WORD OF WARNING FOR BITCOIN PLAYERS

New Zealand man caught in a bitcoin scam

Investing your hard earned savings requires commonsense but greed often interferes with a person’s sound judgement and this was evident when a Christchurch man lost his life savings of some 300 grand in what was described by police as a bitcoin scam as reported in the Christchurch press.

The number one rule of investing is to NEVER place all of your eggs in the one basket. Whatever possessed someone with this amount of money to do this? I mean you do not accumulate that amount of money without a certain degree of intelligence. It just goes to show that intelligence is not the same thing as wisdom.

The other rule that was broken was “NEVER purchase bitcoins with money you cannot afford to lose.” If you are going to play the cryptocurrency market then play it with discretionary money; this  is money you may have otherwise spent on holidays and travel, or other things that are nice to have but not necessary and that really is a question of knowing the difference between needs and wants.

It appears that both rules were broken by this hapless investor who contacted police to warn others of his loss and pitfalls involving bitcoin.

The investor claimed that as he invested money in bitcoin, his wallet (a crypto currency term) grew larger and he invested more but when the value of his bitcoins shrunk due to the volatile nature of cryptocurrency, he invested more and more money. Someone from the website where he had invested his money kept phoning him and pressured him to invest more. The investor regrets having sent the bitcoin exchange his private details.

The lesson here is to NEVER feel pressured to invest money into any scheme-if you do, tell the other person, “I will speak to my financial advisor first.”

One common denomonator of scams is that they do not want you to discus the matter with anyone else so telling the other person you are going to talk to others about this will test them out.

Three things about bitcoin to keep in mind are;

1-They are highly volatile which means their value can move up and down very quickly. It is important this; “When there is the chance for capital growth-there is also the chance for capital loss,” and this applies to other investments such as the sharemarket, property, coins, or cryptocurrency.

2-Crypto currencies are not regulated in many countries and that includes New Zealand and therefore you have no protection if your investment turns to custard as a result of fraud.

3-Crypto Currency websites are being targeted by internet hackers who will attempt to steal from the wallets of others.

I have an ebook about investing in bitcoin which will help you understand the various aspects of this form of investment if you would like to call it that and you can order it here; Buy Now Button

www.robertastewart.com

Goal-setting strategies

Strategies for goal setting

“Run the race in such as way as to attain the goal.” Philippians 3:16

There are a number of strategies you can use to motivate yourself to achieve your goals. It is all about what works for you for what may work for one person may not necessarily work for someone else.

It is in the sporting arena that you will see goal setting quite common. A lot of sports people will tell you that theyu do not intentionally go out to break records, it just happens but then a lot of them do use strategies to motivate themselves.

Athletics and fun runs/road races have been my sports in the past. I remember one 10k road race I did where I felt rather lethargic during the first half of the race-this was at the Isle of Bute Highland Games at Rothesay in Scotland in 2011. At the half-way point, I decided to challenge myself to see how many other runners I can overtake during the rest of the race. I manage to pass 22 runners.

As an athlete or rather a former athlete, I know that satisfaction of reaching one’s goals whether that be running a personal best or just completing the race. To me it all depends on the circumstances. I have come back from serious muscle strains which have put me out of action for over a year and on my first race back I may set myself a target of just completing the race and as my fitness increases my goals will be more demanding.

It is important to keep in mind that you are running your race and you should not allow others to determine how you are going to run it. No one can run your race for you. It is all well and good to take advice but you must still take responsibility for how you are running this race we call life. Once again I will use a race I competed in as an example.

It was 1998 when I competed in a vets 1500m race in Aberdeen. There were just four of us in the race and according to the form book I was expected to finish third. Two of the entrants beat me in a 1500m race a month earlier. On that occasion they ran past me in the last 200m. On this occasion I was confident of causing a surprise as I was a lot fitter and was in that zone but I knew I would have to make sure the pace was strong because if it was a slow pace and a sprint home then I was done as the other three were faster than I was.

Prior to the race, One of them asked me how I was expecting to go, I replied, “I’m just going to play it by ear” but I knew exactly how I was going to run the race.

“On your marks, set, bang.”

The race was under way and I dropped back to last place waiting to see if any of the others will set a strong pace but I was cruising with such a slow pace being set and it stayed the same for the first 400m and I decided that I will have to set a stronger place but waited until we reached the straight so as not to cover any extra ground then I looped the field and took over with about 900m to run and gradually increased the pace. This continued for a lap and as we reached the “bell” lap I was full of running that I really make sure that never left anything on the track  and opened up a lead on the others. At the 200m mark I still had lots to give but heard footsteps behind me but dare not look back and in the last 100m I had my eyes fixed firmly on the tape and crossed the line in front. I felt so good that I could have gone another lap.

This is a good example of running your race in such a way as to win the prize. Life is like that, you have to run your own race as not all of us have the same calling.

