2023: What money lessons have you learned so far? - page 4.

Kakmakr

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Well, my lessons learnt is simple :

Do not invest in shitcoins - There are a lot of shitcoins out there and people are dumping money into tokens that has no real utility, so it has no future.

Do not buy when the price is high - I got into a habit to buy when I got my salary.. and it was the wrong thing to do. You should shift those funds to a separate account and wait for the price to drop. Then you buy with all the money that you saved... so wait for the bargain price. Wink

Freddie Boyer

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

I learned that investing in yourself, whether through education or personal development, can be one of the most rewarding investments you can make for future financial success. To me money is a tool, not an end in itself and another important money lesson I've learned is the power of compound interest. By investing your money wisely and agreeing to grow over time we can harness the power of compounding to accelerate our financial development so prioritize your values and use money to support one's goals and desires in fulfilling my needs.

Churchillvv

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

In my limited experience with money management, I have accumulated a lot of knowledge from this forum and others. My biggest financial lessons thus far are as follows:
1. Always have a budget: In everything you do, always have a plan for what to spend on. You can always keep track of what you want to spend on and minimize it. I track what I spend money on by making a list of the things I need. This helps me manage the limited resources I have while also causing me to have extra savings. According to Lord Robbins' economics study, the desires of man for goods and services are vast and cannot be completely satisfied, therefore no matter how much money you spend, you will never stop spending or be satisfied.
2. Do not spend more than you earn: My favorite guideline and one that has kept me going for a while. One must not spend more than they make; your income influences your spending decisions. How much money do I have for this should be your first consideration. If the item you wish to purchase does not fit within your budget, you should give it up. When this rule is ignored or not followed, it results in debt, which is never a choice.

coupable

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Quote from: bittraffic on May 03, 2023, 05:58:06 PM

Having a job is very neccesary even when you have a business because you can't just rely all expenses coming from the earnings you get from the business. With the current economic situation, any business can go bankcrupt when crisis are not making people avail services.

I do not completely agree with you in your point of view. Because, by the same logic, there are many sectors that thrived in periods of crisis such as the Corona virus. The job that stresses its necessity even in parallel with the investment could be a job in one of those investments for an investor who was able to benefit from the crisis. Investing in the pharmaceutical sector, for example, or food chains, is considered one of the safest investments, since it meets basic human needs.

bittraffic

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Having a job is very neccesary even when you have a business because you can't just rely all expenses coming from the earnings you get from the business. With the current economic situation, any business can go bankcrupt when crisis are not making people avail services.

One reality that I have learned in Covid is that even family/relatives will treat you bad when you don't have money.

milewilda

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Quote from: freedomgo on May 03, 2023, 04:59:27 PM

Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

Some of the crucial money lessons I learned in the past few months both from personal experience and from watching other people
1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

2 Do not go about with large wads of money in your wallet or with you
The first reason is for security purposes. The second reason is so that if you lose your personal items, it will not hurt so bad. Besides who still carries cash when you can make payments digitally. What do think?

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

4. If you need a motivation for saving, attach a goal to it. This explains itself. Save with a goal or purpose in mind.

What money lessons have you learned so far?

These are all significant OP, but let me add on it. Don’t assume and own the money unless you see it in your own two eyes. Sometimes, we already try to pre-owned the money that is still coming without having an assurance if it will really happen or not. So we start to include it in our budget and assume that it will certainly add to our funds. Until someone broke its promise and fail to secure the funds, leaving us ruining our budget and even put us into financial pressures especially if we already have spend that assumed amount even if it has not reached into our hands.

As long it doesnt land on your hands then dont assume out that its completely yours. Just like on thinking up ahead with your day job salary on which you've been already spending or have those partitions already without even getting those in hand.You wouldn't know if you would be suddenly been laid off or would really be having accident or simply you been get kicked or fired. This is why living according into your
needs and not into your wants. You should really be wise on your spending so that you wouldnt really be ending up on getting some debt just because you have been overdropped just because
your spending is too much comparing on what you do earn. Financial learnings do always come on these actual situations and experiences on which you would be applying it out.
We are the ones who do mold up our own destiny or future on which it would really be just that right that you should really be that sensible towards your actions.
Important thing is that we shouldnt really let ourselves fall into the pit of loan or simply with debts just because of mishandling up your money.

Bushdark

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

This is one of the important lesson we need to keep to ourselves our else we might go back to the slum where we came from if we might have passed through that level before. Having a side hustle or other things that give us money is something that many persons do not take very seriously that is why they will always go broke and to beg for money because there is no sure way.

