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While everyone's wants and needs might be different, there is always a clear line in the sand between the two. When getting to grips with one's personal finance, distinguishing the key differences between the two becomes important.

Needs encompass basic needs like food while wants lean more toward things one desires, like luxury goods. Being able to distinguish between the two, and acting on this, is imperative to one's healthy financial standing. 

In this article, we take a look at these two categories and assist you in differentiating between the two.  

What falls under NEEDS?

The need category looks at living expenses that one needs to stay healthy in their day-to-day living. These include everything from rent to the utility bill, medication and healthcare needs as well as food, commuting, and any work-related expenses. 

These are the basics required by one in order to function, and these should make up the bulk of your expenses. These expenses are also used to determine the amount you'll need when establishing your emergency fund. It is generally accepted that emergency funds should cover six months living expenses.

What falls under WANTS?

‍The wants category is likened to goods we could live without but choose to buy. These are not required for day-to-day living, however, when funds allow they can provide a more enjoyable quality of life. These include vacations, buying a house or car, entertainment, memberships, streaming accounts, etc. 

How to determine needs from wants

While some needs will be glaringly obvious, it's often the case that some wants sneak into the needs category. Here are three simple tools to help you distinguish between the two. 

Form vs function

If in doubt, consider how a product or service will be used. Clothing for instance: if the clothing will be worn to work it falls into the need category, however, if it's a clothing item centered around going out or recreation use, this will fall into the want category. 

‍Embrace brand variety

Needs and wants will differ from person to person, so it's best to have a solid grounding on what falls into needs and wants specifically for you. For instance, if you were looking to upgrade your smartphone, someone working in the tech or digital marketing space might be required to have a certain product, while in other cases getting the latest and greatest will fall into the want category. In this case, it might be best to explore other devices that have a lower total value.

Should you split expenses?

Grocery shops will more often than not fall into the need category, as feeding yourself is essential to survival. However, if the grocery shop consists of wine, chocolate, and other treats, this will fall into the wants category. 

While we don't expect you to scour through each grocery bill, be mindful of what you're spending your money on and try to balance shops between the two. For instance, if you splurge on a grocery shop one week with wants but register it in the needs category, consider adding the next week's grocery bill to the wants category. 

Is saving a want or a need?

Saving for long-term financial objectives like settling debt, retirement plans, and emergency situations might be tough for someone who makes less money. Because these costs are not immediate, they are not always recognized as a necessity.

However, settling debt can be a necessity to ease the financial strain. Furthermore, an emergency may strike at any moment, and during that time, an emergency fund will save one from falling into further (if not crippling) debt. As a result, it's vital to understand that even if your earnings are low, saving is beneficial in the long run, therefore, savings fall into the need category. 

How to navigate spending between wants and needs

Here are two easy steps to help you navigate your spending habits:

Create a budget

Establish a realistic budget and decipher how much you can spend on wants, needs, and savings. By creating a framework you can stick to, you can easily avoid any financial problems and still enjoy a good quality of life. 

A common ratio used in the budgeting world is the 50:30:20 method. Use 50% of your income on needs (rent, food, bills), 30% on wants, and put the remaining 20% straight into your savings.

Be realistic about your wants

If you're looking to save more money or are working on building your emergency fund, consider adjusting your spending on wants. Being more strict with what you can and cannot buy or lowering your standards somewhat can assist you in saving money and rather allocating the funds to a retirement fund for example. Other ways to reduce spending habits are to get a roommate or use public transport. 

In conclusion

Spending intelligently is without a doubt one of the most important ways to make your money go further. The principles, on the other hand, are focused on saving more, spending moderately on necessities, and sparingly on wants. Paying more attention to desires might lead to issues and limit financial development.

Consider carefully what your needs and wants are and then gradually attempt to lower your standard of living. By focusing on your essential needs without disregarding the importance of saving, you'll be on the fast track to financial ease in no time.

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While Bitcoin remains ahead of the pack by a mile, that doesn't mean that it's the only cryptocurrency worth investing in. With thousands of coins on the market, there is plenty of innovative solutions and impressive technology to go around. In this article, we're outlining the 7 crypto coins you should know about, providing a range of Bitcoin alternatives that hold statistical significance. 

Money in the bank is nice, but will it grow to the heights that we've witnessed in the digital currency markets? The answer is probably not. With the right portfolio, an adequate amount of research and solid trading strategies, you could be seeing impressive returns when compared to other assets in the financial sector. Consider the information below to be a strong starting point, and take it from there.

