The goal of DNotesEDU has always been to provide free education on cryptocurrency, and since cryptocurrency is a financial product, isn't it time we started treating it like one? Bitcoin and other digital currencies are starting to make the push into the current financial system, and without some basic 'money education', there is a good chance early adopters will not enjoy their windfall for long.
In 2015, DNotesEDU launched the first mobile app that gave beginners a basic understanding of cryptocurrency and helped to dispel some of the ridiculous myths surrounding bitcoin. Sickened by some of the education pyramid scams, and people charging $$ for some 'get rich quick bitcoin secret', the team at DNotesEDU committed to always help people learn about cryptocurrency for free. They are always working on new content, and appreciate any contributions of material if you have extensive knowledge on a cryptocurrency or financial subject.
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The Need For Financial Literacy in CryptocurrencyWith so much money flowing into our industry and subsequently into the hands of a young and financially inexperienced generation, how many of them will go on to be the wealthy one percent of the world? Or, will they blow it? Did you know that "according to financial experts with the
National Endowment for Financial Education, it’s estimated that up to 70% of all people who suddenly receive large amounts of money will lose that money within a few years.
DNotesEDU wants to help by providing everyone with access to basic financial education so that you can avoid some of the financial pitfalls in life, learn to invest, and enjoy your cryptocurrency windfall. We are run by volunteers and funded by
DNotes stakeholders. One of our volunteers at DNotesEDU is a seasoned financial planner, but we always welcome contributions from qualified individuals who may be able to add a different perspective.
Although we are all competitors, it's better to provide each other a helping hand instead of fighting a mutually detrimental battle of attrition. Your competitor today could be the partner who bails out your currency tomorrow, so it's best to ensure we all have the financial know-how required to dominate the world of finance!
Are You Loan Smart?Unless you were born a trust fund baby, it is virtually impossible to go through life without borrowing money. The decisions you make when taking on debt will have a deciding factor on how much gold, if any, is waiting for you at the end of your rainbow. Every loan consideration should be treated as a business decision that fits in with your long term goals, and needs to include weighing the pros and cons, a cost/benefit analysis, and identifying the impact it may have on your financial well-being.
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Life Doesn’t Come With A ‘Get Out Of Debt Free’ CardIf the board game “Monopoly” replicated real life more closely, the rules would have to be changed to include buying whatever you want even if you can’t afford it, multiple credit cards and loans from the bank for each player, and a ‘Get Out of Debt Free’ card from the community chest. Unfortunately, real life doesn’t come with the card…
Most people experience nagging debt at some point in their lives, but for those that are in serious long-term debt trouble with what appears to be no way out, the consequences to their personal lives can be tragic. Excess stress of any kind can lead to an increase in various health problems, and when the stress is long-term those health issues may become chronic or even deadly. Over 70% of adults in America feel stressed about money (25% are continuously stressed), with one in three couples claiming it has strained their relationship. It is crucial to identify and acknowledge the problem early, and deal with it before it takes a toll on you and your family. There are countless signs of debt trouble, and you don’t have to be guilty of too many to be in a serious predicament.
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Programmed to SpendApril is Financial Literacy Month in the United States, and since its inception in 2004, it has raised public awareness and focused attention on the need for, and current lack of, financial education. While most of this is directed at students, there is a dire need for increased financial literacy at all ages. The ability to understand how money works and how to manage it, is vital to everyone in order to be successful in life. Being equipped with the knowledge to navigate saving, investing, student loans, debt, taxes, retirement, etc, should be mandatory education starting at a young age, not an elective afterthought.
In my experience I have found that the root of almost all financial problems starts with an individual’s spending habits, rather than their savings patterns or level of income. It is easy to point the finger at self-indulgence, lack of willpower, or financial ignorance, but is that all it is? There are so many forces working against the average consumer, telling someone their “spending is out of control” may be more accurately stated as being “out of their control”.
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Your Income Today May Not Cover Your Expenses Of TomorrowFinancial planning and budgeting is never an easy task, and even those who plan ahead can be caught off guard by unforeseen expenses.
Ask yourself what would happen if you lost your job or primary income stream. Could you cut back on your spending enough to make ends meet, and would you be capable of covering your expenses over a long duration? If your answer is no, chances are you are spending beyond your means and not saving enough.
Many people tend to spend most of what they earn, and take on financial liabilities that will burden them well into their financial future. Some examples include mortgage, long term rental agreements, vehicle financing, student loans, and even something as simple as a cell phone contract can make the difference between saving money and taking on debt. These decisions will have a direct effect on your ability to retire later in life.
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‘Broke By Coffee’ Was Never About The CoffeeThere have been several articles and blog posts lately attacking the ‘Starbucks makes you broke’, and other ‘give up coffee and save money’ advice. There are those that like to debunk anything that appears to pass judgement on any of their habits or indulgences, and then there are those that have simply missed the big picture. ‘Broke by coffee’ was never about the coffee.
It is, and always has been, about priorities.
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Unconventional Emergency Fund Ideas For Compulsive SpendersSixty percent of Americans can’t come up with enough money to pay for a $500 emergency. It’s not that they don’t the have access to information on how to improve their situation, because everywhere you turn, there is a bombardment of how-to financial advice on constructing an emergency fund – “Find extra cash by paying off your credit card every month, automate a savings or investing plan, set aside 6 months salary, make a budget, use your credit card, don’t use your credit card…” Standard financial advice is fine for people who are aren’t serial spenders and take a more sophisticated view of their finances. For the spender however, discussions on maxing out IRAs, increasing ROI, inflation, TFSAs, and any other financial product, term, or strategy is simply falling on deaf ears. Yet, it is those that are obsessed with consumption that may need an emergency fund the most.
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