It is important to start small when setting your goals and then when you have accomplished your goal set yourself a more challenging task.

My old headmaster at primary school told us of how a runner started from scratch. In those days there were telephone poles along the road and as the headmaster was saying, this runner jogged to one telegraph pole then walked to next one, jogged to one telegraph pole then walked to the next one etc. after a week or so, he jogged to two telegraph poles and walked to the next one etc. After a week or so, he jogged to three telegraph poles then walked to the next one etc. After a period of time, he was fit enough to jog the entire distance without stopping to walk.

Your personal goals and where you are at in terms of fitness and health will determine what your goals are if you decide to take up running.

You have to be realistic and start from whatever position you are in but at the same time not fall into the trap of believing that your circumstances are your lot in life. The same headmaster who told us about the telegraph pole training method also said there is no point in doing all of your training on the one-day and not train for the other six days of the week because you will be stiff and sore for days the next day. It is best to take your time and do a little each day.

A lot of people set a goal to give up smoking on 1st January and for those people these next two stories may give you some encouragement.

Years ago a lady told us how she was a 70 cigarette a day smoker. She cut down on cigarettes by one smoke day day so that after the 70th day she had finally given then up and has been a non-smoker ever since.

A girl I worked with in Aberdeen told us that her nan had given up smoking and had put the money she would have otherwise spent on cigarettes and had bought an item of furniture once she had saved enough. My colleague told us that her nan can see all of the stuff she had bought with money that she would have previously spent on cigarettes.

People use different kind of strategies to motivate themselves to achieve their goals and it is what works for you that counts.

Happy goal-setting

Bob

www.robertastewart.com

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SETTING GOALS FOR YOURSELF

The art of setting goals

To get anywhere in life you may have something to aim at because to aim at nothing will mean you hit your target every time. Your goal (s) may be personal, financial. Material, or humanitarian but whatever is you have to put some strategies in place in order to give you the best chance of a successful outcome because having a goal is one thing but deciding to do something about it is another altogether and that requires effort.

The first thing you need to do once you have established what the desirable outcome is (your goal), the next thing is to decide what steps you need to take in order to make your goal(s) a reality. Unless you know where you are going you are not going to know when you have arrived. Imagine if you went to purchase a bus, train, or air ticket without naming a specific destination. Unless told the person who was selling you the ticket where you wanted to go they cannot help you.

Now let’s look at the different types of goals.

FINANCIAL GOALS

This can be a rather touchy subject with people unwilling to give up their pet spending habits or at least partially reign them in to enable them to achieve a better financial outcome for themselves and their families. Achieving your financial goals can be just a matter of transferring your spending in one area to a more productive area. It is not for me to tell you what you need to give up in order to achieve a better financial outcome for yourself but in order to know where your money is going you need to do some kind of stocktake on what you are spending your money on.

PERSONAL GOALS

These are goals that are important and meaningful to you. A good example of a personal goal would be “To learn a new language.” Another would be “To obtain my driver’s license.”

MATERIAL GOALS

These are things you won, an example of a material goal would be “To save up to buy a car.”

HUMANITARIAN GOALS

This is a goal to get involved in some cause that is meaningful to you. I don’t think anyone who has ever got involved in a cause suddenly woke up one morning and thought to themselves “What cause shall I get involved in today?”  A humanitarium goal is established by some events that triggers your heart strings. It may be something you saw on TV and something you have experienced so it is better to leave this one open.

The basic rules of goal-setting is that they must be S.M.A.R.T goals-S=Specific, M=Measurable, A=Achievable, R=Realistic, T=Timed

Specific means the goal has to be stated in specific terms! A goal such as “to lose weight” or “to save money” are not specific goals because there is no way of knowing whether you have achieved the goal. A specific goal would be to state how much weight you want to lose and how much money you want to save. Here are a few examples of unspecific and specific goals;

VAGUE GOAL                                                  SPECIFIC GOAL

Lose weight                                                     Lose 5 kilos in two months

Save money                                                     Save $1000 in 12 months

Improve my times                                           Run under 5 minutes for the mile

Once you have have specific goal, it is also a measurable goal. You will have something specific to aim for.

The goal has to be achievable, by that I mean through your own efforts. A goal of “to win the lottery” is not achievable because it cannot be done through your own efforts.

The goal has to be realistic but at the same time challenging. Only you can make that call. Be careful who you share your goals with because several dreamstealer’s will put limitations on you and expect you to live your life according to their viewpoint. What I am saying here is don’t sell yourself short.

There should be a timeline on when you want to achieve your goal by; this will prevent your goal from dragging on without any action being taken. Unless you give yourself a timeline which you want to achieve your goal by you will always run the risk of putting things off till tomorrow and fall back into old habits that you need to deal with in order to achieve your goal.

www.robertastewart.com