There was a time when the economic system and politics in a country had nothing to do with each other. Then, John Maynard Keynes came up with his theory and suddenly the government became the backbone of a lot of Economies. Many Economists were against the theory propounded by John Maynard because they believed putting everything in the hands of the government was wrong. They believed individuals should make decisions and face the effects of those decisions and also government decisions weren't always all that.

The point I'm trying to make here is that government decisions affect the economy in this age, yeah? Whatever they say stands, so their leadership is very important. One of the most important under-looked stimulants of economic hardship is bad government that makes bad decisions for the country. And then, on the other hand, countries that enjoy good economies usually have good governments. I could give a few examples but that may not be in my place.

If the economy is bad, and there is inflation, that means that the prices of goods and services are high, yeah? So, when you take, let's say $10 to the market it won't buy what it used to, yeah? So, how do you expect people to cut down on their feeding, when they're not even feeding properly?

This just reminded me of something important in Economics, The Vicious cycle of Poverty. You see, this phenomenon explains a situation whereby a country is poor because they are poor. Bringing it down to the individuals trying to survive inflation/ bad economic situations, the individuals remain poor because they cannot invest in themselves.

If you want to escape economic hardship, there's a solution and the solution isn't cutting down your feeding so you can save, but it is to invest in yourself as a person. Even though to achieve those investments you'd have to cut down your eating, it may be your own little sacrifice. Investing in oneself opens people up to opportunities for wealth-making, and liberates them from what hardships they are facing.

No, they aren't. The best time to have invested in Bitcoin or even own it in my opinion would have been before the ATH but investing in Bitcoin now isn't a foolish idea, because the probability of Bitcoin going beyond the ATH price is very high, and investors investing now would gain over triple what the invested.

The thing is a lot of people in this period may be begin to invest cause of Fear Of Missing Out. But that's also helping the market as the more Bitcoin becomes popular and the more investors invest in it, the higher it's worth, value and it's price. It's not at all times fear leads to irrational decisions, sometimes it pushes us to change ourselves and our lives. So, in conclusion, the people investing now, out of fear and out of knowledge aren't fools but are people actually helping the market.

A ton of gold currently costs over 64-65 thousand dollars, and a bitcoin, as at the time of writing costs over 66 thousand dollars. The Bitcoin market has gone beyond the gold market ( not all that much of a difference though but still it has).

Bitcoin is called digital gold for a reason and it living up to its name. Gold may nearly ever lose its value and I hope Bitcoin won't too. I believe the many comments before mine would have given you ( OP) the answer to the questions you asked. Just wanted to say that Bitcoin may be more attractive than gold in this age.

In reality, it isn't really that easy my friend. Getting venture capitalists involved is even worse than actually taking a loan or burrowing. You see when sales don't meet up, the venture capitalist doesn't care, all he wants is his interest at the end of whatever agreed period you two have. This can also make you go bankrupt too.

You see, I also used to have this mindset, " I just have to save, I can do it with my money" but I learned in Economics class that people who usually go into businesses actually earn on other people's money.
70% loans and 30% of their income. Now, isn't people who lend tis money want to be paid in different ways. Some want a percentage of the business earnings others want to be paid back their money with a specific interest after some time. You as the owner of the business just have to make sales and keep reserves. Going into debt is usually because these businesses can't manage their earnings properly. Isn't it logical to fill up reserves for debt payment first before you start earning from your business?

If you start and continue business with your own money, there are a lot of opportunities you'd miss out on, and you may never get to expand. So burrowing is very important in the concept of business, we just have to manage it properly.

This is true and is also basic logic. The probability of one spending their saved money is very high. This may even be the reason why many lock their savings in a particular account. But that locked money is even going to be affected by inflation more than the money you spend every day. That is why it is advised to either let the money accumulate and get an asset, because let's be realistic, a person earning $20 a month can't buy land or gold with one-time savings, assuming he even decides to save half of his income. Now, we need to accumulate these savings or we pay bit by bit for the asset. The second option most times seems funny and is risky.

Anyways, investment is better than savings, but only money saved can be invested, yeah? You can't invest what's not yours or what hasn't been kept aside for investment, can you? So, both are just as important and are useless without the other.

This is so true. I usually thought the main reason why a majority of these government workers weren't rich was cause they worked for other people. It's literally a spoken rule that people who worked for others are usually just well-to-do, not wealthy. But this issue of savings and investment really opened my eyes. If these monthly income was not only saved but also invested, it wouldn't take time for these people to actually make wealth. Besides, there are a lot of wealthy people now who started from working for other people.

Savings and investments are very important and shouldn't be neglected. Money saved can be spent tomorrow but money invested is for your future self.

Cheers...


When it comes to cryptocurrency, there are 2 things to do with it, either you trade or you hodl it. I always considered hodling as a true investor's action, not trading where you buy and sell just to make a few profits. Anyway, the bright side is usually at the end of the tunnel, like you said and it'll be worth the wait at the end of the day.

