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It is a crazy world out there especially with the inflation rate and the bearish crypto market. I know not everyone might be into cryptocurrency but things seemed to have changed differently since the beginning of this year. For me 2022 didn't start on a good note.First I lost one of my sources of income and it affected my expenses, goals and ultimately everything. Imagine fixing your aircraft getting ready to take off only to be told one of your wings just got chopped off. It is quite normal for things to go south from time to time, it is a reality I have been forced to come to terms with especially now that the crypto market is down. But whatever happens I believe it is our manner of approach that determines if we'll be flying soon or be stuck on land for a long time. So here are ways to balance your entire portfolio while saving for the rainy days or working towards retirement.
First learn to live within your means. Since my income was cut in half and the blockchain world was bearish I had to start clipping my wings temporarily. I had to cut down on unnecessary expenses and although it wasn't easy I didn't have much of a choice either. Old luxuries like skin treatment, junks and endless video steamings had to be reduced. My skin treatment had to be reduced to the basics so I could balance my investments, savings and expenses. I dare not spend the same way as the past or I would be forced to fast for days or even weeks. It is a way of sacrificing for the future and until one learns to do that you cant move forward.
Secondly get your hands on more forms of passive income. If you read my previous article I wrote on forms of passive income in the crypto world one could make money from. For me I have turned to Pools as well as some crypto games that reward me for completing simple daily tasks. Since the market is bearish at the moment I have pools churning rewards that I hope will blow up when the market starts to bloom again. I play crypto games like Splinterlands, Axie infinity and although not the typical form of passive income, I earn income while having fun and also the reason I consider it a form of passive income. There are other forms of passive income that don't necessarily have to be on the blockchain that could help bulk up your income, the amount you invest and save all at the same time.
Thirdly, create a budget. A budget is like a leash and although many might not like the reference but it will keep you from biting into bones that might break your teeth. It is like a control that keeps you from spending on unnecessary things. It will help you map out just how much can be spent, invested and saved or how much effort will be required to reach your goals. Helping you reach your goals faster especially if you are able to stick to them everyday.
And lastly learn to be disciplined. Things won't be hard for a long time but what you do during that period will determine if things will bloom soon or you would be back to square one. Earning a lot isn't a ticket to buy everything you can afford, one must learn to be disciplined and save for the rainy days. I wonder what would have become of me if I didn't have other thjgs to fall back on this year.
So learn to spend, save and invest wisely.