No pay for five months: This is how she chose to invest
Jasmin Eileen (22) was placed on unpaid furlough for five months due to coronavirus. “How can I invest and save money without really having much to live on?” she wondered.
When the coronavirus led to lockdowns in 2020, Jasmin was furloughed from her job at a clothes shop which she did alongside part-time study. As a result, she was not entitled to unemployment benefits, and ended up experiencing a financial crisis.
“I found myself without a salary of any kind, just a measly student loan of 4000 kroner, which won’t last you if you live in Oslo. I had to come up with a smart solution. How can I make money? Can I invest and save money without really having much to live on?”
She says that she chose to invest some of her savings in funds and cryptocurrencies, and to take on various small jobs, including tutoring.
“Now I save in a savings account, in funds and with Firi, Norway’s most popular trading platform for cryptocurrency. Firi is where my money has grown the fastest, but there is obviously a high risk. I think it’s important to diversify your portfolio by investing in cryptocurrencies that have a relatively high risk and index funds that have a relatively low risk.”
Cryptocurrency is our future
Jasmin, who is currently studying HR and Management, appreciates that lots of people might be skeptical of bitcoin and other cryptocurrencies because for many it is a relatively new phenomenon.
“I think people won’t dare to invest in cryptocurrency because they don’t know much about it. They prefer to invest in equity funds with high risk because it feels more familiar. But why shouldn’t savings in cryptocurrency be just as safe? Firi, for example, is registered with the Norwegian Financial Conduct Authority, Finanstilsynet, and is Norwegian so I trust them take good care of my money. Then it’s up to me when I choose to buy or sell bitcoin or ethereum, for example.”
The student admits that she herself didn’t have much of an idea about cryptocurrency until she saw an advert for Firi at the train station and started reading up on bitcoin.
“I’m pretty new to the game, so I’m very excited about where it’s going to go next.”
Jasmin says that she believes cryptocurrency is our economic future.
“You’ve gotta dare to win. Personally, I’m dreaming of being able to use my future profits as a down-payment on an apartment. Getting on the housing ladder as a student isn’t all that easy, so you have to get creative and be smart with your investments.”
- Saving with friends is fun
Firi has made saving a social affair, thinks Jasmin who says that she and her flat-mate use both the app and the website several times a day.
“I like that you can recruit people and get rewards from the platform. It makes the whole investment experience fun and interactive, while at the same time making much of what seems scary about cryptocurrency safe. Plus, Firi has an absolutely beautiful tax calculator, so I don’t have to worry abut that either.”
The 22-year-old has also recruited her father and several friends.
“Dad is a complete newcomer to the area, and had a lot of questions at the beginning. I recommended he contact Firi through the chat, and the customer service was outstanding. I would recommend Firi for anyone who wants to invest in cryptocurrency.