My Financial Goals For 2021
LeoFinance Initiative
There is an initiative running on LeoFinance until the 10th January 2021 where everyone is being encouraged to share their financial goals in a post - you can check the full requirements out here. Funnily enough, this one flew under my radar the last couple of days until I was tagged in a reply on @chekohler's post and a few others asked me to get involved... so here goes!
Goal Setting
Although I'm not going to share everything, I do like the concept of making goals as I feel it's a good way to keep motivated and focus on what you want to do. This is true in pretty much every aspect of life whether it's fitness, finance or something else. It's why I make those silly little league table/rankings things along with getting involved in the Power Up Day initiative run by @traciyork as it's a good time to analyse your current situation. This encourages a mindset shift, which extends to general crypto and finance goals.
To make the goals worthwhile though, make sure you have:
- A specific target,
- A time frame to achieve the target by,
- Made it realistic
- A way to measure your progress
This is my own variation of SMART goals but by following this, you won't drift, which can be problematic!
Crypto Indulged
Perhaps over-indulged haha! I feel like I've learned a lot without knowing much at all! I think a lot of it is luck but maybe you earn that luck just by being around and spending time in the market. I'm in completely unchartered territory now and trying to formulate a plan where I can start making the crypto portfolios I've built up start working for me as that's kinda what this is all about. Lest I get taxed to death when I try to exchange any crypto out to another lol!
In terms of HIVE, getting to 100k HP would probably be the next big milestone but realistically, 70k HP by the end of the year would be good, 75k HP would be ace! For LEO, I'm aiming to get to 1,500 LP by the end of January but if I can get to 6k LP by the end of 2021, then I'll be very happy with that!
I'd say crypto is my "preferred investment" as there are so many options that play to my savers mindset with all these staking/holding for interest on a plethora of platforms. I guess the thrill of the market constantly moving and things are forever developing is something that pulls me in too and I haven't invested more than I can afford to lose (although at this point, I'd be a little gutted if it went to 0)!
Other Assets
I guess I should probably look at more "traditional" asset classes in 2021. Stocks & shares and precious metals are probably what I'd look in to for long term over 10+ years but there's uncertainty and even volatility at the moment in the UK with Brexit and a GDP that's shrunk since the Covid Crash! Ideally, I'd probably load up a tax-free ISA so that will be my "low-risk" aim this year with investments. Would be happy enough to have some FCA protection in case things go tits up but more research needed here - I kinda just jumped in to crypto and skipped all that stocks tomfoolery!
Using Stake
I'm basically going to keep half of my stake to sprinkle around the place to vote on content, plus I can upvote comments on HIVE past that silly 2.5 cent threshold or whatever it is! That will then add to HP, along with posting and PUD initiative each month to work on that 70k HP goal.
Same type of strategy for LEO although there are so many ways to grow stake with delegating to different accounts for a return, voting on content, commenting, posting and with the new services looking to roll out in 2021, I'll be intrigued to see what else is on offer to use and grow the LP!
HIVE & LEO Price Prediction
In my non-technical, finger in the air estimates, if all that money flowing in to BTC trickles down and we catch the eye of some really big guns, I'd say HIVE could easily surpass $1 again like we saw in April 2020. There is a lot of liquidity on the exchanges that needs to be eaten up like a hungry hippo but giving people a reason to buy HIVE outside of Hive is what needs to be marketed.
There's a lot of good noise, marketing and development happening with LEO and it's reflected in the high demand of the token, low liquidity and general excitement about the place, could easily keep it's 3x HIVE price although it's airdrop season atm! That would put LEO at $3 in my totally "I don't know what I'm talking about, I'm not a financial advisor" predictions but even if it goes double at $2, I'm sure none of us would complain! Let me write that again just to be clear:
Round-Up
Time in the market is important and you'll only be "comfortable" the more you study and learn how things work. Obviously, don't invest more than you can afford to lose. It is a risk, everything in investing is but personally, I'd rather have a go at it than watch my savings have their purchasing power eroded and not working for me in a 0.01% interest rate account (0.01... are you taking the p...) - crypto offered me a true "it's on you kiddo" feeling and that alone is powerful.
So there you go, I don't know if that ramble provided you any use whatsoever but the bigger picture is to really set goals and find what works best for you depending on your risk aversion.
Have you taken part in this challenge? How are your financial goals set up for 2021? Let me know in the comments below!
Take care
Nicky
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What we saw in terms of hive prices in April was astronomical by all means but then it might take a lot of work and actions towards getting hive to be better before we can reach there again. I guess 70k hive power for you is realisable I'm currently in 23k hive power, would be great to have 35k HP before the year ends but then 30k seems reasonable or realisable considering how busy I'd be in 2021. Good luck with your goals.
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Yeah I think you might be right there about HIVE, I would be happy even if it just doubled to where it is now but there's so much infighting from what I've seen recently and no one is grabbing the bull by the horns (no pun intended)!
