Topic: 2023: What money lessons have you learned so far? (Read 500 times)

I think the lesson I've learn about money is better to buy a more expensive product than the cheap one. It's true if you buy the cheap product you will not spend too much money and you will have more money to invest, but if you buy a more expensive product which can be used for increase your productivity or make your life better, don't worry about that, you're still investing but in another way.

Here are you go about my learnings...
1.) Any investments will do for our kids as long as it is legit but since we are already here in crypto, I will prioritize Bitcoin. It's okay to be biased when we know that Bitcoin potential is much bigger than a normal asset. 2.) I don't carry large amount of money when going outside not unless if I am planning to buy something expensive. I also don't carry my phone with me at all times because my phone is a little expensive and this is where I store my cryptos and digital money. 3.) What if you are already working for longer hours in your main job? I don't think you still have an energy left to perform the other job. 4.) There are no people who just save money for nothing but each of us has a plan.

Well, I learned that having a single source of income is not enough in today's economic environment and that it is very important to diversify your sources of income. Besides, it is also necessary to know how to manage money because, regardless of how much you earn, if you don't have a budget and manage your finances effectively, the money will evaporate quickly. Even if it's a small amount, setting a savings budget will pay off over time.

My biggest lesson is that financial discipline is very important because money is never enough and that no matter how much we earn, if we do not have financial discipline to manage it well, it will never be enough. I increased my income after a long time of thinking that increasing it will help me gain balance, but until recently after thinking about my situation, I discovered that your needs increases as you earn. People who are wealthy from working hard are financially disciplined.

The economic lesson I got is that the priority scale is very important because from the priority scale we can see what things we need most, and we don't waste money on things that really don't have much use for us, we can manage good money if we can distinguish between what we want and what we need

This is something that parents look forward to in my culture. As far as television taught me and cultural books taught me, in most of the developed countries and the western hemisphere, parents and children split away at specific ages and they look after themselves, they earn for themselves and live a life which isn't connected anymore except for the festivals, etc.

In my country, things are always about "Joint families". Parents and children live together for generations to come. In that one, every parent strictly follow the hierarchy to give something to the children.

The type of investment they would do or is prominent for many generations:
1. Real estate (includes, agricultural land, empty plots for construction zones)
2. Commercial Shops/offices (Ever growing demand these days in metropolitan cities)
3. Setting up businesses (from small clothing shops to petroleum )
4. Setting up a huge farming business (includes horticulture, milk business, flower Agri, etc)

All of these and not limited to the above are some of the common ways for parents here to do future investments.


It's true. If speaking by the point of saving for longer terms then yes you have to have segregated wallets and if we are talking about the Bitcoin wallets then they will need to have the best security and multiple copies of their private keys and have that extra layer of security.


Right on point! I am doing at least 2-3 side hustles all the time.
I have published my own art, mining rig setup, and some micro-earning sites that I work for. It's definitely worth it.

You are never sure about anything and have to have multiple sources of income. It's no guarantee that all of them will work together, some may give little income, and some may become your support in the bad times. Definitely need to set a line on that front for sure.


Yep, as long as you have goals you at least keep working for it and keep saving from whatever income sources you have. I have always been keen on my savings and expense management. I write down my expenses all the time and at the same time keep it real when it comes to saving money against my goal on monthly basis.

So far, I have learned based from my personal experiences that even if you have a huge amount of income, it won’t guarantee that you’ll also have a significant amount of savings. Regardless of it’s amount, the ability to save is not based on your current income but it’s certainly based on your mindset and perspective. If you cannot manage your expenses whether it’s small or big, you will never achieve financial stability and might even drown to debt once ignored. Moreover, if you’re able to save even with a low amount of income, then most likely you’ll end up saving a lot more when your income turns into big.

Human creates money, but money is becoming more powerful than anything else in the world, and it is controlling the minds of all of us. I'm really worried in the future when the currency loses value more and more, it becomes more difficult to make money, and many people will use all kinds of tricks to make money. Not only fraud, I'm thinking that evils, even murder and robbery will be more and more. Not only in society, the competition for money and property is even more fierce, even with loved ones in the family. It is an alarming situation.

To be conscious how money is being spent and to be able to give accountability of every money that goes out of hand, with this  pattern  their will be a good management of money. When one is not conscious on how money is being spent or to give accountability of Money their will be drastic reduction of money no matter how the amount of money is big.

