What is holding you back?
It’s almost the new year, and in the spirit of self-reflection it’s time for new personal and professional goals! And, if you’re like most of us, those goals will be something we’re fully invested in, for a brief while anyway, and yet, we won’t reach them. Research has indicated that of those surveyed, only 8% of us fully complete our goals, although half of us do make some progress towards reaching them. So, what holds us back?
How are you approaching your goals?
Making change is never easy, and for some of us, our goals are ones that we’re not personally invested in, but they’re the ones in which we think we “ought” to be pursuing. Personal investment in change is a crucial component to our success in creating new patterns of behavior or working through to achieve accomplishments. If we really don’t care, even though we think that others feel we should, change isn’t going to last for long. For other goals though, it’s not because we don’t care passionately about them, but that they’re so lofty that knowing exactly how close we are to completing them becomes overwhelming and we get lost along the way. Our passion isn’t in question, but our approach is.
Trent Hamm, writing at The Simple Dollar, identified a way of achieving goals that worked for him in his approach to personal finance, and which can work for all of us in any area.
“I like to envision giant goals like this as squares on a piece of graph paper…I’d take a piece of graph paper…and I’d simply mark out one of those squares every time I did something that saved $10 and I put that $10 aside in an account somewhere,” Hamm wrote. “Whenever that account earned $10 in interest or dividends or growth, I’d add another square… Maybe your goal is even bigger…that’s okay. It’s still just made up of little steps and little squares.”
Little steps and little squares
When focusing on your goals, identify the steps that have to occur in order for that goal to be accomplished.
Start at the beginning in your thinking, and resist the temptation to label any step as too small.
For example, let’s say your goal is to go to graduate school to pursue an additional degree or certificate to expand your knowledge base. It may seem oversimplified, but an initial step might be as easy as talking to your significant partner or your family about your decision, or perhaps you need to start by making a phone call or sending an email to the registrar’s office to begin the application.
Just keep swimming
For some of us, in our minds, we’ve already moved past these initial steps, thinking about financial aid, the scheduling of courses, or the work-school-life balance changes that may be coming soon. We’d be right to think about these considerations, as they do play a part in us reaching our goal, but by focusing on the smallest of initial concrete steps, and doing them in a timely fashion, we get the sense of motion necessary to begin to feel accomplished.
By making a visualization of these small steps, we see our progress towards reaching the ultimate goal, and can find comfort when things don’t seem to be going well. We’ve been successful in the past, and although we might be having difficulty at the moment, we can expect to be successful again in the future; the important thing is not to stop trying to accomplish the goal.
An example of this is the work being done in goal setting with students in K-12 public and charter schools around the nation. Work is being done with students to help them understand the importance of goal setting for themselves, whether the goal is academic, behavioral, or social. Students identify goals that are important to them and which are aligned with them being successful in school, as they define success. Goals are broken down through the use of the SMART format; goals are specific and framed by times for completion of the overall goal (as well as individual action steps), and progress towards goals can be measured. Additionally, goals are both achievable and realistic.
Achievable and realistic
Some struggle with this last concept that goals must be achievable and realistic. Think of it this way: for a non-runner to say that they were going to set a goal to place in the top three in the Boston Marathon, there’d be a lot that would stand in their way as they moved towards that goal. It doesn’t mean that a penultimate goal might not be to run in the Boston Marathon and to place in the top three, but it means that a better goal would be set for a more immediate reward along the way and would help them transition from a non-runner to a marathon winner.
Students track their progress towards their goals visually and have regular goal-setting meetings with their teacher or counselor to review performance, identify barriers to progress and brainstorm solutions, and to celebrate wins as they happen. We can’t assume that students grow up knowing how to do this, just like we can’t assume that, as adults, we’re any more talented at it.
As we are all works in progress, let’s follow in the words of Whitman by celebrating ourselves and singing ourselves. Identify the goals that are important to you, down to their most discrete steps. Clearly provide yourself a timeline for completing them, and place a visual reminder of your success in that step in front of you to keep your progress going.
