7 Jan 2016

How To Achieve Your Financial Goals Faster in 2016...Through Others


Hi, I've been doing a lot of research for and around Credicoins. I have been scouring the whole web to know what solutions presently exist in helping people/savers achieve their financial goals faster by leveraging on the help of the people around them.

Though I am yet to find (thankfully) a site that combines everything the way Credicoins intends doing- a new currency, pay 'poor people' to set and achieve individual financial goals, use a unique crowdfunding resource for helping individuals achieve their goals, a social lending ROSCA platform (cCon), interest-yielding savings deposit accounts, money-making MLM opportunities and social media-based entrepreneurship through personalised blogs/profiles similar to Tsu, Facebook, etc.

Phew! That is a lot, but Credicoins promises that and more. While our aim is not to disrupt any industry per se, but to work with existing players to making the world a better place, we will not rule the fact that disruptions may occur, especially if stakeholders choose to ignore us.

I will take each industry now and give examples of startups/companies already doing great things there. We will be open to partnerships with any of them....

A new currency
Bitcoin is probably the most popular digital currency in the world, minted based on the block-chain technology. But like I showed in this blog post, there are numerous others such as Litecoin, Kobocoin, Blackcoin, Earthcoin, Digitalcoin, etc.
Source: Visua.ly

There are also net currencies such as the defunct Egold and LibertyReserve, and of course Paypal, C-gold, Perfectmoney, and so on.

Incentivize/pay people to set financial goals
Poor people should be paid to save, or encouraged to continue if they have started. That is the surest way to end global poverty. We must continue to incentivize the poor of the world to put something away for a glorious future ahead- because that is the only way they can take themselves out of poverty and make their future truly glorious.
It could be in a form of a reward system, a free-to-enter-and-play lottery, or interest-free loans taken on savings, and so on.

Websites/apps that presently do encourage setting and achieving goals include: Stickk, Lift, Goalsontrack, etc.

Crowdfunding your individual goal
Crowdfunding simply means raising funds from a crowd. Kickstarter is arguably the most popular crowdfunding site, but there are many others including Indiegogo, and Gofundme. Gofundme allows personal fundraisers such as that of the young man in the picture below who raised $300 to buy a plane ticket to go see his girlfriend.
Credit: People

Even on Facebook, non-profits can create and add a 'Donate button' for their organisation's Facebook page in order to get donations directly from there.



I found the site Smartypig, they help you save towards a goal and also have a feature where you can ask your Twitter followers or Facebook friends to support you.

Rotating savings and credit associations
Pooling money together with other savers in a rotating savings and credit association (ROSCA) is an age-long practice that has been used in many cultures all over the world. Popularly called Susu in Africa (Ajo in Yoruba culture and Osusu in SE, Nigeria), Paluwagan in Phillipines, Lun-hui in China, and Tandas in Mexico, it is essentially a peer-to-peer, non-interest form of lending in which a group of people known to each other contribute a fixed sum monthly into a pool, allowing a different member to collect the pool each time, till the cycle is completed.


The startup Emoneypool already does that, though limited to the USA at the moment.

Saving in an interest-yielding, savings deposit account
When people hear SAVE, what comes to their mind is a savings deposit account. In a savings account, you get APR (USA), or interest on your deposit (Nigeria, and other countries). Like I mentioned in this post, most European banks offer a negative interest rate- meaning that you pay the bank to 'park' your money with them. In the USA, the Fed's interest rate was only increased by 0.25% in December. In Nigeria, you can get up to 4% in a savings deposit account, however, the inflation rate stands at about 9%, so what is the essence of saving in a bank?

Money making opportunities particularly using the power of the web and social media
Now, this is very tricky because there are many fraudulent websites that claim to pay people for doing their routine online activities, and they cast aspersions on the work of more credible sites like Google adsense (if you are a blogger), Tsu, Youtube (if you are a VLogger), Ebates, Smartpanel, Springboardsurvey, Pro opinion, Inboxdollars, Shipt, among others. But even most of those do not welcome African and nationals of most developing economies.

However, we intend building the first 'entrepreneurship social media site', where people log on because they want to make money towards achieving their financial goals, and not just to post pictures or update statuses for that sake alone. Tsu attempts to do this. They believe people should be paid for the content they create. The question is "Who should pay...advertisers through the platform, or other users? Credicoins think other users majorly, and sometimes the platform.

Combining it all for the developing world
Credicoins intends combining all that into one website. And the beauty of all these is that IT IS FOR THE DEVELOPING WORLD! You will be hard-pressed to find a website that offers all these for people in Africa, Afghanistan, India, etc. Most companies run away from the challenge of giving credit to, or helping poor people.

It is massive really, and kudos to our present developers who took on the challenge to start work on it - Osaze and Marvelous. I know we need more hands. And that is why I sometimes laugh when present shareholders think they are too slow.
If you know the magnitude of the work at hand guys, you know they are giving their best already. I like what Mr Popoola said to me, "Why do you think it can't take up to 1 year to build something that you expect to use for more than 30 years, even outliving you?"


If you can, while you await credicoins.com, you can use the links above to accelerate achieving your financial dreams in the meantime.

Do what you enjoy, and enjoy what those wonderful startups presently offer to leveraging on others (time and efforts) towards achieving your financial freedom.

Thank you for reading.

[This blog post is majorly for present shareholders of Credicoins Network Limited to understand the scope of the concept and the work to be done.]

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