Why are you investing?

Next up, think of the reasons why you saved money in the first place. You probably have many things you want to do with your money so perhaps you’re saving for some of these items and others that are not listed:

Buying a house
Buying a car
Overseas holiday
Renovations
Retirement
Money to start a business
New fridge / appliances
Children’s education
Emergency Fund
Parents medical bills
etc

Each “reason” for saving requires it’s own strategy. The money that you’re saving for a new fridge can just be saved in your bank account whereas your Retirement Fund should be invested in a long-term investment. An emergency fund needs to be accessible at any time whereas it is okay to wait a few days before accessing other trading and savings

Maybe you haven’t got specific reasons, you just save because that’s what you were taught to do. Now is your chance to think about it. Decide on your reasons and write down some key words regarding the strategy:

Is it important to be able to access the money quickly?
How long do you need to invest the money?
How much do you need?
Is it okay if the economy slides for a few years?

It is important to have a purpose for every rand. It doesn’t matter if various savings are lumped together in one investment, but you need to know why you’re saving and what the money is for. See my blog on investing: Savings Pockets for an idea of how to keep track your trading or savings.

FOREST TRADING

What is cryptocurrency?

Cryptocurrency is a virtual currency secured through one-way cryptography. It appears on a distributed ledger called a blockchain that's transparent and shared among all users in a permanent and verifiable way that's nearly impossible to fake or hack into. The original intent of cryptocurrency was to allow online payments to be made directly from one party to another without the need for a central third-party intermediary like a bank. However, with the introduction of smart contracts, non-fungible tokens, stablecoins, and other innovations, additional uses and capabilities are rapidly evolving.

Cryptocurrency's value stems from a combination of scarcity and the perception that it is a store of value, an anonymous means of payment, or a hedge against inflation. Cryptocurrency investors can buy or sell them directly in a spot market, or they can invest indirectly in a futures market or by using investment products that provide cryptocurrency exposure.

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