Topic: Biting more than i can chew. How can i do better? - page 5. (Read 744 times)

Today's economy necessitates careful financial management and pragmatism. Living within your means is a reflection of understanding the state of the economy as well as a personal financial philosophy. Even though it is erratic, Bitcoin is proof of creative solutions for asset preservation

Thinking back on your experiences as life lessons is priceless. Since financial history frequently repeats itself, it's critical to identify true allegiances. It's important to keep an eye out for things when you are financially successful. It is necessary to exercise caution when it comes to fleeting relationships that arise in times of prosperity. Financial savvy and pragmatism are essential in today's world

What you experienced happens to big companies too. Imagine a big company doing great, sells lots of stuff every year but it only has one big customer. What happens to the company if that customer finds a better supplier? That’s pretty much what happened to you. (In your case it is a car accident) You depended on that customer too much. Now you should find new customers and upwork is a great place to start. Beware the scammers though. If you spend enough time there you will notice them from a mile away. You are a loser when you give up. Till then the fight to survive will never end.

The good thing for you is that you already know what your problem is because it would have been bad if you couldn't trace where it all started for you, so now that you already know it is half solved.

My advise therefore is continue with your work and soon another big client will locate you and when you get back on your feet be wiser. Invest more and keep away friends that won't contribute meaningfully to your life. Be prudent with your finance this time around.

At op listen to this guy.

You made mistakes in your 20’s you seem to still be jn your 20’s.

This means unlike me at 66 time is on your side.

if we both live to 80. I have 14 years
you likely have over 50 years.

So make some long term plans.

Dca some cash every payday. hodl it
Dca some Btc every payday. hodl it

Come back to this thread and report how well you hodled the DCA in cash and in BTC.

If you can dca some cash and some btc every payday for a year in a row and hodl it you will be on your way.

I dca btc every week.
I also mine coins.

I let them stack long times years and years.

I did not do this with Btc back in 2012.

I did do it with doge and turned 2000 into 85000.  Could of been more but my hands weakened and I sold too soon. Still making the 85 k was nice.

now you have lived a bit of life. you can start taking notes on it.
no one should turn into a hermit and squander every penny and never spend it. but be more practical..
learn your happiness's.

think of money as a tool of life.
look back at your previous experiences and think about which experiences you paid for that actually still make you happy thinking about today that bring long term happiness without regrets

EG
did donating money to friends give you more then a days happiness, or regret now
did that nightclub life make you happy a year later having fond memories or did the thrill dissipate the next morning with the hangover

do exotic vacations give lasting memory, or going to a local sports event

hobbies?.. the list goes on. just plan one really good experience you still want to have in life

never give up on things that make you truly happy but prioritise that happy experience.
you know. the anticipation feeling of looking forward to christmas/vacation, that kids have months before the day.
ignore the short term moments that get forgotten, regretful soon after

set a goal of one vacation a year or 2 sports events a year (whatever your happy moment is, whatever it is).. break down that cost to a daily amount/monthly amount you can put aside. it becomes something to look forward to, something you can watch your account accumilate to show progress towards it, rather then avoiding doing anything this year and thinking and regretting never getting to experience anything again..

again dont plan on going sporting events each week or nightclubs each friday night or vacations each month. make it a 1-2 times a year thing to build up excitement, anticipation and doing it within your budget. EG if it is nightclubs. plan it for your birthday or special event.. rather than weekly

once you realise you can still plan to enjoy your money on life experience. then budget your income
this may be cutting down on non essentials. buying cheaper brands. and even downsizing your housing costs

put some money aside not just for the anticipated experience but also as a rainy-day fund incase one month you have no income at all
make these money put aside payments as automated deductions from your spending account.

next is where to store that put aside money.
some invest in the stockmarket, some invest in bitcoin.

for the anticipated events this year just keep in a second account. for the long term rainy day fund invest

think of things you want to do this year(experiences) and allot the budget for that as just explained
think of things you want to do in next 5-10 years (house/family) and allot the budget for that and invest it
think of things you want to do for retirement and allot the budget for that and invest it

think smart with your money
EG do you really need to spend £$## a month on netflix or gym.. or can you use other streaming sites to watch movies for free and use a local park for free fitness
im not saying give up on fitness or movies but can you find money savvi ways around your daily life thats cheaper or free

all those little monthly spend amounts add up. so be frugal on the petty stuff and dedicate your money into the positive directions you want to experience

then when setting up automated payments to split your money into those pots of savings. and cutting out the dead wood of wasteful spending, then concentrate on finding new clients and expand your income

Whatever you're going through, there's definitely a good reason why. You probably won't be able to pass it if God knows you can't pass it, that means it's just a test. Because God knows what your capacity is. The important thing is that you realize what mistakes you have made that should not be repeated or made again.