Ethereum (ETH)

Ethereum has the biggest market capitalization in the crypto industry after Bitcoin and has held this position for quite some time. The decentralised platform has made headlines in recent months as it shifts from a Proof of Work to a Proof of Stake network, requiring less energy to operate and a new means of rewarding the users for verifying transactions.

Ethereum is highly regarded in the industry for providing the first platform on which developers can create decentralized applications (dapps) and smart contracts. This allowed anyone the chance to build any app across any industry while harnessing blockchain technology. Providing a giant leap forward for blockchain development, Ethereum remains on the cutting edge of innovation. 

Cardano (ADA)

Cardano was created by one of the Ethereum founders and is celebrated for being academically driven. While the project launched without a whitepaper (an unusual beginning for any cryptocurrency), at the time of launching there were over 90 academic papers written by a team of mathematicians, cryptography experts and engineers supporting the project. To this day all upgrades are rigorously tested through peer reviews before being implemented onto the blockchain.

Cardano offers developers a platform on which to build dapps and smart contracts using a proof of stake consensus. With lower fees and faster transactions, this eco-friendlier platform has been well received in the blockchain development community. 

Polkadot (DOT)

Polkadot is a blockchain platform working toward blockchain operability, meaning that it allows various blockchains and oracles to exchange data and value in a secure manner. Through an intricate blockchain structure involving a relay chain and numerous parachains, the proof of stake network provides an innovative solution to connectivity and interoperability in the industry. 

Polkadot was created by one of the Ethereum founders, Gavin Wood, and launched in 2020, quickly making its way to the top of the biggest cryptocurrencies on the market. 

Litecoin (LTC)

One of the original hard forks off of the Bitcoin network, Litecoin is a long-standing payment focused cryptocurrency. Created by a former Google engineer in 2011, Litecoin went on to become an excellent Bitcoin alternative. 

Through several changes to its predecessor's blockchain, the platform offers faster and more cost-effective value transactions over the internet. 

Dogecoin (DOGE)

You will struggle to read cryptocurrency headlines without at least a few mentions of Dogecoin. Dogecoin is the original meme token and has been around since 2013. Designed to poke fun at the seriousness of the crypto industry, Dogecoin went on to become a massive cult favourite and accumulate some big fans along the way. 

The blockchain is a hard fork off of the Litecoin network and provides fast, easy and cheap transactions. Typically sued for micropayments, such as tipping content creators on social media platforms, Dogecoin has seen massive success due to the tweets of Elon Musk and his favourable attitude toward the cryptocurrency. 

Tether (USDT)

Tether is the first stablecoin to enter the market and one of the most successful. Currently ranking as the third biggest cryptocurrency by market cap, Tether sits behind Bitcoin and Ethereum. Designed to combat market volatility, Tether's value is pegged to the US dollar and is always valued at $1. 

Tether was created in 2014 and is managed by a Hong Kong-based company of the same name. The blockchain platform provides not only an effective means of entering the crypto market but a payment solution for companies and individuals looking to conduct fast international payments without the risk of volatility. 

Bitcoin Cash (BCH)

Another fork off of the Bitcoin network, Bitcoin Cash was created in 2017 as a result of a disagreement within the Bitcoin community. With several members torn over the direction of the Bitcoin network, several members chose to create a new blockchain and implement the changes they saw best for the network.

This resulted in a new payment focused blockchain platform offering a faster and cheaper means of the transaction value. Bitcoin Cash remains a strong Bitcoin alternative, with high daily trading volumes.

Create a well-rounded crypto portfolio

By considering these 7 alternative cryptocurrencies listed above, you have the opportunity to create a well-rounded crypto portfolio conveniently from your own home. All of these coins can be accessed through the Tap mobile application. You can easily view their market prices and engage in buying and selling digital currencies directly from your mobile device.

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As we delve deeper into understanding the global financial market and the investment opportunities within it, here we break down the difference between the capital market and the money market. Together, these two markets make up a large portion of what is effectively known as the financial market.

Capital market vs money market

As we break down the money market vs capital market debate, let's first cover the basics of what each entails.

The capital market is where stocks and bonds are traded between financial institutions, professional brokers, and individual investors with a focus on long-term price appreciation.

The money market centers around the exchange of short-term debt between governments, commercial banks, corporations, and other financial institutions. It entails borrowing and lending for a limited amount of time - anything from an overnight transaction to up to a year at maximum.

What is the money market, exactly? 