Anyone can invest in startups in a new, more bite-sized way
(BUSINESS FINANCE) With this new platform, startups can now seek funding in different ways than the traditional paths, using blockchain to set themselves up for financial success.
Blockchain’s democratization of currency and investing continues to roll along, and it has just dug it claws into startup funding and investing.
A startup up called Securitize wants to offer an Initial Coin Offering (ICO) platform service for startups. The company believes this platform improves the equity experience on both sides of the aisle.
For startups, the ICO format streamlines the access to capital “without the overhead of needing to cultivate personal relationships and go through individual due diligence procedures.” Put simply, it takes less time and logistics to earn funding.
That trend of reducing logistical issues is also beneficial for investors. Traditionally, being a startup investor or equity holder is restrictive for numerous reasons. For outside investors, there are restrictions around investor accreditation to determine who can invest, and how much. Employees compensated with equity struggle with getting equity converted into an actual asset, if it ever gets converted at all.
According to Securitize, thanks to the ICO format, “investors can buy-in knowing the assets are completely liquid from day one.”
Furthermore, because currency investments differ from traditional business investing, more people can get in on the action.
That last point is important, since investing in cryptocurrencies this year is a bajillion times larger than the volume being pointed at startups. When these two world convene, startups get more eyes (and more dollars) pointed at their companies.
All that said, the floodgates aren’t open to free-market bedlam investing by anybody’s Uncle Ricky. Take 22x, a Securitize project that offers “tokenized equity in 30 startups – up to 10 percent of each.” For this project, you must be an accredited investor with a yearly income of 200k and a net worth over $1 million. These restrictions (among others) still allow Securitize to operate within the rules of US law; however, that barrier is still lower than traditional venture capital firm accreditations.
The implications of a more diversified set of funding will be interesting. Perhaps companies will be able to prioritize their journeys differently to align with new funding incentives. Its certainly a worth option to consider, and one that is important to follow as the first sets of companies embrace it.
New platform for buying and selling side projects
(BUSINESS NEWS) A brand new online marketplace posts side projects available for purchase by the public – it’s a good time to take a peek.
It seems there are so many great ideas out there in the world that I often wonder how these ideas are exposed to the right people in order to survive. When someone is just getting off the ground with a startup or a side hustle, they may not have the budget to hire help (i.e. a marketing team or a public relations team) to buy the exposure they need for success.
Hustling, networking, and word-of-mouth often help in these situations, but wouldn’t it be great to expose your idea to the exact person who could benefit from it? Transferslot agrees with this and has created an online portal where individuals can post their side project, and people interested can purchase them.
According to their website, “Transferslot is a curated marketplace where side projects founders can expose their product to our Trusted Buyer community.” Transferslot was originally created with the intention of being used for Product Hunt projects being sold, but is now open to anyone.
The user interface is simple (this is both a compliment and a critique). It’s almost like an online version of the bulletin board that used to hang in your high school with flyers for all of the clubs being offered.
The side projects are listed on the front page of the site and are organized by date (with the newest showing up first). There is then the name of the projects and a description.
Below this includes prices, arranged by: MRR, profits, and asking price. There is a green circle in the corner of each box that will indicate if a project is still available for purchase.
Transferslot allows users to join their mailing list and request access to their Trusted Buyer Program. By joining the mailing list, you will get new projects sent directly to your email inbox. And by requesting access to the Trusted Buyer Program, you will “Get prime access to incredible side projects with great potential. Uncover hidden gems before anyone else,” the company touts.
When you click for more information on each side project, it gives more detail on deals that are pending with potential buyers. There is then a contact form available for you to fill out to get in touch with the owner.
Transferslot seems like an interesting concept but is still in the early stages, given the list of side projects on the home page. However, it could be a cool place to check for investment opportunities or to sell your side project.
How cryptocurrency works – basic vocabulary and concepts
(FINANCE) Cryptocurrency is a concept that dates back a decade, but as it becomes newly mainstream, many are struggling to catch up – knowing the basic concepts can get you up to speed.
One of the most exciting things to arise out of new technology is the idea of better ways to optimize and improve concepts that we already find in the real world. None of us should be surprised when that includes currency.
