Altcoins Talks - Cryptocurrency Forum
Further Discussions => Economics , Sociology & Politics => Topic started by: gunhell16 on January 24, 2024, 11:58:44 AM
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
-
As a response, I will add my concept in abbreviated form:
1. to study finance and economics. Be sure to give your children a basic financial education.
2. Cost planning, and income planning. Both for yourself personally and for your family.
3. not to buy things belonging to the expensive segment, as products of cheap marketing, built on human shortcomings and weaknesses.
4. Consume wisely ! In the first place it reduces your expenses, in the second - it is a respectful attitude to the results of labor of other people.
5. Set goals and achieve them! Reach them reasonably, it is not necessary to invest your whole life and all your assets in achieving the goal!
6. After reaching a goal - set a new, higher level!
7. Know how to assess risks and invest prudently
8. Choose a social circle, among people from a higher "layer"
9. Perseverance and stubbornness are different states. Be persistent and reasonable in achieving your goals
10. Be sure to form a financial cushion and passive income - provide yourself with the final stretch of life !
-
As a response, I will add my concept in abbreviated form:
1. to study finance and economics. Be sure to give your children a basic financial education.
2. Cost planning, and income planning. Both for yourself personally and for your family.
3. not to buy things belonging to the expensive segment, as products of cheap marketing, built on human shortcomings and weaknesses.
4. Consume wisely ! In the first place it reduces your expenses, in the second - it is a respectful attitude to the results of labor of other people.
5. Set goals and achieve them! Reach them reasonably, it is not necessary to invest your whole life and all your assets in achieving the goal!
6. After reaching a goal - set a new, higher level!
7. Know how to assess risks and invest prudently
8. Choose a social circle, among people from a higher "layer"
9. Perseverance and stubbornness are different states. Be persistent and reasonable in achieving your goals
10. Be sure to form a financial cushion and passive income - provide yourself with the final stretch of life !
Overall, the points that OP and you convey are very important points to make us more stable in financial matters, in my opinion now it is the highest aspiration for most people, because it cannot be denied that with our financial stability it will make us more comfortable in living life.
Actually they are aware of these points, but they cannot apply them well in life, sometimes one of the causes is excessive prestige. Especially when in a luxurious environment, of course we will unconsciously follow a luxurious lifestyle too, so I think the environment is also one of the important factors in applying the points submitted.
-
As a response, I will add my concept in abbreviated form:
1. to study finance and economics. Be sure to give your children a basic financial education.
2. Cost planning, and income planning. Both for yourself personally and for your family.
3. not to buy things belonging to the expensive segment, as products of cheap marketing, built on human shortcomings and weaknesses.
4. Consume wisely ! In the first place it reduces your expenses, in the second - it is a respectful attitude to the results of labor of other people.
5. Set goals and achieve them! Reach them reasonably, it is not necessary to invest your whole life and all your assets in achieving the goal!
6. After reaching a goal - set a new, higher level!
7. Know how to assess risks and invest prudently
8. Choose a social circle, among people from a higher "layer"
9. Perseverance and stubbornness are different states. Be persistent and reasonable in achieving your goals
10. Be sure to form a financial cushion and passive income - provide yourself with the final stretch of life !
Overall, the points that OP and you convey are very important points to make us more stable in financial matters, in my opinion now it is the highest aspiration for most people, because it cannot be denied that with our financial stability it will make us more comfortable in living life.
Actually they are aware of these points, but they cannot apply them well in life, sometimes one of the causes is excessive prestige. Especially when in a luxurious environment, of course we will unconsciously follow a luxurious lifestyle too, so I think the environment is also one of the important factors in applying the points submitted.
I'll tell you more - we all know a lot of useful advice and recommendations within our ordinary life - eat right, sleep the right amount of time, exercise, don't abuse alcohol, don't smoke, study and develop,.... And many others. But, 99,9%, including me, stick to them partially ! :) And as a result we have problems that could have been avoided.....
Similarly in "financial life" - there are many rules, which appeared as a result of negative or positive experience of others, and their regular use - will dramatically reduce our problems in the financial field. But... not everyone is ready to adhere to them constantly and regularly !
By the way, one more simple rule, very useful - I, for example, income received from another direction of my activity, I always divide it into 3 parts: 40% - replenishment of the financial cushion, 30% - for current expenses, 30% - for investments. And if you take the effect of this rule for 1 year - believe me - it is very tangible !
-
Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.
-
Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.
Control over your "wants", and the ability to manage desires - one of the qualities that guarantee a secure life !
Uncontrolled consumption, if we talk about things - it is spending, and meaningless, and usually realizing only "show" - to show yourself richer than you are.
Excessive consumption, if we talk about foodstuffs, is the second largest worldwide. We buy more food than we really need. Significantly more.
But these are manifestations of the problem. And the cause is uncontrolled consumption, and not being able to control our desires, something many of us have to fight against
-
One thing I noticed from my generation is their exposure to microtransactions. I think it is difficult to completely free yourself from that after you buy it the first time, especially if you can only play on mobile or something similar. The growth of each gaming is massive and I don't think it will go away anytime soon, if ever. People should learn how to control their impulses on this too, since the cost of buying skins or pulls depends on what game you played can be quite expensive. One strategy I usually do since I also play some of these games is to stay away from communities and just stick with the official account to get news or mute other channels or threads if that is necessary. FOMO usually happens because of people's reactions, not necessarily from the marketing materials. I reckon if you can save for 6 months of buying their monthly packs, you should be able to own a decent amount of sats by then.
-
~snip
By the way, one more simple rule, very useful - I, for example, income received from another direction of my activity, I always divide it into 3 parts: 40% - replenishment of the financial cushion, 30% - for current expenses, 30% - for investments. And if you take the effect of this rule for 1 year - believe me - it is very tangible !
