How many millionaires do you know who made their fortunes by keeping their money in savings accounts?
Come Diwali, and you can experience the magic all around you. With almost every house shining like a wedding house, decorated markets giving fairy tale vibes, a pile of sweet boxes lying at every corner of your home, it would be innocuous to say it’s that time of the year when Indians spend like a drunken sailor. Like every year, Diwali 2021 will make a dent in your wallet; that’s why it would also be an excellent time to revise the top five financial lessons for a wealthy future ahead!
For those uninitiated, Diwali is a Hindu festival that marks the return of Lord Rama to his home in Ayodhya after 14 years in exile with his wife Sita and brother Laxman. He had returned to his home after killing the demon Ravan, which had made his homecoming even more celebratory.
In the Hindu tradition, buying gold and other expensive materials is usually considered auspicious around Diwali, especially on Dhanteras — another Hindu festival celebrated two days ahead of Diwali every year.
Lately, buying gold or jewelry around Diwali has become a much-awaited investment period for investors. The logic is simple: to save for a year only to invest in metals such as gold that provide okayish returns.
But investing in precious metals when crypto is offering great returns doesn’t sound like a logical investment idea. The next-generation investors are already investing their savings in crypto, and, indeed, it’s high time that gold buyers seriously think about putting their money in digital coins.
You might also like to make a few tweaks to your investment strategy by going through five financial lessons mentioned below that could make you richer with each day passing.
One of the foremost financial lessons that one should learn early in their career is how to plan their financial investments. However, with so many financial instruments available, from gold to stocks to mutual funds, financial investment often becomes a daunting task.
In such a situation, investors should always consider never putting all their eggs in one basket. Indeed, diversifying your investment is the key to success because with markets remaining highly volatile, you never know which one of your shots does wonders for you. You can, of course, take help from registered portfolio managers that can advise you on how you can diversify your portfolio to maximize returns on your investments.
The investment decision, a common term in financial management, refers to moves made by investors to make the most out of their invested moolah. These decisions could range from how to invest funds in various assets or whether to invest on a long-term or short-term basis on a select financial instrument.
The aim of investment decisions in financial management is to maximize the returns for investors. Investors can make such decisions by carefully understanding all the possible investment options and their risks to investing the limited funds available.
In financial terms, financial planning refers to making a blueprint of how your investments will appear in the future. One of the primary objectives of financial planning is to ensure that you have enough funds at a given point in time so that you can achieve your life goals that may appear sky-high when you kick off your investment journey.
Moreover, the crucial financial lesson argues for investing in investments that can be easily liquified, such as cryptocurrencies. Overall, the concept ensures that the investor is in complete control of income, expenses, and assets.
One of the most important financial lessons that hardly anyone talks about is if you should disinvest early to prevent your gains from vanishing into thin air during bearish market trends. Disinvesting at the right time could avert financial risks that come along with economic disasters that have become more frequent than ever.
Liquidating your investments at the right time only to re-invest them later at the right time is a successful investment strategy used by market doyens. However, predicting bearish trends is a tough nut to crack for a commoner and requires better financial understanding.
By now, you already know some of the top financial lessons that you need to apply to your life. If you use them in crypto investments, then you could fulfill your financial goals way before the deadline.
But what are the best cryptocurrencies to invest in? That question often puzzles many. If you also have similar doubt, then you can take a look at some of the cryptocurrencies mentioned here:
With a market cap of more than $1 billion, Bitcoin appears to be the hottest crypto investment destination at the moment. From selling at $500 five years ago, the coin is currently trading at about $60,000.
5.2 Ethereum (ETH):
One of the favorite digital coins of crypto developers, Ethereum has provided impressive returns to investors in the recent past. Giving a neck-to-neck competition to Bitcoin, Etherum’s market cap currently stands at about $472 billion.
5.3 Tether (USDT):
Tether is one of the least volatile cryptocurrencies available in the market. The coin has a market cap of about $70 billion. Since it’s a stable coin, its price depends on the USD’s movements.
5.4 Cardano (ADA):
Having a market cap of about $71 billion, Cardano is among the popular digital coins that have provided decent returns to investors. For instance, the coin was trading at around $0.02 in 2017. Currently, it’s selling at about $2.
5.5 Binance Coin (BNB):
Another cryptocurrency with a massive market cap of $80 billion Binance Coin (BNB). The coin was issued by Binance, which is one of the largest crypto exchanges in the world. The coin supports more than 1.4 million transactions per second.
Note– For more details; Visit BuyUcoin and skyrocket your journey in the land of cryptocurrencies. Till then, Happy Investing!