Hodling Bitcoin is even way more profitable than trading now that it's adoption is increasing. Bitcoin is becoming more and more popular and everybody wants to get into it or is even getting into it. So why would one, as an investor want to trade at that moment? Honestly, I don't even think trading Bitcoin has any advantage over hodling, but cheers also to the people who trade Bitcoin for whatever reason they may have.

As it should be. We no fit even gree for them. This is really good improvement. With the way things are going in this country if one doesn't indulge in something outside the scope of our country's monetary system, most of us won't be able to survive. It has been said that it's in the worst kind of economic situation that revolution comes up. When things get worse, it means something good and big is coming. I hope we don't have to wait so long for it. God bless Nigeria.

There are a lot of reasons why things keep getting worse and worse every day. There's the bad government. They and their terrible decisions that are continuously causing detriment to the nation. There's the fact that people continue to export even though they know that that's what's making things difficult in this country. There's the fuel subsidy issue and many others.

It's the fact that when the dollar naira exchange was about 1800-1900 naira per dollar, surprisingly things were even better. Now that it reduced, it's as if the prices of a lot of commodities soared even higher than it was. This is to tell you that what was causing these problems in the country wasn't the exchange rate but a lot of factors that are bombarding on each other and the government continues to overlook these matters for God so knows what reasons. Only God would have mercy on this country.

Yes, this is true. Networking is very important. Was taught the difference between network and networth. One leads to the other. But this doesn't mean you should bombard yourself with people though. Sometimes you just have to know one person who has these connections, cause to be honest having lots of friends in this generation limit you from alot of things instead of even helping you grow. So, one has to know the difference between friends and connections and learn how to manage them also.

Whatever altcoin is going to reach 5x should have  the probability of surpassing Bitcoin during the altcoin season. This is usually calculated using the altcoin season index and the altcoin market sentiment and it activity.

The coins I believe would be able to reach 5x this bull season would be, Solana, Litecoin, polygon, BNB, Ethereum ( of course), Chainlink, and cardano.

I'm not really an altcoin person. Focused more on  BTC, but if I'm to still chose based on how good they are then I'd say ETH, Litecoin, Dogecoin . Coins like Ravencoin has proven itself. Increased over 26% . Of course not compared to BTC but it still real good.

In order to increase option and compare them, it'll be better if you'd do your own research before going after what people think and what their opinions are on the forum. There are lots of new an upcoming altcoins recently. There's the Pi coin, the meme coin ( not sure how new) ice and many others. There are some developed by Ai based companies and one that aren't. AI altcoins have high probability of expanding in years to come ( so I heard though). These are my options and like I said you can carry out a personal research to increase options.

I don't know this person, and enough details wasn't laid on how he has been prioritizing coin investments over his health. It may be that you're over thinking it. It may be that he's just simplifying and he's well to do even though it isn't the healthiest option, and it may be that he is depriving himself of basic food just so he can invest in crypto. So, I don't know what you mean, but what may be really detrimental is neglecting health issues cause he doesn't want to spend his money on treating it instead he invests it. Although, this is bad, investments is still a necessity ( well at least for me) don't know about you though. Don't sacrifice something you can't recover in the process of making wealth, but also know that making wealth is important too.

Hope I didn't confuse you though. Basically, both are really important. A poor man would continue to have health issues and I rich man with bad health is not considered wealth. Health is wealth.

Well it's only normal for people to invest more in what they'll earn faster from. The altcoin season is already close by and these other cryptocurrencies would also reach their ATH prices.

Any smart person would definitely invest in altcoins now, but not as much as they would invest in Bitcoin's too. I'd say it is the right time to invest in both but more of your income should go to Bitcoin as it'll being in more streams of income.

Honestly, that would be your choice and decision. But I'd like you to calculate something before making those investments. That is, how much you'd earn by the end of the year if you liquidate your Bitcoin and invest it in other altcoins. Then, compare it to how much you'd earn by the end of the year if you left it in Bitcoin and it reaches over 100k per BTC. Now, it's not like I'm picking any side here. I don't even know what the outcome would be, but I think it'll help you in making your decision. As a person I barely make these decisions without determining how much benefits I'd earn from it. Don't even know if it's  a good or bad habit, but it is what it is.

I'm guessing this account was specifically made for the advertisement of some coins. Anyways, newly listed coins would always be checked immediately, so thanks for the information though.
The risks in investing in newly listed coins is really high and so is it's return, and that's really nice. As the saying goes, the higher the risk , the higher the return. Anyways, ice again ... Thanks for the information.

This is true. In Economics, some believe that savings are automatically invested, and trust me that isn't a lie. But those investments aren't made to better the life of the one who saved the money in the bank, but those who take it loans in order to invest in Businesses.

There are countless of times when I save, and my net worth still doesn't increase because that saved money ended up saving me in the future. So, just as OP said we should not just save but also allot great importance to investing as well.

Maybe I didn't ask the questions properly, or  you probably didn't get me. The question is, can you explain this Economic phenomenon and give countries that had such an experience and what was done in order to stop it. It really doesn't matter if I am the one stopping it, or an NGO, or the the government themselves. Simply what was done to stop it ?

Also, this kind of economy makes it difficult for individual to thrive on their own, what advice would you give to people from my country who are still willing to increase their income regardless of the economy?