Let go of the mistakes you made so that you can do what you should do right and achieve whatever you want based on the needs of life that you are facing now that you are here in the crypto business industry.

I guess there is nothing more to add here.  @OP you have acknowledged and identified your mistake.  You already know the reason why you suffer such difficulty.  All you can do right now is to change for the better and apply what you have learned and the solution you found.

Financial management is the key, and you already pinpoint it.  Learning and applying the right financial management to your daily activities will solve your financial problems and if you can, you may also find another source of income if your current source is not enough.  Aside from that, people are indeed often exposed to unnecessary experience to learn.  So, just move on and be a better person that values money for future needs.  Forget about those friends who left you and treasure those who stayed .

The problem is your current lifestyle, I think you need to let go of it and start over again. I mean you need to live on what you earn if you couldn't afford it don't buy it, honestly I used to live like you and I am slowly getting better on my own again.
You need to know what you really need and only spend on those things, you could spoil yourself sometimes but make sure that you wouldn't spend most of your savings or money on it.
Look at your downfall as an experience and a blessing, now you know who only used you for your money and those who stay are your true friends who would stick to you no matter what, you already succeeded before believe in yourself and you could do it again, but if the time comes that you are on top again remember those who stay and support you don't be swayed by those who would only show up on your successful time.

I feel you OP and I have seen a lot of the same experiences and stories like yours. First, you need to accept the fact you're in that situation but sometime in the future, you'll get out of it. That's a fact, you don't dwell on that situation forever because you've got goals, and that's the next step. You need to setup your future goals and what you want to achieve. Avoid the late party nights because based on your experience, they are your friends when you have money and that means, your money is only their friend and not you. Forget about friendships that only matters when you've got wealth but soon you'll find real friends that will be with you, whether you have something or got nothing. Next is to think that jobs don't last forever especially in your niche, you don't get long lasting client and if you do, treasure them and be the best version of your everyday. Next, when you earn money, change that mindset of yours that they need to be spent immediately. That's the whole point of your belief that you need to spend it, immediately. Save for rainy days and think of this current situation of yours as one of the rainy days that might happen in the future so that you're prepared and when you've got less clients, you'll still have savings until you find one. Invest, save and be responsible, read more materials about financial literacy. Good luck and I know that you'll survive this current situation you are dealing with.

from the story itself its clear that your financial management is indeed really bad, it definitely one of the thing that causes you to be so fragile financially, just few months in after getting fewer income you're already couldn't afford anything, its not really great for you in the long run.
the only way you can overcome this is to force yourself living frugally, exactly at this time when you are facing hard time, you will know what it means to live frugally take advantage to learn from it, so that when your income is making a come back, when everything is getting better you will find yourself easily manage your financial and become better than before.
even though its not as easy as said but still you still need to try it out honestly.

You already know what's happening - that's a good first step. Knowing what's wrong with yourself, or self-reflection, is a good way to know where to attack the problem. You sought for help which is commendable. Not everyone will have the courage to seek help for these kinds of problem. You also have a good background that can land many jobs. While you're still applying for jobs, learn more skills, create some mini side projects showcasing these skills and add it to your portfolio. Afterwards, just do what you're doing and live frugally. Eventually, you'll get the hang of it, and hopefully you stay at it for a long time.

The way you posted this sounds you are in the verge of completely understanding what is going on and only seeking for additive in your plans of changing and that is perfect for your life mate.

What I can only say here is Never buy a single thing that you don't really need at the moment , meaning never buy because you like in but Buy because you needed it.
sometimes we are being blinded by how great the advertising comes from every product that we have come to think we need or love it but that is how advertiser being paid, to fool us buying while we still have something almost similar to that.

Best example is MOBILE Phones , companies are making newest version while there are still existing one for what reason? ofcourse for them to earn and for us to spend.

Are you open to criticisms as well? Because you will expect more of it here in your thread, but most of us will give you an advice nevertheless.

Mindset, and discipline. These are the things that you lacked with that's why you tend to spend your hard-earned money in things that you don't need. Our life is like a wheel. Sometimes we are at the highest, but sometimes we are at the lowest of it. I've also experienced that one where I don't have any money at all, and I need to buy something important to me. The thing that I hate the most is borrowing money from other people, but at that time, I forced to borrow money to somebody just to buy that thing. After that I don't borrow anymore until now, and I always keep a portion of my monthly salary for emergency expenses.

Change your mindset. Be mindful with how, and where you are spending your money. Be discipline enough to know what are the things that you need, and the things that you want. If possible, learn how to budget because it's one of the best things that you need to know. I'm pretty sure you OP will recover from this sufferings that you are experiencing right now. Make a plan, and change everything that you need to change including your mindset. Good luck with your life OP.

