Investing rather than saving: I chose investing
All my life, I thought saving money was a big deal. I will put a little aside each month from my salary, feeling proud whenever I receive an alert from my bank balance and my balance keep grewing overtime. But recently, I now realize I was just preserving money rather than growing it.
Growing up, my mum will always emphasis on the need for saving money especially for raining days, she will tell us not to eat everything but to save it up yeah! I was taught to save. I still remember saving money in my account using Peggy save allocating a fixed amount from saving every month into it, I make sure I was careful about spending and even went far ahead to use budgeting apps and apps to track my expenses for every month just to make sure I keep saving big for my account.
At first, it felt interesting and mind blowing seeing such fat amount in my account, I will always speak with confidence and pride knowing I have money save up in my account. Suddenly inflation started doing its thing, making naira become so demeaning and quietly eating away the value of my money. My hard earn Naira in my bank was depreciating, the value was no more making sense, things became so high after the covid-19 pandemic and I had to touch my savings, it wasn't making sense anymore and that became my wake-up call.
I realized saving money in my account was not enough.
In 2021 after I got married, I heard about crypto, so I started reading seriously about it, I took the studies very serious. My sister introduced me once again to hive blockchain, encourage to start it all over again which I took serious, though it wasn't my first time hearing about hive so it was not hard to start I just needed something to invest my time on and my little money into.
I even spend time online reading about how to but stock and shares, my friend then told me about buying MTN shares which I ignorantly did and after five years I had more interest than just storing my money up in my bank account.
I choose investing to savings
The small amount left in my account I took it and bought a few stable coin which hive is inclusive. I also tried staking and buying stock which is giving me interest small small I know I didn't get riich overnight just for investing at least I saw something better than just saving. I have seen my money grow small and soon I believe it will grow big.
My lessons
- Ignorant is expensive and fear inevitable – I thought saving money in my account was the best options and now banks are making it look as if its a loss saving in banks as their charges keep increasing overtime. I was too scared to loose my money so the option of saving it up was the best and it cost me my money.
- Learn first - learn first this one is very important, put in all you have to learn the basics first then read beyond the basic, find a good tutor, learn, read and prepare your mind about it and be ready for it.
- Be Consistent– take it slowing and stay on it and you will be happy you did.
- Don't be scare, start with what you understand – I started with Hive blockchain then shares, stable coin, I read books, did my research and ask questions where necessary,so instead of starting with what you don't understand start with the simple then get to the complex.
Now I still save but not to keep saving it up for raining days like my mum will say, now I save to invest, I save to take risk and every investment I make with little interest rate I feel so happy about it,I am now at my intermediate stage and I know I will keep growing till I have a huge portfolio to boost about.
Instead of saving your money up in your bank account and making it lay dormat try investing it in the crypto now that the market is safe to invest and watch it grow for you.
Posted Using INLEO