I am proof that minor savings create wealth over time!
In January 2019 I reached my goal to save $100,000 after a time with a minor savings plan. I got proof that it works to save a little amount each month for a longer period! I am really satisfied with this “10-year plan” that did not cost me anything else than setting aside a small amount of cash each month. On a regular paycheck I did manage to set aside around $500 every month. Everyone with a regular paycheck can achieve the same as me, no doubt!
Adjust your savings size according to the options you have. Even a small amount is better than nothing. When your savings agreement goes on autopilot, it makes a lot of money over time. I am still saving in time of writing, and without making any major changes lately. And right now, the portfolio has risen to $ 150,000 (mostly because the market has “gone wild”). I admit that even if the portfolio has risen a lot lately it has been a rollercoaster. Right before covid19 struck the portfolio went down under, it went down with approx... $30,000 in a matter of days. What did I do then? Most of us sell at these points due to “panic attack”. I did not touch the portfolio - which I am thankful for today! I do not think that it is good for investors to try to time the market, even though you can read a lot of articles about traders having a lot of success by doing so. I did choose to refrain from trying to time the market with stocks, but I did something quite different in the crypto market – lol! Which paid me good, but I have to admit I was lucky and most of the tokens out there did skyrocket at a time in 2020 and 2021. Nothing I will practice in the near future. When it comes to crypto now a days I will just hodl as my main portfolio. For instance, I am deadly serious about holding my assets in @splinterlands and @Psyberx. If you want me to sell my nodes in Splinterlands or Commercial plots in PsyberX I will demand prices you can’t afford, unless you are a whale, then DM me, LOL!
However, back to my main portfolio (which includes funds and stocks) that for the most parts was valued at $200,000. But this was mainly because I was lost with stocks that promoted themselves through the green shift. I kept these stocks in my portfolio and my portfolio lost a lot of value back in 2021. I will keep holding them for the hopes of them getting back to where they were. We are still mowing towards a “greener” planet in my opinion, and one day something good will come out of them – perhaps a better world. Point with the latter action is that it fell a bit of my initial strategy to hold big and solid companies that earn a ton of money. It was a lesson learned and I will only do better in the future. I am not disappointed by my action as I look forward to holding my current portfolio for a long period of time. I firmly believe that by thinking long term makes sense and that you almost are certain to become wealthy by doing so. You know, when you are looking at the prices all the time, we have a tendency to panic more when the price fall than we are happy when the price rise.
I do not have any concrete goal with my main portfolio for now other than saving for pension or to be financially free. I have a house and a car and that’s enough for now. As the society is opening more, it is natural that one wants a little more travel and experiences – I am seriously thinking of traveling to Las Vegas for the Splinter fest that is scheduled for the 8th and 9th of October! I bet it will be awesome and a lot of “gaming and “nerdish” talk – suits me vel! However, for me it is all about having a good balance between saving and that which of living a good and rich life. I do not want to eat dry crackers each day.
My motivation for the savings plan has been all the time that it is good to know that you have a backup plan if things go wrong. Most of us really need some motivation if one set out for a 10 year savings plan, you can’t do it without some form of motivation/goal that will keep you on track. The goal doesn’t need to be an object, it could be that you are like me; you want to be financially free at an earlier point in life than in the 60s. Just find something that motivates you and you will experience how to be rich!
Are you saving for something? What is you motivation when you save?
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