What Investing Means to Me - A Steem Leo Contest

in #steemleolast year (edited)

I really like it when people burn tokens, that means there are more tokens for all of us. Well, recently #steemleo announced they will be burning LEO tokens in 7 or so sinks. Fortunately one of those sinks is a weekly LEO contest, which also happens to be the subject of this post. So without further ramblings let's have it.

stock_ticker.jpg

Source is wikipedia page for board game stock ticker

"What does investing mean to you?"

This is the question I have to answer. Well, I'm not much for making a detailed list when writing. Technical writing is work. I don't do contests or read contest for work, I do it for fun. I'm just going to write a narrative of my experience. Obviously, investing to me means my experience.

I'm not going to bore anyone with TA or FA or the nitty-gritty details. Pick up a book on investing basics if you want to know the how-to.

I'm going to focus on the basics and how I got into investing, especially in the early era. I'm not motivated entirely by money and I'm not going to trust others entirely. I learned to do my own research and love investing.

LeoContest.png

www.steemleo.com really has the graphics looking awesome!

~ Steem Leo Contest - POST LINK ~

LeoBanner.png

The Beginnings of My Investing Life

I've been investing since the day I was born. Literally. You see there are things called RESPs which are basically funds for children that let their relatives get tax breaks if they put the money away for their children's education. Well, my parents and grandparents opened one up when I was born.

The RESP really helped with education which was my second investment. Actually, I started saving money and doing other investments before I finished university. So let's start there.

Asides from my RESP, I've pretty much always had a savings account. This was an account where my relatives would put in birthday money and I would put in some of my allowance (they forced me to, better than not getting it). I could use the money to buy bigger things like bicycles or for extra money on a trip or something. My parents did most of the planning actually, but I guess I was in control.

The first step to investing is learning how to save and budget. Without a savings plan or a budget, you will never manage to have 'extra money' to invest. The nice thing about starting off like this is it is insured and you get to see a little bit of growing. I was introduced to the concept of interest. It was really small, much too small to notice compounding interest, but it was a neat thing. Money could make money.

One day, my grandfather got me something called a GIC which is a government savings bond with a fixed term. I didn't know what it was at the time, but I understood that I would make even more interest, however, I had to leave it in there for a fixed time. Basically, I was introduced to safe term deposits. Also, this was back in the day when interest rates were decent and the amount was enough that I actually noticed the compound interest. In other words, interest was making interest.

Around that time, I also started collecting stuff that would be worth money like stamps and coins. I also got a few silver coins and I guess technically this means I was investing in precious metals.

I remember my father buying me a game called "Stock Ticker". This is a very simple game that introduces you to the concept of the stock market. The prices are random (which ironically is similar to the real stock market), and go up and down based on a dice roll. When they reach the top they split (you get 2X) and go to par. When they reach the bottom they bust and you lose everything, then it goes to par. There were several different stocks you could buy. There were even dividends! In any case, I was introduced to the concept of losing money while investing and some basic stock market principles. I loved that game and found it fascinating. Compared to games like Monopoly where you just pay taxes, fines, and rent (no way to become rich), Stock Ticker made sense. Before you say meh not really, this was all while I was in elementary school and the game is less volatile than Cryptocurrencies.

Investing in Education

By middle school, my father had introduced me to a few computer programs which learned me about investing and the markets most were just games much more complect than stock ticker and based on real market stuff and the stock section of the newspaper. He would show me the stocks he was watching and even his books. I think my father actually called a broker over the phone back then or went to the firm to buy and sell stocks and funds. I remember going to what looked like nicer banks with him occasionally.

We even registered to play a few stock-picking games both via the newspaper and even online. Holy crap, I was virtually trading stocks online before windows 95 came out. It was similar to a sports pool, something else I did, but that's gambling. I learned the difference between gambling and trading stocks early. I also went to the horse track, the dog racing track and even carnival casinos. I remember being told the difference between gambling and stock trading was they house doesn't always win in the stock market so the odds aren't against the players. In any case, I wasn't gambling or trading stocks, my father was. I was just learning.

