How to Take Control of Your Financial Future?

[Jasmine]

You might have noticed the value of your country’s currency going down in the past few weeks. In order to maintain the value, government is increasing interest rate. When interest rate increases, price of commodities increases. You might have noticed how prices have gone up in the past few weeks.

If you are saving your money in the bank, money is losing value every single minute. Therefore, the best way to take control of your financial future is to invest. If you don’t have investment funds, start working more, spending less so that you can have spare money to start investing. If you are still not earning more, try learning new skills and use your skills to make an additional income.

If you cannot buy stocks from New York Stock Exchange because you do not have a lot of money, try investment platforms like Robinhood and WeBull, where you can start investing with just $20 or even less.

 

[Holicent]

Financial planning is a process that helps you better understand your financial situation, make choices about how you want to invest and save, and create a stable retirement. In order to find out what you are investing in and how much you are saving, you will need to know a few things about your personal finances.

The first step in learning more about your finances is to take stock of what you currently have. This can be done by writing down everything that you own or have access to: bank accounts, investments such as stocks or bonds, vehicles such as cars and houses, etc. You may also want to add up all of your debts (such as credit cards) and subtract what you owe from the amount that exists in your checking account. When looking at this list, ask yourself if there are any expenses that are not covered by other sources of income or savings. For example, do you have an emergency fund or savings for unexpected costs? Do you pay bills on time each month? If not, what is causing this problem? Once it has been determined where all of this money goes each month (or year), one can then determine how much money they need

 

[Mika]

The problem with investing platforms like Robinhood and WeBull is they are not available in every location. For example, I cannot use these platforms. I have checked a lot of micro-investment platforms and none of the investment platforms I know are available in my location. A better alternative to these micro investment platforms is crypto investment platforms like Coinbase and Binance. If you are afraid of using centralized exchanges and wallets, you can use decentralized wallets and exchanges like Uniswap, Trust Wallet, or Exodous. Even though you might be able to make money from crypto market in short term, the best strategy is long term investment. Another method to control your finance is by investing in the stock market in your own country. In my country, $50 is all you need to get started in stock market investment. You need a lot of money at once, but investing in bonds and security deposits is also a good investment strategy.

 

[cmoneyspinner]

True. Investing platforms are not available in every location. The platform I use, STASH, is only available in the USA. I am using Coinbase for buying and selling crypto, also because it is available in the USA. Because I am newbie or beginner, I stick with businesses that are right here in America. My son, who is a little bit more advanced tries to extend his global reach. But $50 can get your started with stock investing and $5 was good enough to get started with buying cryptocurrency. Take advantage of whatever the platform you are using will allow. For example,, the microinvesting platform I use will accept as little as $10 a month. Why spend $10 at McDonald's when I can buy a fractional share of McDonald's for $10? In order to take control of your future, you have to be willing to start somewhere and take a risk.