Today I would like to talk about money. One year ago I attended a seminar. I was invited by some friends who had some friends that wanted to talk about this new amazing new currency called Onecoin.
At the moment I was in the task of cleaning up my private finances. I’d been studying hard for a couple of years. I’ve got no diplomas in finance, I learn from life and through self studies. I wanted to find a solution to the situation I was in. I’d read plenty books about investing and articles about men like Warren Buffet etc. I’d been listening a lot to the “Masters in Business” pod cast. By a lot I mean I’d listen to all the episodes, ha ha! I did find my own version of the holy grail eventually and by the end of this post I will reveal it to you.
(See what I did there? It’s called a “Cliffhanger”. Right on “B”!)
I decided to attend the meeting because I wanted to experience the investment world up close. My plan was that if the presentation was amazing and it sounded like a good idea then I would contemplate a small investment. The presentation was great. By the end of the meeting a lot of the people was excited about this enormous opportunity. The one who was inviting everyone to the meeting and would now be the head of this new branch of Onecoin investors said. – My plan is to buy a house in Spain with the money I’m making from Onecoin, then I’ll retire early there. I was like, wow!
Then it was time to put the money on the table. I mean they actually wanted you to give them cash and they would activate your account on the spot! Some people actually went to the ATM machine and did a transaction. I politely said that I will think about it and I’d get back to them. I went home and I did some Google investigation on Onecoin.
When I decide to get information about something like this I usually go to blogs that the bigger investments banks runs. I recommend that you find trust worthy people behind the articles. What I read about Onecoin was scary. The currency clearly has a big warning label attached to it. So I went with my gut feeling and I politely said no to the offer of becoming an investor.
Now my sister decided to actually put some money into Onecoin that afternoon. Later however she found out that the money she had put into the project was gone and that the women hosting the meeting were scam artists. Since I have a problem with people who steel from my family I approached one of the (scam artist) women who was hosting the meeting, with a simple Facebook message. The women was very surprised to hear about the case with my sister and also about the police investigation. According to her no one had contacted her about this matter. So then I sent a message to the head of the new Onecoin branch, a friend to my sister. One hour later I had a reply that my sisters account was in order, the police investigation was closed and that all the money was retrieved.
I am still puzzled about what really happened. Both the women who I contacted got very upset with me for asking about my sisters money but in the end my sister had her money back so I guess it was worth it. What do you think happened, leave a comment below!
I’m not a professional investor so I can’t tell you for sure if Onecoin is a good or a bad investment. The question that I would like for you to ask yourself before putting your money into it is : – Is this something that you’d like to invest in?
I’m going to let you decide that for yourself.
I promised to let you know about the holy grail that I learned from all those hours of reading about investments and personal finances. For me this was the main thing that changed everything for me:
Get out of debt!
As soon as I accomplished to get all the stupid dept cleared, everything got a lot easier. My definition of studpid debt are credit cards, car payments, stereo payments etc. There was one thing that I couldn’t clear with a quick fix and that’s my student loans. So when we sold the house I took some of that house money and I invested it in stocks.
I’m no trader but all those hours of listening to the smartest finance people in the world gave me an idea that I will share with you. Now I know that the people who are professionals in the stock market would probably not agree on the tactics that I use. But it works for me, so here we go. I looked at what big companies that had been around for a long time who generates the highest dividend yields. This is easily done with a simple Google search. Then I simply spread my investments between the top companies that I recognized and liked. The plan was not to get rich quick with this tactic. It’s to cover my expenses. I just don’t want to have to go to a work that I don’t like to pay of something that I did 20 years ago. I’d rather do something I enjoy, like writing this post!
In the future I will talk about some other tactics that I found through my studies. But this is just a diary and I think I should get out and hike later on so I’m going to wrap it up…
Now this is just one example how to make money work for you. If you have any other ideas, then I’d love to hear about them. Since I’ve decided to write one post per day for a whole year I will most certainly share some more life hack tactics, like the ones above.
One really good book on stock market investment is :
The intelligent investor by Benjamin Graham