How to save money. - page 182. | Bitcointalksearch.org

Dotakels

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Quote from: anonyymi on April 03, 2015, 04:23:07 PM

Some simple tips for saving money:

-Use cash, don't buy on credit.
-Don't eat out.
-Don't buy coffee from starbucks/etc.
-If you want to get drunk, stay away from pubs/bars: your/friend's home is a nice, cheap and secure place to get hammered.
-Don't spend money on big house, buy a flat instead. Home is not an investment (unless you rent it away some day).
-Get rid of a car or two.
-If you really need some electronics/hardware, buy them used.

After you start to manage saving some money on a monthly basis, invest it. Nothing is worse than having money sitting and being eaten out by inflation.
Buy stocks, ETFs, mutual funds (vanguard is the best), bonds, bitcoins, (gold, silver).

You can also consider investing some money on personal education (books, audio books, classes, certificates). There's also tons of free information on the internet.

Your so funny . Grin

your reffering to your self Cheesy

but you have a good idea.

GreenStox

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Quote from: freeyourmind on April 03, 2015, 12:37:11 PM

It's not impossible to save in this economy; although the average person is discouraged from doing so with low interest rates and the culture of consumerism like you mentioned, to constantly update or upgrade products.

I would say gold/silver and cryptocurrencies are good to hold as a safety net, in the event of a currency collapse/hyperinflation, but shouldn't be the only investment. At the end of the day, the monetary expansion of currency flows through Wallstreet and the stock market.

A couple years ago I started buying physical precious metals and although I'm glad I own it, it's not my primary investment for returns. If it was, it wouldn't be a good one.

I think fiat currency is a joke, but the majority of people don't think that, so the game keeps going.

Well if you put it like that, yes there are short term investments only in the fiat-based economy.

Like now as all currencies sink the dollar is growing because it's perceived as a safe haven currency, while every other CB buys it either because it;s forced to do so or because its a tradition.

So i could buy dollar now and hold it a few months then sell. It would probably make a good return, however it would still be a crappy investment.

It depends how long the FED can stall QE4, but I don't really want to find out, my guess is probably until december, so you could gamble your money and put it in dollar and see if you make a return but definitely sell it after a few months... Because eventually the dollar will come down too.

anonyymi

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Quote from: lophie on April 03, 2015, 04:45:21 PM

VERY good advice thank you. Even though it is pretty basic there are sadly a few people following these guidelines.

Also if you want to extend to crypto and other forms of "reserve". Why not recommend gold? (P.S for joesixcoinsofgold: Please for your reserve buy SCRAP GOLD or small bars)

Well, not investing on gold is just my own opinion. I see gold just as a way to store value, I don't believe it has anything new to offer (unlike bitcoin). The only scenario where gold would outpace every other asset type is if everything crashed (WW3 or total economy collapse) and we went to some dark age shit.

lophie

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VERY good advice thank you. Even though it is pretty basic there are sadly a few people following these guidelines.

Also if you want to extend to crypto and other forms of "reserve". Why not recommend gold? (P.S for joesixcoinsofgold: Please for your reserve buy SCRAP GOLD or small bars)

anonyymi

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Some simple tips for saving money:

-Use cash, don't buy on credit.
-Don't eat out.
-Don't buy coffee from starbucks/etc.
-If you want to get drunk, stay away from pubs/bars: your/friend's home is a nice, cheap and secure place to get hammered.
-Don't spend money on big house, buy a flat instead. Home is not an investment (unless you rent it away some day).
-Get rid of a car or two.
-If you really need some electronics/hardware, buy them used.

After you start to manage saving some money on a monthly basis, invest it. Nothing is worse than having money sitting and being eaten out by inflation.
Buy stocks, ETFs, mutual funds (vanguard is the best), bonds, bitcoins, (gold, silver).

You can also consider investing some money on personal education (books, audio books, classes, certificates). There's also tons of free information on the internet.

freeyourmind

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Quote from: maku on April 03, 2015, 01:08:39 PM

Not really, FIAT money is not a joke at all. What makes it a joke is how fiat money is handled by governments, we are living in a corrupt economic system and we don't even know how it is to live different life.
That is why we need bitcoin to show people that we can change reality and made people's life easier, so they could actually save money instead of spending everything!

My referring to it as a joke is in the context of the current system, with a government that has self-interest over the interest of the citizens.
Of course, assuming responsible monetary policy and a benevolent and intelligent government, fiat would work just fine, but that is on the opposite end of the spectrum compared to where we currently are.

