Economic problem, why is fiat difficult to hold. - page 2.

Viscore

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Quote from: philipma1957 on June 22, 2023, 10:13:02 AM

Quote from: Stepstowealth on June 22, 2023, 10:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

Most likely both society and yourself.

Exactly. Both contribute to how we spend easily our fiat on hand. But mostly, I also believe that the issue is more on ourselves. If we keep living luxury lifestyle, and easily conform to the trends these days, then expect that we will never hold our fiat for long. That’s why even a lot of us are receiving good compensation, still we end up being insolvent and continue to complain financial instability. Also, by not being serious on our financial management and spend our money like there’s no tomorrow, then we will never experience financial security because of our poor money management.

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Quote from: fruktik on August 07, 2023, 01:47:19 AM

Quote from: romero121 on August 04, 2023, 07:59:47 PM

Overtime the situation is getting worse and not getting better with time. It is known around the world that inflation had hit hard and there is need of additional sources to meet up the daily needs and have better savings. In such situation what is happening around is the layoffs and I job cuts which will make the common man suffer much.

It all depends on the individual as well as the corporate network, because to the rising inflation there should be compensation in the salary package. When this isn't availed people look for the better opportunity to make life better with the minimum resource available. This is why it is difficult to hold fiat against cryptocurrencies.

It has become incredibly difficult to live in my country due to the fact that wages do not keep up with the level of inflationary risks. Prices in stores rise several times a year, and salary indexation occurs at most once every few years. This is such a misfortune that sometimes you want to escape from the country and never return again, because. I don't have the strength to endure this anymore.
I decided to find a few more sources of income in order to somehow compensate for the level of inflation.

In addition, it becomes scary that forecasts predict only worsening of the situation many times over. Devaluation risks are also very strong, which have a detrimental effect on the general standard of living of all citizens, except for the ruling class.

I agree and see these things happening with me too. Despite having various sources of income you can feel the inflation everywhere. From the bills down to grocery, you can see just how much your income cannot keep up with them. Moreover, aside from inflation, the state of the country in terms of weather and environment is not helping as it drives you to spend your money towards safety needs.

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Quote from: romero121 on August 04, 2023, 07:59:47 PM

Overtime the situation is getting worse and not getting better with time. It is known around the world that inflation had hit hard and there is need of additional sources to meet up the daily needs and have better savings. In such situation what is happening around is the layoffs and I job cuts which will make the common man suffer much.

It all depends on the individual as well as the corporate network, because to the rising inflation there should be compensation in the salary package. When this isn't availed people look for the better opportunity to make life better with the minimum resource available. This is why it is difficult to hold fiat against cryptocurrencies.

It has become incredibly difficult to live in my country due to the fact that wages do not keep up with the level of inflationary risks. Prices in stores rise several times a year, and salary indexation occurs at most once every few years. This is such a misfortune that sometimes you want to escape from the country and never return again, because. I don't have the strength to endure this anymore.
I decided to find a few more sources of income in order to somehow compensate for the level of inflation.

In addition, it becomes scary that forecasts predict only worsening of the situation many times over. Devaluation risks are also very strong, which have a detrimental effect on the general standard of living of all citizens, except for the ruling class.

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Quote from: Negotiation on July 17, 2023, 09:20:44 AM

The worst thing is to waste. Saving will never be difficult if you spend according to your income. In today's era, people want to live a more luxurious life, they buy unnecessary things without thinking about anything, which adds to their financial problems. If you have a little more income then you can spend a little more if needed, you can also save it if you want. Bad habits will be eliminated and it will be easier to save for the future. The danger is actually being financially sound. Achieving goals is easy if you learn to recognize which expenses are your ambitions and which are your necessities.

It would be great for those who understand how to manage their expenses so that this will make it easier for them to make investments so that they can use the biggest money when they get old and can no longer do their jobs as they are now, nowadays many people can afford to work but very few can manage their spending so this will be very detrimental to themselves.

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Quote from: dothebeats on August 05, 2023, 07:48:46 AM

Quote from: jossiel on August 05, 2023, 03:13:48 AM

I've been watching videos of struggles coming from students, to professionals and the elderly. And heck, no one can really skip on this one except those that are ultra rich.