Agreed, even if it doesn't make us rich, it will at least make our finances better.
I'm the same way, I always make a percentage of my income, of course we will not be able to skip the daily necessities of life, because it is the most important need that we cannot forget.
Investment, yes that sometimes many people miss it, even though they have stable finances but they forget to make their money into something more valuable for the future. Investment has become a part of my life now, honestly I have felt a lot of results from the investments I have made.
-
By the way, another question - who keeps records of income and expenses for himself or family ? By items of expenses and income, it is very important to analyze your budget. And also calendar planning of income/expenditures, which allows you to plan "reserves" of money for the household to avoid what is called "cash gap". This concept will be very useful for those who have regular payments (financial obligations)
And all this together, allows you to accustom yourself and your family to financial discipline, which will be very useful in life :)
-
1. Avoid spending without a plan
This is what people is doing nowadays that sometimes resulted in overspending.
2. Don't boast of having a lot of money
This is too risky and life threatening as you might end up getting robbed.
3. Don't always purchase anything worth
For me I prioritize my needs rather than wants.
4. Do not waste money on unnecessary items
Yeah true, unless you are rich enough to have a lavish lifestyle spending on something unnecessary.
5. Don't invest abruptly
I think most of us fall as a victim on this one before we got enough ideas and knowledge about investments. I personally was one of those victims to be honest before I came here on this forum. I invested on pyramiding scheme and other get rich quick modus and yeah you guessed it I end up broke.
-
You are actually right with all you have said, and if your topic is comprehensively elaborated, there are still more tips that need to be prevented or done with caution for the person to actually grow their financial status.
One aspect that I want to emphasize is that some people usually spend more than they earn, while others always have the habit of spending the money they have yet to earn. The two points are really a problem for some people, which is why they don't see financial growth.
For example, imagine someone who earns a $500 salary every month, and before the end of every month, the person is already in debt of $600. After receiving his salary, he will just end up using the money to clear debts, and will still be left with $100 of unsettled debt, which will be carried over to the next month. Before that month ends, they are already on an extra loan of $400 plus the old loan of $100. It's quite funny, but that's how some people live. They spend the money that they have not yet earned, and that's a very bad habit that doesn't contribute to financial growth.
-
You are actually right with all you have said, and if your topic is comprehensively elaborated, there are still more tips that need to be prevented or done with caution for the person to actually grow their financial status.
One aspect that I want to emphasize is that some people usually spend more than they earn, while others always have the habit of spending the money they have yet to earn. The two points are really a problem for some people, which is why they don't see financial growth.
For example, imagine someone who earns a $500 salary every month, and before the end of every month, the person is already in debt of $600. After receiving his salary, he will just end up using the money to clear debts, and will still be left with $100 of unsettled debt, which will be carried over to the next month. Before that month ends, they are already on an extra loan of $400 plus the old loan of $100. It's quite funny, but that's how some people live. They spend the money that they have not yet earned, and that's a very bad habit that doesn't contribute to financial growth.
Extremely simple crediting scheme, it is like everything in our life - "a stick about two ends", well, plus the second classical problem - how correctly or incorrectly people use the benefits of civilization, and in this case - crediting schemes is imposed
1. Loans are actually a useful thing, it's hard to argue here - if you don't have money, but you need it critically - you take a loan, with an acceptable interest rate, use it and pay it back. If a person's income is small, it is a long process to accumulate a large amount of money. And if you need the money no later than "tomorrow" ?
2.The other side of this good service is evil. And this evil is created by people themselves, buying unnecessary things on credit, spending more than they earn, in the HOPE that one day they will suddenly get rich and pay off all their loans. Meanwhile, they continue to take loans to pay off previous loans, and so accumulate huge amounts of debt. And it is their own fault, not the banks or creditors.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
I can relate to this at an early age when I got my job and every time I got my salary I spent mostly on beer, partying and other useless things. After that I always asked myself how much I spent because my money was already gone and I had no idea where it went aside from partying. Also I just realized that even if you spend a small amount you should have a tracker on it to know how much you've spent because even that small amount will accumulate over time, and it is huge.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
So true, I just remember how I do lavish my money on worldly attachments which at the end are not meant to be good for me! But later realize that I was making so much mistakes,, if assuming have used the money to start up a small scale business, by now my live would have been better than this today , in fact I will be the boss of my business whereby people will be benefiting under it. But still all thanks goes to the lord Almighty, But i believe if life goes on things will get better again. But this days what I realize people have been falling victims of online businesses that they register and invest so much amount of money but later turns out to be fraud which have also happened to me on several occasions too but now have realized my mistakes. So I advices we should always think twice before investing our own earn money on a business or anything in this life.
-
I have seen several threads of this kind on the other forum as well and they are usually good advice, although not exhaustive, I would say. In the case of this thread, similarly, they seem to me to be good ideas although they could be nuanced. 1) is very good but I would complete it by saying that you should make a budget, in which you not only make a plan for expenses but also count income so that the subtraction between income and expenses gives you a surplus to save and invest. The rest of the advice is OK.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
I can relate to this at an early age when I got my job and every time I got my salary I spent mostly on beer, partying and other useless things. After that I always asked myself how much I spent because my money was already gone and I had no idea where it went aside from partying. Also I just realized that even if you spend a small amount you should have a tracker on it to know how much you've spent because even that small amount will accumulate over time, and it is huge.
I had a friend who spent his whole life on a similar lifestyle, and constantly complained about financial problems, although we can say that he earned quite well. I suggested that he do a very simple experiment - devote 1 month to his girlfriend, parents, sports, but not going to pubs, wild clubs and parties. Before starting the experiment, collect all his funds, fix the amount, and at the end of the experiment, see how much money he has left....
