Financial Health, Micro-Investing and Bitcoin 

Note: The companies mentioned in this article, such as Spaceship.com.au and Coinspot are aimed at people living in Australia.

Our financial health has a direct correlation to our mental health and subsequently our physical health. If we are in constant state of worry over finances, along with other everyday considerations, it can have an extremely detrimental effect on our overall wellbeing. 

It may not necessarily be a lack of funds that is the cause of stress. Often it is the feeling that you may not be fully in control of your finances. If you fall in to the latter category, or even if you don’t for that matterI strongly suggest reading the excellent book by Scott Pape called The Barefoot Investor. The name of the book suggests it is all about investing, but this is only a part of it. The book provides excellent advice on how to lower your outgoings and organize your finances in easy steps. This in turn provides a stable platform to build your financial future on. I cannot recommend highly enough the reading of this book before taking any major steps into investing or making larger financial decisions. 

If you are already in a position that you feel comfortable with starting to make some inroads in to building some wealth then read on.  

There are two fields about which I would like to share my positive experiences with you. The first is Micro-Investing. Traditionally if you wanted to start investing in stocks and shares you would have to jump through hoops to open a complicated trading account and pay fairly large fees every time you bought or sold, all very daunting, believe me I’ve tried it.  

Thankfully this is no longer the case and the world of investing is now easily available to everyone. The easiest way to get involved is with a micro-investing app such as Spaceship Voyager. This easy-to-use app lets you invest as little or as much as you like and it invests your money across a diverse portfolio of stocks and shares. I started off investing just $5 dollars a week. Once you see your investment start to grow you soon become comfortable with increasing your regular investments. Of course, you can also invest one off amounts of any size whenever you like. If you need to withdraw money at any time, you can do so quickly and easily, although I’d strongly suggest being disciplined and looking at this as a long-term investmentOver the space of a few years, you can get some serious growth happening. My investments in Spaceship Voyager have risen by a whopping 55% in the last year, try getting that from your bank savings account! The whole thing is safe, fully financially backed and regulated in Australia. I have tried other similar platforms such as RAIZ and Comm Sec Pocket but neither come close in terms of ease-of-use or return on investment. 

The second investment opportunity I think we should all consider is Bitcoin and cryptocurrency. Going back just a few short years, crypto was considered a risky and unreliable investment. Crypto has now established itself as a legitimate investment platform. Many seasoned investors who would usually only invest in stocks and commodities are now looking to Bitcoin and cryptocurrencies as an additional diversity to complement their portfolios. Bitcoin alone gave a return of a massive 185% in 2020.  

As with micro-investing, investing in cryptocurrency is now very simple indeed. In Australia I would recommend a crypto exchange called CoinspotCoinspot is super simple to use and again you can invest as little or as much as you want. You can login online or use the Coinspot app on your phone, both are surprisingly easy to navigate. I began investing $10 a week until I got a little confidence in the process. To begin with I would strongly suggest investing in the major currencies such as BitcoinEthereum and LitecoinThese cryptocurrencies are well established and are consistently giving great returns over time. 

Treat investing as a long-term wealth building tool. It’s easy to get emotionally involved in the short-term when your investments fluctuate in value. I know from experience that it is very easy to panic when things take a turn for the worse. Take, for instance, when the COVID pandemic hit, share prices and cryptocurrencies plunged in price. Thinking I was going to lose all my money, I panicked and sold a large part of my investments. Within a fairly short space of time prices had recovered and continued to rise steadily in value. I lost out because I got emotionally involved. If you look at the increase in value of most major stocks and cryptocurrencies over the long term, you’ll see that events such as these are just blips in the bigger, longer term picture. 

My only regret is that I didn’t start investing at an earlier age. I know for a fact that if I had I would now be in a much stronger financial position. That said, it’s never too early or too late to start, so get involved!

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