Even the middle class are feeling the effect of inflation, everywhere, there's economic problem and even the rich countries. We're totally at the survival of the fittest on this era.

At first I thought it wouldn't be that big of a deal. I mean, it's nothing out of the ordinary for prices and market to experience a rise. However, when I went out and do my monthly grocery shopping that is when I personally felt just how bad the current inflation is. Prices did not only doubled but tripled and even times four of their previous price. My monthly grocery which ensures I have more than enough food to last for a month has reduced to food for 2 weeks.

Me either.

I thought that it shouldn't be a problem since we're all just gonna earn our money and then we'll buy those supplies. But no way, it becomes heavier as the prices of the commodities kept on increasing while it takes forever for the salaries to have an increase.

I do groceries weekly and before I can take anything that I wanna eat but sadly, it has come to being limited and even sacrifice the snacks that makes me happy to eat as I don't get those anymore.

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Quote from: Stepstowealth on June 22, 2023, 10:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

I think that every person has a certain temperament, and based on it, an attitude to money is obtained. For example, women have a rather irresponsible attitude to money, and they are often able to spend an annual salary in two days. At the same time, men can predict economic expenses for months ahead, which is why spending money is very careful and not wasteful. I think there is no difference - your money is in fiat or in the crypt. If you need to make a purchase, you will spend them regardless of what they are invested in.
In order to know perfectly well what the money is spent on, I advise you to install the application and record all your expenses there. Thanks to such a service, I found out perfectly well where my every penny goes, and I always know how much money I will spend next month.

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Quote from: jossiel on August 05, 2023, 03:13:48 AM

Quote from: romero121 on August 04, 2023, 07:59:47 PM

Overtime the situation is getting worse and not getting better with time. It is known around the world that inflation had hit hard and there is need of additional sources to meet up the daily needs and have better savings. In such situation what is happening around is the layoffs and I job cuts which will make the common man suffer much.

I've been watching videos of struggles coming from students, to professionals and the elderly. And heck, no one can really skip on this one except those that are ultra rich.

Even the middle class are feeling the effect of inflation, everywhere, there's economic problem and even the rich countries. We're totally at the survival of the fittest on this era.

At first I thought it wouldn't be that big of a deal. I mean, it's nothing out of the ordinary for prices and market to experience a rise. However, when I went out and do my monthly grocery shopping that is when I personally felt just how bad the current inflation is. Prices did not only doubled but tripled and even times four of their previous price. My monthly grocery which ensures I have more than enough food to last for a month has reduced to food for 2 weeks.

jossiel

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Quote from: romero121 on August 04, 2023, 07:59:47 PM

Overtime the situation is getting worse and not getting better with time. It is known around the world that inflation had hit hard and there is need of additional sources to meet up the daily needs and have better savings. In such situation what is happening around is the layoffs and I job cuts which will make the common man suffer much.

I've been watching videos of struggles coming from students, to professionals and the elderly. And heck, no one can really skip on this one except those that are ultra rich.

Even the middle class are feeling the effect of inflation, everywhere, there's economic problem and even the rich countries. We're totally at the survival of the fittest on this era.

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Quote from: romero121 on August 04, 2023, 07:59:47 PM

Overtime the situation is getting worse and not getting better with time. It is known around the world that inflation had hit hard and there is need of additional sources to meet up the daily needs and have better savings. In such situation what is happening around is the layoffs and I job cuts which will make the common man suffer much.

It all depends on the individual as well as the corporate network, because to the rising inflation there should be compensation in the salary package. When this isn't availed people look for the better opportunity to make life better with the minimum resource available. This is why it is difficult to hold fiat against cryptocurrencies.

One of the triggers for the increasing difficulty withholding fiat may indeed be the result of continuing inflation. In fact, I personally feel that inflation is actually still increasing even when the government announces that the reduction in inflation has occurred. Because what happens in the field is the price continues to gradually rise slowly and never decline again.

