So, you're in your thirties and starting from square one when it comes to your finances. Don't worry, you're not alone, and the good news is that it's never too late to take control and set yourself up for financial success. Congratulations on taking the first step.

In this article, we're going to walk you through a step-by-step guide of practical tips and empower you to make informed decisions as you navigate your financial journey with enthusiasm. It’s not rocket science, we promise. 

Step 1: Assess your current financial situation

Getting a grip on where you currently stand financially is the first step toward building a solid foundation for your wealth. Let's take a closer look at how to assess your situation and define your goals, without breaking a sweat or drowning in crippling anxiety.

Take a close look at your income, expenses, and debts, writing them down or putting them in a spreadsheet. Identify areas where you can make adjustments to free up funds to save money or invest, and then set some clear goals, both short-term and long-term. Want to buy a house in 5 years, or take a trip to visit your friend in Hong Kong? Jot them down, goals are motivating.

Step 2: Build a strong foundation

Armed with a realistic picture of what your finances look like, work your way through the following three steps to start establishing a strong financial foundation. 

• Create a budget and track expenses

The boring news is that establishing a budget is essential to gain control over your finances. No, we're not here to tell you to cut out all the things you enjoy. Creating a budget is about understanding your money flow and finding ways to save without sacrificing your happiness. Learn what your living expenses really are, and how much the interest rates hikes have affected you. It's about taking control of your money, rather than letting your money control you.

If spreadsheets seem daunting, use budgeting tools and apps to simplify the process and stay on top of your spending.

• Work on saving money effectively

No matter how you look at it, saving money is the cornerstone of building wealth. But saving money doesn't have to be a painful experience, it's all about being smart and resourceful.

A good starting point is to set aside a percentage of your income each month for emergencies and future investments. Automate your savings to ensure consistency and consider opening a high-yield savings account to maximize your returns. Look at opportunities available to you to get "free money" (reward points, employer compensations, etc).

A good starting point is to open that savings account and check out our simplified guide on building an emergency fund.

• Manage debt and improve your credit score

Debt can be overwhelming, but we're here to help you tackle it with confidence. Make a list of all your outstanding debts and approach it strategically by prioritizing the high-interest ones. From student loan debt to credit card debt, don't let these weigh you down forever, rather make a plan today that your future self will thank you for.

At the same time, work on improving your credit score by paying bills on time and not opening new credit accounts. Grab the reigns, you’re in control of your financial future.

Step 3: Explore generating additional income

Unsurprisingly, earning more money will equate to more wealth (we told you it’s not rocket science). As all-nighters are replaced with embarrassingly-sensible bedtimes, now is as good a time as any to pick up a small side hustle and generate income. It doesn’t need to earn you millions, the idea is to generate a little bit extra to accelerate your journey toward financial freedom.

• Explore side hustles and part-time opportunities

Who says you can't have fun and make money at the same time? Here are some side hustle ideas and part-time opportunities that might align with your interests. It’s time to turn your passions into profit and allow a new income stream to make your savings account a little plumper.

• Leverage your skills and talents for freelance work

You've got unique talents, and it's time to put them to work. Platforms like Upwork and Fiverr are great ways to gain exposure and find work that allows you to tap into your skills and find freelance opportunities that not only bring in more money but also allow you to showcase your awesomeness. Embrace entrepreneurship and transform your skills into a profitable venture.

• Invest in personal growth for career advancement

Investing in yourself is one of the best investments you can make. Invest in your personal and professional development to boost your earning potential and open doors to exciting career advancements. 

Acquire new skills, pursue certifications, or enroll in relevant courses. Continuous learning not only amplifies your marketability but also positions you for better career prospects and greater earning power. It's time to level up.

Step 4: Investing for the future

Don’t be overwhelmed by the word “invest”. Let’s go through this together, one small step at a time. Consider this the start of your golden investment era. 

