1. Do not have a Budget or Budgeting that is always updated. How do you know how much money to make, spend and save if you’re not budgeting? It’s quite difficult to reach your financial goals without it. Budgeting is all about understanding how much money you make, so you can set spending goals and maybe save some money.Just knowing how much you’re spending can help you spend less as you become more aware of it. You also have to always update your budget list every day so you know for sure where the money is going in and out. Making this budget is also the first step towards financial literacy

10 Habits That Will Keep You Poor Even If You Have Good Business

This habit can make you poor, usually it will be seen along with the lack of your remaining budget. This habit often comes back when you are in a place that attracts attention and can make your heart happy. Examples include buying clothes at the mall, hanging out at your favorite cafe, watching movies, karaoke with friends,etc. If you don’t know how much money you have spent, it will be much easier for you to spend more. But if you know and are sensitive about which places have a tendency to spend a lot of money, it will be easier to realize and control your shopping habits in the future.

2. Not aware of impulsive shopping habits. 

Have you ever bought something, kept using it only a few times and then it became a display item in the future? everyone must have done this and it makes us wonder, why did I buy it in the first place? This can happen because when you want to shop, you don’t make a clear shopping list for what items and in what amount you actually want to buy. In the business world, companies are very skilled in this field, they just have to do great marketing tricks such as (discounts, promos, buy 2 get 1,etc.) to buyers who come to be interested in buying more.

3. Buying goods in excessive quantities.

Have you ever been to a friend’s house and his house was full of things? certainly have. When someone buys a lot of things and keeps them in the house, it will give the impression that they are rich. For example, having 2 cars, boat, bicycles, furniture, decorations that are very crowded, etc. If done often, then this bad habit can last for a long time. If you believe that buying a lot of things will make you look rich, then you are very wrong. Because rich will only be determined from the amount of cash that is currently owned, the return on investment and the number of assets owned.

4. Buy things that can give you a false sense of wealth. 

Have you ever bought an item just for the quantity over the quality? definitely yes. This bad habit can make you buy it in large quantities in a short time span, even though it has the same use. For example, glasses, shoes, smartphones, clocks, etc. If you do this often in the future, you can subconsciously make you spend more money than you originally bought because of the quality.

5.Buy because its cheap and quantity rather than a bit expensive

Perhaps this is more common among individuals who are younger in their 20s, even though it is still common among older people. Either the reason is not having a target at all or not right on target etc. If you do not have strong and clear financial ambitions, you will tend to be careless with your own money in the future. For example, you don’t have a motive for why you have to spend as needed, save more, invest more, etc.

6. Does not have a clear long-term goal. 

Try to learn to invest your money in investment instruments that exist today. do not be afraid to lose, because the risk of loss can be minimized by continuing to learn. After all, if you put money into good stocks, bonds, deposits, etc., it will definitely provide a good rate of return and it will have an impact on the growth of your assets in the future. If you only keep money in your bank account, every year you will be burdened by an inflation rate that is much higher than the bank interest income you receive. So don’t hesitate to use your extra money to invest.

7. Not investing. 

One bad behavior that can keep you poor is using credit cards carelessly, such as buying things that are not very useful and are needed in the near future. Interest rates on credit cards can damage your finances in the future because they will get bigger every month. Some people don’t realize that they are wasting money because they believe that they only need to pay small at the beginning when in the future they will pay a lot of interest. Try to avoid this so that your assets can grow bigger every month.

8. Not using credit cards properly.

Unfortunately, many of us worry too much about discussing money and finances on our own. This happens because of a negative mindset. Without realizing it, this behavior can keep you poor in the future. If you are not confident with the money you have now, how can you achieve good financial goals in the future? Try to understand the basics of material about the world of finance, how to manage money properly, how to deal with your finances, etc. so that you can increase your confidence and open your mindset for money in the future.

9. Not confident when it comes to discussing money. 

Most people, when they can earn more money, will definitely increase their spending or standard of living as well, such as buying a more expensive car, house, bicycle, smartphone, etc. If you want to be free from these problems, try to stay alive with the same expenses but increase the portion for investment. Because with this you will become someone who is more reliable in managing financial emotions in the future.

