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PYŃ.=&0 investment – Penloom https://penloom.com News articles and more Tue, 26 Nov 2024 10:54:17 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.9 https://penloom.com/wp-content/uploads/2022/01/cropped-favicon-32x32.png investment – Penloom https://penloom.com 32 32 Importance Of Financial Literacy And Budgeting In the Current Economy https://penloom.com/importance-of-financial-literacy-and-budgeting-in-the-current-economy/ https://penloom.com/importance-of-financial-literacy-and-budgeting-in-the-current-economy/#respond Fri, 02 Jun 2023 06:33:15 +0000 https://penloom.com/?p=8260 Financial freedom is everyone’s dream. This thought constantly provokes us, but often we don’t have the solution. People often think getting a job will provide the solution. But that is one of the steps you take toward financial literacy.

But it doesn’t mean you have to get a job first to understand financial literacy. Let’s understand what exactly financial literacy is. 

What Is Financial Literacy?

Your ability to understand various financial skills and effectively use them is known as financial literacy. These skills include personal financial management, investing, and budgeting. Financial literacy is the foundation of your connection with money. And it walks with you throughout your entire life. This means that the sooner you start your financial journey, the better it will be. Let’s dive into this concept and learn about it in-depth. 

Why Financial Literacy?     

Financial literacy can refer to various abilities. This includes creating a household budget and understanding how to manage and pay off debts. Also, how to weigh the pros and cons of various credit and investment options. But you need a basic understanding of important financial ideas like compound and simple interest.

The significance of other goods has also increased. This includes mortgages, student loans, health insurance, and self-directed investment accounts. People need to be aware of how to utilize them responsibly much more than before.

Along with a long-term financial strategy, financial literacy also includes short-term financial strategy. One aspect of financial literacy is how your current investment choices can affect your taxes. Another aspect is knowing the ideal investment instruments to employ when preparing for retirement. 

All these aspects are clear indications that financial literacy is important. 

Budget Calculation

What Are The Perks of Financial literacy?

The main goal of financial literacy is to help individuals understand and manage their money. But financial literacy offers much more. Let’s have a look at these points to understand better. 

Achieve Financial Goals

You might plan to buy a house or vehicle and begin saving money. But you will figure out it will take ages to buy anything. With the help of financial literacy, you will make better decisions regarding saving money. 

You can make plans, set expectations and goals and keep track of your money. This way, you will make measurable progress and achieve what you desire. But it also makes you aware that you can’t afford everything. 

More Confidence

You can make better and more confident decisions with appropriate knowledge of finances. Sometimes you have to take calculated risks when making a few investments. This generally happens with stock investments where profitability is very high. 

Financial literacy can help you predict how one decision can impact your finances. Whether it goes in the right direction or wrong, with financial literacy, you will be prepared for both scenarios.

Handling Emergency Situations

Financial literacy prepares you for emergency situations. Emergencies can impact your finances anytime. You might lose your job, or an unexpected expense can disrupt your savings. But with financial literacy, you can be prepared for these emergencies in advance. Also, how to overcome the damage that has happened. Financial literacy makes you more resilient and dynamic. 

Avoid Making Mistakes

Taking personal loans and not managing your money can impact your finances. In the long term, these decisions will impact your future plans. Financial literacy makes you aware, and you don’t take unnecessary loans keeping your credit score high. 

How To Improve Your Financial Literacy Skills?

To improve your financial skills, you have to learn and indulge in various skills. This includes budgeting, clearing your debts, involvement in investment products, and more. Let’s have a look at these strategies for improving your financial literacy skills.

Budgeting

Track the money that you earn and spend in a month on an excel sheet or budgeting app. You can include paychecks, investments, fixed expenses, and more in the excel sheet. You can do this on paper as well, but it would be better if you use digital devices. This way, you can keep track of all data at any time.

Set Goals

Set goals such as saving money for buying a vehicle or home. Begin planning with how much you want to save a month. And set that amount aside from your earnings every month. This way, you will be able to make a down payment for a house or vehicle eventually.           