I won’t say that he began to lead an absolutely truthful lifestyle, but now he goes to the pub 2-3 times a month, and not 3 times a week, and he has a lot more money, although his salary has not increased :) Yes, and the mental state has improved - after all, regular consumption of alcohol is an intoxication of the body, which also affects the mental, emotional and physical state of a person. Now he has also reduced the cost of medications for hangovers, headaches, and anti-bepressants :)
We just need to learn to control our desires and assess risks and problems.
-
-snip-
Investment, yes that sometimes many people miss it, even though they have stable finances but they forget to make their money into something more valuable for the future. Investment has become a part of my life now, honestly I have felt a lot of results from the investments I have made.
Investment is something that is important for someone to do to be able to build their portfolio for a better future. Without investment, it will be difficult for individuals to be able to shape a prosperous life in the future because they do not have investment in other assets which can keep their economic conditions more stable and stronger. And because of this, it is important for people to invest the money they have, for themselves and that also helps the country's economy.
-
-snip-
Investment, yes that sometimes many people miss it, even though they have stable finances but they forget to make their money into something more valuable for the future. Investment has become a part of my life now, honestly I have felt a lot of results from the investments I have made.
Investment is something that is important for someone to do to be able to build their portfolio for a better future. Without investment, it will be difficult for individuals to be able to shape a prosperous life in the future because they do not have investment in other assets which can keep their economic conditions more stable and stronger. And because of this, it is important for people to invest the money they have, for themselves and that also helps the country's economy.
But the problem is that not everyone is aware of this, some people don't know anything about investing, some people know but they don't want to do it, and some people want to do it but they don't have enough ability, because they are still struggling to make ends meet.
I think the government should also be present in providing education about this investment, because they have a wide reach so it can be easier for the government to educate its people about the importance of investment for the future.
-
If we want to stay wealthy or grow in life, there are some things we shouldn't do to prevent being broke or impoverished. For example, depending only on one source of income will kill our business or career. We should look for other sources of income as well. We should also always cut our coat according to our size, meaning that we should live within our means rather than spend more than we earn in an attempt to impress others. Doing so will only make us more impoverished again as it will make us debtors, among other problems.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
Actually every points listed there if it's been followed to the latter I mean,it will help you remain financially stable in life. One of the things I want to add is that you don't need to have a competitive spirit,with your follow business partners on properties they have acquired, I agree with everyone points listed.
-
In other for to grow in your finances then you must limit to expenditures that does not bring back profitable returns such as acquiring pleasury items and aiming at acquiring luxurious materials or living an extravagant life that your financial portfolios could not hold on to and must abstain from expenditures such as forcing in to meet up with friends classical lifestyles because it would definitely opt you to extract from your investments and by so doing, your investment level would start depreciating instead of appreciating.
-
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
Alot of people have taken the naivety of alot of users in this space for their advantages, by using some kind of Ponzi scheme to scam them of their hard earn money . And in this space one can become more wealthy and same time it can be the opposite. That we should be observant of the kind of things we put our money into. Just imagine investing $1000 to get $10,000 After three days ( it is obviously screaming scam! Scam!) , For one to wast e their funds in such scheme why not make some good research and invest their money in some good coins like Bitcoin and hold , and make some good profit as the value increased.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
I agree with you, in summary of all you've just said is that in order to maintain your finances and for you to grow financially, set a good budget, so that you can control your spending.
-
I agree with you, in summary of all you've just said is that in order to maintain your finances and for you to grow financially, set a good budget, so that you can control your spending.
That is what really we should do every day because if we don't have set of goals with us we will end up spending every penny we have on our purses. That is what will drive us to the top. We should also be responsible and patient.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
I agree with you on the points except for points number two and three. I have seen a lot of people who boast of having money yet they are growing richer and richer. I don't think showcasing wealth is a deciding factor if you will grow rich or not. Some people don't boast about their wealth yet they haven't surpassed others who boast about their wealth.
Also, spending on trends shouldn't be a problem. After all, why do we need money if not to live very comfortably? In my thinking, if buying that item brings peace of mind to you and you can comfortably afford it, then buy it.
-
I agree with you, in summary of all you've just said is that in order to maintain your finances and for you to grow financially, set a good budget, so that you can control your spending.
That is what really we should do every day because if we don't have set of goals with us we will end up spending every penny we have on our purses. That is what will drive us to the top. We should also be responsible and patient.
Financial management matters a lot in our lives, because anyone with poor financial management will not know his important needs and put them first. Rather they will spend their funds on what is not necessary or important to them. This will make you not have enough to save and invest, because you will not be able to manage and trim down your expenses in order for you to have extra funds that you can use for something important in future.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
You have carefully noted what everyone should know about as they get rich or advance in life.
Many people who have found themselves to be rich, almost behave in all these manners you pointed out without them knowing that they are getting it all wrong and bringing their future wealth into danger by exposing it to bankruptcy due to their failure to invest and utilize their wealth in a way it will yield more money for them in the future. For instance, someone who is a million dollars today, once they begin to spend from it without recovering the money spent back, I believe such a person won't be that exact a million dollar rich again because they have spent some part of the money that made them be a million dollar rich. For one to stay afloat in wealth, one should spend intelligently.
-
I agree with you, in summary of all you've just said is that in order to maintain your finances and for you to grow financially, set a good budget, so that you can control your spending.
That is what really we should do every day because if we don't have set of goals with us we will end up spending every penny we have on our purses. That is what will drive us to the top. We should also be responsible and patient.
Financial management matters a lot in our lives, because anyone with poor financial management will not know his important needs and put them first. Rather they will spend their funds on what is not necessary or important to them. This will make you not have enough to save and invest, because you will not be able to manage and trim down your expenses in order for you to have extra funds that you can use for something important in future.