The amount of salary we receive remains the same but its value continues to be squeezed out by inflation. So of course the only way we can do is to work overtime or do a side job. Additional income is quite effective in balancing our needs and we become a little able to overcome the effects of inflation. But still at this time we seem to be more wasteful. Even though the needs we buy are actually still the same. It's just that currently the money we spend is indeed more than in previous years due to the increase in the price of goods that has occurred.

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Overtime the situation is getting worse and not getting better with time. It is known around the world that inflation had hit hard and there is need of additional sources to meet up the daily needs and have better savings. In such situation what is happening around is the layoffs and I job cuts which will make the common man suffer much.

It all depends on the individual as well as the corporate network, because to the rising inflation there should be compensation in the salary package. When this isn't availed people look for the better opportunity to make life better with the minimum resource available. This is why it is difficult to hold fiat against cryptocurrencies.

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From a long-term perspective, the evident consequence is inflation. However, from a short-term viewpoint, emotions often take the reins. Each person experiences a sense of tranquility when they have abundant funds, and guiltlessly indulges in spending a little for enjoyment. Unbeknownst to them, these moments of delight accumulate into significant expenses. It is from this point that the origins of emotions influence financial conditions that are seemingly elusive to trace.

The lack of discipline when it comes to handling money is a prevalent mistake, and I myself have been prone to acting recklessly in this regard. It would be beneficial for you to gradually transform such habits. Exercising utmost restraint is crucial, even when it involves spending just a single rupee or cent on something seemingly inconsequential.

In essence, acknowledging the emotional aspect of financial decisions and cultivating self-discipline can pave the way for a secure financial future.

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Quote from: Stepstowealth on June 22, 2023, 10:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

Maybe you have to try and convert your fiat money to cryptocurrency do that it won't be too easy for you to spend your money since it's not in fiat mesns that can be too easy to spend. Thingsvare very expensive these days that is why holding money does not last like before again. Before when you hold small amount like $50, you can buy so many things with it but now, things are very expensive and you will have to work for more befotr you can buy those things you used to buy with little funds. Things are not going to be easier because of government policies and inflation.

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Quote from: Stepstowealth on June 22, 2023, 10:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

That depends on you, because if you are the type of person who spends money, fiat won't really last long, especially if the resource you get is only enough for one month that you can use for your expenses.,

But if you know how to manage fiat correctly, it is also for sure that you can hold fiat, I mean you can keep fiat either in your bank account or somewhere in the secret box moor vault. You're the only thing I can think of about what you're saying dude.

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Quote from: Kiefer-Lenz on August 02, 2023, 01:07:26 PM

Fiat currency is hard to hold because of inflation, depreciations, and counterparty risk.

Inflation is the biggest problem that makes it difficult for anyone to hold fiat, especially the threat that the value of Fiat will continue to decline because of many factors, especially inflation, to be able to rise and survive then we must be creative and can place money in many places.

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Quote from: Litzki1990 on July 31, 2023, 05:07:38 AM

When you have cash, it gets spent even if you don't want to, so many people keep a very small amount of cash to avoid unnecessary spending, but I think this is never a long-term solution. If you keep money in the bank, money is withdrawn from that bank and spent, so keeping money in the bank is not a solution for spending less money. Some of the points we must find out are where we are spending more of our cash when we have it. Identify the places where more money is being spent and then try to spend less money in those places. If you can't calculate yourself, then you will spend money from wherever you keep it, so you have to change yourself first.

I think the reason why we spend money unnecessary is because we do not have any idea how to grow the little money we have, what to do it that will bring more money. This is the challenge most people face, they spend money on things that are not important because they do not know and have any good plan to do with money that is why money is being lavish. If the mind can be build to always know important things money can be done with it will yield more money, but if one have no idea how to invest money no matter the amount of money that have been saved it can may end up in spent on unnecessary things.

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Fiat currency is hard to hold because of inflation, depreciations, and counterparty risk.