Pay Your Bills

Pay your will on time every month. As soon as the payments arrive in your bank account, get it done with your bills. You can take advantage of auto-deduct payment methods or use bill payment apps. Also, set up payment reminders on your digital devices so that nothing is forgotten. 

Credit Score

A good credit score can aid you in getting good credit cards and interest rates on loans. You can look for your credit score online on free credit card monitoring websites. In addition, keep an eye on things that can ruin your credit score. This includes late payments, high debt, closing credit card accounts, and more.

Invest Actively 

You can invest in fixed deposits, stocks, and commodities. If you begin early, the better returns you will get. Also, you will learn to take calculated risks with stock investment. You can seek financial advice to learn more about investing your money.

You can also invest in real estate, which is a more stable market than stocks. Though all investments carry risks, in the end, it’s all up to you. You can invest anywhere you like. 

Impact Of Financial Literacy On Society

Financially educated people can help build a stable society with better per capita income. It helps people like a tool that can make them independent and confident. They can buy houses, clear off their debts, save money for retirement, and more. Financial literacy makes people aware of fraud and identity theft. This way, financial literacy makes scammers inactive.

Current Economy

Conclusion 

Financial literacy is important for everyone. It helps individuals build a better life and society. It helps you make smart decisions with your money. You keep track of your money every month. This way, you don’t ask yourself where my money is going. 

You stay aware of your funds and pay bills on time. You steadily achieve your goals of saving money for your next vacation or vehicle with financial literacy. Also, you invest regularly and get better returns on your investments. Remember, the sooner you start, the better it gets!

]]> https://penloom.com/importance-of-financial-literacy-and-budgeting-in-the-current-economy/feed/ 0 Cryptocurrency in 2023: A Review and Lessons to Learn from 2022 https://penloom.com/cryptocurrency-in-2023-a-review-and-lessons-to-learn-from-2022/ https://penloom.com/cryptocurrency-in-2023-a-review-and-lessons-to-learn-from-2022/#respond Mon, 22 May 2023 05:44:54 +0000 https://penloom.com/?p=8183 In recent years, cryptocurrency has garnered significant mainstream acceptance as an alternative investment option to traditional assets such as equities and bonds. The year 2022 was a tumultuous one for cryptocurrencies. Since its peak in 2021, the US stock market has lost more than 15% of its value, bond markets have lost more than 20%, and cryptocurrency markets have lost more than 50% of their value.

Following the Reserve Bank of India’s (RBI) hawkish statement, the Indian government implemented a flat 30% tax and an extra 1% tax deducted at source on the transfer of crypto tokens in the 2022 budget. In addition, in 2022, the RBI will develop its own digital currency, the Central Bank Digital Currency (CBDC).

The fall of FTX aggravated the problem just as the market was starting to stabilise in the second half of FY23. Since the fraud was exposed in early November, the industry’s total market valuation has dropped close to $200 billion. Several more companies, including Celsius, Three Arrows Capital, and, most recently, Core Scientific, declared bankruptcy in 2022.

Crypto Markets in 2022

Central banks around the world began raising interest rates in early 2022 in an attempt to curb inflation and slow the rate of economic expansion. Monetary and fiscal policy tightening has significantly reduced investors’ appetite for risky and speculative investment techniques. This macroeconomic pressure has had a significant impact on established asset classes as well as emergent asset classes such as bitcoin.

Overall, the crypto industry had a bear embrace this year. At the start of 2022, Bitcoin, the largest cryptocurrency by market cap, was trading at $47,098. It had decreased to $16,880 on December 25.

Evidence of Crypto Adoption

As bitcoin and ether both hit all-time highs, it was clear that investors were interested in cryptocurrencies. The market for non-fungible tokens (NFTs) expanded rapidly, the scale of decentralised finance (DeFi) protocols reached a record high, and the cryptocurrency market cap exceeded $3 trillion. Many crypto startups received investments from venture capital firms. 

CeFi exchanges experienced phenomenal development as a result of the services they provided to investors who were unable to find enticing rewards in the traditional financial markets. The Terra ecosystem, which is led by the algorithmic stablecoin UST and sibling cryptocurrency LUNA, attracted a lot of interest and growth among new cryptocurrency initiatives.