Exactly. And this actually happened to me once before. Mismanagement really cause disaster to our funds as we might spend it all indiscrimately for nonsense things and that would make us regret in the long run. If only we knew it early, if only I can go back time but yeah it's all done and what done is done.
-
Exactly. And this actually happened to me once before. Mismanagement really cause disaster to our funds as we might spend it all indiscrimately for nonsense things and that would make us regret in the long run. If only we knew it early, if only I can go back time but yeah it's all done and what done is done.
I believe every trader here must have experienced mistakes until they finally learn from those mistakes and hope they don't repeat the same mistake a second time. As long as we can use previous mistakes as important lessons, we can avoid the problem from happening again.
-
When you have got money, it is very important to value your money. Spending money unwisely will put you in a difficult position in the future. Proper financial planning is very important in life. The sooner one learns it the better.
-
The wealth of each of us is the difference between our income and our expenses.
Accordingly, wealth is formed by: growth of income, reduction of expenses or both growth of income and reduction of expenses.
And here everyone chooses his own model of realization, because there are no universal solutions.
Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to
-
Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to
There is another essential tip for growing rich and advancing in life, and it is controlling your habits. Every individual has a particular habit—something that they like so much and can lavish money on unapologetically. It could be love for clothes, jewelry, tech devices, drinking, womanizing, smoking, gambling, etc. If a person is unable to control their habits, it will put a very big hole in their pocket financially, and they will not be able to keep money regardless of whatever they earn.
-
Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to
There is another essential tip for growing rich and advancing in life, and it is controlling your habits. Every individual has a particular habit—something that they like so much and can lavish money on unapologetically. It could be love for clothes, jewelry, tech devices, drinking, womanizing, smoking, gambling, etc. If a person is unable to control their habits, it will put a very big hole in their pocket financially, and they will not be able to keep money regardless of whatever they earn.
For me jewelry is good as it can be an asset especially if it was made out of precious metals and precious stones. But what you have said is really I think the most common reason why people messed up in life it's because of bad habits and lifestyle. They tend to prioritize wants rather than their needs so that will surely drag them down in the long run. I personally learned that lesson the hard way to be honest.
-
Yes, and what is very important - you must keep a record of your income and expenses, believe me this simple and accessible mechanism (even on paper, or in Excel or GoogleTab), will allow you to see the real situation of your income and expenses, and to understand where you have "weaknesses", which should be paid attention to
There is another essential tip for growing rich and advancing in life, and it is controlling your habits. Every individual has a particular habit—something that they like so much and can lavish money on unapologetically. It could be love for clothes, jewelry, tech devices, drinking, womanizing, smoking, gambling, etc. If a person is unable to control their habits, it will put a very big hole in their pocket financially, and they will not be able to keep money regardless of whatever they earn.
And you're right about that. We have a lot of habits or desires that can be both destructive (financially) and financially attractive !
For example - I have a hobby since childhood - numismatics. When I just collected coins from all over the world, then I got interested in antique coins. A couple of years ago I again "returned to childhood" :) I started collecting again. But now it is only expensive rare coins, silver and gold. For example, I do not buy coins, which circulation is more than 3000 copies, if we talk modern. I don't buy simple silver/gold ancient coins - but only rare ones.
Or like whiskey :) Once I didn't understand it at all, but then I tried some really tasty whiskies. Try for example The Glenlivet 25 years old, and you will realize that it is in some way a work of art, but alcoholic. At first I was just buying to fill the bar at home with "tasty" whiskies. Then I realized that some varieties become more expensive over the years. Now I have a small but quality collection of whisky, of investment nature :)
But if I just buy whisky and drink it every day, even "collectible" - it will not bring me benefits, but only undermined health and high costs for the daily intake of whisky :)
-
Making wise decisions with your money is essential so here are the things that you shouldn't do with your money buying things that are not necessary avoiding impulse purchases, ignoring emergency savings, not saving and not investing it, not budgeting your money, and gambling.
-
Making wise decisions with your money is essential so here are the things that you shouldn't do with your money buying things that are not necessary avoiding impulse purchases, ignoring emergency savings, not saving and not investing it, not budgeting your money, and gambling.
What is necessary depends on the individual, and what appears to be necessary today may become unnecessary tomorrow. For example, I was happy when I bought my first iPhone, but later regretted spending so much money on it. But then I realized that our entire struggle in life is to live a good life, and sometimes what gives us that good life is something that, when viewed critically and logically, is unnecessary.
However, as a human, I believe that before spending money unnecessarily, you should make an investment. As long as you have an investment, you can live a happy life regardless of how much money you spend.
-
I will add more and I believe special to be mentioned and that is what?
"Never Live in LOANS and CREDIT"
Because if you do then that will be your bad side in this kind of world, even when you are talking about Your Money yet there will come a time that you will try extending your funds from loaning .
that will ruin all your plans mate.
-
I will add more and I believe special to be mentioned and that is what?
"Never Live in LOANS and CREDIT"
Because if you do then that will be your bad side in this kind of world, even when you are talking about Your Money yet there will come a time that you will try extending your funds from loaning .
that will ruin all your plans mate.
Billionaires said good debt is the best because they use credit to invest on something that generates passive income while most average people use debt on liabilities that is why success is elusive. I also have debt but I use it the right way.
-
Women and liquor, of you have money, then take serious of the way you spend it, because if we don't handle it we'll on investment and keep spending it like that, it will soon finish before we realize we have gone far on it, if we still want to keep having money then we must invest in it and make a sustainability from its assets we have invested, manage and control it as well.
-
Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.