10. Increase expenses when your income increases.

The list of human wants will never end. We crave various items that may or may not be good in the future if we buy them, for example we are in a hurry to satisfy our desires when we have or are just…

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Personal Development

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Money & Investments

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Motivation & Inspiration

10 HABITS MAKE YOU ALWAYS POOR

Most countries have a central bank that manages the money supply. It is independent of the government to prevent political interference. The government can implement different types of economic policy, like decreasing taxes, but can't increase the money supply.

The government can't just increase the money supply

The central bank determines how much money is in circulation at a time. They can authorise the printing of unlimited money to help an economy in crisis, but that's a short-term solution. It doesn't necessarily help with economic growth in the long term and can actually hurt the economy.

The central bank 

When there is more money in circulation, the manufacturers of goods like food, clothing, and cars could respond to demand simply by raising prices. This means you could no longer buy as much with the same amount of money. It is known as inflation. Inflation of about 2% a year is considered a sign of economic health, but more can quickly damage the economy.

Inflation

In recent decades, central banks have tried quantitative easing to infuse the economy with cash while maintaining a low risk of severe inflation. The quantitative easing approach is where a central bank increases cash flow by purchasing another entity's bonds. Anyone can buy bonds from corporations or governments. When you buy a bond, you're really loaning money to the company or government, who will pay it back later with interest.<ul><li>When a person buys a bond, they're using money already in circulation.</li><li>When a central bank buys a bond, it creates cash.</li></ul>

Quantitative easing

During the 2008/9 financial crisis and 2020, the United States' central bank bought unlimited bonds from the U.S. government called treasury bonds, loaning the U.S. government money. The government used the money to fund relief efforts. This isn't the same as printing money. Because of the way bonds are priced, the Federal Reserve effectively lowered the return on them. This incentivises other investors to lend to riskier entities, which should help companies to borrow money to use in projects, growing the economy over time.

Buying bonds from the government

When the Federal Reserve pledged to buy unlimited government debt, this means the government could just issue more bonds which the central bank would buy. The government could then use the money from the new bonds to pay off the old bonds, meaning the government never pays back its debt. Some economists say that when a central bank buys government debt, it's a subversion of a system designed to protect the economy. Others insist that these measures help stabilise economies.

Concerns over central banks buying government debt

Explore the economic strategy of quantitative easing, where a central bank purchases bonds in order to boost the economy. -- In March 2020, the COVID-19 pandemic rocked economies worldwide. Millions of people lost their jobs, and many businesses struggled to survive or shut down. Governments responded with some of the largest economic relief packages in history— the US alone spent $2.2 trillion on a first round of relief. So where did all this money come from? Jonathan Smith explores the strategy of quantitative easing. Lesson by Jonathan Smith, directed by Serin İnan, Kozmonot Animation Studio. Support Our Non-Profit Mission ---------------------------------------------- Support us on Patreon: http://bit.ly/TEDEdPatreon Check out our merch: http://bit.ly/TEDEDShop ---------------------------------------------- Connect With Us ---------------------------------------------- Sign up for our newsletter: http://bit.ly/TEDEdNewsletter Follow us on Facebook: http://bit.ly/TEDEdFacebook Find us on Twitter: http://bit.ly/TEDEdTwitter Peep us on Instagram: http://bit.ly/TEDEdInstagram ---------------------------------------------- Keep Learning ---------------------------------------------- View full lesson: https://ed.ted.com/lessons/how-do-governments-create-money-out-of-thin-air-jonathan-smith Dig deeper with additional resources: https://ed.ted.com/lessons/how-do-governments-create-money-out-of-thin-air-jonathan-smith#digdeeper Animator's website: https://www.kozmonot.tv ---------------------------------------------- Thank you so much to our patrons for your support! Without you this video would not be possible! Nathan Giusti, Helen Lee, Anthony Benedict, Karthik Balsubramanian, John Hong, Annastasshia Ames, Amy Lopez, Vinh-Thuy Nguyen, Liz Candee, Kathryn Vacha, Ugur Doga Sezgin, Anthony Arcis, Chung Wah Gnapp, Karmi Nguyen, Yelena Baykova, Harshita Jagdish Sahijwani, Nick Johnson, Carlos H. Costa, Roberto Patrick, Les Howard, Jennifer Kurkoski, Ryan B Harvey, Abhishek Bansal, Akinola Emmanuel, Jose Arcadio Valdes Franco, Karl Laius, JY Kang, Heidi Stolt, Alexis Hevia, Christina Salvatore, Karlee Finch, Michael Goldberg, Denise A Pitts, Doug Henry, Kristiyan Bonev, Keven Webb, Mihai Sandu, Deepak Iyer, Javid Gozalov, Kyanta Yap, Rebecca Reineke, William Biersdorf, Patricia Alves Panagides, Valeria Sloan Vasquez, Yvette Mocete, Cyrus Garay, Samuel Barbas, Brighteagle, LadyGeek and Curtis Light.