• Understand the basics of investing

Investing doesn't have to be complicated jargon that leaves you breaking out in a sweat. Start small and familiarize yourself with the basics of investing. Learn about stocks, bonds, mutual funds, and real estate, and educate yourself on the concept of risk and reward. If in doubt, contact a financial adviser to get you started.

• Identify suitable investment options for beginners

You don't need to be a Wall Street expert to start investing, or need to know what real estate investment trusts are for that matter (yet). Consider beginner-friendly investment options that are easy to understand and offer steady growth, like low-cost index funds or exchange-traded funds (ETFs).

A word from the wise: stay away from get-rich-quick schemes and get started investing in assets aligned with your risk tolerance and long-term goals. Get ready to dip your toes into the investment pool.

• Diversification and risk management strategies

To minimize risk, spread your investments across different asset classes. Diversification is like having a cool umbrella that shields your portfolio from those crazy market storms. Don't forget to give your investments some love and attention from time to time. Review your strategy, do a little rebalancing dance if needed, and stay in the know about economic trends that could sway your investments.

Step 5: Overcome financial challenges

Don’t get caught off guard, navigate financial hurdles and stretch your money like a pro while still staying motivated on your wealth-building journey. Yes, it’s possible. 

• Dealing with limited funds and unexpected expenses

Starting from scratch often means facing financial limitations. And we get it, life happens, and unexpected expenses can throw us off track. But fear not! The key step in learning how to stretch your money and navigate financial hurdles with confidence is to build an emergency fund to soften the blow when hard times hit.

The unfortunate truth is that you’re also going to have to learn how to prioritize needs over wants to make the most of your resources.

• Set realistic expectations and stay motivated

Building wealth takes time and patience. Be sure to set realistic goals and celebrate the small victories along the way. Stay motivated by envisioning the life you want to lead and remind yourself of the long-term benefits of your small efforts today. 

• Seek professional advice and support

Hey, we're here to guide you, but we're not financial advisors. That's why it's essential to seek professional advice when needed. A qualified financial advisor can provide you with personalized advice and help you navigate complex financial decisions, offer investment strategies tailored to your goals, and ensure you're on the right track.

Step 6: Long-term wealth building

Rome wasn't built in a day, and neither will your financial wealth. 

• Set long-term financial goals

Picture your dream life and let's make it a reality. Define your long-term financial goals, like buying a house, planning for a comfortable retirement, or starting a business, and break them down into achievable milestones. Then develop a roadmap to reach them. As you hit the milestones and manage the ebb and flow of life, be sure to regularly review and adjust your goals along the way.

• Retirement planning and saving strategies

Retirement might seem far away, but it's never too early to start preparing for it. Take advantage of compound interest and explore strategies for retirement savings that make sense for your current situation, like a retirement account or participating in employer-sponsored retirement plans (particularly ones that offer tax relief).

Be sure to maximize contributions to these accounts whenever possible and look into tax-efficient investment funds. Let's ensure your golden years are as golden as can be.

• Reviewing and adjusting your financial plan periodically

Flexibility is key to your financial journey. Regularly review your budget, investment account, and progress as you move confidently toward your goals. Make necessary adjustments to your investment strategy to stay on track and seize new opportunities that align with your evolving financial situation. Life changes, and so should your financial plan. Keep it adaptable and exciting.

Final thought

Starting from €0 in your thirties may seem challenging, but with the right mindset, knowledge, and practical steps, you can embark on a fulfilling financial journey. By budgeting effectively, saving diligently, generating additional income, investing wisely, and overcoming obstacles, you can build a solid foundation for long-term wealth and financial security. 

While it's no walk in the park, it’s not rocket science. Empower yourself with the tools and resources available, and remember that every step you take today brings you closer to a brighter financial future and fuller savings account.

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We are delighted to announce the listing and support of Ethereum Name Service (ENS) on Tap!

ENS is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold ENS for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting ENS will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Ethereum Naming Service is a branch from the original blockchain network which aims to make the crypto space, particularly within the DeFi and Web3 sectors, more user-friendly and accessible. Similar to how Domain Name Service made the internet more accessible, Ethereum Name Service aims to do the same and become a fundamental component of these sectors.