Yes, you are right, most people are living a poor life is because of lack of management, they have lived their lives competing with other people or living a luxury lifestyle even if their income is not up to the way they live, some are just living that way just to impress people or compete with other people, instead of being themselves, living the best they can, can really save them from a lot of expenses or the way they spend money forgetting to save for the future which might make them go bankrupt or be poor tomorrow. So if they can be able to manage and avoid competition, it will make them to have the sense of humor to save or invest for the benefit of their future.
-
Billionaires said good debt is the best because they use credit to invest on something that generates passive income while most average people use debt on liabilities that is why success is elusive. I also have debt but I use it the right way.
Not everyone can sustain debt, unfortunately. I can borrow money to start a business or invest in something, but the profit generated from them would be low if I didn't have a huge capital to begin with. Millionaires can easily do that because they have money to begin with. People can still choose to do that of course, especially if they have the skill to manage money or run a business, but they should also think how to pay the debt if their plan turns awry. Alternatively, you can get lucky by getting airdrops or something similar so you don't have to take a loan to finance your business. CMIIW.
-
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Of all of what you posted, I find this one the single most important thing if you're investing without proper research, you'll gamble your money away, it's the easiest way to lose your money investing in a Ponzi scheme, if you want to your money to grow be an educated investor and not someone who will just rely on hype to make a profit.
-
Not everyone can sustain debt, unfortunately. I can borrow money to start a business or invest in something, but the profit generated from them would be low if I didn't have a huge capital to begin with. Millionaires can easily do that because they have money to begin with. People can still choose to do that of course, especially if they have the skill to manage money or run a business, but they should also think how to pay the debt if their plan turns awry. Alternatively, you can get lucky by getting airdrops or something similar so you don't have to take a loan to finance your business. CMIIW.
Yep. Debt isn't recommended to do, especially for people who don't really understand how to manage the debt properly. I personally prefer to choose investing with small funds than investing with the money from the debt. If we invest with small funds, it can raise gradually along with more profits we achieve. The risk will be smaller, because it is our own money. Meanwhile investing with the money from the debt, there should be limited time for the repayment and must have the interest. It is a must to gain profits from the money before the repayment time. This will make a big pressure for us, and it is too risky because no guarantee for profits, too. For average people, I think it is not recommended to have a debt.
It is true that millionaires must have their own money and they must have sufficient knowledge on the business. They have the debt to get bigger money but they already know well to gain profits from the business. They have a big chance to gain money from the business, that's why they brave to have a debt.
-
I would like to say in brief that your income, family expenses and personal expenses should be well planned. On the other hand teach your children the lessons that make their future life easier and more enjoyable. And along with education give there an idea of business and other side jobs and basic and financial education is very important. I have made my goals and want to get there but i don't want to spend my whole life and money on this. So i want to keep the target simple because of which the amount of risk will be low and simple.
-
I would like to say in brief that your income, family expenses and personal expenses should be well planned. On the other hand teach your children the lessons that make their future life easier and more enjoyable. And along with education give there an idea of business and other side jobs and basic and financial education is very important. I have made my goals and want to get there but i don't want to spend my whole life and money on this. So i want to keep the target simple because of which the amount of risk will be low and simple.
All these can be done rightly when you source of income is 3x the amount you earn else you will only be struggling as a survivor who will only be putting food from the mouth to mouth everyday. Some of the reason why some people don't get to save any money from their income is because their family responsibilities are more than what they earn and it becomes a burden to them to be able to advance in life.
In anything you do in life, just make sure you don't get too comfortable even if your bills are light and you have the means to pay them, don't relax upgrade and increase your source of income as well, this is the only way you can have advancement in life.
-
Billionaires said good debt is the best because they use credit to invest on something that generates passive income while most average people use debt on liabilities that is why success is elusive. I also have debt but I use it the right way.
Not everyone can sustain debt, unfortunately. I can borrow money to start a business or invest in something, but the profit generated from them would be low if I didn't have a huge capital to begin with. Millionaires can easily do that because they have money to begin with. People can still choose to do that of course, especially if they have the skill to manage money or run a business, but they should also think how to pay the debt if their plan turns awry. Alternatively, you can get lucky by getting airdrops or something similar so you don't have to take a loan to finance your business. CMIIW.
Well yeah I also understand that not all people has financial literacy and therefore donot understand how to make debt in a good way like using it to evade taxes of some sort just like millionaires do but we should also have yo consider that banks are not poor friendly and if we happen to be one then there is no chance for us to get what we wanted. Here in my place we have the traditional way of getting loan money and spent it all the traditional way as well I mean yeah liabilities as usual.
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
I once told a friend just because you are making your first millions doesn't mean you should buy a car but he went ahead to buy the car after a while he went broke and he sold the car, he couldn't use the money he got to bounce back on his feet. If you cannot buy want you want comfortably then it's better you forget about it cause it's something you can't afford. The first thing you should think about when making money is how to make more money
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
I once told a friend just because you are making your first millions doesn't mean you should buy a car but he went ahead to buy the car after a while he went broke and he sold the car, he couldn't use the money he got to bounce back on his feet. If you cannot buy want you want comfortably then it's better you forget about it cause it's something you can't afford. The first thing you should think about when making money is how to make more money
Looking at the experience that you have described, it is clear that there is always need to be cautious while dealing with the financial gains or losses. Since when one make one’s first million, for instance, feels the itch to spend as they have worked hard to achieve their financial success. But buying a luxurious item like a car, with no preparedness on how it is going to affect one’s economy in future may lead to worrying effects. If the decision does not pay respect to the concept of financial planning and risk management implications can be rather critical, as the story of your friend shows.
You should also be able to answer the question of whether the purchase can be made anyways without adversely affecting your financial position. In some cases, it may be impossible to get the amount of money required to comfortably acquire the desired item without having a negative impact on ones financial situation and therefore it is advisable to save or do without the particular item. Most of the emphasis should be on spending the moneys earned in only those areas and activities which help to create more wealth. By doing so you shall not only guard your financial welfare, but also create a more solid framework that is suitable for a higher rate of development in the long run.