Discover the world of business and economics.

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Economics

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Videos

Explore the economic strategy of quantitative easing, where a central bank purchases bonds in order to boost the economy.

--

In March 2020, the COVID-19 pandemic rocked economies worldwide. Millions of people lost their jobs, and many businesses struggled to survive or shut down. Governments responded with some of the largest economic relief packages in history— the US alone spent $2.2 trillion on a first round of relief. So where did all this money come from? Jonathan Smith explores the strategy of quantitative easing.

Lesson by Jonathan Smith, directed by Serin İnan, Kozmonot Animation Studio.

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View full lesson: https://ed.ted.com/lessons/how-do-governments-create-money-out-of-thin-air-jonathan-smith
Dig deeper with additional resources: https://ed.ted.com/lessons/how-do-governments-create-money-out-of-thin-air-jonathan-smith#digdeeper

Animator's website: https://www.kozmonot.tv
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Thank you so much to our patrons for your support! Without you this video would not be possible! Nathan Giusti, Helen Lee, Anthony Benedict, Karthik Balsubramanian, John Hong, Annastasshia Ames, Amy Lopez, Vinh-Thuy Nguyen, Liz Candee, Kathryn Vacha, Ugur Doga Sezgin, Anthony Arcis, Chung Wah Gnapp, Karmi Nguyen, Yelena Baykova, Harshita Jagdish Sahijwani, Nick Johnson, Carlos H. Costa, Roberto Patrick, Les Howard, Jennifer Kurkoski, Ryan B Harvey, Abhishek Bansal, Akinola Emmanuel, Jose Arcadio Valdes Franco, Karl Laius, JY Kang, Heidi Stolt, Alexis Hevia, Christina Salvatore, Karlee Finch, Michael Goldberg, Denise A Pitts, Doug Henry, Kristiyan Bonev, Keven Webb, Mihai Sandu, Deepak Iyer, Javid Gozalov, Kyanta Yap, Rebecca Reineke, William Biersdorf, Patricia Alves Panagides, Valeria Sloan Vasquez, Yvette Mocete, Cyrus Garay, Samuel Barbas, Brighteagle, LadyGeek and Curtis Light.

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TED-Ed

Why can’t governments print an unlimited amount of money? - Jonathan Smith

<ul><li>Almost 80% of consumers surveyed expect bad times in the year ahead for business conditions.</li><li>A survey by the Conference Board of CEOs reports that their confidence is at the lowest level since the pandemic began in 2020.</li><li>About 20% of the CEOs surveyed expected economic conditions to improve over the next six months, and</li><li>60% thought they would get worse.</li></ul> But this recession talk could lead to a recession becoming a self-fulfilling prophecy.

Pessimistic talk

<ul><li>The economic headwinds are very real. Oil prices are up 60% this year, while gas prices are up over 50%. </li><li>Yet, what happens in the economy arises from subjective evaluation of how things will go in the future. Those evaluations are informed by data, not determined by them.</li><li>Fear can lead to economic difficulty. When we are consumed by recession talk, it can become more likely.</li><li>Businesses have become much more concerned about the outlook due to the rising cost of living, drop in demand, and increasingly aggressive interest rates.</li></ul>

Talk of a recession can make one happen

Americans’ feelings about the economy are off the charts. <ul><li>The airline industry is facing the problem of not having enough staff instead of not having enough customers.</li><li>Nike had higher earnings than analysts expected.</li><li>For households, this makes some sense. Many Americans are in a decent personal financial situation: They have seen increased home equity and are sitting on savings accumulated during the worst of the pandemic.</li></ul>

American consumers aren’t spending like a recession is around the corner

Almost 80 percent of consumers surveyed 'expected bad times in the year ahead for business conditions.'