Eventually, I did get a part-time job and was starting to make more money. I remember buying my first mutual fund just before I went to high school from money I saved working at a banquet hall. I did pretty much the same thing throughout high school, random jobs at night and during the weekend and summer jobs. I saved a lot, had quite a few mutual funds, bonds, and a decent savings account by the time I went to university.

During university, I was able to calm down on the workload and focus on my studies without relying on my parents paying for me. It seems my investments paid off. I got a good education and I am gainfully employed in a job related to my major now. It's not business, finance or investing I like to separate work from play.

Where I'm at now

I graduated from university quite some time ago and have been continually investing ever since. I am one of those lucky people who has always managed to save ~25% of my paycheck. Actually, it is probably over 50% if I include mortgage payments (not the loan interest) and that's not including vacations or short term savings. I guess learning about saving and investing in elementary school and getting serious about working in middle school taught me a lot about money that is useful.

Since I started making money from full-time work, I've opened up several different investment accounts. I have securities, bond, mutual funds, and ETFs. I have diversified holdings across several sectors, I hold securities on at least 4 different national exchanges across 3 continents (never mind where the company's assets are), I have money in different currencies.

I even have money in alternative investments like small business, side gigs, online stuff, selling stuff I make or buy and resell. And I have my personal favorite which is a 'liberty garden'. Don't laugh agricultural futures paved the way to modern investing.

I guess I can say I'm not really specialized in anything. However, if I had to pick a favorite asset class, I would say my heart lies with ETFs.

Crypto

I also have cryptocurrencies but I don't really consider that an investment in the same category. I look at it as an everyday man's venture capital or hedge fund. In other words, it's insanely risky. I got into cryptocurrencies serious about 2 years ago, however, I've owned BTC since 2013. Like everyone else, I wish I bought more. I'm sticking to it.

Right now other than top 20 stuff, I pretty much only hold Steem and a couple of others I don't really want to talk about. In the top 20, I like BTC, XRP, ETH, LTC, ADA, NEO and XLM best.

The End Game

I'm paying off my mortgage much faster than average. I'm saving up money for a large rural weekend/retirement property. I'm saving enough money to make myself and my family comfortable in retirement. I'm planning on retiring as soon as I have enough and I almost know exactly how much I need.

To be honest, I like my job, I like working, I like investing and I don't even know what my end goal is. I don't even care about being rich because I just want to do what I want, I guess I can say my goal is financial independence.

Don't get any ideas, I'm not rich. I just live within my means and I'm not dumb with my money, I just have a decent financial education and discipline. I'm always interested in learning more. That's probably why I'm drawn to #SteemLeo. Practice makes perfect!

LeoBanner.png

I want to to thank @steem.leo for running this contest. To be honest I am just happy to see the Leo getting burned and look forward to reading the other entries. I've received more than 10 LEO in upvotes from this awesome community and I agree the fee keeps out the complete jokes. I'm not on Steem or Steem Leo to make money. It would feel too much like work and I would lose interest (I'd just delegate). And as a matter of philanthropy, I'll send in the 10 Leo entrance fee to the first person who writes "Please fund my entry!" in the comments. The only catch, If you haven't posted in Steem Leo before this post's date, you don't qualify.

I'm here to engage. So please tell me what you think of my experience. Also, if you didn't make a contest entry, tell me about your experience briefly. I'd love to hear it.

All the Steem Leo banners and the contest image are from @steem.leo's contest post I've linked above.

Sort:  

That's an interesting way to burn the tokens (as the entry fee!) and agreed, it is a great way to keep the quality high if there is a cost of entry! Steem-Leo have really thought this through... although, you wouldn't expect any less from an invest focussed niche!

Anyway, I like how you have approached your investing... investing in knowledge and education is one of the best uses of time and money, plus the paying down of debt as fast as possible! I see a kindred spirit here!

I would expect LEO as an investment community to try a lot of interesting ideas. I imagine the people behind it are quite familiar with a lot of tricks. It's also why I'm taking it more seriously than the other tokens. It's definitely the better place to learn about investing.