-
Don't spend as if you're getting from from the trees, don't handle money the same way you treat a sand, because they are valuable asset to be use in life for an achievement of targets, don't spend money on women, drinks or waste it on liabilities when you should be investing on assets, because money have its own season, if we make use of it the proper way, then we are not going to be in lack of money in the future because it will reproduce its kind when properly managed.
-
That means before any expense, one should at least carry out what is called NEED ASSESSMENT.
Giving yourself some questionnaires by yourself.
Why are my buying this?
Do I really need this?
How much do I have left and how much will remain after I buy?
What's my cash flow?
What do I need as it stands?
And many more questions all by yourself.
It doesn't mean that some treatment should not be taken but it means cutting short unnecessary and helpless expenses so that one can overcome some financial difficulties that comes uninvited.
Thanks for this reminder @author and every contributors.
-
Don't spend as if you're getting from from the trees, don't handle money the same way you treat a sand, because they are valuable asset to be use in life for an achievement of targets, don't spend money on women, drinks or waste it on liabilities when you should be investing on assets, because money have its own season, if we make use of it the proper way, then we are not going to be in lack of money in the future because it will reproduce its kind when properly managed.
Spending it on social life or in lavish lifestyle is one thing to consider because we all know that most of it if not all are liabilities. But yeah depends on ones principle in life and priority. Happened to I think almost all of us when we have money sometimes indiscriminate use of it will lead to being miserable or broke if not taken an action.
-
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
Interesting points, from my pov, to get rich and make progress in life, we should learn to avoid debt or high-interest loans as they are very much capable of draining your money, secondly, Instead of spending everything you have once you receive your pay or salary or any income at all, focus on saving and investing. Don’t just buy the latest trends, they usually lose value sooner or later, thirdly, always Make sure you have some money set aside for emergencies,fourthly, Learn about managing money so you make smart choices. Also, Spread your investments around to avoid big losses and do not let emotions drive your financial decisions. Always think about your future goals, when spending so you can plan towards them and always remember that small, regular savings can add up over time and come in handy.
-
I once told a friend just because you are making your first millions doesn't mean you should buy a car but he went ahead to buy the car after a while he went broke and he sold the car, he couldn't use the money he got to bounce back on his feet. If you cannot buy want you want comfortably then it's better you forget about it cause it's something you can't afford. The first thing you should think about when making money is how to make more money
As a good friend, you offered advice, but your friend wasn't in the right mindset to listen. The money made him feel superior, and he might have perceived you as inferior or a skeptic. People think differently, and miscommunications can occur. Your friend might have thought you were holding him back or didn't want him to succeed, when in reality, you wanted him to make a wise decision with his money.
After your friend spent his money on a car and realized his finances were depleted, he will began to see things clearly. He will understand that your concerns were genuine, and you were looking out for his best interests. You wanted him to explore alternative ways to grow his wealth, rather than making an impulsive purchase.
-
Spending it on social life or in lavish lifestyle is one thing to consider because we all know that most of it if not all are liabilities. But yeah depends on ones principle in life and priority. Happened to I think almost all of us when we have money sometimes indiscriminate use of it will lead to being miserable or broke if not taken an action.
Living a lavish lifestyle in moderation is not bad as it is also with having luxury. Everybody struggles to live a good life, so when someone has the resources to do so, they should, but only in moderation. For wealth to be sustainable, moderation is key. Any wealth that is not managed wisely cannot be maintained, so spending must be moderated.
Even what we consider luxury can be a benefit at times. For instance, if someone spends a lot of money on gold or diamond jewelry, people may criticize him for doing so without understanding that these items have appreciative value and can be sold for more than they were originally purchased, making them potentially considered investments.
-
Spending it on social life or in lavish lifestyle is one thing to consider because we all know that most of it if not all are liabilities. But yeah depends on ones principle in life and priority. Happened to I think almost all of us when we have money sometimes indiscriminate use of it will lead to being miserable or broke if not taken an action.
Living a lavish lifestyle in moderation is not bad as it is also with having luxury. Everybody struggles to live a good life, so when someone has the resources to do so, they should, but only in moderation. For wealth to be sustainable, moderation is key. Any wealth that is not managed wisely cannot be maintained, so spending must be moderated.
Even what we consider luxury can be a benefit at times. For instance, if someone spends a lot of money on gold or diamond jewelry, people may criticize him for doing so without understanding that these items have appreciative value and can be sold for more than they were originally purchased, making them potentially considered investments.
Exactly that is the word here "moderation" as it can be applied to almost anything as we all know too much is not that good. And I agree with you on sometimes people are confused of believing people buying precious stones and metals are just for showing off but those are for me considered as an investment and it is true that prices of those things appreciates through time. People who are well off can spend the money they have but yeah it is best to spend it with discipline.
-
Things we shouldn't do with our money to grow rich are numerous to mention. Let me add some points to the ones you have already mentioned.
Not having a long term goal of 4- 9 years, being impatient with financial progress, and thinking of overnight success, shouldn't be thought of.
Having a procrastination mindset and not ready to take up risks can hinder or deny one from achieving financial success.
Another thing not to do is put all eggs in one basket. Diversification should be highly advised, and dyor is very necessary in whatever you think of doing
-
If you want to manage your money better, plan your spending to avoid unnecessary expenses. Don’t show off your money focus on what’s important and avoid splurging on trendy items or things you don’t need. Be mindful of small purchases like expensive coffee they add up. And when it comes to investing, always do your research to avoid scams. Spend wisely and keep it simple.