30k is a good target man but as you say, things change in real life and may not be as active as we'd like to help grow our accounts but where's there a will, there's a way!
Good luck with your goals too!
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Well 30k seems surely obtainable for me and i hope to actually hit it by all means
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Will keep my fingers crossed for you man!
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Thanks a lot
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I need to be working on building up my stake as well. I had kind of let that fall by the wayside to do some more focus on LEO and stuff like that, but I need to take advantage of the low Hive prices right now. It just seems silly not to.
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The price of HIVE is really low even in sats terms as well - only 350ish and has been the only crypto I have that's not seen much action since this bull run has started - think you made a good choice to look in to building your Leo stake though!
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I certainly hope so! I think Hive will be coming along shortly.
I certainly think crypto is the place to invest in 2021 (well, that and LAND) - and of all of those, Hive just has the most utility!
So I'm with you on that for sure!
It may sound odd to say it, but I hope neither of us makes it to 70K Hive by the end of 2021, because the only way that's going to happen is if it moons hard!
I left that prediction question out of my post as I have no idea what's going to happen! I still don't really get how LEO can rise so much in advance of Hive! Certainly not in the long run?!?
But then again...
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Yeah I think I'd agree with you on investing in crypto, think now it's a little more about timing these dips in BTC which seem to last no longer than 12 hours!
Hoping for that moon shot with HIVE too! Before that happens, I'll have to spend the next few weeks using Koinly to get my crypto tax summaries sorted out - thankfully, due to most of my alts either disintegrating or now falling well below the threshold, I am nowhere near that CGT threshold 😁
Yeah price predictions are pointless fun really - let's hope it all rises!
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I'm kind of just burying my head in the sand about crypto taxes, I think i'm well below the threshold too so it doesn't concern me too much!
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It's good to see it lined up in front of you just how bad some decisions have been... but also some good ones! I am actually down by a few hundred quid so far with all my trades but unrealised gains have been shaped massively by BTC's rise!
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So we just have to keep a record of purchases/ wallet transfers? For tax purposes I mean?
I might have to have a look at Koinly.
It would be good to show that at least I've made the effort!
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I'll do a blog about it later as I have been playing around with it the last few days - seems to be pretty straightforward as they work it all out for you.
Purchases both in terms of buying crypto from fiat and your crypto-crypto exchanges (in £ value). You need to know the time you did this at but in most cases you can connect your exchange account with Koinly via an API and it pulls everything from there. You also need wallet addresses but you can link your ledger (if you have one) or public addresses like ETH. I'd say it's worth doing for peace of mind and they fill in the S100a CGT form (or something like that) should you need to pay CGT.
If your gains for the tax year are below the £12,300 threshold though, no need to fill in anything.
Btw, I'm not a tax advisor 😀
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Can I get 100k for a Portuguese golden Visa and just pay no tax on crypto at all? Yes please
Shit man, I'll insta-buy that!
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Good thoughts here man! I think a lot of market stuff is just sheer luck more than anything lol. The people who invested in Bitcoin back in the day were lucky to be ahead of the game. I think we are lucky to be ahead of the game learning about Hive the way we have.
I think it's a solid goal to have half your stake delegated and half to play around with vote sprinkling. I love just hitting my following feed and clicking the vote button a bunch to get my voting power down every few hours. I leave enough to give good votes to people I like such as yourself but it's fun to spread the love! Fucking hippies hahaha.
Silver is definitely a good way to go. Gold is expensive and great but too high cost to get into in decent amounts. I've got some nice silver stashed away but the important thing you want to do with any tangibles is get it in your hands! Companies offer this "buy it and we store it for you" malarkey which is the same as "not your keys, not your crypto" in that you have to take their word which is pretty poor.
One of the other good things to try and explore is the possibility of grabbing up a little bit of land! Are there any areas in the British Isles that have land for a few thousand pounds? Even doing that and holding it, not even needing to build on it, is excellent!
I still think we're ahead of the game with BTC actually, you think only a few million BTC wallets exist vs 7.5 billion people on the planet, there's a long way to go still! But yeah, with Hive, still very much in its infancy but things are going to have to improve on the marketing front I feel in 2021.
Lol yeah I think having a meaningful upvote on content and a decent stake so you can give comments an upvote above that dust threshold is where it's at for me. Smashing a few upvotes for double digit cents is pretty cool! Hippie upvotes 😂
Yeah I hear you man, not too keen on buying just a sheet of paper that says I have some gold or silver. Would actually want to hold it myself but then, if you get burgled...
It is possible to buy land in the UK, it's not cheap but definitely possible! Land is a good shout! So land, silver, gold and Bitcoin are the 4? I like it!
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Thanks for continuing to make Hive awesome.
75K sounds doable for you! :D
Could be man! We'll see how it goes! If HIVE stays as low as it is, it will be a lot easier to increase stake!
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