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Business

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Society, Arts & Culture

Are we thinking ourselves into a recession? How predictions and doomsaying can affect real economic behavior

Results from an extensive online poll asking why those who bought NFTs participated in such a volatile market:<ul><li class="ql-align-justify">Some bought NFTs to collect digital art, while others did it for various perks. </li></ul>NFTs with benefits (AKA “utility NFTs”) can score you:<ul><li class="ql-align-justify">Access to communities with virtual and IRL meetups, like Gary Vee’s VeeFriends.</li><li class="ql-align-justify">Access to games. For example, Axie Infinity players must buy three Axie NFTs to start.</li><li class="ql-align-justify">Real-life perks. Crypto Baristas is a coffee project that promises its NFT holders discounts at future cafes.</li></ul>

The Up And Downs Of The NFT Market

While the NFT market has made some creators and traders a pretty penny — artist Pak sold his piece “The Merge” for $91.8m — it’s far from a sure bet.Fine artist Takashi Murakami, whose physical works appear in art museums around the world, recently apologized to investors after the value of his NFT collection plummeted due to market conditions beyond his control.Meanwhile, the median NFT price has dropped to ~$412 from ~$1.7k in April.Still, interest in the space remains high, with players like Meta and eBay getting into the game — meaning many are still apt to take the risk.

Still Hoping To Make Some Money

NFT sales may be down, but some are still holding out hope for becoming wealthy off digital art.

crypto

Cryptocurrency

Why do people buy NFTs? - The Hustle

One of the leading arguments against crypto is its extreme volatility. Between April and June 2022, Bitcoin's value more than halved. Established companies like Coinbase, a popular crypto exchange, have announced layoffs. Crypto sceptics argue that the crash has revealed crypto as a Ponzi scheme. While some of the criticism is well deserved, the focus on price volatility isn't as strong an argument. Instead, it reveals a misunderstanding of what different crypto assets represent.

The Main Argument Against Crypto

Most projects are barely five years old. Eventually, different coins are meant to serve different functions. Today, they all more or less act as startup equity with the distinctive properties of having liquidity and price discovery from the start.

Crypto is a Young Industry

<ul><li>Startup equity is a core concept in business. Every type of startup falls into this category. However, traditional startup equity has no liquidity - you don't invest and expect to flip your shares a month later.</li><li>Crypto is different because a token can start trading right away. But early liquidity has benefits and drawbacks.</li><li>Everyone from central banks to Wall Street is exploring blockchain technology because the features of cryptocurrency enable cheaper to operate and more dynamic markets. Yet, the downside to enhanced efficiency is extreme volatility.</li></ul>

Equity, Liquidity, and Volatility

With Cryptocurrency, everything is borderless and the total addressable market is huge. Success could mean significant value accrual to its token, but the project could also fail. The dilemma is increased because most digital assets can’t be pigeonholed into traditional categories, making valuation much harder. Crypto investors can't rely on established metrics such as a stock's price-to-earnings (PE) ratio. Most digital assets are a hybrid and change from one category to another throughout their lifecycle.

Everything Is Bigger on Blockchain

Price swings give important information to founders and investors, especially during the crucial adolescent stage of any startup.
Universal access, immediate price discovery, and greater transparency contribute to scams and shady behaviour in crypto. But with crypto, even the scams are transparent.
The crypto industry has a lot of growing to do and the current downturn clearly offers some hard lessons. Investors and entrepreneurs are learning not only what is possible in this new ecosystem, but also what isn’t.

Volatility Isn’t Always Bad

One of the leading arguments against crypto is its volatility. In the wake of the most recent downturn, critics have doubled down on this point. But the argument misses an important insight about how crypto assets differ from those in traditional finance. While different coins are meant to serve different functions, today they all more or less act as startup equity — and often serve as hybrid assets, treated as commodities, currency, store of value, and incentive for the validators that make a project function. Unlike traditional equity, crypto assets have liquidity and price discovery from the start. This does mean that crypto markets are more sensitive to signals and changes. The overlooked feature of this, however, is that price swings communicate important information to founders and investors, and builds previously unseen levels of transparency into the system.

What Skeptics Get Wrong About Crypto’s Volatility

The word “ritual” is thrown around colloquially today, but sometimes it still carries the weight of religious ceremony. For supermarket supershoppers, as we might call them, these stores themselves, with their floor-to-ceiling shelves and flickering freezers brimming with food that’s available for purchase, are a sanctuary that transcends faith, race, and economic status. Grocery shopping is an intimately personal act—deciding what to put in your body and what to feed the people you love—performed in public.

