Topic: 2019 Crypto Budget Plan - page 3. (Read 510 times)

Very good budgeting, I know it's tough to do that because I didn't learn how to do it myself in my "early years". And I have to buy books about saving and stuff before I learn how to do and budget specially that I have family.

I think putting some money is not a bad thing, I mean for sure you all know that this kind of saving will benefit you in the long run so just continue to save for you and your families future and I'm sure you will reap that rewards.

He doesn't have to be young if he live with parents. At least  his salary supposed to be enough to rent a room or a flat in his country. Also in many places people are not leaving their parent's house asap.
Also being young doesn't mean that you should do retarded things. It is much better to use other people experience rather than repeat the same mistakes.

Considering that  most of his money are invested in safe assets then yes.
If he is investing all his "investing" money to cryptocurrencies then it is not a smart move anyway.

He might be doing like that just be safe in any unexpected falls happen. There is no wrong with that, but if we consider crypto us our major source of income definitely could be hard to sustain our needs with that amount invested, it needs more capital to help it out.

Maybe this person is not full-time trader but he consider crypto as a storage of his saving and he might think also that he can be able to double his saving in the future.

$1 per month? Seriously? That would most likely amount to a very minute profit which is why I don't see anything wrong with him investing $50 per month(He is not pouring all of his funds into cryptocurrencies clearly).

This is basically his budget plan which is pretty good in my opinion, but I feel like he should have put aside more funds in his savings account.

There is always room for being exposed to risky assets. If you look at how the more traditional investors do it, they just allocate 1-2% of their portfolio to whatever they believe has massive upwards potential.

If you end up losing that 1-2% it's all within an acceptable margin. If your entire 'safe' portfolio loses 1-2% you are basically swallowing a similar loss. As long as you don't go over that 1-2% allocation I don't see any problem here.

Also, how risky is Bitcoin actually if you do a proper fundamental analysis? If something has done extremely well in its first 10 years, it's very likely going to do the same in the next 10 years.

He's young (you can tell because he is living with his parents). Young people can afford to take risks because they have their whole lives ahead of themselves. So putting his money into crypto is fine at this stage.

The time to switch to more risk-free investments (cash, bonds etc) is when you get married, start a family and buy a house. At that stage you can't afford any risk at all, and all savings needs to go risk-free till your children have grown up.

Despite your love to financial studies it seems like you've been missing your classes a lot because putting all your investments into crypto is a very bad move. All your funds that you saved for traveling or emergency cases are not considered as investments.
Skilled investors consider all cryptocurrencies as risky assets and even if they invest there then it would only take like 1-2% of their portfolio. In your case it would be up to $1 each month.

Is the $ 500 is what you earn from your Full-time job? Or is it your total income?
It is good to plan for the future (divide your revenue), do not make the distribution in specific numbers but in percentages, for example, 30%, 20% or 10%.
I advise you not to invest more than 20% of your total income. This ratio is different from your reading of the market and your expectation of a rise or fall.
Same for the rest of your monthly expenses, do not make the expense limits fixed.

That's really good of you to have each and everything planned prior. Also making all needs fulfilled within the earning made makes life go without any debts. If I've planned in such a way, by now I could've managed to earn good. Hope to see more users go with this kind of planned spending to make life more enjoyable and stress free, because having debts cause stress.

I think $50 a month allocated to crypto is solid, because in the next bull market that will likely multiply easily. Having money previously in cryptocurrencies will similarly multiply. As we are about to enter a new bull market, in my view, I am coasting it for now: I will simply build up my holdings with what I earn from the signature campaign. I probably won't be making any big purchases into the bull market. And I agree, paying off debt is paramount!

It's good that you are sharing your plan, as for me, I have a full-time job that is sufficient for my expenses: bills, leisure, daily expenditures, etc. On my free time, I search for opportunites in crypto to earn and at the same time to learn, this is where I get my money for crypto. (I am not an active trader, I just accumulate and consume bitcoin and HODL some for future purposes.)

I always try to maximize my time and opportunity to earn, of course I do give my self a reward and go on vacation from time to time. Just handle your finances carefully, and don't be stressed too much.

Stay away from alts they occasionally might have better gains but take higher amount of management. Bitcoin you can just buy and leave and spend your spare time making money to buy more.

First, 500 $ per month is a fairly large income in my opinion and maybe I can do better planning than you ha ha. The important point here is about 10% of the income you use to invest in crypto I strongly agree with that because for now so promising. Someone can be said to be successful because they are able to manage their money well because the financial budget that is managed well will have an impact on one's life in the future

Well, it is nice that you are able to see good results on it. If you can cut some amount from your leisure and travel hobby and extend that capital for establishing another business. That will create you another source of income, you can start another business with that amount.

It isn't that big but as long as the money is cycling on your financial status, it will generate you a source that you can actually grow and will eventually drive you additional income. Well that's just my 2 sats, overall keep up the good work!

Hey guys, since i am a guy with all the plannings and stuff and cant deny my love for financial studies, i come up a financial plan for 2019 that can also help you to maximize your profit.

So i am earning $500 per month. Yeah, its kinda small for some people. But its enough to do all the stuffs and everything. What's the first thing to do?

Before you start on financial planning , you must first be a debt free citizen as possible. So if you have debt know, deal with that first.

So here's the plan

1.) I mentioned on some of my posts that i have earned motorcycle on a gambling game so i put a $12 budget on that per month. Its a fuel injected transmission so it is not really consuming gas. Thank God. It will depend on the person's transportation expenses but i guess $60 is enough per month.

2.) I also have this $60 budget on meals everyday and sometimes, i get less than that. Its really nice if you will minimize your cost in order to have a good financial life.

3.) $30 is also enough for my leisures such as buying comfort foods ,gambling, games, etc. Its also right to treat yourself sometimes because your life doesnt have to be a boring house-work-house system.

4.) I am living in a family oriented country so it has to be something to give on my family. $50 is what i give them every month. Too little for others but i guess its enough since my father is still working and my brother is working too.

5.) $100 is the amount i put on insurance which is paid monthly. Its a must that you have one for security that is not for you but your loved ones.

6.) I put $100 on my personal bank account for liquid emergency purposes.

7.) The $50 was intended to be my budget for travelling since i really love that hobby.

8.) Lastly, the remianing $50 is put on cryptocurrency for trading or holding, whatever profit it will serve. The portion for cryptocurrency is slightly less why? Because i already some crypto profit for the past years and i just maintaining it slightly per month.

I lived on this kind of method for the past 4 months now and its successful so far. You can adjust the portions depending on your salary and expenses. I hope i inspire someone to do it also because it really helps monitoring your account and the magic begins ones you are aware on your daily expenses.