It seems like the technology behind bitcoin has the potential, but until it is accepted as widely as a credit or debit card, it will not be able to compete against a widely accepted fiat currency. It will be a long time before that happens, if it does happen.

maku

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Quote from: freeyourmind on April 03, 2015, 12:37:11 PM

Quote from: GreenStox on April 03, 2015, 08:49:05 AM

It's virtually impossible to save in this economy, since the entire system discourages intelligent saving, and promotes braindead consumerism. All this shopping freak women in the mall or these braindead people who stomp on eachother when a new supermarket opens.

And of course all of this is done via credit cards which borrow money from the future generations to pay for the idiocracy of the current one.

========

Side issue aside, the only way to save is to not invest in the current economy (which will fall anyway soon), and invest in the new economy.

So: Gold, Bitcoin, Litecoin, other cryptos (though beware of non-fixed supply cryptos, and dollar pegged cryptos like Bitshare which are snake oil in my opinion), and perhaps farmland & ammunition.

Also inside bitcoin there are investments too. So if you invest like 30% of your portfolio in bitcoin, you can further invest into honest investment mechanism inside bitcoin with small risk like long term loans and such, which if the price of BTC goes up you win 2 times.

It's not impossible to save in this economy; although the average person is discouraged from doing so with low interest rates and the culture of consumerism like you mentioned, to constantly update or upgrade products.

I would say gold/silver and cryptocurrencies are good to hold as a safety net, in the event of a currency collapse/hyperinflation, but shouldn't be the only investment. At the end of the day, the monetary expansion of currency flows through Wallstreet and the stock market.

A couple years ago I started buying physical precious metals and although I'm glad I own it, it's not my primary investment for returns. If it was, it wouldn't be a good one.

I think fiat currency is a joke, but the majority of people don't think that, so the game keeps going.

Not really, FIAT money is not a joke at all. What makes it a joke is how fiat money is handled by governments, we are living in a corrupt economic system and we don't even know how it is to live different life.
That is why we need bitcoin to show people that we can change reality and made people's life easier, so they could actually save money instead of spending everything!

freeyourmind

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Quote from: GreenStox on April 03, 2015, 08:49:05 AM

It's virtually impossible to save in this economy, since the entire system discourages intelligent saving, and promotes braindead consumerism. All this shopping freak women in the mall or these braindead people who stomp on eachother when a new supermarket opens.

And of course all of this is done via credit cards which borrow money from the future generations to pay for the idiocracy of the current one.

========

Side issue aside, the only way to save is to not invest in the current economy (which will fall anyway soon), and invest in the new economy.

So: Gold, Bitcoin, Litecoin, other cryptos (though beware of non-fixed supply cryptos, and dollar pegged cryptos like Bitshare which are snake oil in my opinion), and perhaps farmland & ammunition.

Also inside bitcoin there are investments too. So if you invest like 30% of your portfolio in bitcoin, you can further invest into honest investment mechanism inside bitcoin with small risk like long term loans and such, which if the price of BTC goes up you win 2 times.

It's not impossible to save in this economy; although the average person is discouraged from doing so with low interest rates and the culture of consumerism like you mentioned, to constantly update or upgrade products.

I would say gold/silver and cryptocurrencies are good to hold as a safety net, in the event of a currency collapse/hyperinflation, but shouldn't be the only investment. At the end of the day, the monetary expansion of currency flows through Wallstreet and the stock market.

A couple years ago I started buying physical precious metals and although I'm glad I own it, it's not my primary investment for returns. If it was, it wouldn't be a good one.

I think fiat currency is a joke, but the majority of people don't think that, so the game keeps going.

RodeoX

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Good stuff. I always think about how I spend my money and what really makes me happy. Those things are often the cheapest.

Dotakels

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Quote from: GreenStox on April 03, 2015, 08:49:05 AM

It's virtually impossible to save in this economy, since the entire system discourages intelligent saving, and promotes braindead consumerism. All this shopping freak women in the mall or these braindead people who stomp on eachother when a new supermarket opens.

And of course all of this is done via credit cards which borrow money from the future generations to pay for the idiocracy of the current one.

========

Side issue aside, the only way to save is to not invest in the current economy (which will fall anyway soon), and invest in the new economy.

So: Gold, Bitcoin, Litecoin, other cryptos (though beware of non-fixed supply cryptos, and dollar pegged cryptos like Bitshare which are snake oil in my opinion), and perhaps farmland & ammunition.

Also inside bitcoin there are investments too. So if you invest like 30% of your portfolio in bitcoin, you can further invest into honest investment mechanism inside bitcoin with small risk like long term loans and such, which if the price of BTC goes up you win 2 times.

If you do not invest or your money. What is your alternative business that you can earn like when you invest and also if you dont invest the value of your money will be decreased because when the days go on the value of your money will be decreased.

GreenStox

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It's virtually impossible to save in this economy, since the entire system discourages intelligent saving, and promotes braindead consumerism. All this shopping freak women in the mall or these braindead people who stomp on eachother when a new supermarket opens.