Grocery Shopping As A Ritual

Grocery shopping can be a uniquely pleasurable experience, and it’s a squarely American invention. Before the turn of the century, people got their groceries from general stores, where a clerk gathered your items while you waited and placed them on the counter to ring up. There was no way to compare the costs and relative virtues of, say, Crest or Colgate toothpaste; toothpaste was just toothpaste.

Grocery Shopping; A Pleasurable Experience

But for some, rooting for bargains taps into ingrained opportunism. For being clever enough to pair a coupon with an item that’s already on sale. For holding off on buying a tempting pint of ripe blueberries at one store before getting it for half the price at the next. There is a devilish sense of satisfaction at having gamed the system enough to get an extra six-pack of Gillette razor blades to store in the bathroom cupboard.

Bargain Hunting

Customers are so excited about spending only $8 on a rotisserie chicken that they happily buy many other items at a modest-to-steep markup.That makes the business work, but it also makes supermarkets compete in a race to the bottom on prices.

The Feedback Loop

An online magazine for today's home cook, reporting from the front lines of dinner.

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Marketing & Sales

The Case for the Supermarket Supershopper

Money market mutual funds are convenient for individual investors and big institutions to keep money temporarily. However, their yields have been very low for years. The Federal Reserve has begun to increase the short-term interest rate it controls, and money market fund yields available to consumers have started to rise. They will climb as long as the Fed increases short-term rates. But the yield on the average big money market funds is still only roughly 0.6 percent. Considering the rate of inflation running at 8.6 percent annual rate in May 2022, that is a negative rate of return.

Money market mutual funds 

Money market mutual funds receive the reverse repurchase agreement, a.k.a. the reverse repo rate, for funds held by the Fed overnight, so it functions as a rough floor on yields. That rate stands at 0.8 percent. It was close to zero for many months.  At the moment, short-term Treasury bills, with yields in the 0.85 - 1.05 percent range, provide a practical ceiling for funds that hold government securities. If the operating expenses of money market funds exceed the income they bring in, the funds could theoretically pay negative yields.

The role of the Fed

in the current unsettled markets, many people need good places to keep their short-term cash. Money market funds could work, but with some qualifications.<ul><li>Another place for holding short-term money safely includes U.S. government bonds, which yield 9.62 percent. There are penalties if you cash them in before five years.</li><li>Bank accounts are very safe, even if the interest most pay is on average just 0.07 percent.</li><li>The Vanguard Federal Money Market Fund has a yield of 0.72 percent.</li><li>The T. Rowe Price Cash Reserves Fund is close at 0.66 percent.</li><li>The Fidelity Money Market Fund has a yield of 0.60 percent.</li></ul>

A place for cash

The yields are still very low. They don’t keep up with inflation, and if they eventually do, that’s probably not good news either.  Even if the Federal Reserve manages to reduce the rate of inflation close to its 2 percent target rate, it will slow the economy, perhaps tipping it into a recession. If the slowdown is evident, the Fed is likely to start cutting rates, creating an opportunity for nimble money market fund managers to beat inflation by a small amount.  While money market fund yields are improving, as an investment they remain a bad idea.

When rates fall again

At last, interest rates for money market funds have started to rise. But inflation means that in real terms, you’re still losing money.

How Inflation May Change Where You Put Your Cash

Before Ramsey’s call-in talk show, financial advice was mainly for people who were already wealthy. It assumed people with credit card debt who lived from paycheck to paycheck didn’t care about financial education. Ramsey began speaking to a handpicked group of people that traditional advice ignored. He regularly backed up his financial advice with Bible verses, erecting a clear fence around his target audience.

The rise of financial advice

Dave Ramsey's show encouraged people who'd been conditioned not to pursue wealth to now indulge in the fantasy of being rich. A perpetual brief is that a better life is within your grasp if you can manage your money right. Other budding financial experts dropped Ramsey's religious exclusivity, and a niche in personal finance emerged in the early 2000s.  Ramsey and his successors put the "personal" into finance so anyone could find success through a new set of rules, like paying your debt, starting a side hustle and making a budget.

Conditioned to pursue wealth

The budget culture is the damaging set of beliefs around money that rewards restriction and deprivation and promotes an unhealthy and fantastical ideal of financial success. Budget culture sees measures like credit scores and debt as signifiers of financial health and prescribes spending restrictions as the first step to getting rich. However, the problem is that budgeting doesn't work. Restriction and deprivation are unsustainable. Tracking spending is hard. Budgets don't account for the way lives work.

