Steemit Crypto Academy | Homework Task 7 | Money Management & Portfolio Management By @stream4u

Money Management & Portfolio Management.

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First and foremost thanks to @stream4u for this amazing and wonderful lecture. I reread the lecture and homework task prolly four times and one of the keyword or keyphrase that I noticed is that to write our homework on our own views. So prolly all of the contents of this particular article is my own point of view. Now let's dig into the task!

Money Management

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Money Management for me in simple words is the correct budgeting of your money. If we don't budget our money well and keep track on how much we spend then most probably we will just work on a daily basis feed our needs.
Track your expenses, I know it's quite uncomfortable but I want you to track your expenses down to the last cents. I track my expenses by writing down all my spendings on my planner and doing a monthly summary on a spreadsheet.

Cut back on expenses, now that you have a clear idea on where your money goes it's time to identify the areas where you need to cut back on the likes of eating out, travels or on your luxuries.

Future plan On Money Management.

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Well for me I think to be consistent on tracking my expenses, and also cut back on spending a lot of moneys on online games. I think planning for the future is a pain, but it is better to be prepared than to live in jeopardy later in life as I get older.
And about my specific future plan on managing my money, well this is an immediate future plan to be precise. To have as many side hassle as possible, by that I mean extra jobs so that I can increase my savings and possibly that will help me to have more assets to invest.

Portfolio Management

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Portfolio Management is a wider perspective of money management, I think it is a systematic and more diverse tracking of your assets in different areas or different companies. If you are a cryptocurrency investor then it is keeping track of all the coins or tokens you bought and putting or listing them in a portfolio.

You can use a lot of mobile apps or web apps to keep track on your investments. I don’t know much of any apps for the traditional investments portfolio but here below are some of the best crypto portfolio that helps you tracks your coins according to benzinga

Best Crypto Portfolio Trackers:
• Best Overall: Coin Market Manager
• Best for iPhone, Mac & Apple Watch: Crypto Pro
• Best for All-in-One Financial Tracking: Kubera
• Best for Tax Solutions: ACCOINTING.com
• Best for Many Exchanges: Altrady
• Best for App Addicts: Delta
• Best for Syncing: CoinStats
• Best for Insights: Lunch Money

Future plan On Portfolio Management.

The plan is to meticulously research about different crypto projects and weigh-in the risks of gaining and losing if I invest in them. Diverse my investments into 5 to 10 crypto/coins, while also allocating on our traditional business. Organize it well so to avoid risks of misreading or misallocation of assets.

When was the last investment failed and Why?

I failed at investing probably a couple of years ago when bitcoin was unstable, I didn’t use any crypto tracker or portfolio. The funny thing is that I have a blockfolio and delta on my phone but I didn’t used it back then. Now I don’t have a chance because I currently have no money to invest, all I do work for now is to earn a living.
Lesson learned? To give attention to details, use your crypto tracker well to your advantage because once you lose all that money, coins or investments it is not easy to earn it back.

Conclusion.

These two topics that prof @stream4u taught us is essential to us while we learn and earn here we could surely use this lecture as a reminder to manage our moneys and portfolios really well so that we can avoid big losses in the future. Managing your assets now is like preparing for a better future.


Thanks to prof @stream4u for lecturing us about money management and portfolio management and this helped us not only in knowledge but in resourcefulness as well.