Users can register a name through various ENS domain registrars or directly through the ENS manager. Once registered, the name is added to the Ethereum Name Service Registry, and the user becomes the owner of that name. ENS uses a hierarchical system of domains similar to the DNS system used for the internet. 

Once registered, the user can then set the resolver, which is a smart contract that provides information about the Ethereum wallet address associated with the ENS name.

The Ethereum Name Service (ENS) system is similar to the DNS (Domain Name System) used on the internet. Users can register an ENS domain name under the .eth top-level domain and associate them with their Ethereum addresses by using the platform's smart contracts.

The Ethereum Name Service (ENS) did not have its own token until recently. In 2021, the ENS team announced the launch of a new governance token called ENS, which is separate from the old ERC-20 token with the same name.

Get to know more about Ethereum Name Service (ENS) in our dedicated article here.

Tap experienced a significant growth in our user base during Q1 2023. While this was a cause for celebration, it also attracted the unwanted attention of fraudsters. Lured by our platform's quick onboarding and seamless fiat and crypto transactions, these fraudsters exploited remote access tools like Teamviewer and Anydesk to abuse vulnerable individuals . In response, we felt compelled to implement a robust and necessary Anti-Scam Protection Feature.

This feature, while stringent and non-negotiable, is not designed to control our users' app preferences. Instead, it is a forceful, yet crucial measure to ensure their safety and protect the integrity of our platform.

Regulatory Responsibility: As a regulated financial entity, we're duty-bound to shield our users from potential threats and foster safe digital practices. Our Anti-Scam Protection Feature stands as testament to this commitment. It doesn't merely warn users about potentially risky apps; it mandates their removal to ensure the secure use of our services.

Proactive Measures: Scams utilizing remote access tools can be highly sophisticated and often slip past even the most vigilant defenses. Our feature is a stringent proactive measure, akin to a car's seatbelt, designed to preemptively avert such situations.

User Autonomy: At Tap, we deeply value our users' autonomy and their ability to manage their digital safety. However, we also acknowledge that scammers' tactics can be complex and deceptive. The Anti-Scam Protection Feature is our firm stand against such threats, ensuring all users can safely navigate the digital banking landscape.

At Tap, we go beyond secure transactions. Our vision is to create a 'super app' that caters to everyone's needs. We prioritize the protection and well-being of all our customers, including our beloved pops and nans. Understanding the older generation's vulnerability to scams, we are committed to making digital banking accessible and safe for people of all ages. This feature is a significant step towards that vision.

Now, it's crucial to understand an often-overlooked concept outside the payments industry – the "fraud threshold." This measure ensures that financial platforms don't profit from fraudulent transactions. While a high fraud rate may inflate revenues temporarily, it risks losing critical payment services like GBP - Faster Payments and Euro SEPA transfers over time.

Weighing the pros and cons of our Anti-Scam Protection Feature provides a clearer perspective:

CONS:

• Potential displeasure amongst users of apps like Teamviewer, Anydesk, and others.
• Possible loss of a few users.
  

PROS:

• Protection of user life savings.
• Deterrence of scammers.
• Preservation of crucial payment relationships.
• Ensuring availability of payment rails for all our users.
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The Anti-Scam Protection Feature is an assertive measure, and we understand it may cause some inconvenience. But it's an essential step in our commitment to providing a safe, secure, and accessible digital banking environment for everyone.

Are you ready to embrace the future of cashless payments? As Europeans increasingly rely on digital payment methods, the European Union is exploring implementing a safe and effective transition. Enter the digital euro, a potential game-changer in the world of virtual money. 

In this article, we'll dive into what the digital euro is all about and how it works. Get ready to discover how this innovative currency could streamline transactions, reduce costs, and empower individuals and businesses throughout the Eurozone. It's high time we unlock the possibilities of the digital euro and embrace the convenience of a cashless future.

What is the digital euro?