The budget culture

The emphasis of budget culture is on individual responsibility and insisting that you can ignore access and privilege in our world. It condemns and oppresses anyone who doesn't live up to the ideal. <ul><li>However, the system isn’t designed for upward mobility. Ramsey’s famous “Baby Steps” might start simple and practical but they quickly escalate into investing 15% of your income, paying off your mortgage early and building generational wealth.</li><li>The budget culture has one secret to getting rich quickly: Aggressive investing. However, the only sure way to make money is to have money.</li></ul>

The broader problem with budget culture

It needs:<ul><li>Getting comfortable not knowing the “right” answers.</li><li>Changing how you talk about money and how you use money.</li><li>Pay transparency — with your friends, communities and colleagues, and in job descriptions.</li><li>Seeing and acknowledging your privilege.</li><li>Rethinking how we compensate for all labour.</li><li>Framing <a href="https://annehelen.substack.com/p/paying-for-civilization">taxes as sharing privilege</a>, not impeding personal wealth.</li><li>Admitting net worth is an imaginary number.</li><li>Creatively supporting people with financial needs and protecting them from the tyranny of credit reports.</li><li>Reckoning with the fact that the dream of homeownership relies on hoarding stolen wealth.</li></ul>

Countering budget culture is a tall order

It's about your actions, responsibilities and mindset, yet no management method can fix rising housing costs with stagnant wages. Instead of questioning your mindset and willpower to fix your money, question what's happening around you. Do you feel comfortable and safe in your home, in your clothing, or using your devices? Do you feel empowered with choice? Can you care for loved ones? Having money can improve life, but that's not the point. Fighting budget culture means remaking the world in a way that lets everyone experience the ease of being "rich" regardless of the numbers.

Budget culture makes money all about you

How financial "experts" ruined our relationship with money

Budget Culture and the Dave Ramseyfication of Money

It isn’t easy to separate genuine cryptocurrency recommendations from the scams; there are lots of sharks out there waiting to take your money.Reports of crypto investment scams surged to 7,118 in the first nine months of 2021. This was up 30% on the whole of 2020, according to Action Fraud, with the average loss per victim at £20,500.So when you’re confronted with a lot of information about a cryptocurrency, take a step back from the hype.Try to look critically at the project or platform. How many users does it have? What problem does it solve?

1. Have a strategy for crypto trading

Some people offering crypto trading tips might not have your best interests at heart. So don’t get stung making the same mistakes as others.Set limits on how much you invest in a particular digital currency and don’t be tempted to trade with more money than you can afford to lose. Cryptocurrency trading is a high-risk business and more traders lose money than don’t.

2. Manage risk

It doesn’t pay to have too much invested in one single cryptocurrency. Or as they say: don’t put all your eggs in one basket.As with stocks and shares, spread your money out among different digital currencies.This means you don’t risk being over-exposed should one of them plummet in value – especially as the market prices of these investments are highly volatile.

3. Diversify your crypto portfolio

Prices can rise and fall quite dramatically day to day, and novice traders are often duped into panic selling when prices are low.Cryptocurrencies are not going to go away. Leaving your money in the crypto market for months or years at a time could offer you the best rewards.

4. Be in it for the long term

Just as with regular stocks and shares, it can help to automate your crypto purchases to take advantage of pound-cost averaging.Most cryptocurrency exchanges, including Coinbase and Gemini, allow you to set up recurring buys.This is where crypto investors tell the platform to purchase a fixed amount of their preferred cryptocurrency every month – for example, £100 worth of bitcoin. It means they get a bit less of the currency when prices are high, and a little more when prices are low.

5. Automate purchases

Trading bots can be useful in some circumstances, but they aren’t recommended for beginners looking for crypto investment tips. Often, they are just scams in disguise.If real algorithm existed that timed your buy and sell trades to perfection, everyone would be using them!

6. Use trading bots

The latest research from UK regulator the Financial Conduct Authority showed that about 2.3m Brits own cryptocurrency in one form or another. It’s very easy to get caught up in the hype of news headlines. Crypto mistakes are startlingly common, and below we list some of them.

common crypto mistakes

Low prices do not always represent bargains. Sometimes prices are low for a reason! Watch out for cryptocurrencies with falling user rates.Often, too, developers leave a project and it stops getting properly updated, making the cryptocurrency insecure.

