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What's your Backup Plan ? Future and Investments
#1
Do you invest money in something or having a long-term investment plan? I think one of the biggest problem society have is people get old and end up without any money or family. In the modern world, we no longer can rely on our families to take care of us in old age. It worked great in old days but today I think it's becoming less and less practical. So we need to have some money saved for those times when we are helpless to do what we do now. I know there are many ways people invest money on Like Fix deposits, Life Insurance, real estate property, gold, etc. Also, there are not so common methods like investing in rare items, etc.

Do you have a plan or have you been already doing that? Younger you start it will be better for you when you get old.

There are several things I do and I like to do. I think buying some land would be a great investment. I haven't done this yet but I'm going. It doesn't have to be something expensive. There are areas where land is pretty cheap. But these are won't stay undeveloped all the time.  Another reason why I want to do this is that I would love to settle on a small farm one day and grow stuff, move away from busy cities.

I also invest in the stock market. Now I do it long-term way. I buy small about of shares like every month. But only from those big companies which have pretty solid share price. So I will keep buying for the next 20 years or so or till I decide it's no longer matters.

There is another thing I do. I buy stamps. Now it doesn't look like a promising way to invest money for some who don't know about philately. But in some countries, there is a pretty good market for that. Also, it's one of my hobbies. So it's a hobby which I can enjoy but also can have future returns. Now I'm kind of so obsessed with it so every month I buy a bit of stamp at face value.


~ Be yourself everybody else is taken ~




#2
For most people here,they have a special insurance called "basic endowment insurance".They save money when young and when they reach the retirement age (around 55+/-5,factors influenced) they receive money.

If you are employed you are always covered by this policy.The insurance fee is around 20% of your average wage which you comapny pays around 15% and you pays the 5%.(Different company and state uses different rule)Mininum saving period is 15 years.If you are unemployed or self-employed,you decide yourself on the amount of the insurance.

When you retire,youe pension consists of two parts:the basic wage and your account balance wage.After a calcuation you will get the final pension.

If you died before 10 years after retirement,your family can got the account balance at one time.However if you lived long enough that your account balance is 0,you still receive the basic wage.

Juat as the name "社会基本养老保险" indicates,this is society-wide basic insurance.

I am not responsible for any errors in my reply.
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#3
Well I just turned 18 this month, so not old enough to start earning and invest. Well, nevertheless I like putting savings in crypto. I started with $5, and now it's $50 thanks to the pump which happens at times. Well, sad thing is I couldn't put anything in bitcoin before the price quadrupled, mainly because the network fee is so high and I only have $50.

Nevertheless, being the founder of a coin myself, I understand that crypto is all about development, there's something else to consider than the price factor.

Coming back to the topic, here in India companies pay something called provident fund and gratuity. Provident fund gets deducted from your salary every month, and the company puts in an equal amount which goes into your savings, and you get it after retirement. Gratuity is pretty much the same concept except that it starts after 5 years of working in the same company, and the amount is much higher (even better, no portion of yoru salary is deducted for this).
Sayan Bhattacharyya,

Heartiest thanks to Post4VPS and Virmach for my wonderful VPS 9!
#4
haha! well, those mandatory things like gravities don't count since you have to do it you like it or not in many countries.

Crypto coins do count. Well, it's a tough one as a long term investment since the market fluctuates regularly. It seems not easy to profit with a new type of coins now. I wish I had bought a few BitCoins when those were first released. Also, there are those who invest in currencies and the Forex market.


~ Be yourself everybody else is taken ~




#5
I do have investment. I put my money on stocks and mutual funds. I only put my money in banking stock that is growing overtime. Therefore I don't really need to think that I will lose my money in the future if the stock fluctuate too much. Other than that I only put my money in my saving account.

(01-31-2021, 05:52 PM)xdude Wrote: Well, it's a tough one as a long term investment since the market fluctuates regularly. It seems not easy to profit with a new type of coins now.

It's fluctuating in short term but in long term it's growing. Take a look at Bitcoin. In 10 years it's increasing its price more than stocks.
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#6
(01-31-2021, 05:52 PM)xdude Wrote: haha! well, those mandatory things like gravities don't count since you have to do it you like it or not in many countries.