The digital euro, at its core, is a virtual currency designed for the Eurozone. It operates entirely digitally, making transactions fast, secure, and innovative. As a digital currency, it exists in electronic form, with no physical counterpart like traditional banknotes or coins. 

The European Central Bank (ECB) plays a crucial role in issuing and managing the digital euro, ensuring its legal value and guaranteeing its acceptance alongside physical cash. With the ECB's oversight, the digital euro aims to provide a seamless and convenient payment method for businesses and individuals alike, revolutionising the way we handle money in the digital age.

Is the digital euro a cryptocurrency?

No, the digital euro is not considered a cryptocurrency. While both the digital euro and cryptocurrencies are virtual assets, there are key differences between them. 

Cryptocurrencies, like Bitcoin, are typically decentralised and operate independently of central banks or public authorities. They are often issued by private individuals and allow for peer-to-peer transactions without the need for intermediaries like central banks. 

In contrast, the digital euro will be issued and regulated by the European Central Bank (ECB), making it a central bank digital currency (CBDC). The digital euro will operate on a centralised system and will be managed and regulated using blockchain technology operated by the central bank.

Why do we need a digital euro?

The digital euro has several key objectives aimed at transforming the financial landscape. Firstly, it seeks to enhance financial integration within the Eurozone by providing a common and easily accessible digital payment solution for all member countries.

Secondly, the digital euro aims to bolster security, offering a safe and trusted digital currency that can mitigate risks associated with traditional payment methods. For users, the digital euro promises convenience by enabling fast and seamless transactions, eliminating the need for physical currency. 

Additionally, it has the potential to be cost-effective, reducing transaction fees and providing efficient payment options for both businesses and individuals. The digital euro also allows anyone to use the currency without creating a bank account associated with the central bank.

How will the digital euro work?

The virtual currency operates on an innovative framework, known as blockchain technology, revolutionising the way we transact. To use the digital euro, individuals and businesses will need to create a digital wallet, similar to those used for cryptocurrencies.

However, unlike cryptocurrencies, the digital euro will be issued and regulated by the European Central Bank (ECB), ensuring its stability and legal value. Despite it being a digital currency, it is still regarded as central bank money as it is operated by the central bank. Users won't require a traditional bank account, as the digital euro can be deposited directly at the European Central Bank. This empowers individuals to engage in peer-to-peer transactions without relying on commercial banks as intermediaries. 

With blockchain technology as its backbone, the digital euro ensures secure, traceable, and efficient transactions, making it a cutting-edge payment method for the modern era while remaining central bank money.

Advantages of implementing the digital euro

The modern payment tool is designed to empower all private citizens and businesses in the Eurozone. Once approved, the digital euro will revolutionise transactions with its simplicity and immediacy. Here's what it brings:

Streamlined processes

The digitization of payments will make purchases and money transactions simpler and faster.

Cost savings

The digital euro significantly reduces costs associated with payment systems, putting more money back in your pocket.

Environmental benefits

By embracing the digital euro project, we contribute to a drastic reduction in the ecological footprint associated with monetary and payment systems within the financial sector.

Instant support

In times of need, governments can swiftly provide economic aid to citizens, thanks to the digital euro.

Anti-money laundering

With transaction registration, we can effectively combat money laundering and tax evasion.

Financial inclusion

The digital euro ensures everyone, even those without a bank account, can enjoy the simplicity and security of digital payments within the financial system.

Risks associated with the digital euro

While the digital euro brings numerous benefits, it's important to be aware of potential risks. Here are a few considerations:

Privacy

The digital euro complements physical cash, known for its anonymity. While it aids in anti-money laundering, tracking payments could limit citizen privacy to some extent.

Impact on banks

As the digital euro gains popularity, deposits in credit institutions may decrease, potentially affecting loan availability. Credit institutions and payment intermediaries, and even national central banks, may need to revise their business models to adapt to the digital euro ecosystem and safeguard financial stability within the greater financial system.

