The Worst Ways To Save Cryptocurrency And Money That We Should Avoid

Today, we find an interesting article that talks about the things we should not do when it comes to saving money, and we have decided to translate it to comment on some very important aspects.

We said important, because that it is a real fact these days: most people do not know how to identify what is an asset and a liability. Thanks to that fact, many people end up spending more and paying more expensive than they should.

Also, we place this article here to bring you different content that helps you be better people. With this, in one of the parts of the article, we will talk about exactly why cryptocurrencies are assets of value and not an expense, as is usually heard from public opinion. Enjoy It, And Please Read With Love!

The article starts to saying that: saving is where the gain is, but there are practices that, for one reason or another, are not recommended (some just because they prevent you from living life).

— The above is very true. There are some practices that seem harmless, but when we see turning out to be “cat jumping”.

The article continues to saying that: saving money is as much about good practices as it is about avoiding temptations that will cost you dearly now or in the future. So, if you want to save, you should avoid some of these practices that we explain below.

Portuguese households’ savings are dangerously low. In fact, a recent study published by the Ministry of Economy points out that the savings rate will hit the bottom in late 2020, worsening the vulnerability of families in a future crisis.

With this in mind, the article leave some tips on bad practices that you should avoid and of which we will be making brief personal comments:

Car And Insurance

A car is a big investment, so it makes more sense not to keep it for long as it gets to the point where you have to take it to the mechanic more often.

Another thing to avoid is not to take out insurance. Otherwise, you may be more likely to spend more on repairs or expenses in the event of accidents.

— When the article refers to insurance, it is referring to a protection mode or security measure for when inconveniences arise. Having an emergency fund for these cases, we can personally consider them as a type of asset.

— Therefore, the advice is: always keep an emergency fund in case of unscheduled activities. Car can be a good investment but sometimes it can become a big headache.

Cut Back On Health Insurance

You may consider that you do not need health insurance if you are in good health, but you will regret not paying the monthly fee if you receive an emergency, especially (in the Portuguese case) when it comes to dental medicine.

— Although we do not consider it important, it is always good to have life insurance as a precaution in extreme health cases. Relying on public medicine is no longer being a reliable path. So the advice is: also invest a part in your health.

Be Yourself Doing Repairs On Your Home

You are likely to be able to give your wall a new coat of paint or install a shelf, but major home repairs — especially those that involve plumbing or electricity — should be left to professionals. Trying to make these arrangements yourself can, in the worst cases, flood your home or cause a fire.

— Really this is very true. One of the things we should learn most from life is to be humble and recognize that we don’t know everything. Therefore it is good to delegate tasks and leave them for those who really know how to do them. And please always pay just without making claims.

Buy Cheaper Trips

You can save some money when buying a travel ticket, but the cheapest airlines tend to overdo things that would be included in a common airline ticket, such as having a designated seat or being able to store hand luggage. In the end, you may end up paying more like that, with those extra costs being added.

— We recognize that when promoting a product, many companies do everything to offer the way that you can make the purchase smoothly. This does not escape when it comes to travel. Therefore, we must be very careful when buying a ticket, because it is very clear that some to beat the cheapest is the most expensive.

— Money and cryptocurrencies are an active asset that must be taken care of over time. When it is done, it is the greatest pleasure that you exist to celebrate our successes and defeats is to be able to travel comfortably.

Don’t Go To The Dentist

Many of us hate to go to the dentist, but not going to cleaning appointments every six months or once a year is not the best way to save. It can cause oral health problems if there is no periodic evaluation, which can result in much greater damage — which will make you spend even more.

— A periodic check of our teeth is not harmful to our pockets. Of course, we just have to check that it doesn’t become obsessive.

Buy On Sales Or Imitations

Finding the best deal for what you really need is a good way to save money. But buying something for a discount means that you are spending money that you will need later.

Before buying something on sale, compare prices online and seriously think about whether you need the product or not or if you are buying on impulse.

Another factor to consider is the quality of the product. For example, buying cheaper electronic equipment does not mean efficiency in terms of its operation. You can end up spending hundreds of euros or another fiat (often on repairs), while he could invest in a quality and more efficient product.

— Two verbs are important here: compare prices and measure the quality of products before buying. We believe that in a nutshell, these two practices can save our lives a lot when making the right decisions when making some purchases of products cataloged in the promotion section.

— Spending less cryptocurrencies or money will depend on our compulsive purchasing system. Buying then what is necessary is a basic rule. So, make good decisions.

Adhere To Gift Cards

Store staff will try to persuade you with an additional discount if you sign up for the store’s discount card. However, store credit cards have very high interest rates, so the interest paid ends up damaging your savings.

