Crypto investing is a fairly new thing for me and to be completely honest I've only invested a reasonably small amount of fiat into crypto to date with the bulk of my holdings being generated by steem-blogging. Having said that, I do hold a good amount and am looking to increase it little by little as funds permit.
Changes to my everyday life have been instrumental in the ability for me to feed all of my investment streams; A little saved here and there means a greater ability to channel extra funds into an investment like crypto, precious metals, superannuation, fiat savings or property. I've recently made some changes that have dramatically reduced interest rates on some lending leaving me in a position in which, if I continue to repay at the same dollar-value as currently, the term of the finance will be dramatically reduced. Paying debt more rapidly makes good sense.
The process has been interesting with loads and loads of paperwork to read and complete, income and expenditure spreadsheets, privacy and disclosure documents and a raft of other papers that are now required. The recent Royal Banking and Finance Commission has applied the thumbscrews on lenders and finance brokers to do the right thing so the additional paperwork is unavoidable. Still, the numbers have come out very nicely and will shave many years of repayments off the lending, and save thousands in interest payments.
Together with this restructure of the two loans, and the changes we've made elsewhere, we will be in a much better position to spread our investments more evenly assisting in in risk mitigation. One of the best things we have done recently is spreadsheet our income and expenditure. The spreadsheet auto-sums and calculates across various metrics which allows us to more accurately display our position. Our financial snapshot is now very easy to obtain and as expenditure and income fluctuate we are more able to see benefit or mitigate loss by tweaking the numbers. The term out of sight, out of mind very much applies to a person's individual financial position; If one isn't constantly watching, tracking and adjusting it is very easy for it to get out of control. Keeping an eye on it now will mean the best in the future, typically.
Everyone has a different idea when it comes to investment strategy and many have none at all preferring not to plan which befuddles me. I feel keeping it front of mind, actively working on it, is the way to go. My wife and I have the right people around us: accountant, financial planner and finance broker to make suggestions, provide options and projections allowing us to best place money.
One thing I have noticed though, is that a lot of wealth and well-off people are doing exactly what I am doing. I work with some of the countries richest people all the way down to normal, everyday people like myself and a theme common to those who are doing the best? They all have a track, strategise, adjust, repeat ethos.
Life isn't going to get easier nor is money going to grow on trees anytime soon. The way forward for most will be to plan ahead. Sure, planning may seem too structured and headache-producing for some and those people may decide to simply float along in hope that things might work out for them. That strategy will probably produce a result, maybe not a desired result, but a result nonetheless. In my humble opinion one can't start too early down the track, strategise, adjust, repeat path and the results, whilst still indistinct, will reflect the effort at some later time.
Design and create your ideal life, don't live it by default and aim small, miss small.
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