 Money is like a flame when spending it vanishes so fast that you won't quickly know.  It is very important to give more attention of money management,  this will really help in our daily savings. Good management of money helps people to make good projects no matter how small the money may be,  but in a case whereby no good management of money it will be hard to make good projects plans.

Maybe not spending too much on things you wanted just because I have a lot of money for a moment, or when my salary pays good, that's what I've learned.

Saving is very important, especially when an emergency situation comes. Listing what you're gonna buy before going to a grocery will help you to save your money from buying some random things you'll see in the grocery store. Cooking instead of eating in a restaurant will help you as well to save your money, it's not a must to eat outside. Impulsive buying will just drain your bank account, so it's not really a good thing.

There is no special preparation in making a financial plan in 2023, everything goes according to the previous year, I work with a monthly salary and when there is time I do side jobs such as being a property marketing, and of course I have to leave at least 10% of my monthly salary for old age preparation .

Before you start investing, you need to create a reserve that will be your airbag, the importance of this has already been discussed many times, and you should not worry that this money is they just lie and don't work, it plays an important role as a lifeline, and will help you at any time when it will be required. And only after you create this reserve, which will be available to you 24/7, you can start investing and be sure that you are financially protected.

I already gave my opinion in this thread, but checking it in case someone had quoted me or saw some interesting opinion I just saw what you wrote and another lesson occurred to me: honesty is above making money, which in your case is not fulfilled. I took the opportunity to leave one more negative feedback on your profile, which will not prevent you from continuing to work for scammers, but it was only fair.

This year I had a pretty big problem and needed a lot of money to fix it. Fortunately, I still have that money, and I think that in addition to investing, we also need to have a large enough savings for emergencies. Investing is necessary but not always profitable, so don't focus on it all, always have some savings in the bank.

i have a money lesson that was 'slap' me pretty hard. This is about investing the money i have gotten to prepare for the future. Although i do not yet have kids, but it affect to me that my money runs out only for needs and extravagant desires. I did not manage it to the right portion. I should divide a proportional portion from some part of my money to investment, so that portion my money would grow as passive income.
So sad that money that i got from bounty on about 2017 runs out only for needs and extravagant desires with no portion to any passive investment.

So far this year I have been trying to learn that it is healthy to be able to enjoy some of the money we earn through long hours of work and that compulsive saving can be as harmful as compulsive expending.

That is something that my parents have tried to teach me before, that it is not worth it to spend so many years of one's life working and saving until one is dead, because eventually the money will end up in the hands of someone else to expend it as they please and without going through what one did.

Life is short and if we can afford to enjoy it with reasonable expenses, we should.

A side hustle doesn't always have to yield huge financial returns. We can also pursue side gigs that enhance our physical health and well-being. Indeed, health is not money, but it is far more valuable than any wealth we may acquire. Only by being healthy can we savor the fruits of our labor.

Alternatively, we can pursue side hustles that sharpen and upgrade our skills. For instance, we can hone our painting skills, play music, sing, and much more. If you have an interest in Bitcoin, you can enroll in a course on Bitcoin and investing. Besides good health, we also need to acquire knowledge that complements our primary occupation.

That is cool but I think there is less successful people out there than successful years. Since money have been the definition of measure of how wealthy you are then had been the measure pursuit of everyone which target is to make more money by any means. The love of money is becoming very enormous and competitive making people to do the wrong things just to make money. I have always tell myself to be be patient in very endeavours in life especially when it comes to making money. Making money should be the goal but not by all means especially going into fraud.

Some of the money lessons I've learned so far:

- Start with a small investment first.
- Then patiently plan according to the plan you create.
- Diversify your investments.
- And lastly, don't put all your investment in one asset class (Don't put all your eggs in one basket)

In addition, you should also create a summary of monthly investment targets so that you can understand and review the wrong aspects in the past month.

The points which you get from you experience are appreciable and I have learned that never make quick decisions because impatience can become a cause of one's defeat. There will be numerous coins arises in crypto market but do not choose them without investigation because not all of them are profitable all the time. I think everyone should invest their own money without taking loan because every business is unknown at start that whether you will make profit or not so use your own money may be its little or more but there will be no worries about losing it and return to the owner.