The money market refers to the market where short-term debt securities are traded among financial institutions, commercial banks and corporations. These securities typically have maturities of one year or less and are considered to be very low-risk investments.

Money market securities include instruments such as Treasury bills, commercial paper, certificates of deposit (CDs), and repurchase agreements (repos). These securities are issued by governments, corporations, and financial institutions as a way to raise capital quickly and at a relatively low cost.

How to participate in the market

Investors can participate in the money market by purchasing these financial assets directly or through a money market mutual fund. Money market funds invest in a variety of short-term debt instruments and are designed to provide a safe and liquid investment option for individuals and institutions looking to park their cash reserves or earn a modest return while maintaining a high level of liquidity.

What is the capital market, exactly?

The capital market refers to the market where long-term securities, such as stocks, bonds, and other financial instruments, are bought and sold among investors and institutions. Unlike the money market, which deals with short-term debt securities, the capital market deals with longer-term investments that typically have maturities of more than one year.

The primary market and secondary market are two different stages of the capital market where securities are bought and sold.

Stages: primary market and secondary market

The primary market is where securities, such as stocks, bonds, and other financial instruments, are first issued by companies or governments to raise capital. This is often referred to as an initial public offering (IPO) or a new issue. In the primary market, the securities are sold directly to investors through underwriters or investment banks.

The secondary market, on the other hand, is where previously issued securities are bought and sold among investors. This market allows investors to buy and sell securities with other retail investors, rather than directly with the issuing company. Stock exchanges such as the New York Stock Exchange is an example of a secondary market where investors can trade stocks that are listed on the exchange.

Equity market

The capital market can be divided into two main segments: the equity market and the debt market. The equity market, also known as the stock market, is where shares of publicly traded companies are bought and sold. 

Investors can purchase shares of stocks, which represent ownership in a company and entitle the shareholder to a portion of the company's profits, known as dividends. Investors can also profit from capital appreciation, which is the increase in the value of the stock over time.

Debt market

The debt market, on the other hand, is where companies and governments issue bonds to raise capital. Bonds are essentially loans made by investors to the issuer, which promises to pay back the principal amount with interest over a specified period. Bonds are generally considered to be less risky than stocks, but they also offer lower returns.

How to participate in the market

Investors can participate in the capital market through various means, such as buying capital market instruments like stocks or bonds directly, investing in mutual funds or exchange-traded funds (ETFs), or through alternative investment vehicles such as private equity or hedge funds. 

The key differences between the capital market and money markets

The capital market can be more volatile than the money market due to the longer-term nature of investments, but it can also offer the potential for higher returns over time. It is an important component of the global financial system and can play a significant role in economic growth and development.

On the other hand, the money market can be an attractive option for investors who prioritize safety and liquidity over high returns. Because money market securities are short-term and typically low-risk, they offer a lower yield than other investments, such as stocks or corporate bonds.

However, money market instruments can be an important component of a diversified investment portfolio, particularly for those who are looking to minimize risk and maintain a stable source of income in the financial market.

Which is best for you?

Determining which market to engage in will depend on each person’s financial goals, risk management levels, and interest in the markets. Speak to your financial advisor or conduct the research on your own to establish which investment options best align with your needs and goals. Both options present strong pros and cons, the ultimate decision will come down to your unique preferences.

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Money talks, wealth whispers. In the age of flashy displays of wealth and conspicuous consumption, a new trend has emerged that challenges our conventional notions of showcasing financial success. Stealth wealth, as it is commonly referred to, goes beyond the idea of being frugal and understated. It involves consciously avoiding overt displays of money while still enjoying the benefits of financial prosperity. 

In this article, we'll explore what stealth wealth is, how it manifests itself, and why it has become a growing phenomenon. The idea of stealth wealth can assist you in saving more money, making smarter investments, and cutting down on spending.

What is stealth wealth?

Stealth wealth is essentially the art of living a life of financial prosperity without drawing too much attention to it. It's about keeping a low profile even if you have the means to indulge in extravagant displays of wealth. Picture someone who drives a modest car, lives in a modest house, and dresses in an unassuming manner, despite being financially well-off. It's a deliberate choice to prioritize financial security and freedom over materialistic shows of opulence.

What does stealth wealth look like?

A person practicing stealth wealth focuses on essentials rather than indulging in conspicuous luxury. They lead a simple lifestyle and prioritize experiences and personal growth over material possessions

Stealth wealth enthusiasts carefully manage their finances, prioritizing long-term financial goals such as retirement savings, investments, and building wealth rather than spending lavishly on temporary gratification.