With cryptocurrencies such as Bitcoin, Ethereum, Ripple, Litecoin, Dash, NEM, Ethereum Classic, Monero, and Zcash (to name a few), it may be hard for the average consumer not to just keep up, but to know what’s going on in this revolution in our modern day economy. Knowing how crypto works makes you a better consumer, as well as investor in your future. Let’s get started with the basics.
What is a cryptocurrency?
To ask what cryptocurrency is, one should also contemplate what modern day paper or coin currency is. At its most basic, all currencies share this core trait: you can exchange a unit (or units) which has predetermined value for either goods or services. Whether it’s dollars, Yen, the gold standard, or Dogecoin, all of these currencies allow you to complete basic transactions.
Where cryptocurrency is different, is how these transactions are completed and how cryptocurrencies are processed.
How does crypto differ from common currencies?
Cryptocurrency allows you to send money directly peer-to-peer (p2p) electronically instead of operating through third-party systems like banks or governments.
The technology that makes this happen is called Blockchain. Blockchain technology is the primary difference between the dollars in your wallet and the virtual currencies in your crypto wallet. The Litecoin School of Crypto uses a great analogy to explain how blockchains work:
“In its simplest form, blockchain is data. It’s a list of recorded information called “blocks” strung together in a chain. Think of blocks as folders stuffed with information i.e. how much Litecoin was sent, who sent it, and who received it. The great thing about blockchains is that it’s public and anyone in the world can see it.”
How does a normal crypto transaction work?
Here’s an example using the fictional cryptocurrency, bitquarters: Karen owes Jamal 10 bitquarters for her movie ticket, so she’s going to pay him back. Karen first requests the transaction through her digital wallet. Because of the nature of cryptocurrency, she can’t send him bitquarters she doesn’t have (there is no “overdrawn” account status in crypto, like modern banks), so it’s a good thing she just got paid!
When Karen initiates the transaction, she uses her private key to virtually “sign” it. When a transaction is completed, an individual will “sign” their transaction with their private key – the reason why cryptocurrency is called as such is because of encryption, after all. The requested transaction is sent via peer-to-peer (p2p) sharing to a network of computers called nodes. These computers validate Karen’s key and verify the transaction.
After the transaction is verified, it is added to the blockchain, the virtual ledger, that all bitquarter users have access to. After that is finished, in only a matter of seconds, Jamal is paid!
What is this cryptocurrency “mining” thing I’ve been hearing so much about?
Mining is a vital part of the cryptocurrency transaction. Miners are the only individuals in the crypto process that can confirm transactions. Their job is to take a transaction, to verify that it is legitimate, and spread them p2p in the network.
To make it a part of the public ledger (the blockchain) every node has to add it to its database. Because mining takes a computer’s energy and electricity to perform, miners are rewarded with small amounts of cryptocurrency per transaction (like how you pay to pull money from an ATM). However, to prevent fraudulent transactions, a computer must solve an encrypted puzzle in order to add it to the blockchain.
What are other important crypto terms I need to know?
Address: the only piece of information that needs to be used for a transaction, similar to a user name or email address. Each transaction uses a different address.
Block: a unit of data in the blockchain that holds and validates transactions. A blockchain is where all blocks of transactions reside.
Double spend: the action of trying to spend cryptocurrency to two different recipients simultaneously. Mining as well as the blockchain prevent malicious actions such as this from taking place.
Cryptocurrency is held up by some as being the currency of the future, while many others think that due to over-speculation, that it will be a investment bubble with irrevocable consequences for brick and mortar institutions. Regardless of any market forecasters perspective on cryptocurrency, the technology is here to stay and knowing the basic vocabulary can help you understand where things are going.
Don’t be intimidated by all of the language around this concept – if you choose to dive into the crypto waters, you’ll learn as you go along. If you invest in stocks, you know a specific concept and vocabulary list, and crypto functions differently but is just another finance mechanism, both of which can be overwhelming but learning the parts necessary to your goals is all that matters.
PS: If you’re more of a visual person, there’s a short video available that has circulated that explains Bitcoing well, and applies to crypto in general.
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