For example (and as an artist I hope you don't take this the wrong way), I find the creative tokens have bad economic models, unless they get a lot of curation or patrons, many of the artists tend to not have an investing mindset and have more of a tip or revenue mindset (ie. they are more likely to sell as soon as they get), so I think the reward pools will drain faster and token prices will go down unless they are stabilized somehow or better yet manage to attract curators.

Knowledge in investing is one of the best investments I've ever made. I try to stay away from Technical analysis and anything that relies on hype or marketing (it's just too proactive for me). However, that's how people make the most money. Paying down debt quickly is smart. I'm learning more and more how to use debt as an advantage (sometimes it is good to be leveraged) especially when government programs give you loans for cheaper than you can lend them out (see retirement funds or education funds for children ;)

No offense taken... I think the same thing! Musicians and artists don't really have a firm grasp of more hard headed economics. There is a prevailing attitude that people should just give money (tokens) to art just because... Sadly, like you said, unless you have a large benefactor or patron... That just doesn't last long...

Interesting story about investing. Glad it is multidimensional and diverse and isn't just cryptocurrency or Steem you are focused on. People like the latter desparately need Financial Advice.

Please fund my entry!

Thank you for your opinion Mr. Financial Advice. Good Luck and Have fun.

This is truly an incredible post. Sorry it took so long to get around to commenting on it. The entries have been overwhelming, but in a good way. We have an awesome community and so many great members of it, such as yourself, have put a lot of time and energy into making an awesome entry for the contest.

Hearing about your journey is inspiring and familiar at the same time. I (@khaleelkazi) grew up similarly with parents/grandparents who would frequently talk about investing and encourage me to play around with different games (monopoly was a family favorite) and with some real money eventually. Having that as a foundation has propelled me to a great place in life, and I see that you have a similar effect playing out in your life as well. Thanks again :)

p.s. I set you as the beneficiary of this comment as an extra little thank you for an awesome entry. the winners will be announced in about 12 hours from now as I'm still making my way through the rest of the entries :)

Thanks for your comment and my pleasure to enter. The community will definitely improve as a result of this contest because it will allow all serious members a good look at what their audience's experience and opinions are.

I'll send in the 10 Leo entrance fee to the first person who writes "Please fund my entry!" in the comments.

Great to see all Leo community members are rich enough to afford the entrance fee ..as I don't see any such request here! But I do appreciate offers like these. Thank you for making one!

Yeah, I would hope most who invest can afford 10 leo to join since they will likely get more back and received thebairdrop, except newbies.

Posted using Partiko Android

Great post.

Thanks for sharing all your history. I'll hope I had a similar experience like you. But hey, never too late to start right?

Greetings from Mexico and hope you have a great day.

Posted using Partiko Android

Never too late to start. Practice does make perfect though so start off small and lower risk so you don't get burned badly and have a bad experience.

Posted using Partiko Android

A great read, so worth a resteem. I'm not really into steemleo yet, but your story has sparked my interest big time.

Cheers! !beer

Posted using Partiko iOS

Thanks! It's a great community if you like investing and business.

Posted using Partiko Android

Congratulations @abitcoinskeptic! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :

You got more than 3250 replies. Your next target is to reach 3500 replies.

You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Vote for @Steemitboard as a witness to get one more award and increased upvotes!

Hi @abitcoinskeptic!

Your post was upvoted by @steem-ua, new Steem dApp, using UserAuthority for algorithmic post curation!
Your UA account score is currently 3.791 which ranks you at #5051 across all Steem accounts.
Your rank has improved 941 places in the last three days (old rank 5992).

In our last Algorithmic Curation Round, consisting of 132 contributions, your post is ranked at #77.

Evaluation of your UA score:
  • You're on the right track, try to gather more followers.
  • The readers like your work!
  • You have already shown user engagement, try to improve it further.

Feel free to join our @steem-ua Discord server

You got a 40.66% upvote from @ocdb courtesy of @abitcoinskeptic! :)

@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 20 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.

If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)