Funding for Cryptocurrencies Has Slowed.

These speculative asset classes began to slow as central banks changed course, started to reduce market liquidity, and increased interest rates. The crypto market started to decline as the cost of risky assets started to rise. The value of the cryptocurrency market fell by over $1 trillion by the end of the second quarter of 2022.

CeFi institutions had too much debt because they had lent a lot of money to hedge funds like Three Arrows Capital, which lost a lot of money in the sell-off that happened after Terra failed. Three Arrows Capital and a lot of other leveraged hedge funds stopped paying back loans to a lot of CeFi companies, which forced these CeFi companies to file for bankruptcy.

Fake Out

By the end of the summer, crypto markets had begun to level down. Confidence in the crypto market remained high until unexpected facts about FTX and sibling company Alameda Research surfaced in November 2022. Binance CEO Changpeng Zhao highlighted public doubts about FTX’s stability and capacity to sustain their self-issued coin, FTT, immediately. Traders started withdrawing funds from FTX. The FTT price dropped from $26 to $1 in a matter of days, and FTX halted customer withdrawals.

Possibility Of Recovery

Many people have called for more crypto regulation in response to the failures and bankruptcies experienced in 2022. Many feel that effective government control and regulation would have prevented fraud and theft, as well as imprudent lending and leveraged trading, from creating a tough situation for investors. It is critical for all investors to assess their crypto portfolios and the investing thesis underpinning their crypto allocations and develop a strategy for prudent crypto investment moving ahead.

Physical Coins of Crypto Currency

What did the various crypto firms in India say?

Shivam Thakral, CEO of BuyUCoin, said, “We can foresee favourable macroeconomic conditions in 2023 since central banks have hinted at easing monetary policies and interest rates. Inflation will be a critical element in determining the fate of global financial markets. The crypto market will recover from the demise of crypto titans such as FTX and enter a more mature era with wiser investors and sound laws.”

Dileep Seinberg, Founder & CEO of MuffinPay, said, “The cryptocurrency industry is transitioning from an unorganised and uncontrolled state to one that is audited and regulated. As a result, projects that extract utility and value from real-world use cases will propel the industry ahead… 2023 will most likely be a year of growth and consolidation. The latter half of the coming year will see the introduction of new projects as well as potential indicators of improved sentiment.”

Punit Agarwal, Founder of KoinX, said, “We are certain that crypto markets will recover from their current lows in the coming year, citing lower inflation and less hawkish policy stances by central banks throughout the world… We anticipate better answers on the classification and taxation of these VDAs in the next Union Budget. We also expect improved crypto education.”

Ashish Singhal, Co-founder and CEO of Coin Switch, said, “2022 has demonstrated that regulating cryptocurrency is more than just deciding on a tax rate. India must take a deeper look at what and how the policies established here affect crypto clients, as well as how they respond to these changes.”

Top 5 Lessons to Learn From Crypto Market 2022

There is a lot of work to be done to establish that system by 2023 and beyond. However, it begins with the lessons of 2022. The following are the top five:

  1. Crypto does not exist in a monetary vacuum.

It’s easy to forget that cryptocurrency markets suffered significantly greater losses in January, not because of a crypto-endemic scandal but rather because the Federal Reserve was increasing interest rates. This halted the global influx of excess funds into speculative assets, such as cryptocurrency. The macro environment is significant!

  1. Always, excessive leverage results in contagion.

The domino effect, in which the bankruptcy of one cryptocurrency institution rapidly spreads to another, is not uncommon. Excessive trust in the increasing velocity of financial assets encouraged the accumulation of high speculator loans. Regardless of the decentralised nature of the underlying protocols, this was always going to affect crypto speculation.

  1. DeFi is robust but requires routine economic and technical audits.

The majority of the high-profile failures in 2022 such as FTX, Celsius Network, Voyager Digital, Three Arrows Capital, and Genesis – included custody-holding CeFi firms that jeopardised consumer assets. This has energised DeFi supporters, who correctly point out that the most successful decentralised market-making and exchange systems have survived because they lack a trusted intermediate capable of such exploitation.