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Quote from: Inwestour on July 15, 2023, 07:08:07 AM

Quote from: Uruhara on July 14, 2023, 07:35:27 PM

I think it's a story that can indeed inspire anyone who is currently struggling to be able to have a better job and be able to have a better income. In El Salvador there are indeed more and more stories about the lives of its citizens who are getting better after the adoption of bitcoin. because the government there is also quite active in providing literacy related to bitcoin. residents who want to learn bitcoin, of course, have provided a special school there. And it helps the growth of bitcoin adoption among the people there improve.

And it's true that currently learning everything related to digitalization is something that can be expected to help someone's economy. whether it's about digital payments or opening a digital or online-based business. the point is people have to start adapting to all things that lead to today's digital world. Economic growth in the digital arena is growing rapidly. even the government is also focusing on digitizing their government programs for the good of its citizens. included in finance.

El Salvador even has programs that will allow the best students to get jobs in prestigious companies after training, but what I like most about El Salvador is that the population has the opportunity to store their savings not in fiat but in bitcoin.

This is an advantage when you know that bitcoin is officially supported by the state, and the state contributes to the education of the population, those who wish it. So although Salvadorans can also keep their savings in the US dollar, which is also pretty good at dealing with inflation, but bitcoin can give something more, it can also be a great investment.

If this were applied in various parts of the world, I believe that society would no longer be the same, the lower classes would change their way of life in a favorable way, here is the importance of a futuristic government, which can see the opportunity in technology and With it, change the economic conditions of its citizens and of course that they care about making that a reality and not just stealing from the people as many do. What El Salvador is implementing is something that should be taught in schools around the world, knowing how to manage your money, how to save and invest for the future, is something that should be instilled in people from childhood in order to avoid the situation Many live with low resources, of course, sometimes it is not because they do not know how to manage their money, it is the circumstances that do not allow them, such as low income, but if these individuals are paid a considerable amount and control themselves the prices of basic necessities, everything would flow much better.

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The economic conditions in my country are also difficult, the country owes a lot to the USA, Europe, China, Japan and so on for infrastructure costs, agriculture and others, this has made almost all subsidies removed so that it makes life's burden even heavier and more difficult, cash is also increasingly difficult to hold because almost all the necessities of life go up.

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Quote from: Stepstowealth on June 22, 2023, 10:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

It's a bit of a dumb message, because 95%+ of the world are still transacting with fiat cash and electronic payment methods every single day. It sounds like you have a personal finance problem that you are projecting on to others, when a little bit of financial education could answer many of your questions. Taking steps like budgeting for the future and moving money into savings accounts are simple steps that the average person can take to benefit long term. We're now seeing savings rates at some banks paying 6%+ which was unthinkable a couple years ago in the era of 1% central bank interest rates. Many people are happy with fiat currency and will continue to use it for a long time simply because it is most convenient, plus backed by governments.

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Quote from: Stepstowealth on June 22, 2023, 10:08:47 AM

Why is money at hand difficult to hold? I usually find it difficult to keep track of money anytime I have cash at hand, I make plans to hold money, but It never stays because something always demands the money, it is even so bad now that money kept in my account is also now being affected due to expenses. This is not something that happens to only me, I know that because of how money can easily be spent, many people now decide to avoid having cash, avoid taking ATM cards from their banks and also avoid activating USSD or internet banking, but is that really a long term solution? I blame myself a lot for spending so much and being irresponsible with money, but in your opinion, do you think that the soceity is contributing to the high and many expenses making money not to stay or is it just a bad habit I have?

Because the transactions that we generally do are using FIAT, so it is very possible for us to spend it when the money is already in our hands because I also experienced this, especially if we are in an urban area where access to shops or areas where we can spend money is very easy to reach, so it will becomes a big obstacle for us to be able to hold fiat, sometimes listening to financial planners giving advice by making allocations and being disciplined in implementing it but it's also not easy because many things can make us end up spending the money we have withdrawn from ATMs.
Will saving it at an ATM save us from being over budget? not really because transactions can also be done online, so this is indeed a constraint, which is why to only save fiat as needed, and it looks like turning our fiat into Bitcoin will save us from spending more than we should, but this is not a suggestion, just something I'm slowly doing so as not to always spend money.

Topic: Economic problem, why is fiat difficult to hold. - page 2. (Read 1242 times)