Crypto coins do count. Well, it's a tough one as a long term investment since the market fluctuates regularly. It seems not easy to profit with a new type of coins now. I wish I had bought a few BitCoins when those were first released. Also, there are those who invest in currencies and the Forex market.

Yeah true. Market fluctuations are a thing in crypto, and it's even more than stock fluctuations to be honest. You can only profit if you're a long term holder, in the short run it always appears as if the price will fall (it does to an extent ngl). Remember the bull run and the huge fall of 2017? Lots of people sold their holdings back then and duh ... they repent it now. 

Well, when BitCoin had just started their was a website which gave you free 5 BTC for just visiting. Just imagine! I came across someone in one of the crypto communities on Discord. He'd collected those faucet, but eventually lost his keys. Now he regrets so much, he's ageing and the $150K would've been of so much help to him now, but that's gone, with two long string of random letters about which he didn't bother earlier.
Sayan Bhattacharyya,

Heartiest thanks to Post4VPS and Virmach for my wonderful VPS 9!
#7
(02-02-2021, 12:25 PM)sohamb03 Wrote: Yeah true. Market fluctuations are a thing in crypto, and it's even more than stock fluctuations to be honest. You can only profit if you're a long term holder, in the short run it always appears as if the price will fall (it does to an extent ngl). Remember the bull run and the huge fall of 2017? Lots of people sold their holdings back then and duh ... they repent it now. 

Well, when BitCoin had just started their was a website which gave you free 5 BTC for just visiting. Just imagine! I came across someone in one of the crypto communities on Discord. He'd collected those faucet, but eventually lost his keys. Now he regrets so much, he's ageing and the $150K would've been of so much help to him now, but that's gone, with two long string of random letters about which he didn't bother earlier.

Yes. There are many stories like that about bitcoins. I remember a guy who mined bitcoins in the early days in an old desktop and stopped. a few years later he threw away the hard disk which has about 200 or 300 coins. so he only remembered that when bitcoins went over 20,000+ USD.

Also, interesting stuff happening in global stock exchanges. There is a war against those big funds which predict stocks, sometimes even causes unfortunate companies to crash. This is a US company called GameStop which was about to crash since some big experts predict share value would go down. It was at 5 USD. Then a Reddit group decides to rally against that asking small investors to buy GameStop stocks. Suddenly GameStop shares started rising and now it's at about 350 USD. Seems some big companies lost lots of money because of this sudden change of event.


~ Be yourself everybody else is taken ~




#8
I was fortunate to have an art teacher in secondary school that helped me figure the world out before I was out of school. He put me in the path of some great clients that I've had for almost a decade now along with giving me the foundations I needed to know as a working artist. So my current plan is, I am investing 5% of my paycheck from my day job into my 401(K) and have 15% in high risk high yield investments and the other 85% is in low risk retirement savings investments. I have also been busting my butt to build my business and relationships with TBDC, so I could begin wealth building with that and paying myself a salary and sticking 75% into Retirement Savings and the other 25% into savings. I also am working on buying a foreclosed property in cash and renovating it for me to move into and live in while I continue to save and stockpile.
Thank you to CubeData and Posts4VPS for the services of VPS 8.
#9
(01-31-2021, 05:52 PM)xdude Wrote: Crypto coins do count. Well, it's a tough one as a long term investment since the market fluctuates regularly. It seems not easy to profit with a new type of coins now.......


For crypto currencies, I would only be interested in investing in those with limited supply and those I can trust. Bitcoin is clearly a good choice. New altcoins are not on my list.

Bitcoin is at least better than most stock investments, because the supply of shares for any company in stock markets is theoretically unlimited. Smile


#10
@tryp4vps

Yes, Bitcoin is possibly the only coin that is quite strong. But I don't think it's something you can buy and forget. Just like shares you have to keep an eye on prices. I remember in the end of 2017 there was a bit of sudden rise in value like from 2k USD to 14k USD. Many said that's the peak and then it will fall. It and then there were few fluctuations. Now in 2021, it's at 36k USD.

I think you can gain better with a smaller investment in the stock market. You need to keep a close eye on market news though.

@tbelldesignco

Buying property is a pretty good investment if it can be afforded. It should be part of any retirement plan. I have the same idea.


~ Be yourself everybody else is taken ~




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