DeFi is a dangerous, violent, perplexing, and unexpected environment. To ensure mass involvement, a complete audit model is required, in which trustworthy independent analysts or bounty-hunting engineers evaluate project code security, founder procedures, and tokenomics.

  1. “Number goes up” is not enough to keep crypto going.

We should have all been asking serious questions in 2020 and 2021 when social-media-driven meme currencies were turning kids into instant billionaires, and DeFi projects were providing yields unreachable anywhere else in the globe.

The majority of it was based on momentum trading and “numbers-go-up” predictions. It’s time to return to the fundamentals and search for real-world applications. Token returns must be linked to actual value cases, whether they are cross-border payments, decentralised energy, new marketing models enabled by non-fungible tokens (NFTs), or one of many other intriguing applications.

  1. A well-informed, independent, and hard-hitting press is a must for Crypto.

The events of 2022 in the crypto industry proved clearly that this industry requires a robust “Fourth Estate” to hold responsible the people and entities working inside it. Many questions were raised following the collapse of FTX as to why this was not discovered sooner.

The answer is that there aren’t enough crypto-savvy, professionally managed, independent journalists, covering this sector. 

What to Expect in 2023 from the Crypto Market?

In 2023, 

  • As cryptocurrency becomes more broadly acknowledged and mainstream adoption grows, the industry is projected to expand more. This could lead to higher pricing and, as a result, larger returns for investors.
  • Regular frameworks are projected to grow more solid and harmonised, which might boost investor trust and help to stabilise the market further.
  • Investors may have more options to engage in initial coin offers (ICOs) and other fundraising activities for new cryptocurrency ventures as the market evolves.
Magnifying Glass over Text "Crypto"

Conclusion

In 2023, the market will again be susceptible to ups and downs in response to good cryptocurrency-related events or news. Such as a large corporation adopting a new cryptocurrency or the adoption of favourable measures. In such circumstances, the prices of cryptocurrencies may likely rise, and market participants may become more active and enthusiastic. But be realistic and do not expect any improvement until the next quarter, which will revive the market. 

For now, of course, invest wisely! Spread out all risks!

]]> https://penloom.com/cryptocurrency-in-2023-a-review-and-lessons-to-learn-from-2022/feed/ 0 How to Get Started With Cryptocurrency Investment? https://penloom.com/how-to-get-started-with-cryptocurrency-investment/ https://penloom.com/how-to-get-started-with-cryptocurrency-investment/#comments Tue, 22 Nov 2022 07:40:01 +0000 https://penloom.com/?p=5945 A decentralised digital currency, which was created as a reward to the process called mining, has achieved an unexpected great fate. Crypto has become a new money making cool among people and individuals are educating themselves over the same. But the crypto market has not been full of highs only. The graph obtained a new high from Elon Musk’s tweets, hit the new bottom over the rising sustainability concerns; crypto market has seen a lot of fluctuations. 

The relatively new and unstable crypto market has earned a lot of investors riches. It’s the unprecedented growth that is attracting a lot of investors. 

Undoubtedly the crypto market is full of risks, but investing is not all about gamble and geusses. It requires the background knowledge of coins, the basic knowledge on the functioning of the market. In short it requires you to do a substantial amount of research and homework. 

In that case this write up is all about helping you with your homework assignment. You need to be well versed with the basic steps before asking for consultation even.

What exactly is cryptocurrency?

Dating back to 2009

Bitcoin was the first and currently is a highly valued cryptocurrency, which Satoshi Nakamoto first outlined in a paper entitled ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ in 2008. 

In 2009 Bitcoin, based on blockchain technology, was launched in the market, and it opened gates for many investors. Bitcoin valued $00.00 in 2009 in contrast to $ 43,671 in 2022.

How do you define cryptocurrency?

Cryptocurrency is digital money that uses digital files as money. Cryptocurrency is different from other forms of digital money in a way that it is decentralised, unlike bank authorised digital money, which the government centralises.

Why invest in crypto?

The future of digital money

There is a lot of buzz around crypto currency, it can be analysed from the fact that people are showing a great interest in the same . Moreover, the soaring market and remarkable profits are attracting more people to the game. For instance, Bitcoin has observed a remarkable growth rate of 4,667.60% in the last five years. Amidst the rumours of cryptocurrency getting banned in some nations, the crypto market conversely is experiencing rocketing figures. 

Despite the heavy regulations and restrictions, successful crypto campaigns and business models are being organised. It is difficult to disrupt the well-reputed crypto ecosystem already established and has become an integral part of the economy. Therefore, imposing a ban is practically extremely difficult.

A money-making gamble

In contrast to conventional forms of currency, cryptos do not require a lot of complex paperwork; this makes cryptocurrency highly desirable among people.

All-day and every hour

Unlike the traditional stock market or banks that take breaks on weekends and holidays, the crypto exchange does not break even then. Cryptocurrency operates 24✕7✕365; therefore, there is no fear of the market remaining closed or open.

Sole ownership

Unlike the equity market, mutual funds or stock markets where a third party manages your investments, here, in the case of cryptos, you are the sole owner of your digital asset.

User autonomy is the most significant benefit of cyber currency, as this provides you ample opportunities to invest and build your mass investment on your principal capital.

Phenomenal profit potential

Stock market incurred minimal profits during covid 19; the crude oil prices crashed below zero; when the gold investment returned 16%, the bitcoin yielded a gain of 26%.

Like bitcoin, other cryptocurrencies in your portfolio would also have protected your investment in such unprecedented times. If you are planning to put money into crypto coins, then there are several steps that you need to follow.

Investing in Crytocurrency

How to Start Investing in Cryptocurrency?

Step 1: Do your research first

Before making an investment decision, you should be familiar with the subject you know nothing about, not that you have to master everything. After all, one becomes an expert with experience, but you should be accustomed to the jargon.

Step 2: Choose a crypto trading service or venue

Popular trading services and venues for cryptocurrency investment include cryptocurrency exchanges, brokerages and payment services. The most convenient option of these three is cryptocurrency exchanges, as they offer a wide range of features and more crypto options for trading. There are many options concerning the platforms of exchange.

You can buy, sell or hold a cryptocurrency by signing up for a cryptocurrency exchange. The best feature of this practice is that it allows users to trade crypto, withdraw or invest at their convenience. Don’t worry! All the transactions are secured because they are made to personal online wallets.

Step 3: Connect your exchange to the payment platform

After choosing the exchange platform, you will have to submit some personal information as per the exchange’s requirements. After verification, the application will ask you to select a payment method. The specific payment mode can be directly linked to your bank account, debit card, PayPal account or credit card. Experts don’t advise choosing a credit card for purchasing crypto coins because the volatility in the market can result in price inflation.

Step 4: Choose Cryptocurrency

You must have heard of just a few names from cryptos like Etherium, Bitcoin, Dogecoin, Shiba, etc. Interestingly, there are over 5300 digital coins available on the platforms. Most cryptos are related to some technology; checking their background and progress is crucial as the properties should match your long term or short term plans.

Step 5: Secure your Crypto wallet

If you have a hot wallet or use crypto for purchasing, safeguarding your cryptocurrency becomes essential. Most people prefer using a VPN (Virtual Private Network) to ensure encrypted and secure online transactions.

Data encryption is an additional layer of protection that ensures that data and crypto purchases are anonymous; in other words, no one has access to any of the users’ online transactions. It makes hacking of users’ accounts difficult.

BlockChain Stocks

Tips to consider before investing in blockchain technology

There are some points that one needs to keep in mind before starting their investment journey.

Don’t invest too much money.

You need not spend all your savings to get more significant returns; you need to be cautious while making investments. A fraction of your savings invested in cryptos makes a lot of sense for beginners.

Have a diverse portfolio

If you are an amateur, then consult an experienced investor before investing. You need not invest all your funds in single crypto, instead, check for profiles of different coins and plan your investment accordingly. You can keep a percentage of your net planned amount for a specific coin.

A new start

You will get a better insight of the crypto delicacies with time. The crypto profits can be your reliable source of income, if invested with might. Take one step at a time and unravel your crypto journey!

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