Let’s talk money – How I maintain financial safety as a Youtuber
Hi Guys, in this article, I want to talk about money. Yes, Money. I’m a tech guy but as a creator I think it only fair that I also share with you some of the things that help me build and maintain financial freedom.
Everyone, at least that I know and have interacted with, likes money. I haven’t yet come across someone who puts their hand up and says ‘me I don’t like money o’.
Look! Truth is money can do a whole lot for you, if you have plenty of it. And having it just takes off the main source of head scattering worry that a lot of us adults go through.
But what if you don’t have enough money like you need, or you’re constantly thinking of it. Of which everyone I know does.
How can you grow the little money you have, take that money and then invest it so it becomes substantial over time and you do not have to worry about the future or at least the present challenges?
Well in this article, I’ll be highlighting three practices that have worked for me at least and that I think would be helpful to you in managing your funds and hopefully build a secure financial future.
But before we begin, Disclaimer here: This write up is in no way professional financial advice. But it is solely intended to show you what I do and what has worked for me and how you could apply it to your investment practices. You should also know that Investing involves a level of risk and I do not recommend investing without prior expertise in what you want to invest in or having a professional to guide you.
That being said, let’s begin.
One. Diversify Income Streams
The first task for anyone who intends to become financially independent is to diversify or have multiple income streams. The world is tough enough as it is and having just one stream of income in a salaried world is like being one month away from penury. Except your salary is like Dangote’s. But for most of us who earn a moderate pay, you and I know it’s never enough. So you need to dig into your inner self to find out what else you can do to earn extra cash and in turn increase your savings ability.
Most times, this extra side hustle or PP as commonly known may be based on a skill or talent you have. For instance in my case, for side hustles, I build Apps, and also do YouTube and also provide Professional services in the creative corporate world. If all of these fail, I have the skill of playing classical or contemporary music on the piano, I have a great UI/UX design skill set and also a wealth of knowledge in just about any matter. So it’ll be laziness on my part if I can’t utilize all the many skills I have to create some sort of extra income for myself. And even if all of these skills fail me, there are skill classes I can take to improve myself and then get to earning something with those newly learned skills.
Once you have two and above income streams, you need to create a structured savings, investment and spending plan to help you know exactly where your money is being used. This creates structure and some sort of mental commitment to the plan.
Now! When you have gathered some savings, only then can you then think of what to invest in and how to invest your money.
Two. Save/Invest in secure stable instruments or products
So the first and easiest way to start building wealth is to save or invest in products or instruments that give you some returns while keeping your capital safe. And there are many products out there that offer this service. For instance, Treasury bills, Fixed Income/Deposit Products and just any savings account (although I wouldn’t recommend using a commercial bank’s savings account). There are many regulated financial houses that offer better interest rates than commercial banks will ever offer and they are regulated so your money has some measure of safety.
I say some measure of safety because Murphy’s Law can happen to absolutely anything and any situation in this world. For those who do not know what Murphy’s Law is, it is a supposed law of nature that proposes that ‘anything that can go wrong will go wrong’. So keep that in mind.
Products like FIs, Treasury Bills etc. etc. Guarantees your money’s safety while giving you an interest payment. Some of these products support rollovers, so that when you earn an interest, you add it to your capital and then your next interest earned on your investment is earned on the total of your capital + the last interest earned. Do this over a couple of years, while still adding savings to this investment account and you can see how it compounds over time.
When you have been able to build a good enough amount from your initial investment, then you can start thinking of diversifying your investment, because at this point you should be comfortable enough to take more risks, and not have a heartache from losing some money.
By the way if you’re enjoying this video, don’t forget to click the like button just below.
Now to my third and final point.
Three. Diversify Your Investment Channels
Savings plans are cool, they’re safe but not as rewarding. In this section I’ll be showing you one of the platforms I use in conjunction with a few others to invest and how you can use the app (in this case the name is ‘OctaFX Trading app’) to manage your forex investments (if you’re into it).
Ok. So, first of all, OctaFX is a global trading platform that allows users from the world over to find the best trading conditions in the Forex market and basically buy into those markets. So this in turn lets you earn in foreign currency of which when you exchange to your local currency equivalent you can see how rewarding it might be.
So on the OctaFX app, you have your actual account and also a demo trading account with 5000$ that allows you test and practice how to trade. To do this open up the OctaFX Trading app and head to the demo section (you should create a demo trading account when signing up). At this time i recommend you to watch OctaFX free Forex course on their YT-channel, I left for you, guys, link below the video. Its basic and simple course for you to (looks like interesting show on TV with our popular stars, check it and you will love it). Also, check webinars, market news to make wisely decisions. When you’re pretty confident of what you’ve learned, you can start in the real account by investing or trading with a min amount of $40 (but OctaFX recommends to start with 100$ to have more opportunities while trading).
But before you place that trade, you need to fund your OctaFX trading account, simply head into the App and click on the Deposit icon on your real trading account dashboard, select your payment method, enter your payment details and fill all the required fields and make a deposit.
With this done you can start trading.
Withdrawals are also very easy to make and very fast to get. Head into your OctaFX Trading app, hit the caret to the right of each forex market you’re in, select withdrawal, select your preferred payment method, enter your information and you’re good to go.
I have to state here again, that trading forex is volatile and you absolutely need to know what you’re doing before jumping in, I will advise you get a professional in this subject matter that can guide you through the terrain so you do not lose your money.
OctaFX can be a great business partner for you along the way, who will support you in any matter, and provide any materials for free, so that you have the opportunity to increase your income and become a professional trader.
In conclusion, while the three points I touched on work for me, it may not work perfectly for you and you may need to determine what works best for you. Create patterns and habits that help you grow your income which in turn can help you invest in more diverse products. As they say, do not place all your eggs in a basket.
You can head over to the video description where you’d find a link to download the OctaFX Trading App and useful course materials from OctaFX, which will help you understand how the market works and cover the basic and important terms. Do not forget to seek a professional financial adviser that can give you decent financial advice and also help guide you through the investing waters.