I feel sorry for you, but do not get bad ideas and try to be motivated because in freelancing people lose clients but get new ones too, and you might have wasted some money on things that you liked and bought instantly without considering the amount you have spent that you can use to make some type of investment in BTC or in any other asset.

You made the small mistake of opening your heart and wallet for everyone and giving away your money to all who were in need. You spent your time buying new clothes and shoes, which are also necessary, but first you had to save some funds in your savings to make such activities.

Because these activities can cost a lot and without having funds in an emergency will make you feel regret, like you are doing now, I don't know why you think you are desperate about money. Maybe you used to earn a lot and spend a lot, and now you earn less and might not spend a lot. Because I know this feeling when you buy something favorit by thinking your desire to buy that thing will be eradicated but instead it just increases more and at some point you will be left with less money and something bad happens and changes your life, but do not lose hope and be positive and find new ways to earn money and diversify your source of making money. That's all I can say for now.

I don't think you did anything wrong by spending your money on fulfilling your needs and some wishes, like buying anything you like because that kept you motivated for work. I have experienced it when I saved money and did not spend it on any of my wishes, but recently I came to realize that I should spend some money on my wish, and my wish was to buy my father a phone first, so from my earnings, I bought them a phone 4 days ago, and he is so happy that I wanted to do more and wanted to make more money. I am motivated.

But after reading your topic, I realized that I am doing the same thing (not a mistake) because I am also not giving a shit on wasting money. I wasted around 20 dollars (which is obviously not that much) just to buy a new phone. I don't keep track of my funds because I have to pay black tax, so the expenditures are huge for me, but still, I think I am being alerted by your post and will try to not spend or waste too much money on things by calling them my wishes.

Thanks for the post, and how can you do it better? For it, I will say, do not lose heart, as in bad times many will leave you even after you aid to them, they will ignore you. It is a lesson, and you have learned it, and with time you will find more and better clients that will pay you even more, and all you have to do is work on your profile and try to do something out of your field like you are doing here making posts, and I hope signature money will be helping you.

Learn from your wrong choices and live on, there are times where we all feel like we had enough and we start giving out to people but in the end they don't do the same thing, you can help somebody and they will say you help them because you can, meaning you are spending lavishly.

Whatever happens, you must always come first before thinking about others and when it comes to money I was build in a way that I always care about tomorrow, I know nothing else than investing more and more, and if I come across something that I need I always make sure that I can afford it and still have a lot available.

You seeing money as something that should be spent is a very bad thing, I see money as something that should be invested, this is the way to have many more money, before I can spend on something that wont give me more money in return I have to think very well, I remember getting my first car, I already have x5 of the money for the car before getting one, and this is the way it should be.

Condolences for the events you are experiencing, but this is the reality of real life where a friend can just leave us when we are miserable or experiencing a problem. They will always approach you and adore you when your position is above, but few people will sympathize and be willing to accompany you when your position is below. But to hell with it all and there is no point in us expecting a sympathy and support from others to be able to make us rise again, we must be able to realize that those who really care about ourselves are ourselves, not others. So keep fighting to get up stronger than before and keep trying to improve your life by controlling all the activities you do including the financial management you apply.

"Stop expecting praise and sympathy from others, because this is of no use at all and will only cause a loss and deep disappointment"

There's a saying that "if you fail to learn from others' mistakes, then your experience will teach you." If you still fail to learn from your mistakes, then you will keep failing. There's no one who can teach you more than what you have already experienced. What I will advise you is to keep in mind the kind of friends you keep. Keeping friends that you know so well that they cannot help you when you are also in need is not wise. While growing up, I understood that there are different classes of friends or relationships. You will encounter friends who will always have your back when you need them; you will also encounter friends who only want to share in your happy moments but can't provide any help when you need them; there are friends that are in a parasitic relationship with you, and if you don't realize it, you will just be their victim, like in your case.

Your sudden change of financial ability makes you depressed and you are thinking the world is a broker for you. I think you should take a refreshment in your life, This can be a tour or something else that will help you forget your past bad experiences. Take this as a positive by thinking you would never have this understanding of the importance of financial knowledge. As you have understood your weakness, start working on it first. Build up your financial knowledge to get a better understanding of how you can grow your income without risking much of it. Then start working again as you were doing before.

A person's goal is to make money to enjoy life, with money you can buy something valuable. As long as your source of income is not blocked, you are free to spend the money as you wish. It needs to be underlined, sources of income are not always smooth from one direction, sometimes you need to open new sources from different directions to keep income smooth.
Situations like this need to be anticipated by having savings, not always the savings you collect will be enjoyed by other people. Early anticipation needs to be done to ensure your life in old age, without having savings, you will have difficulties when you reach retirement age.