They might enjoy certain luxuries but do so in a discreet manner. For example, they may splurge on a nice vacation, but won't go out of their way to flaunt it on social media or discuss it in conversations.

Instead of trying to impress others with material possessions, stealth wealth embraces the importance of genuine relationships and connections. They focus on building meaningful connections, fostering friendships, and helping others in unique ways.

Why is stealth wealth an up-and-coming trend?

More and more people are recognizing the importance of financial independence. By adopting a stealth wealth lifestyle, individuals can accumulate wealth without the pressure to maintain an extravagant lifestyle, allowing them to have greater control over their financial future.

The rise of social media and the desire for privacy have made people rethink their approach to displaying wealth. Stealth wealth allows individuals to keep a lower profile, avoiding unnecessary attention and potentially increasing security.

As society becomes more conscious of overconsumption, and materialism, many individuals are reevaluating their own values and priorities. Stealth wealth aligns with the desire for a simpler and less materialistic approach to life.

Traditional markers of success, such as fancy cars or designer clothing, are being questioned. People are starting to realize that true success lies in financial security, personal fulfillment, and the ability to live life on one's own terms.

In conclusion

Stealth wealth is a rising trend that challenges our societal norms of displaying wealth. It's about finding a balance between financial prosperity and leading a modest, understated lifestyle. By prioritizing financial independence, privacy, and personal values, individuals embracing stealth wealth are redefining what it means to be successful. 

So, if you find yourself drawn to the idea of a more discreet and restrained approach to wealth, consider joining the ranks of the stealthy and prosperous.

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In today's digital age, social media platforms have become an integral part of our lives. They offer immense opportunities for networking and staying connected. However, it is crucial to exercise caution when engaging with others on social media, especially regarding financial matters. 

In this article, we will delve into the topic of identifying fake Tap accounts on social media and discuss the importance of exercising caution to protect your financial well-being.

The rise of fake accounts

With the increasing popularity of online banking and fintech services, it is not surprising that scammers are now gravitating towards social media platforms. Fake accounts and impersonating legitimate financial institutions are on the rise. 

These malicious actors intend to deceive unsuspecting individuals for their personal gain, whether it's stealing personal information, obtaining access to your financial accounts, or luring you into fraudulent schemes.

How to spot a fake Tap account

Here are four key steps to take if you suspect something fishy. 

1. Scrutinize the profile

Look out for inconsistencies in names, logos, or usernames. Authentic Tap accounts will feature the actual Tap logo and a yellow verified checkmark on Twitter. Fake accounts often use slight variations or misspellings to deceive users.

2. Verify the URL

Legitimate Tap accounts will have a clear and distinct URL associated with their official website. Before engaging with any links, downloading the app, or providing personal information, ensure that the URL matches the official Tap website. Be cautious of URLs that contain additional words or numbers, as they may indicate a fake account. 

3. Review activity

Fake Tap accounts typically have minimal activity, few followers, and a limited history of posts. Legitimate accounts, on the other hand, are likely to have a significant number of followers and regularly post relevant content.

4. Check for verified badges

Most social media platforms offer verified badges to authenticate official accounts. These badges signify that the account is genuine and can be trusted. Look out for such badges when dealing with financial institutions online.

Fake account red flags

• Tap will never ask you for sensitive information (wallet addresses, card details, personal information, etc.)
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• While Tap runs promotions, these will never entail you needing to send funds. Also note that Tap does not offer airdrops. 
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• Communication is prioritized through the app, be cautious of any communication outside of this avenue. 
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• Any communication initiated from social media accounts must be reported, the Tap team will never message you first. 
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• Tap will never contact you informing you that you need to replace your card or to make any type of investment. 

Tap’s official accounts

To stay on the safe side, below are Tap’s official accounts across the various social media platforms. 

Website: https://www.withtap.com/  

Twitter: https://twitter.com/Tap_Fintech  

Instagram: https://www.instagram.com/tap.global/ 

LinkedIn: https://www.linkedin.com/company/tapglobal/

Telegram: https://t.me/officialtapngo 

App: here is the official link to download the app on IOS & on Android.

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The importance of exercising caution online

Below we’ve outlined why it’s imperative that you remain vigilant online, not just in terms of Tap, but for all your accounts. 

Protect your personal information

Sharing personal or financial details with fake accounts can lead to identity theft, financial fraud, or unauthorized access to your accounts. Always remember that genuine financial institutions would never ask for sensitive information via social media or email. 