-
If you want to manage your money better, plan your spending to avoid unnecessary expenses. Don’t show off your money focus on what’s important and avoid splurging on trendy items or things you don’t need. Be mindful of small purchases like expensive coffee they add up. And when it comes to investing, always do your research to avoid scams. Spend wisely and keep it simple.
There is a philosophy most self wealthy people practice, they don't waste their money on things they don't need. Most of the time that you see people buy brands like Gucci and Versace, it's the people that are trying to impress their friends and families that does such, no wealthy person will want to impress you, they are only after their money.
I'm not sure if I have seen Elon Musk wear Gucci or all sort of brand, he will rather wear a cloth that has his company logo tesla to promote his brand, that's how the rich get richer.
-
I agree with the post. One of the factors militating against savings and getting rich is what the wirter described as "buying anything" this could otherwise be seen as impulse buying, people must learn to buy what they need not what they see
-
Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.
Control over your "wants", and the ability to manage desires - one of the qualities that guarantee a secure life !
Uncontrolled consumption, if we talk about things - it is spending, and meaningless, and usually realizing only "show" - to show yourself richer than you are.
Excessive consumption, if we talk about foodstuffs, is the second largest worldwide. We buy more food than we really need. Significantly more.
But these are manifestations of the problem. And the cause is uncontrolled consumption, and not being able to control our desires, something many of us have to fight against
Ability to control desires like you have rightly mentioned, most people can not control their cravings, by the end of the month you find out that they have spent a good percentage of their salary on cravings, unfortunate this cravings and desires are things they can actually do without
-
Ability to control desires like you have rightly mentioned, most people can not control their cravings, by the end of the month you find out that they have spent a good percentage of their salary on cravings, unfortunate this cravings and desires are things they can actually do without
i do not know if i am the only one who thinks like this but to me food is always necessary which i later realize that is a pretty bad excuse spending on expensive food when you could feel as satisfied and full with cheaper food
food is a necessity in life but expensive food is not most importantly healthy food is what we should be focusing on and not just delicious, aesthetically pleasing food if we could find cheap and healthy options then that would be the best forget about eating take outs from foodchains and cook your own meal instead that is a lot healthier and would save you an incredible amount of money
-
If you want to manage your money better, plan your spending to avoid unnecessary expenses. Don’t show off your money focus on what’s important and avoid splurging on trendy items or things you don’t need. Be mindful of small purchases like expensive coffee they add up. And when it comes to investing, always do your research to avoid scams. Spend wisely and keep it simple.
Budgeting is extremely beneficial in many situations. Avoid lavishing your money to show off or feel superior to others, as this mindset can hinder your progress. Instead, focus on managing and spending your money wisely. This approach will help you make the most of your resources and achieve your financial goals.
-
In addition to what you just said.
1. Don't spend more than you bargained for, because you want to feel recognized or praised; Majority of people are guilty of this kind of attitude, they spend a lot in gathering, just for them to feel among or being praised having a lot of money.
Take home advice. As we spend and curtain our spending, try hard to invest in yourself. Read books to develop your intellect and dress cute. People are being addressed the way they dress.
-
If you want to manage your money better, plan your spending to avoid unnecessary expenses. Don’t show off your money focus on what’s important and avoid splurging on trendy items or things you don’t need. Be mindful of small purchases like expensive coffee they add up. And when it comes to investing, always do your research to avoid scams. Spend wisely and keep it simple.
Budgeting is extremely beneficial in many situations. Avoid lavishing your money to show off or feel superior to others, as this mindset can hinder your progress. Instead, focus on managing and spending your money wisely. This approach will help you make the most of your resources and achieve your financial goals.
It's better to spend money wisely than to waste it trying to impress people. Sticking to a budget and avoiding stuff you don't really need can help you reach your goals faster.
-
It's better to spend money wisely than to waste it trying to impress people. Sticking to a budget and avoiding stuff you don't really need can help you reach your goals faster.
This is a nice submission. Some people are not always frugal with their finances. They are easily persuaded to spend money that is not budgeted in order to impress others as you mentioned, and then they return home to regret their actions. No matter how wealthy someone is, they will always feel unsatisfied if they make poor financial decisions.
As you pointed out, it is critical to prioritize your spending and know what matters. There is always an inner sense of fulfillment when money is managed properly. Whether we budget or not, we must spend money, but we must spend it wisely.
-
It's better to spend money wisely than to waste it trying to impress people. Sticking to a budget and avoiding stuff you don't really need can help you reach your goals faster.
This is a nice submission. Some people are not always frugal with their finances. They are easily persuaded to spend money that is not budgeted in order to impress others as you mentioned, and then they return home to regret their actions. No matter how wealthy someone is, they will always feel unsatisfied if they make poor financial decisions.
As you pointed out, it is critical to prioritize your spending and know what matters. There is always an inner sense of fulfillment when money is managed properly. Whether we budget or not, we must spend money, but we must spend it wisely.
Anyone who spends money to impress others is doing the wrong thing and is not mentally prepared to face the future because one thing that defines you as a human being that is ready to take your future in your hand is your ability to stand your ground and not be easily move by what others are saying or doing because trying to impress people is a big problem that has kept people in one place especially when it comes to financial stability because when you spend above your income living a life that you can't sustain over time due to lack of money problems and regrets will be the results of it
-
They are easily persuaded to spend money that is not budgeted in order to impress others as you mentioned, and then they return home to regret their actions. No matter how wealthy someone is, they will always feel unsatisfied if they make poor financial decisions.
humans have it in them to always want to feel like they belong somewhere with other accomplished people they always crave for other people's attention and acceptance even if they do not care about those other people in a personal level i think it has intensified more now with social media and people craving the likes and reposts from other people
As you pointed out, it is critical to prioritize your spending and know what matters. There is always an inner sense of fulfillment when money is managed properly. Whether we budget or not, we must spend money, but we must spend it wisely.
forget about everything that is superficial as long as you are surviving well you do not need to show off to people maybe you can show off in the future but if you had just gotten some money do not even try to show off just yet because you still have a lot of work ahead of you
-
1. Avoid spending without a plan
Many folks are unconcerned or simply do not want to spend. They don't care if they have more money or if they have money left over until the month is concluding. They will then protest that they don't have any more money because they have no idea how or where they are. It is going to be spent. And how many times have you gone shopping or grocery shopping without a list, which ended up costing you?
