THE REAL VALUE OF HBD || THE VALUE OF HBD IN MY LOCALE
We know that the earlier you learn the basics of how money works, the more confident and successful you’ll be with your finances later in life. It’s never too late to start learning, but it pays to have a head start. The first steps into the world of money starts with (financial) education .
Banking, budgeting, saving, credit, debt, and investing are the pillars that underpin most of the financial decisions that we’ll make in our lives.
To attain the point of financial freedom, Financial Literacy first off has to come into play . By Financial literacy I mean the ability to understand and make use of a variety of financial skills, including personal financial management, budgeting, and investing.
It also means comprehending certain financial principles and concepts, such as the time value of money, compound interest, managing debt, and financial planning.
Growing up , my first contact with money was when my guardians had a small provision kiosk in the house. As a young lad I was curious as to how good and services are being exchanged with money . I was taught the basics anyway of how to sell stuff, how to calculate profit and loss as well as the calculations involved in petty transactions.
What of course I wasn’t taught is how to make money for myself and most importantly how to save , I can categorically say I learnt that myself when the reality of life really struck at me , Lol .
Where I come from Nigeria , coming there without a clear idea of the cost of living can be a costly error. Many people assume that life in Nigeria is provincial and that it is affordable.
Relocating based on that assumption can be one of the worst mistakes for expats to make as Nigerian cities like Lagos and Abuja have been repeatedly ranked in the global list of the most expensive cities to live in.
The cost of living in Nigeria is dependent on the state you want to live in as some states have a low cost of living where you can easily cover the expenses.
However, of the many cities in the country; only two have received significant attention from the world based on the high political and economic relevance they command namely: Lagos and Abuja (the capital). Additionally, many Nigerians believe that these cities offer a lot of opportunities than other states which is one of the key reasons for the continuous influx into these cities.
Even though I’m quite new to the Hive ecosystem barely five months , I’ve been made to realize how important and fundamental a decentralized blockchain platform such as this helps in the building of a sustainable passive income in all ramifications .
I’m in the building process stage of my earnings on Hive right now so I really cannot make spendings and expenses be a priority right now . Even at that , I know how much what I have right now in my wallet can get me in my locale no doubt .
In Nigeria , the inflation rate rose in February to about 15.70% after recording a fall in January. As a result of this, Africa's most populous nation faced fuel shortages that have helped push prices of commodities in the country.
With a minimum wage of #30000 that’s about $72 , very high unemployment rate it is sure an uphill task achieving financial freedom where I come from.
At the forefront of the issues facing the naira is the rising inflation which is gradually affecting the purchasing power of households and businesses.
No doubt people who keep a large portion of their assets in cash will suffer a loss of value as a result of inflation, which incidentally, is showing no signs of abating anytime soon.
How does an average earning income individual get the opportunity to save in this kind of harsh economic situation is a million dollar question I’m sure is begging to be answered.
The traditional banking system does not help matters either . How do you explain ridiculous bank charges accrued with little or no interest rate for saving one’s hard earned money with them .
It’s at this juncture the Hbd comes into the rescue for me honestly . Since getting to know about Hive , the platform has come to play the role of a shining light at the dark paths leading to my financial freedom so to say .
Engaging myself in activities on here has and will seemingly make me earn what I’ll earn in months normally in a matter of weeks . Ooh ! Why won’t I make mention of the 20% apr generated for putting my Hbd in savings ; with this isn’t it the end of the the road for the fiat stint in my financial journey apparently and already ?!
If 1 HBD is $1 then I’ll need about 10 Hbd to cover my daily expenses. One thing I’m certain of getting daily is fuel for my car . I spend about #2000 that’s about $4 on fueling my car each day. Electricity is not something constant around here so fueling of generator to get electricity is unavoidable. Another $4 expended on that I haven’t even talked about food , thats another story for another day .
I’ll always be grateful to the forces of nature that made me have contact with the Hive blog platform. The Hive ecosystem breeds so much potentials in terms of sustainability when it comes to earning passive income in the ultimate aim of attaining total financial freedom.
It is the building process for me , I’m still climbing the ladder . It is a marathon not a sprint !
Posted Using LeoFinance Beta
