With a sound financial plan, you know where to channel your income, how to budget, and your strengths and weaknesses.
Not many people think of bitcoin when financial planning is mentioned, but everyone should. We’ll tell you why. To grasp this concept properly, you’ll need to know what financial planning is, why it is so essential, and the role of bitcoin.
This article is the first of many in a series that discusses critical aspects of financial planning and how Bitnob can help make the journey much easier. Let’s dive in!
What is financial planning?
Financial planning is defining your financial goals and creating a strategy for using your present resources to meet those goals. It is one of the many interpretations of the phrase, “use what you have to get what you want.” Creating a great plan takes time, but it is worth it.
Why is financial planning important?
Achieving true financial freedom or bankruptcy rests on proper financial planning. It sounds very grave — and it is. But, an ideal financial plan acts as a guide. Think of it as a loving, older friend who gives you advice and helps you make better decisions about your finances.
With a sound financial plan, you know where to channel your income, how to budget, and your strengths and weaknesses. You also have a clear path that helps you reach your goal. Of course, unexpected challenges and expenses could come up now and then. But when you have a good plan, you always know where you are at every point. So even when you hit a setback, regrouping and finding your bearings is not as difficult.
So, what does bitcoin have to do with it?
No matter how little you know of finance, you know that a great financial plan is incomplete without a solid investment portfolio. This is where bitcoin comes in. Bitcoin is the best-performing asset of the decade, having a total return on investment (ROI) of 230% over the last 10 years. It has performed remarkably well compared to other assets, leading millions to begin investing in bitcoin.
Unfortunately, this is also why many people have avoided investing in bitcoin. The increase in value also means it is now much more expensive. So if you happen to be someone who does not have a lot of disposable income, you might be wondering how you can take advantage of bitcoin and fit it into your financial plans.
Bitnob: The Solution
We want you to think of Bitnob as a way to create a working financial plan while taking advantage of the bitcoin wave. One way is to create a savings plan. A dollar a day seems like little effort, doesn’t it?
Imagine how well that would do in several years after consistent saving, and the value appreciates. Well, that is just one of the things you can do with Bitnob. You can learn more about Bitnob’s savings options here.
Financial planning does not look so tedious and overwhelming anymore when you have some help, does it?
So, what next?
Now that you know what financial planning is and its importance, we would like to tell you more about it. We hope to help you clearly define your goals and create a working plan to meet those goals by following this series.
It is tedious, like climbing up a steep hill. But that just makes the outcome that much more satisfying. And the best part is, we’ll be with you each step of the way. Download Bitnob to get started!