposite.
People seem to spend more during the bull market when there is abundance of money and try to save biting their fingers during a bear market.
Learning to spend less in the day of abundance mama it alot easy to save more finances in whatever form.
Hmm... You keep making posts and adding to my list of posts I should make :) Except I'm on vacation to visit my mom and making posts is tough. However, at the end of the day it boils down to this:
First: Cover your needs. Do it in the absolutely least expensive way possible to make for a lifestyle you are comfortable living. Be creative.
Second: Everything else after that amount if yours to either spend or save. How much you devote to each side is fluid. However, Warren Buffets advice "Buy when people are fearful and Sell when others are exuberant" seems like good advice to me.
I'll write a better post later, right now I'm trying to get at least one post done and I'm deciding between the power of Hope and how to survive and thrive on 30K Naira / month. I think I'll write on hope as the other one will take forever.
I think I have understood your point: not to spend everything when there is a bull market, but put some aside for leaner times? Some of those put-aside resources can be used to accumulate more tokens in bear markets when they are lower in price.
I think that's the mistake that many of us make. During times if abundance, we spend it all thinking that it will last for a long time. We should always learn to save for when the rainy day happens. Stablecoins are a good vehicle for that in the crypto space.
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