1. Buying just because the price is low

Some of the more suspect trading platforms suggest you should maximise your money by betting as much as possible. This is a quick way to the poor house.Better crypto investment tips would be to only use a certain proportion of your investing capital — say 5% — and always keep an emergency cash fund in an easy access savings account that never gets invested in the market.

2. Going ‘all-in’

There’s nothing easy about making money through trading any kind of financial asset, whether stocks and shares or commodities like silver and gold. The same can be said for cryptocurrency.Anyone who says different is probably trying to trick you into making crypto mistakes.

3. Thinking crypto is ‘easy money’

If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault.Without your keyphrase, all your cryptos will be irretrievable.

4. Forgetting your crypto keyphrase

The best crypto tips will tell you to stick with big name crypto wallets, such as Ledger, Trezor, Exodus or MetaMask.Dodgy or unknown wallets that you find on Google Play or the App Store can steal your crypto funds with dodgy code.

5. Malicious wallet software

With so many cryptocurrencies on the market, it can be difficult to tell what’s real and what’s not.When you invest in fake coins, criminals can steal your identity and often your hard-earned money. Don’t take anyone else’s word for it and use as many sources as possible to do your own research on coins before you buy them.

6. Fake coins

With this handy guide any beginner can learn how to come up with the best trading strategies and avoid common cryptocurrency mistakes. 

habits

Habits

Cryptocurrency Mistakes & Tips

Elon Musk is one of the most influential people in the world, but his success is a result of deliberately subverting norms and challenging expectations.Though financial resources differ greatly among entrepreneurs, a calculated media strategy is something every entrepreneur can add to their toolkit. Let's unpack Musk's rise to fame, from his publicly celebrated business successes to his Twitter game, to see how any entrepreneur can take a note from Musk's playbook.

How Elon Musk Breaks The Rules

In the heat of the dot-com boom, Musk invited the cameras to get a first-hand look at his success.Although it was difficult for the public to understand the inner workings of Silicon Valley and VC money, Musk created an instantly recognizable icon in his sports car.

Strategy 1: Pour Gasoline on The Fire

<ul><li>In his early ventures, Musk lost control of his own companies</li><li>With Zip2, his investors appointed a more experienced leader, Richard Sorkin, to position the company for an acquisition</li><li>After his second company, X.com, became PayPal, he was again fired from his role as CEO while he was away from the office</li></ul>

Strategy 2: Make Your Business Personal

Rather than focusing on a clear path to profitability, Musk declares impossible feats to the world, such as getting humanity to Mars before he dies. People love rooting for success against all odds. As one of the richest and most powerful people in the world, Musk positions his companies as "Davids" by creating seemingly unbeatable "Goliaths."As an entrepreneur, your goals are more than financial and operational. Set goals with the power to motivate your workforce, attract an investor or engage your customers.

Strategy 3: Set Unrealistic Goals

Entrepreneurs know that the key to success is to stay laser-focused on their goals and objectives. Yet while Musk is so busy that he sleeps on an uncomfortable couch at the office, he always has time for the spotlight.With the exception of Bill Nye, most scientists aren't drawn to the big screen. Except Musk, who can be spotted in Iron Man 2 rubbing shoulders with Tony Stark, on South Park and The Simpsons, and hanging out with Howard on The Big Bang Theory. For someone focused on advancing mankind, Musk spends a calculated amount of time crafting his image.

Strategy 4: Ignore Your Lane

As an entrepreneur, remember that everything you post is a reflection of you and your business. When Musk posts nerdy memes, he's affirming that he's a part of a subculture that many of his customers associate with. When he offers emergency assistance to Ukraine, he's demonstrating the viability of his business goals. When he posts updates about his business, he's signalling to the world and his employees that he's in charge.What appears random is all a part of the bigger media strategy. Think about the image and signals you want to convey, and engage accordingly.

Strategy 5: Say What's on Your Mind

You are where you are because you challenged a convention, did something in an unexpected way or created something new. Know your end goal, and craft your image around it. From there, you can determine which rules were made to be broken, and how you will bend them in your favour.

Break The Rules

Bend and break those rules, Elon Musk style.

Five business strategies you can steal from this groundbreaking entrepreneur's playbook.

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The Richest Person on Earth Breaks Every Rule, And You Should Too

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