Are you financially literate? You must be thinking “I don’t know”.. Well, then you might see this term for the first time. That’s not your fault. In fact, according to some reports, only more than half (or 57%) of people in the United States are financially literate.. And if you are thinking, what is the force of all that? Well, it is important to manage your finances which will help you, your dreams, and your family. And any source for that? Here, we will discuss Money6x.com one source for it.
Money6x.com Meaning
When you listen to the title, you might be thinking what is 6x, well it is the idea of multiplying your money over 6 times, although it is not guaranteed. It is not something like a mutual fund or another 401k, rather it is a website that provides financial news, research reports, and expert analysis. Their vision is to make easy to smart investing easy and empower powerful individuals to take control of their finances.
Key features of Money 6x
The key features of the website, Money6x.com were:
- News & Analysis: It provides information about the latest market trends, financial news, and expert advice on various assets such as Stocks, Cryptocurrencies, Art, Gold, Bonds, etc.
- Investment Reports: It also provides valuable insights from a team of financial professionals through public reports for better investment
- Data-Driven Strategies: It also informs their investors through the data available, which will eventually help to get better financial decisions
How to gain financial literacy?
To gain financial literacy, you can do the following ways
- Start reading: You can’t be a leader if you are not a reader.. I know that you would not like to be a leader, you just want to be financially literate. So, you can start with finishing some financial books(fiction or nonfiction, your choice) and eventually start gathering some financial news from various newspapers such as the Economic Times, Financial Times, the Minta, etc.
- Gather information from financial experts: If you know any friend or family member who has a Master of Professional Accountancy, Master of Science in Finance, or any other field related to finance, or is just eager in finance skills. Try to gather information from them, which will eventually help you.
- Attend courses or camps: If any type of courses or workshops were provided by U.S. Securities and Exchange Commission Federal Reserve System, or any trusted and well-established corporation by the USA. Try to attend that, which will help to gain more knowledge in the field of finance.
- Use your knowledge: Another thing you should do is use your knowledge in various projects or for the discussion with your friends. That will eventually help you to get a feeling that you know less, which will eventually help you to gain more skills.
Real-Life Incidents Related to Finance
Here are 2 practical incidents you should go through which will help you to gain financial literacy:
1: Global Financial Crisis 2008
After the dot com bubble eventually burst in the 2000s, investors were eagerly waiting for the sources to invest to get high returns. At that time, the Federal Reserve system decided to lower the interest rates of the houses, which significantly attracted investors. The banks then lend loans to various clients, who do not have a good credit score or not having the appropriate value of the collateral in exchange for the loans. If the term is going above your head, then the basic explanation is that the credit score is the marks offered to you by the banks that will eventually handed over to other banks, now if you scored fewer marks in the test that has been analyzed by other teachers too, that also questions you about why you scored less in this subject(a possible threat to their subject too) and collateral basic meaning is to temporary sell some of your assets(in simple words, things owned by you which help in increasing your productivity and can be calculated in monetary terms), in exchange to the loans, the value of assets should be higher to the collateral. Yeah of course, if you give the money back with interest, the bank has no right over your assets. Coming back to the topic, then the investors were heavily buying the houses. After some time, the government analyzed that there is a market downfall overall, and there is a high chance of earning revenue by the interests(here, monetary interest) of the investors.
Result
As a result, they increase the interest rates for the loans lent by the houses. The result? The genuine public who can return the money, with lower interest rates, eventually got the financial stress. Millions of individuals lose their lives, wealth, and houses. The valuation of houses decreased by over $19 trillion dollars and the unemployment rate eventually doubled and there was a sudden wipeout of over $2 trillion. The annual NPA (Non performing assets) crossed $500 billion between 2005-2008. Over 80-90 banks were either acquired, merged, nationalized, or declared insolvent during the recession.
2: The dot com bubble
After the internet became available for the public on 30 April 1993, the investors heavily relied on the tech companies to invest their money because of the lower interest rates by the government. This is also because the internet was not a thing, that will eventually decrease over time. Slowly and gradually, investors were heavily investing in tech giants such as Amazon, Cisco, etc. It’s good that investors were investing in the companies, the problem is that they are not analyzing their financial statements, swot analysis, etc. The stock prices peaked and touched the 5000 index on Nasdaq on 10 March 2000 (an 800% increase) and the US Venture capital investments reached over $33 billion. But that’s not the only case, why bubbles burst.. There is one more reason that the tech companies were incurring heavy net operating losses by that time. Net operating losses mean that the expenses were greater than the income, just by the business. So, the main reason for that is they were heavily relying on promotions and advertising, which will help to gain more market share. In short, they were heavily relying on the “growth over profit” mentality. Not only public and normal investors, but the government also heavily invests in the companies.
Tech companies
Coming back to the result. The Nasdaq fell over 78% till October 2002. Many tech companies such as Pets.com, Webvan, Boo.com, Worldcom, NorthPoint Communications, and Gand lobal Crossing failed and eventually shut down. Some companies like Cisco lost 80% of its stock value and venture capitalist Fred Wilson lost 90% of his net worth from the bubble burst. But, there were also some winners such as Amazon, eBay, and Priceline.
Other financial incidents are happening in the industry. This portion was mentioned to indicate how investors at that time had made emotional decisions which eventually resulted in the losses
Make Money With Money6x.com
Money6x broadly covers 4 categories, which are as follows:
- Earning Strategies: This section provides some earning strategies, a user can use to maximize the earnings. Here, a user is not only an individual, but also other entities such as non-profit organizations, businesses, investors, etc. It also comes with 3 sub-categories which are: Investing and Growth Wealth, Online Income, and Real Estate.
- Mindset & Resources: This section of Money6x.com generally focuses on how to change the mindset of the investors which will eventually help them to earn more money. It contains some motivation, some data that can eventually influence the investors, etc.
- Saving & Budgeting: You cannot grow your money, if you do not know about savings and budgeting. This section helps you with that. In this section, they provide how to recover your finances through debt, also how to save money to go to your dream place, etc. This also comes with the subcategory: Financial Planning, Saving, and optimization.
- Building Assets: This section is comparatively new, where they provide blogs about how you can build assets, although there are only 2 blogs as of July 2024.
How to access Money6x.com?
To access the Money6x website, you need to perform the following steps
- Open any internet-connected pre-installed browser in your device.
- Search for Money6x.com on the search bar.
- Click on the official website only, here.
- Explore the categories of your interest.
- Explore the blogs of your interest and you are good to go.
Conclusion
In the article, we discussed Money6x.com, a blogging and news website that will help any user gain financial literacy. Also, you might be thinking why we focused more on financial literacy, more than Money 6x, this is because we want this to be the most underrated skill, which gets decreased by the educational system and needs to be focused on.
Disclaimer:
The article, Discovering Money 6x: A guide to one’s financial literacy is just for informational purposes only and does not have any other links or affiliations with Money 6x. Also, the content provided is not backed by any financial expert. Moreover, we are not liable for any errors or mistakes in the article and one should go to the official website of Money 6x.
FAQs About Money6x.com
Ans. According to our research, we do not find any malfunctions in the website but make sure while going through the 3rd party link
Ans. You can contact money6x, through their email, admin@money6x.com.
Ans. No, money6x does not provide guaranteed returns to their customers.