Even though we are doing a work that pays our well, we still need to invest or create a business that will be giving us money so we are not going to relent on just one source of income. We need to utilize opportunities so that we can earn from different atmospheres for a better condition.

freedomgo

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

Some of the crucial money lessons I learned in the past few months both from personal experience and from watching other people
1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

2 Do not go about with large wads of money in your wallet or with you
The first reason is for security purposes. The second reason is so that if you lose your personal items, it will not hurt so bad. Besides who still carries cash when you can make payments digitally. What do think?

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

4. If you need a motivation for saving, attach a goal to it. This explains itself. Save with a goal or purpose in mind.

What money lessons have you learned so far?

These are all significant OP, but let me add on it. Don’t assume and own the money unless you see it in your own two eyes. Sometimes, we already try to pre-owned the money that is still coming without having an assurance if it will really happen or not. So we start to include it in our budget and assume that it will certainly add to our funds. Until someone broke its promise and fail to secure the funds, leaving us ruining our budget and even put us into financial pressures especially if we already have spend that assumed amount even if it has not reached into our hands.

Smartvirus

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

Some of the crucial money lessons I learned in the past few months both from personal experience and from watching other people

Some of the most crucial lesson I've come yo realise over time as concerns money is that,

1. Money plummets where you invest it.
This goes for every currency there is, even cryptocurrencies like bitcoin, although bitcoin comes with some twist and that's thanks to volatility but, money invested births more money. People have the idea of saving money in the banks of which, these banks reinvet your money to get interest in them because they understand the idea behind investment and money. Bitcoin comes with fhe twist as it is in itself an investment which makes hodling profitable but not so much with fiat.

2. Fiat currency in particular is a product of the government.
These are government authorised and so its validity is dependent on what the government decides, its values yoo and they can manipulate it as they please, bringing about inflation or otherwise. Hence, you can create or avoid certain situations depending on how you choose to manage money.

CryptSafe

sr. member

Activity: 728

Merit: 421

I have had a lot of experience on money for many reasons but I would want to say these little experiences so far. As miniut as they are, they are not worth the experience.

Do not put your money at the back of your pocket together with your handkerchief. As it is, it might sound funny but the experience is not worth it when it happens that the Money is the only available funds on you and you are on a far distance journey. Never make that mistake if not you will regret it.

Secondly when joining a public vehicle do not display cash from your pocket or your wallet as you have no idea who the rest of the other passengers are. Just bring or sort out your transport fare alone so it could be easy for you to access while making your cash payment. Many experience I have had as a result of all these little activities were not Worth it so be
extremely careful.

palle11

sr. member

Activity: 2366

Merit: 332

You probably need to add these two

1. Don't keep your money in the bank for long : You know many people are still falling for the historical banking ideology of keeping money there to build some interest on it but know evidence have shown that banks rather deduct from customer account in the guise of service charge. The earlier view of fixing your money in the bank is now becoming a fallacy as the interest on it would be very small that you would be better circulating your money in a legit business.

2. Human capital development : Some times we undermine the power of helping the needing. Such sacrifices and favour done to other people are returned multiple times to us even when we don't know how it operate to save us from harm or danger.

Johnyz

full member

Activity: 2086

Merit: 193

Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

What I’ve learned so far is that, Paying DEBT should be your priority first because interest are high and this can prevent you to invest more money if you still have your debt.

Also always have a budget and do financial planning, investing alone might not be good you still need to have a plan and this will serve as a guide to you on when and where you are heading.

rahulzx

jr. member

Activity: 164

Merit: 2

Depreciation of fiat is more hurts than bitcoin drop, saved fiat currency true value is decreasing with time if you hold FDs, on local banks the interest rate even more higher than inflation rate though your porfit is less than you think.

ichsan ardi

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

Some of the crucial money lessons I learned in the past few months both from personal experience and from watching other people
1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

2 Do not go about with large wads of money in your wallet or with you
The first reason is for security purposes. The second reason is so that if you lose your personal items, it will not hurt so bad. Besides who still carries cash when you can make payments digitally. What do think?

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

4. If you need a motivation for saving, attach a goal to it. This explains itself. Save with a goal or purpose in mind.

What money lessons have you learned so far?

I have already gone through points 1,2,3 and 4. I also learned from my personal environment, but I am now deeper into what is called investment. lately I realized that we just keep saving continuously without investing our money, but the value of the money actually decreases because there is inflation and I also know that there is not a single rich person in this world who has enormous wealth without investing and I now I realize that investing is important for the future rather than just saving money because I used to only be taught what is called saving, not investing.
are you guys the same?

Dr.Bitcoin_Strange

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

I am still young, though, and the few money lessons I have learned are that:

No one can ever give you all the money you want in your life. Always learn to face your hustle and make your own money.
One should not invest all their money in one place (carrying all their eggs in one basket).
- One should always not only rely on one source of income but also think of possible ways to expand their financial lifestyle.
- Invest only in friends that can give you future value. I wish to talk about this because some people are fond of lavishing money on friends who are just in a parasitic relationship with them instead of investing in friends or relatives who can also be of help to them in the future.