Prevent financial loss

Engaging with fake accounts can lead to financial loss through scams and fraudulent activities. By being vigilant and cautious, you can protect your hard-earned money from falling into the wrong hands.

Safeguard your financial future

Exercising caution on social media not only protects your current financial well-being but also ensures a secure future. By avoiding scams and fraudulent schemes, you can maintain control over your finances and make informed decisions.

Preserve your online reputation

Interacting with fake accounts can put your online reputation at risk. Scammers often trick individuals into participating in illegal activities unknowingly, which can damage your personal and professional image.

Conclusion

In the ever-evolving digital landscape, it is crucial to be aware of the presence of fake Tap accounts on social media. By familiarizing yourself with the telltale signs of fake accounts and practicing caution, you can protect yourself from falling victim to financial scams. 

Always verify the authenticity of any Tap account before sharing personal information or engaging in financial transactions. Remember, your financial safety is in your hands, and exercising caution is pivotal in safeguarding your financial well-being.

Whether you’re part of the big screen brigade or prefer to use a smartphone, if you’re looking for a way to add the British unit of currency (£) to your documents, emails, or messages, look no further. In this useful guide, we'll walk you through the simple steps to quickly insert the pound symbol on your relevant device: Mac, PC, or smartphone.

But first, if you need to send pounds overseas, Tap, a regulated and reliable fintech platform, has got you covered with low fees and excellent exchange rates. Send funds from anywhere to anywhere, and for free between Tap users. Simply load either GBP or Euro onto the app and seamlessly send, spend or exchange your funds wherever you are.

Where did the British Pound sign come from?

The British Pound Sterling, symbol £, boasts a rich history dating back over 1,200 years. It began as a weight of silver in Anglo-Saxon England and became the official currency in 1694 under William III. 

With the growth of the British Empire, it gained global prominence. Despite challenges such as wartime disruptions and the 1967 devaluation, it remained strong. The pound left the gold standard in 1971. Through shifts like Brexit, it endures as a significant global currency, shaped by the UK's economic journey and historical impact on finance and trade.

According to the Bank of England, the symbol originates from the letter L, which is the first letter of the Latin word for 'libra', meaning a pound of money. Although the exact time when the horizontal line was added is uncertain, it can be traced back to a 1660 cheque in the Bank of England's collection.

Typically, the British pound sign is placed before the number. So, if you want to write ten pounds, it would be represented as £10. Fun fact: in 1970 a new £20 banknote featuring William Shakespeare was issued by the Bank of England sparking the tradition of including characters that have shaped the country on coins and notes.

Simple ways to insert £ into a document

Now that we're familiar with the British pound sign, let's delve into how to type it on both Mac and PC keyboards, as well as a smartphone.

For Mac users

If you're using a Mac, the quickest way is to use a keyboard shortcut. Simply hold down

the Shift key (Option key on US keyboards) and simultaneously press the number 3.

For Windows users

On a Windows PC or laptop, you can use the same shortcut. Hold down the Shift key and press the number 3, which is usually located on the top row of your keyboard. However, if you're using a full keyboard with a number pad, it may be positioned to the side.

To make things even easier, some keyboards have the £ symbol printed above the number 3 key, providing a visual reminder. Just keep in mind that American keyboards may not include the British pound sign.

If you prefer a simpler method, you can always copy and paste the pound symbol from here: £

For smartphone users

Now, let's move on to inserting the British pound sign on your mobile device, whether it's an iOS or Android.

Using your smartphone or tablet, simply switch to the numbers and symbols keyboard on your device, and you'll find the £ symbol as one of the character options. In case you can't locate it, try long-pressing the dollar sign ($) to access more currency symbols.

Keyboard-free? No problem

What if you don't have access to a keyboard? Don't worry! There's a way to insert the British pound sign in popular word processors without typing.

If you're using applications like Microsoft Word or Google Docs, follow these steps:

1. In Microsoft Word, go to the "Insert" tab at the top and select "Symbol." In Google Docs, choose "Special Characters" from the drop-down menu.

2. Look for the pound symbol (£) in the list of characters. In Google Docs, you may need to select "Symbol" first and then navigate to the "Currency" category.

3. Click on the pound symbol to insert it into your document.

That's all there is to it! Now you know how to effortlessly type the British pound sign (£) on your Mac, PC, or mobile device. Feel free to use these methods whenever you need to add this symbol to your content.

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