IXFI
Published in

IXFI

Learn your ABCs in economics and catch up with the latest trends

As time goes by, you might feel like your mind is a bit older than your physical age. If you feel like you are having problems understanding parts of the social phenomena that you have to deal with and that gives you some anxiety, don’t worry, take your favorite seat in front of your laptop or computer, put on some inspirational music, and start doing some of your own research.

The starting point: a place you have visited before…

You like it and you trust it. For me, it was this site, where I quickly found an essay written by Tom Bergin, who is an investigative financial journalist for Reuters.

While the subject of this essay was not what I intended to find, it turned out to be quite an agreeable lecture. Although the author’s intention was to criticize some of the economic establishment’s classical theories, I used some factual information that you can find in the text: that there are economic and financial explanations on the websites of two of the world’s major financial institutions: the Bank of England and the U.S. Federal Reserve.

These two institutions are in public service first of all, they ought to serve their English and American citizens. So you might find a higher level of objectivity when scrolling along the articles that are written for the general public, not for a specialized one.

For example, check out the articles regarding cryptocurrency that can be found on the Bank of England website. Also, as every country has its own national bank, you should check out their website and hopefully find their information in your native language.

Get your info from reliable sources

We live in an era of misinformation and fake news. You probably already heard this statement from other places and there is a big chance you agree with it. So it is easy to understand the importance of double-checking the source of your information in various aspects of your life, from political and social views to economic facts and advice.

That is why, checking official sources like those described above, going to the companies or domains that you want to find out more about, like crypto trading platforms, financial services, money transfers, insurance, etc.

All respectable companies have friendly, “average” user-adapted websites and sections where you could easily find the information you need. They also could have a FAQ section and the possibility of contacting their personnel, in real-time, under some conditions (usually if you become their customer or user), if you have problems or questions about their products or services.

Ask someone who’s done it before

Chances are, you are not the first person who tries a new thing. So, if you are lucky, you could find friends or relatives who have already been there and done that and they might have some advice or “tips and tricks” for you if you want to invest in something (regardless of what it is) or to use a money transfer platform when visiting abroad or buying stuff from websites operated as businesses in other countries (again, watch out for suspicious sources and risking to lose money by being cheated).

But it might be a bad idea to ask someone who you know is a skeptic about a lot of things, not only economics, banks, or trading. Not that we must consider him or her wrong from the start, but as just like with any new path you want to take, if you ask someone to join you, make sure that you two will get along and the time spent together will be quality time.

Every man or woman has the liberty of his/her choices, but as great thinkers of our world stated, with liberty also comes responsibility. It is up to you to measure if debating one issue with such a person is worth it. Unless he or she is a close relative, you each have your own responsibility towards your financial state, and it is important that you stand tall by your opinions.

Consider it like giving free advice: it can be accepted and applied or it can be laughed at and discredited. If the latter happens, it is not your concern anymore, you have your own path.

Don’t forget to hit the books (not literally)

If you desire a more systematic approach to any phenomena, including economics as a social science, don’t forget that books are always your friends. Their range is impressive and they are adapted to fit modern technologies. The market for audiobooks is increasing, and “hearing” a book while exercising, for example, might prove to be an excellent alternative to music.

So, let yourself be driven by written and spoken ideas, rather than sung ones when pushing and pulling barbells and weights or running on the treadmill. You can find audiobooks or e-books on numerous websites. On many platforms, for a monthly payment, you can get access to lots of books, articles, or other pieces of information you might find relevant in your quest for more economic knowledge.

Then again, try spending more of your phone or laptop scrolling time wisely. If you are interested in truly finding out about today’s economy, discipline yourself. You can do it the hard way, or the easy way. Well, there is no easy way… or is there? Maybe every person has a different perspective on this matter. Some people find it very hard to quit smoking and eventually succeed after lots of stress and sweat, while others quit and begin smoking, again and again, multiple times, when they feel like it. Those who quit like it’s the easiest thing in the world are surely a minority. The truth is, not many things in life come easily to us.

That is why if you really want to get informed, try to discipline yourself. One of the tricky things about working from home is that some people associate their personal laptops or phones with leisure time.

So, if you want to learn something “for real” from online sources, commit yourself to that. For example, for 30 minutes, you will stay away from sports, gossip, hobby sites, games, and social media that are not related to economics. If you start reading about something and after 5 minutes something else catches your attention… well, that is simply ineffective.

One of the best ways to escape the social media mirage is to go the old-fashioned way and read a printed book.

You aren’t ready for your PhD in economics, at least not yet

Because we have talked above about books, articles, and other learning materials you will find on the internet, it is good to distinguish which ones you can really understand at which certain point.

You are probably aware that there are academic articles, newspaper articles, easier or harder to be read books. And then there are all sorts of regulatory stuff like laws and regulations that have their own strict, technical, language.

The smart thing to do, ironically, is to stay away from them, at leas for a while. It’s like going to the gym: at first, you can’t lift the heavier weights, but if you are persevering you will eventually get that summer body.

That’s why most “official” sources, public or private, like those mentioned above, try to make it as simple as possible, without distorting the information.

Don’t worry too much, starting small is not only okay but it’s also encouraged. And if someone laughs at you for being a beginner, that says something about them, not about you. Everything you need to learn is already out there, waiting for you to discover it. So use these helpful tips to educate yourself on the important matters that could change your whole life.

Learning about economics, in general, is a great start, but if you want to learn more about crypto specifically, check out our series Crypto Fundamentals, where you can learn anything and everything useful to your financial journey.

--

--

--

IXFI is the first crypto trading platform that serves as a complete alternative to banks. We designed IXFI with one goal in mind: to meet our users’ needs and expectations.

Recommended from Medium

What I Wish I Could Have Said on PBS NewsHour

Simple trades in stocks and options

are payday loans legal in arizona

What is Financial Literacy? Everything you need to know …

Amy Klobuchar Net Worth 2022 – Salary Assets (Minnesota Senator)

How to improve credit score?

The Boring Secret I use to Build Massive Wealth

How COVID-19 blew everything up and attempting to wind down with grace

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
IXFI

IXFI

More from Medium

Bitcoin, BlockChain For Absolute beginners

A beginner’s guide to NFTs; because being ignorant has its consequences

A digital collage artwork by Beeple

Note Blockchain

What is Metaverse?