Traditional euro vs the digital euro

When comparing the digital euro to traditional currency, there are both similarities and differences to consider. In terms of similarities, both the digital euro and physical currency share the fundamental purpose of facilitating transactions and serving as a medium of exchange. While the digital euro operates in the digital realm, central banks physical banknotes and coins continue to play a significant role in everyday transactions alongside the digital euro. It's important to note that both are central bank money.

However, key differences set the digital euro apart. The digital euro offers advantages such as faster transactions, as it eliminates the need for physical exchange and reduces processing times. 

Additionally, the digital euro promotes financial inclusion by enabling individuals without a bank account to participate in the digital economy, expanding access to secure and convenient payment methods. The digital euro is not designed to replace the traditional currency, but rather coexist alongside it.

It is, however, poised to shape the future of currency.

The current landscape of CBDCs

While the digital euro is expected to take 5 years to implement, other countries around the world are also in the running to release a central bank digital currency of their own. In fact, approximately 50 central banks around the world are actively researching or experimenting with central bank digital currencies, confirming that the race to embrace digital currencies and central bank money is on. 

The Bahamas lead the pack with their Sand Dollar, a digital version of the Bahamian dollar launched in October 2020. The dollar offers users free mobile transactions and a safer option than carrying cash. Other noteworthy initiatives include China with the digital renminbi (e-CNY) already in testing and Sweden’s e-krona, and now, the digital euro project.

This thriving landscape in the financial system signifies the growing acceptance of digital currencies by central banks. As financial inclusion, individual financial stability, streamlined payment systems, and the emergence of private cryptocurrencies take centre stage, the exploration of CBDCs empowers nations and central banks to shape the future of money and unlock new possibilities for a digitally empowered society.

Final thoughts

In conclusion, the digital euro represents a transformative leap toward a cashless future. With its aim of enhancing financial integration, strengthening security, and providing convenient payment options, the digital euro has the potential to revolutionise the way we handle money in the Eurozone. 

Operating on blockchain technology and regulated by the European Central Bank, the digital euro offers fast, secure, and efficient transactions, empowering individuals and businesses alike. While the digital euro coexists with physical currency, its advantages, such as faster transactions and increased financial inclusion, make it a promising addition to the financial landscape.

As countries worldwide explore the potential of central bank digital currencies, including the Sand Dollar, the future of digital currencies appears bright, heralding a new era of financial empowerment. Keep an eye out for the digital euro in months to come.

In the rapidly evolving landscape of cryptocurrencies, investors are always searching for dependable platforms that provide effortless trading experiences and a diverse array of features. Among the multitude of options available, distinguishing between Tap and traditional crypto exchanges can be challenging. Although both facilitate cryptocurrency trading, they exhibit notable disparities in their offerings and functionalities. In this article, we will delve into five fundamental distinctions that position Tap as a superior choice when compared to traditional crypto exchanges.

All-in-One Platform:

One of the most significant advantages of Tap over traditional crypto exchanges is its all-in-one platform. Tap is not solely a cryptocurrency exchange but a comprehensive financial platform that seamlessly integrates cryptocurrencies with traditional fiat financial services. Users can hold and exchange various cryptocurrencies alongside fiat currencies in a single account. This unique feature provides unparalleled convenience, allowing customers to manage their finances and investments in one place. On the other hand, traditional crypto exchanges usually only support cryptocurrency trading, requiring users to transfer funds back and forth between different accounts for fiat-related transactions.

User-Friendly Interface:

Tap prides itself on its user-friendly interface, designed to cater to both seasoned traders and newcomers to the crypto space. The platform's intuitive design makes it easy for users to navigate, monitor market trends, and execute trades efficiently. Additionally, Tap provides real-time market data, educational resources on its blog, and insights to help users make informed decisions. Conversely, many traditional crypto exchanges can be overwhelming, especially for beginners, with complex interfaces and limited educational support.

