Financial Planning goes a long way

The last few days again the Crypto market has been showing downward trends in the prices. Yesterday the price of BTC went down to 26K. I am not an expert in monitoring the market but I keep analyzing the price movement of my holdings. From all my holdings as of now Steem has been one which has been holding up well. The others have not been very bad, the overall value has come down. BTC and all the altcoins are still very far from its previous high marks but it is a matter of time that they will all again boost.

Me and hubby are both planning to retire in the next 2 years from our jobs. We do not intend to stop working. The office jobs we are doing now we want to cut them out completely and we will then be doing some home business. I have plans of setting up my wellness space. To do all of that firstly we need some security to be able to do what we want to with peace of mind. We also have plans to start with an Air B&B place. I do not want to be dependent on Cryptos because this is one very unpredictable place, but deep in my heart I am still hoping that in the next 2 years the market gets the boom and I can get some good returns from my investments and efforts.

Last month me and hubby were having a talk with our financial consultant and we asked him to share with us some good long-term investment schemes which would be secure and give us stable returns. He shared some options with us but when I looked at the ROI, they are all so poor, they do not even meet the basic inflation. I am just wondering how does a common person survive in such a case. If you have some crores of rupees, you can be still be ok getting lesser returns but if you have limited capital and you want to survive on that then it does get difficult. The options that have higher returns also have higher risk.

Source

In our conversation, the topic of cryptos also came up and we noticed that the consultant was not very keen on the crypto investments. On asking him why he has such negative views on it, he mentioned that he made losses in it so now he does not trust and wants to get into it. He had bought BTC at 25K and then it went down to 18K. He panicked that it will go down further and wipe away his investments so he withdrew his money at 18k. This is what is majorly happening to a lot of people. When they get in at a higher price and then when the prices fall, they panic and make mistakes of selling it at a loss. BTC has come a long way and over a period of time it has given the best results in comparison to any other investments. There will never be a right or wrong entry exit point, but whatever price the person has brought it at, then needs to have patience because eventually it will rise and that's what the trends also prove.

Even ETH has given good returns over time. The other Altcoins are volatile and yes, they are gambles but BTC can be safely looked at for investment. We did make him understand, after a point of time if felt like we were consulting him more then he consulting us.....hehehe. He did agree in the end that he had made a mistake of selling it because he had no guidance at that point of time.

Financial planning is a difficult task and it cannot be done with a short vision, these are no quick money-making schemes for a stable future. Those schemes will only make you go bankrupt. Crypto has volatility but it also gives good returns. As of now me and hubby are still doing our exercise on financial planning for our retired life, we are not wanting to be extra careful, but yes, we do want to be safe than sorry.

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