Finestream

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Quote from: Zaguru12 on May 03, 2023, 03:37:47 PM

Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

This is one thing I am not taking for granted, there are many ways to earn from once comfort this days. Designing, writing codes and other tech related stuffs. Even the government works that we’re presumed to be safe sometimes have delay in paying once wages/salary sometimes and without another income coming in it is hard to cope.

If you are not into tech you can also venture into other fields like Agricultural. Agricultural holdings although very risky is another source of business that would bring extra income.

Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

I have learned it is not until one faces emergencies that they start saving up for them. Always set aside a certain amount from your income just cover up your emergency expenses once they arises. Even though some can’t cover most crises they would save the hassle of having to look for it up from scratch.
Don’t starting Saving up for family till you get married start off early so that before they come you would saved up significant amount.

One cannot rely on a single job these days, you need to venture into another side jobs where your skills can still be useful and may bring additional income for you. The more income you gained, the bigger chances that you become financially stable, and the higher chances that you will be able to save. Saving could be a lot of help so you can prepare in any circumstances that may come in your life unexpectedly. If you have emergency funds, you will always be confident that you won’t struggle in your finances once unplanned expenses or financial emergencies arise.

stomachgrowls

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

Some of the crucial money lessons I learned in the past few months both from personal experience and from watching other people
1 Invest in the future of your kids so that they have something to fall back on:
There is a saying that even though I don't come from a wealthy home, a wealthy home will come out from me. The ease with which your kids will experience life when you consciously focus on investing in the future of your kids, cannot be overemphasize. You'll be less stressful, less anxious because you got it all covered. What are some investment you think are wise to be made for the future of your kids?

2 Do not go about with large wads of money in your wallet or with you
The first reason is for security purposes. The second reason is so that if you lose your personal items, it will not hurt so bad. Besides who still carries cash when you can make payments digitally. What do think?

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

4. If you need a motivation for saving, attach a goal to it. This explains itself. Save with a goal or purpose in mind.

What money lessons have you learned so far?

5. Dont spend on something which you dont really need

6. Be wise on when to say no specially on some gatherings which would be giving out some huge spendings.

7. Save! Save! Save

8. Health is Wealth

You should really know on how to balance things up.We arent just living on earning money but also to enjoy it without having the worries about financial problem and the
most important is that you arent risking up your health just because you do make yourself work hard without giving out importance to health which it would really be
making or creating some issues soon if you do keep on doing that.

Be wary and be wise when it comes to your decisions and always mind off on what would be for the best.You cant really be able to tell on when things to flourish on.

Zaguru12

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Activity: 868

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

3 You need a side hustle even if you have a main job
This cannot be over emphasized. There is no job security. Nothing is promised. Learn a skill or turn your interests or that thing you enjoy doing in your spare time to a side hustle. We all need the extra cash.

This is one thing I am not taking for granted, there are many ways to earn from once comfort this days. Designing, writing codes and other tech related stuffs. Even the government works that we’re presumed to be safe sometimes have delay in paying once wages/salary sometimes and without another income coming in it is hard to cope.

If you are not into tech you can also venture into other fields like Agricultural. Agricultural holdings although very risky is another source of business that would bring extra income.

Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

I have learned it is not until one faces emergencies that they start saving up for them. Always set aside a certain amount from your income just cover up your emergency expenses once they arises. Even though some can’t cover most crises they would save the hassle of having to look for it up from scratch.
Don’t starting Saving up for family till you get married start off early so that before they come you would saved up significant amount.

Hatchy

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Activity: 336

Merit: 365

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Most things I learnt recently, from other peoples mistakes and some from mine is that you shouldn't try to impress others and displease your self. You might think that you don't belong to their group just because you don't have the kind of money they have. just have a little patience everything works out with time don't be in a hurry.
Secondly the idea of borrowing money to make investments that you are not sure would bring out good outcomes should be remove from your head. Don't invest unless your are 50-70% sure it would bring out positive results
Lastly, if you feel like what you are getting into is wrong and it won't be good for your mental health, like you can't handle it just stop it why you still can. Don't let anyone advice you into starting something you can't finish. And making money shouldn't involve any illegal means this must be your no one rule. The moment you break that rule, you might end up Lossing everything.

NeuroticFish

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Quote from: Davidvictorson on May 03, 2023, 03:10:52 PM

What money lessons have you learned so far?

* If the money is not under your own (and only your) control, it may very well never be yours.
* Anybody can write nice numbers onto a website. That doesn't necessarily mean they will ever give you any money related to those numbers.
* Handling money, doing business... this kind of things have to be done while one is cool. Rushing it, FOMO-ing, can easily end badly (mistakes, lack of double-checking egerything, money loss).

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