There's a lot of people out there who want to speculate in crypto, but they don't have the funds. You just gotta follow Uncle Kurt's simple and ingenious patented formula:
- Save money
- Make money
Let's talk about how to save money.
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Welcome to Cryptonomics, principles of cryptocurrency and investing.
Thank you so much to everyone who is sharing these articles, videos and podcasts, 1000 Christmas blessings on all your families.
If you want to invest in crypto or stocks or even your own business, you need to get capital first. I know from experience that saving small amounts of money every week can add up over the years. But you gotta find that money to save, to put that money into a fund to buy your own financial freedom, and it all starts with paying yourself first, being conscious of your money, learning restraint, and being grateful.
Pay yourself first
If you wait till the end of your pay period to see if you have money left over to save, you're leaving things up to chance, and you're likely to fail. Put money into your freedom fund as soon as you get paid. Pay yourself first.
These days we do have some tools which make the whole thing a bit easier. A lot of banks have automatic savings plans, where you can set the amount to go into your savings account on the day you get paid... Or set up a transfer every month so you send the money to the crypto exchange, ready to be launched to the moon.
In Australia, it can be cool to have a savings account with a separate bank... because bank transfers can take up to three business days. That means you don't have to worry about impulsively spending your money. Plan ahead, that goes for everyone, but especially if you have impulsive tendencies. You need to plan in a way that accounts for your nature.
There's also a bunch of apps that will round up your purchases and put the spare change into a savings account or investment. You can use different apps depending on where you live: Acorns in the USA, Raiz in Australia, Monzo in the UK.
Another way to build your freedom fund is a Save More Tomorrow plan, where, when you get a raise, some of the increase starts going into your 401k or superannuation.
Have you ever looked at your bank balance, seen double or single digits and wondered, "where in the name of Eris did my money go?" That's a sign that your spending habits are unconscious. To control them, you must make them conscious.
For a long time, I'd always keep a notepad with me. I'd write how much I bought, every cent known, and later categorised. Even if I put a couple of coins into a busker's guitar case, I'd write it down. Probably not in front of him though.
Then you can enter them into a spreadsheet, or even use an app like You Need A Budget.
Review your spending and your receipts later and ask, did I really need this item? Did I use it, or end up throwing it out? Could I have found a cheaper way that was just as good, or better, with a similar amount of time and effort?
Review the spreadsheet and ask why you spent so much in each category. You might notice that a lot of money is actually going into the "entertainment" category, or a lot more goes on eating out than on home-cooked food.
Just the act of making your spending conscious can lead to great changes in the long term. Consciousness transforms everything to which it is applied.
One main reason people don't get ahead with money is because they haven't practised restraint. When they see something nice, their impulses take over, the salesgirl steps in and starts saying how much money you'll save if you buy today, and all of a sudden you've spent $300 on felt hats, French ticklers, and a new puppy.
That's a reason to learn to meditate. I was talking to my monk friend from Wat Tham Krabok the other day. He told me the two foundations of their meditation practice there are, practise with a certain intention, and practise for a certain period. If you say you will sit until the incense stick burns out, then that's what you do. You might have all kinds of whims while you're seated, but you persist, you do what you set out to do. You practise integrity, ignoring impulses, and fulfilling your will.
Remember to be grateful for what you have. It might sound like a scolding from your parents, or some new-age platitude, but being grateful is actually very practical.
Being smart with money isn't about being stingy, it's about being prudent. When some people start saving money, they go too far, become a tightwad, trying to get out more than they put in. They might even put strain on their friendships. Money is important, it can never be as important as your relationships.
If you start thinking with the mindset of a miser, you might get all the money in the world and still feel poor. The idea is to feel grateful, and realise that you're already wealthy, to feel the abundance of wealth, but also exercise the restraint of a human comfortable in his wealth, someone who respects the power of money. You can't at once be grateful for something and take it for granted. The more grateful you are, the more you respect it, and the more you learn.
A prudent fiscal strategy is like a beautiful poem - every word and letter in place, every one important, some empowering and some delightful. Every one part of a greater whole, and aligned to its highest purpose.
I'd like to shout out one young lady who commented on my video last year strongly criticising how I looked, my T-shirt, and even the nail on the bedroom wall behind me. I didn't like the criticism at the time, but that was the grain of sand that stimulated the growth of a pearl. That's a key reason I take so much pride in the appearance of my videos today.
So thanks to all the haters!
Thank you for listening to Cryptonomics.
Please, please please please share this with your friends. It means so much to me on a spiritual, emotional sacred devotional level. Please share it, I put this content for free, putting in all the time, effort, thought and experience to make a work of art, a shining holy light of crypto knowledge, given freely and generously in the hopes of a better world.
Almost every time I put out an episode, I come to a point where I think, I could put in a little extra effort to make this video cooler, or I could be lazy and publish it as it is. 99% of the time, I put in that effort. I do that for myself, because I want to create something that exceeds my standards, but I also do it for you guys, to make something more compelling, entertaining and enlightening. You don't have to do anything for me, nothing is owed. But I would love it if you share these videos and podcasts. Thank you so much to those already sharing it. It's pretty amazing when someone listens to what I have to say, and enjoys it so much that they want others to enjoy it too.
Take care, I hope you're enjoying your holidays, and once again, stay grateful.
You can listen to the episode on Anchor and other podcasting services here: Cryptonomics - Get Rich Save Money. Or watch on YouTube below: