Thought of the Day: May 23, 2018 – Financial Technology
With so much talk about Bitcoin, Crypto-currencies and the Blockchain, are you up on all this financial technology talk?
In 2011, I had first heard about Bitcoin but did not really understand it. Where could I be today if I had devoted some time to this new digital technology?
Not being able to understand new financial technology is not an excuse. Don’t think Bitcoin, the Blockchain or Crypto-currencies is going to disappear anytime soon.
But I do understand before you can think about digital currencies you need to get your financial house in order. It is important to find balance on your financial path.
As our economy continues to change, most of us are not taking advantage of the opportunities that are available in the markets.
Why are we not using the financial technology available to us and taking advantage of the market when the economy is up or down?
I believe this is because too many of us don’t have time to learn about money and all the tools available to us. We would rather pay banks and financial advisors a percentage of our portfolio to figure it out for us.
Before you become a millionaire you have to understand how to use the tools you have right now and not make bad decisions.
- go to your bank and open a saving accounts for all your financial goals. Your account should not have any fee’s attached to it.
- Save time and fee’s by using online banking. You can also avoid those long line ups.
- Use cash, credit or a debit card. Do not use all three.
- Know what your money is doing. Financial tools allow you to know everything in real-time.
- Listen to podcasts on money, finances and the market.
- Download apps to track where you spend your money.
The great thing about financial technology is that you can get advice from thousands of people who are experts in financial industry from anywhere in the world.
Are you using the available technology to move economically forward?
When you first start changing your habits and attitude towards money and technology it can be hard. Over time as you use the technology, you become efficient and effective at using it.
I’m not saying you should be on your money journey alone. Look for a coach or mentor who can help you understand the money markets, technology and how to increase your financial IQ.
Founder and CEO, Discover Your Life Today
Maveen has built his career in Banking, Insurance, Home and Automobile Sales. Providing exceptional customer service is his passion. Writing is a way to share his knowledge and help change the lives of million of people. Like the Facebook Page to support him.