#Financialgoals2021 Initiative - A Small Step to be a Smarter Me

LeoFinance
2 months ago
(edited)
6 Min Read
1191 Words

I’ve been reading some of the entries for the Financial Goals 2021 and it’s been really insightful so far. It’s a timely exercise of our financial literacy to be able to set a goal for this year.

Most of us are still battling against the effects of the pandemic. Many are unprepared for this economic disaster if I may call it that way which has affected the majority of the world population. It has dwindled our capacity to earn and also to live the life that we once had.

I’m quite sure that many are now living with the fear of running out of funds to tap into in case the worst is yet to come.

Some of us have survived through the long months of the pandemic with the earnings from crypto investments. While many are seeing the fruits of their investments now that BTC & ETH are pumping like there’s no tomorrow. It gave me the realization that I should think about my position in the crypto space from a financial standpoint. It’s not just fun anymore.

In my mind, the legitimacy of crypto is beyond just a virtual token. It’s already a form of an asset much like any Fiat-based asset if not better. It’s not just a meer niche digital currency that’s being used on the black market or in the deep corners of the internet.

For this year 2021, I will be putting much of my time & energy into learning more about this space beyond the social aspect of it.

Among all of the crypto-financial decisions I made in the previous year (2020), the best thing I did is to allocate some funds to be staked in Leo power. For those who are not yet aware, Leo is a token used in Leo Finance; one of the Hive-Engine Tribes. I’m pretty sure that most of the Hive users are fully aware of Leo so I won’t go through the details about this token or this tribe.

Less than a month ago, I decided to buy 1500 Leo tokens that are worth $390 during the time of my purchase. It felt like a risk for me since the swap rate with Hive is 2:1 (Hive: Leo). Right now, my stake is worth $560 which is a significant growth in a short amount of time.

So what’s the point in telling about it in this post?

I think that investing in crypto is not just about what the charts indicate and the experts say in their technical analysis. For me, it’s more about who are the people leading and breathing life into the project.

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For this year, my focus is to keep my investments on coins as follows (of course, with the goal to grow it):

Leo

With my current stake of 1500 Leo power, my goal at the end of this year is to grow it to 5000 Leo power. How can a token grow to more than x3 in a short span of a year? In a social blockchain like Hive (hence Leo), the obvious strategy to grow it is by content creation, curation, and participating to contest like this one (Financial Goal 2021).

The important thing about investing in crypto is to stake it and let it compound the earnings and grow faster.

Also, I intend to buy in as much as I could to improve its growth over time.

Just to add, Leo is about to release LeoFi & mBlogging to the potential use case of Leo which is another form of earning more tokens than simply blogging & curating. It’s really going to be a really great ride for this year.

5000 Leopower = $1865 (with the current price of $0.373/Leo)


Hive

Since, I converted my Hive stake into Leo I would need to recoup it in some other way. With the current price of Hive, I feel that it’s a lot easier to re-build my stake by buying-in however, I’m not sure if I can really have enough money to do that.

For now, my goal is to keep participating in content creation & discovery to slowly build my stake in an old Hive-fashion way.

I’m not really sure how much exactly is the stake that I can build in a year but I intend to accumulate about 3000 Hivepower one way or another.

3000 Hivepower = $324 (with the current price of $0.108/Hive)


BTC & ETH

With the current BTC & ETH run, it makes perfect sense that one should own a bit of these coin to be held indefinitely. I feel that it’s a good way to stash some cash in the form of these popular cryptos for future use.

I’m not a big crypto player and so I will specify just a bare minimum that I think is good enough for my preference.

0.10 BTC = $2927 (with the current price of $29,374.34/BTC)

1 ETH = $927 (with the current price of $927/ETH)


Other Cryptos to look into

Their thousands of crypto projects out there that are building great use-case for their token I would like to look more into them. At this point, I still don’t have any intention to keep them or make them part of my portfolio but if I see great in them then I will potentially invest. They are:

  • ADA (Cardano Network)
  • Blurt (Social Blockchain)
  • ORN (Orion Protocol)
  • AVA (Travala)
  • REN (Crypto Bridge)
  • RUNE (Thor Chain)

Mutual Fund

As I mentioned earlier, I intended to venture or diversify to many forms of investment schemes. One of them is a Mutual Fund (fiat-based) which for me is a form of financial security as well. Let’s face it, crypto is still in its wild state and the volatility isn’t so easy to manage.

One way to mitigate that is to invest in something that I think is relevant to the physical world. Something that I could simply tap into almost immediately in case of emergency.

My goal is to invest about $2000 into a Mutual Fund


To sum up my investment goals for 2021…

  • 5000 Leo Power = $1865
  • 3000 Hive Power = $324
  • 0.10 BTC = $2927
  • 1 ETH = $927
  • Mutual Fund = $2000

A total of $8043 worth of investments.

Not that much with the current price but if one of these crypto investments will shoot for the moon that will simply grow the USD value to the moon as well. That’s how crypto works and it’s the primary reason why it’s more fun in comparison to the usual fiat-based investments.

One thing is for sure, investing in crypto will require time, patience, & dedication to really achieve something in the end or by the time you decided to sell. Will I play the ultimate Hodl game, maybe not since I’m the type of guy that will also take profit by the time it feels right.

Anyway, I really look forward to this year’s events. Let’s stay optimistic every one.

Cheers!


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Posted Using LeoFinance Beta