You didn't have anything planned? Because if you want to save money, you should continue to make plans about what you buy.
2. Don't boast of having a lot of money
This is correct since it is your money, and you can spend it any way you see fit. However, regardless of whether we admit it,
Arrogance is also a factor in how we handle or mishandle money.
3. Don't always purchase anything worth
One of the most serious issues with our spending is that it loses value over time. Assume you purchased a phone or a car last year, but I'm not suggesting it's not a necessity; I don't intend it that way. What I'm trying to say is that you don't always have to keep up with the trend; just because a new iPhone is released, you'll buy such gadgets, even if they're expensive and difficult to obtain, but it turns out that you're just forcing your own to keep up with the trend. The same is true for the car, where a down payment will be required.
Gas expenditures, maintenance, and other expenses will be required here because if not, you would most likely sell it for a low price.
4. Do not waste money on unnecessary items
Many people, like the rest of us, are still addicted to spending money on items they don't need. Others may be
inclined to go with pals who just do occurrences, and you stay up with your soldiers knowing that they have a lot of money unlike you. We are not like that. only like buying a high-quality coffee to drink at coffee shops only to be able to socialize and have a good time,
You may not lose or die if you lower the frequency with which you purchase this expensive coffee brand. You are aware that your budget is also It will be detrimental to your finances. And we know that there is also one that is less expensive things's the same coffee, so let's keep things simple for now. There are numerous additional ways to limit the amount of money we spend on unnecessary items.
5. Don't invest abruptly
In my experience, I've also participated in this type of investment without thinking first or performing research because I was just swept away by the hype. It's similar to the "Get Rich Quick" scheme, in which your $1,000 becomes $10,000 after three days. Just like previously. Several Bitcoin ventures eventually turned out to be scams, but I don't blame them entirely.
Because there are legitimate cryptocurrency initiatives and some that are simply scams or shitcoins, this is only one example.
But I'm not saying you shouldn't invest in cryptocurrency; I just think we shouldn't make rash decisions so that our money doesn't go to waste.
100 percent true, however let me add a few things, avoid letting your money sit, without using it to get more. There is a popular saying which goes this way ''Money is used to get money'' So instead of just keeping all your money in the bank and be waiting for bank monthly interest. Make reasonable investment, invest in things that can make you more money, I mean things like buying or getting business idea that you can use to establish you own very business which will serve as your personal goldmine. Don't engage in reckless spending like buying plenty cars, phones or any other electrical gadgets, all of this things mentioned are good , however one thing to note is that on the long run, they don't appreciate, rather they depreciate overtime.
-
Self-management is very important because it will enable you to manage your resources wisely. Most extravagant spending is due to lack of self-management and more love for consuming commodity, rather than investing. It is good to have your weekly budget and monthly budget so that you don't end up spending on unnecessary things. Avoid competition with people on your way of living, because you and those people that you are going into competition with are not working in the same place, neither are your cash inflow the same. Even though, it is the same, you don't know his responsibility might be little compare yours.
Control over your "wants", and the ability to manage desires - one of the qualities that guarantee a secure life !
Uncontrolled consumption, if we talk about things - it is spending, and meaningless, and usually realizing only "show" - to show yourself richer than you are.
Excessive consumption, if we talk about foodstuffs, is the second largest worldwide. We buy more food than we really need. Significantly more.
But these are manifestations of the problem. And the cause is uncontrolled consumption, and not being able to control our desires, something many of us have to fight against
I completely agree with you, you have mentioned all most people are really going through and funny enough some people doesn’t agree that all this are major obstacles they have in their life, which is making them not to grow or move forward, all because they want to show themselves, lack of control over irrelevant things, which is not good at all.
Yes, about foodstuffs, I know some people buy foodstuffs in large quantity incase if they run out of money at some period of time, they won’t need to beg or become strand but not doing it in the right is what I don’t like just like buying what you we won’t consume or what we don’t like eating, which will get spoiled and later throw it away, that is the one I don’t like but in all, whatever thing that is not going to add more to profit us, we should discern from it, even if it’s relatives or friends.
-
Ability to control desires like you have rightly mentioned, most people can not control their cravings, by the end of the month you find out that they have spent a good percentage of their salary on cravings, unfortunate this cravings and desires are things they can actually do without
i do not know if i am the only one who thinks like this but to me food is always necessary which i later realize that is a pretty bad excuse spending on expensive food when you could feel as satisfied and full with cheaper food
food is a necessity in life but expensive food is not most importantly healthy food is what we should be focusing on and not just delicious, aesthetically pleasing food if we could find cheap and healthy options then that would be the best forget about eating take outs from foodchains and cook your own meal instead that is a lot healthier and would save you an incredible amount of money
You hit the nail straight to the head. I had this mentality in the past , and I know so many individuals also had this mentality. I believed that the more money you spend in purchasing food or food items , the more nutrients it tends to have, but this is not entirely true. I can used ten thousand naira to buy food in take away and it is less nutritious than the food I prepared with five thousand naira. The truth of the matter is than with little money one can prepare sumptuous, delicious and nutritious meals.
This country has reached a point where we should very frugal in our everyday spending, our focus should be placed more on investments for the future to come.