Recently, I did what any long-term focused index investment financial enthusiast will tell you NOT to do – I entered the highly volatile world of Bitcoin and cryptocurrencies as investment. Let’s talk about why I did it, what strategy I’m using (if you call it strategy) and how it’s going so far. Buyer beware! One thing I want to emphasize, is that investing in Bitcoin and other cryptocurrencies is highly volatile, risky, and unpredictable! Before I started, I understood that any cash I put into crypto, could have the possibility of going to $0 value in an instant. I only invested money …
Managing your personal finances isn’t easy
Let’s Talk About Money is a personal finance blog that uses concrete numbers to talk about making financial decisions, and how to become a ‘Do-it-yourself investor’
Let’s Talk About Money provides a place to talk about how to make smart decisions with your money, and how you can let your wealth grow over time. There are no definitive answers when trying to figure out what to do with your money, but hopefully my example can provide you some insight and direction when you make a decision.
I look at investing using index funds, Tax Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP) and Mutual Funds, and try to provide guidance based on the questions I had as I got started. I also look at tracking your money and making smart day to day decisions that maximize how far your pay cheques go, and how to really make your money work for you.