— Gift cards, promotional cards and even credit cards can be a double-edged sword. Misuse can have disastrous consequences for our financial life.

— This advice also applies to the cryptocurrency market. We do not know the cases, but before taking your credit card and making high investments, really think twice. This market is still very careful. That’s why always measure your risks.

Don’t Invest

It often avoids investing for reasons of insecurity. This type of thinking can cause you to lose potential returns that are much greater than if you leave the money ‘stuck’… There are many options, many of them for risk-averse investors, such as certified deposits, cryptocurrencies, real estate funds and more.

— Here we will discuss a very important issue. Basically we want to start by commenting that yes, it is true, the world of investments generates a lot of fear, and much more when it comes to cryptocurrencies.

— Many people when they think of the word investment seem to think of horror movies. But this must end. Really investing is the best mechanism to win our economic and financial freedom.

— Cryptocurrencies and other assets are a means to learn to generate passive income without the need for much effort. But we have to be realistic: it is necessary from the beginning a basic knowledge, as well as that which was introduced in our Crypto Dummies Series, and then not make certain mistakes.

— We also believe that the profession of being a “Trader” is a first step to educate us on the path of becoming a good investor. So it is good that we take our mind off the concept that investing is bad and seek better education before generating false opinions.

— For those who think that cryptocurrencies are not valuable assets, we have bad news: for the last few days, the market has evolved quite a lot and many economic institutions are already seeing cryptocurrencies as a safer investment alternative than conventional currencies.

— In the above we want to emphasize. Cryptocurrencies for these days and for the next few days will be the best and most secure and competent mechanism for financial markets. Remember that we are living in a digital age and paper (especially paper money) will tend to be less used. So let’s not fall into ignorance. Cryptocurrencies can really be considered valuable digital assets.

Saving On Luggage

Traveling can be a stressful process. Even more so if your luggage gets damaged during the ‘run’ at the airport. Opt for a quality suitcase to have less future worries.

— This is a funny thing, but it can be a real headache if you are not very careful. We will not think much about it because we already want to talk from our own experience. We will only tell you that from Brazil to Colombia one of the wheels, one of the suitcases, was missing at the time of taking the luggage. The lesson is clear then: always get quality rather than quantity.

Don’t Tip

Many service professionals rely on tipping to survive. Not leaving tips to your bartender or other service professional is not the best way to save money.

— Leave some tips to these professionals what they do and say is that we are very grateful for the service they provided. Remember gratitude opens a thousand doors.

Decline Invitations

Going to all weddings, parties, dinners and social events can cost some money and it is definitely normal to refuse to save some money. But when you realize that you are just not leaving the house for fear of spending, you are going too far.

The above reminds us very well an apprenticeship of the book “The Secrets of the Millionaire Mind”, where it clearly says that we must separate a part of our money or cryptocurrencies to have fun or make the old dream.

About 5% or 10% of the income we generate with our economic assets is already a significant amount to achieve it. So, enjoying life should also be part of our daily life. However, excellent planning is always good to avoid abuse.

Don’t Give Money To Those Who Need It Most

Several studies have proven that giving brings happiness. If you pay 1 euro a drink to someone who forgot their wallet at home or donate to causes that tell you something, the emotional retribution you receive for giving will certainly be worth much more than the money you offer.

— One of the practices that most billionaire men know how to do, the most honest in the world, is the practice of donation.

— The Bible (with all the respect that everyone deserves) is very clear on this: “In everything I did, I showed you that by this kind of hard work we must help the weak, remembering the words the Lord Jesus himself said: ‘It is more blessed to give than to receive (Acts 20:35).”

— This verse explains very well the fact of being very pleasant and helping others with true love. What we donate will be rewarded in greatness later. So, practicing philanthropy is an act of faith.

The Comment You Should Not Forget

We recognize that the article has had a lot of content. But let us leave you the best comment of all, because all the above is basically summed up in: to not spend more than what we should not first dream, write and plan;

Buy the necessary and without impulse, invest responsibly in cryptocurrencies or other financial assets and thank; Be a donor, help others and strengthen our relationship with money very well.

Managing our emotions would be a second alternative too. But, too, the values of: heritage construction, diversification and travel planning also come into play; meet goals, perform social actions and, above all, always be in communion with the creator of all things.

Of the above is stronger when we understand the principle that says: “And we know that in all things God works for the good of those who love him, who[a] have been called according to his purpose — Romans 8:28”.

See you in the next story! With love 💛 Rubika Ventures Team!

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Remember, investment in cryptocurrencies or other assets has a moderate risk, so it is important to have a detailed study of the possible scenarios before placing your money at risk.