Instant Fiat-Crypto Conversion:

Another standout feature of Tap is its instant fiat-crypto conversion. Users can easily convert their fiat currency into a wide range of cryptocurrencies at competitive exchange rates, without the need for additional transactions or fees. This convenience streamlines the trading process and allows users to capitalize on market opportunities swiftly. In contrast, traditional crypto exchanges often require users to deposit funds, wait for approval, and then execute trades, which can take hours or even days to complete.

Broad Range of Cryptocurrencies:

Tap offers an extensive selection of 40+ cryptocurrencies, including popular options like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and many more. With Tap, users have the flexibility to diversify their crypto portfolio easily. Moreover, the platform regularly adds new cryptocurrencies to its offerings, ensuring users have access to the latest and most promising digital assets. In contrast, some traditional crypto exchanges have a limited selection of cryptocurrencies, restricting users' investment options.

Pair Agnostic Trading:

A key advantage that sets Tap apart from traditional crypto exchanges is its pair agnostic trading feature. With Tap, users can seamlessly exchange any crypto asset for any other crypto asset directly on the platform. This eliminates the need for multiple exchanges or restrictions on which assets can be traded against each other. Unlike traditional crypto exchanges that often impose limitations on trading pairs, Tap empowers its users with unmatched flexibility, allowing them to swiftly trade between a vast array of cryptocurrencies or fiat.

Enhanced Security and Regulation:

Tap sets a high standard for security and regulatory compliance. As a regulated financial institution, the platform follows stringent security measures to safeguard users' funds and personal data. Tap employs advanced encryption protocols and two-factor authentication to protect accounts from unauthorized access. Additionally, it complies with regulatory requirements, ensuring a safe and reliable trading environment. On the other hand, traditional crypto exchanges may not always adhere to the same level of regulatory scrutiny, leaving users potentially exposed to security risks and uncertainties.

In conclusion:

In conclusion, Tap stands out as a superior choice compared to traditional crypto exchanges due to its all-in-one platform, user-friendly interface, instant fiat-crypto conversion, broad range of cryptocurrencies, and enhanced security and regulation. Its seamless integration of cryptocurrencies with traditional financial fiat services makes it a one-stop solution for financial management and investment needs. With Tap, users can trade cryptocurrencies with ease and confidence, backed by a robust and secure platform. Whether you are a seasoned crypto investor or a newcomer to the world of digital assets, Tap offers a compelling and competitive solution for your trading and financial needs.

We are delighted to announce the listing and support of Loopring (LRC) on Tap!

LRC is now available for trading on the Tap mobile app. You can now Buy, Sell, Trade or hold LRC for any of the other asset supported on the platform without any pair boundaries. Tap is pair agnostic, meaning you can trade any asset for any other asset without having to worries if a "trading pair" is available.

We believe supporting LRC will provide value to our users. We are looking forward to continue supporting new crypto projects with the aim of providing access to financial power and freedom for all.

Addressing the speed and cost concerns associated with the Ethereum platform and decentralized cryptocurrency exchanges, Loopring delivers a new layer to the DeFi space. Describing itself as “an open-source, audited, and non-custodial exchange protocol,” Loopring is bringing something new and innovative to the space.

The Loopring Exchange aims to offer a hybrid platform combining the best features of centralized exchanges and decentralized exchanges, addressing issues like structural limitations and transparency. The platform combines centralized order matching with decentralized blockchain order settlement, using zero-knowledge proofs (ZKPs) for enhanced privacy, reduced costs, and high speeds.

The Loopring cryptocurrency, LRC, plays a crucial role in the operations of the protocol.
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To operate a decentralized exchange on Loopring, a minimum of 250,000 LRC needs to be locked up. This allows the exchange operator to utilize on-chain data proofs. Alternatively, an operator can stake 1 million LRC to run an exchange without this feature.

LRC serves as an incentive for the proper utilization of the Loopring network. Exchange operators who deposit LRC may face confiscation of their deposits by the protocol if they operate exchanges poorly. These confiscated funds are then distributed to users who choose to lock up LRC.

Get to know more about Loopring (LRC) in our dedicated article here.