Crypto Currency

How to Talk About Finances with Your Friends

Truth be told, when the subject of money or finances is broached, most people are unwilling to talk about it or discuss it with their friends and family. It’s almost as if it’s a taboo subject. While most people aren’t quite conversant with the subject of finance, it plays an integral role in every aspect of our lives.

How we handle finances can either make or break us. While the finance subject might be broad and complex to some people, the truth of the matter is that talking about it freely with family and friends widens our scope of thinking and ushers us into the world of limitless possibilities. Think about financial freedom, investments, and leveraging of new techs such as blockchain and cryptocurrencies to get wealthier.

Talking to your family and friends about finance helps you to learn about best finance practices, how to grow your wealth gradually, and how to leverage technology to take advantage of investment opportunities. There is no better way to attain financial freedom than to drink from the wealth of knowledge of your close confidants and family. Talk to them about how to change your financial situation, how to handle finances, pitfalls to avoid when dealing with finances.

Look At Your Family and Friends as Accountability Partners

Developing a sound financial discipline requires that you start young. This means inculcating the culture of savings in your children and using your friends and family as accountability partners. When you have no one to be accountable to, it is very easy to veer off your financial goals.

Your friends will give you that essential extra dose of motivation when you get bogged down by life and feel like giving up. They will be right there to pat you on the back and motivate you to keep going. However, to achieve your financial goals, as any financial expert will tell you, requires three important financial pillars. These are:

  • Earning
  • Saving
  • Investing

Financial Pillar #1: Earning

Before you can attain any of your financial goals, you need to be earning some sort of money. This could be money derived from a business or a salary from employment. Above all, learn to run your own race. We all cannot be the same. We all cannot earn the same salary.

There are people who will earn more than you and there are those who will earn less than you. It is, therefore, imperative that you don’t compare yourself with others.

Have an open mind and consistently discuss with your friends on ways in which you can earn more money–think of multiple income streams. It will surprise you that despite having overlooked them in the past on matters of financial advice, they could actually possess tidbits of wisdom on how to increase your earnings. Earning more money requires sacrifice from you. You will need to learn a couple of new skills, get a couple of certifications, and be creative.

But, and this is very important, you should never stop there. You need to earn with a purpose and a goal. Once you’ve earned enough money, you need to save it and not just splurge it on the latest fashion clothes or going to exotic vacation destinations. This brings us to our second pillar of finance–saving.

Financial Pillar #2: Saving

You can never discount the power of saving. You need to put money away to cater for unforeseen financial emergencies, buy assets, as well as build wealth through sound investments. Saving gives you some level of peace and financial freedom. We all want that, right?

What everyone out there, including your family and friends, will tell you is that saving requires a high level of discipline. In fact, it’s important to automate saving such that money is automatically deducted from your account to your savings account the moment you get paid.

One sure-fire way of saving and earning significant interest on your savings is through using a revolutionary digital banking system–hi. At hi, we are all about helping you achieve financial freedom by investing in various cryptos (Ethereum, Bitcoin) and fiat currency (GBP, USD, Yen). Membership is free for all and you can make transactions through social messengers such as WhatsApp and telegram.

Unlike conventional banks that earn dismal interest rates on your savings, hi will blow your mind. Your savings will earn upwards of 20% p.a. Impressive, right? Now that you’ve made money, saved it on a platform that earns you impressive interest rates, what’s next towards your journey to financial freedom? You guessed it right–Investing!

Financial Pillar #3: Investing

We all have some sort of dream in life. We dream of retiring young, having an unlimited supply of money, the best superyachts, homes, travel the world, et cetera. While for most this might seem like a pipe dream, you can make it a reality if you earn, save, and invest right.

The major difference between saving and investing is like night and day. With saving, you get back what you put in together with minor interest. However, investing is a whole different ball game. When done right, the returns are phenomenal! It is not uncommon to get 10x or 100x returns on your capital. However, this comes with a risk. No risk, no rewards.

It is extremely important that you go for investment opportunities that promise high returns while decimating risk. Truth be told, there are many ways in which you can invest–think about precious metals, bonds, or even stocks.

However, the real potential for growth lies in the US$1 trillion cryptocurrency industry. That’s huge! Right?

With our hi dollars, you get to buy and trade in cryptocurrencies and get a piece of this promising and highly rewarding trillion-dollar industry.

In a nutshell, to truly achieve financial freedom and amass copious amounts of wealth, the aforementioned 3 pillars of finance are key. Discuss with your friends and family today how to achieve financial freedom, and which investment vehicle to put your hard-earned money into. It will surprise you how fast your financial fortunes can change. What’s more? Don’t forget to join together with your family and friends and start the journey towards financial freedom!

Atif Mallo

Atif Mallo is a freelance blogger with huge interest in technology, science, life hacks and health. He loves coffee, cheesecake and chess. Drop a line in comments to leave feedback for him.

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