And of course all of this is done via credit cards which borrow money from the future generations to pay for the idiocracy of the current one.

========

Side issue aside, the only way to save is to not invest in the current economy (which will fall anyway soon), and invest in the new economy.

So: Gold, Bitcoin, Litecoin, other cryptos (though beware of non-fixed supply cryptos, and dollar pegged cryptos like Bitshare which are snake oil in my opinion), and perhaps farmland & ammunition.

Also inside bitcoin there are investments too. So if you invest like 30% of your portfolio in bitcoin, you can further invest into honest investment mechanism inside bitcoin with small risk like long term loans and such, which if the price of BTC goes up you win 2 times.

MF Doom

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Quote from: Hazir on April 02, 2015, 06:25:18 PM

Quote from: MF Doom on March 30, 2015, 02:59:57 PM

-dont eat crap like fast food. its not cheap and you get no nutrition. eat more fresh fruits/vegitables
-cut out smoking/drinking
-make your own coffee
-rethink your expensive phone/data plan
-get rid of car payment (pay cash for used car)
-DONT USE CREDIT CARDS. If you cant afford something today, you probably dont NEED it today

just a few ways I can think of

Unfortunately fast foods and other crap foods tend to be quite cheap from the other hand fruits and vegetables are not exactly cheap and more of a luxury food for many.
Smoking is just bad I agree, but when I quit smoking, drinking, coffee and some other stuff what for I will live? I did not get that car part, because you can't get rid of car insurance and other taxes really.
Credit cards are cancer - I fully agree. Stop living your life for credit!

but from a nutritional aspect, eating fresh food is WAY cheaper especially in the long run. Believe me you are doing yourself a disservice by eating junk. If you learn to cook, and eat leftovers once in a while, I've found its WAY cheaper than eating fast food/eating out.

For cars, you can save a lot of money by going used. A $3000 car can last you several years, while if you buy or lease, that will cost you around 10k (lease) to 25k over 5 years paying off a new car. Insurance will also be cheaper by a few hundred/year.

Secondly, if you have nothing else to look forward to past "smoking, drinking, coffee" then you have much greater problems than I can help with!

bitbunnny

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Quote from: MF Doom on March 30, 2015, 02:59:57 PM

-dont eat crap like fast food. its not cheap and you get no nutrition. eat more fresh fruits/vegitables
-cut out smoking/drinking
-make your own coffee
-rethink your expensive phone/data plan
-get rid of car payment (pay cash for used car)
-DONT USE CREDIT CARDS. If you cant afford something today, you probably dont NEED it today

just a few ways I can think of

Don't do or use any of these. And still can't save money, at least not enough.

Hazir

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Quote from: MF Doom on March 30, 2015, 02:59:57 PM

-dont eat crap like fast food. its not cheap and you get no nutrition. eat more fresh fruits/vegitables
-cut out smoking/drinking
-make your own coffee
-rethink your expensive phone/data plan
-get rid of car payment (pay cash for used car)
-DONT USE CREDIT CARDS. If you cant afford something today, you probably dont NEED it today

just a few ways I can think of

Unfortunately fast foods and other crap foods tend to be quite cheap from the other hand fruits and vegetables are not exactly cheap and more of a luxury food for many.
Smoking is just bad I agree, but when I quit smoking, drinking, coffee and some other stuff what for I will live? I did not get that car part, because you can't get rid of car insurance and other taxes really.
Credit cards are cancer - I fully agree. Stop living your life for credit!

oblivi

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One way to save money is by buying items online, in bulk. Some companies even offer free shipping on large orders. Clearance items are sometimes available, and good savings can be found on non-perishable groceries and diapers. This saves time and mone.

Dotakels

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Quote from: dothebeats on March 31, 2015, 01:36:38 PM

Quote from: bornil267645 on March 31, 2015, 01:08:41 PM

Plnt trees, buy lands, invest in something that will give small but sure gain. Don't need to take it high in the skyscraper. I am an optimist so I like to gamble big, but saving sensible or investing sensible is the right way to go.

True. And also, if you are thinking about investing, having a diversified portfolio is great. It allows you to minimize the risks that you might encounter and gives you an assurance that you will not lose everything that you have once an investment of yours encounter bankruptcy or a great loss.

And also trust the power of compound interest. If you use it you can earn a big profit.

Dotakels

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Quote from: dothebeats on March 31, 2015, 01:36:38 PM

Quote from: bornil267645 on March 31, 2015, 01:08:41 PM

Plnt trees, buy lands, invest in something that will give small but sure gain. Don't need to take it high in the skyscraper. I am an optimist so I like to gamble big, but saving sensible or investing sensible is the right way to go.

True. And also, if you are thinking about investing, having a diversified portfolio is great. It allows you to minimize the risks that you might encounter and gives you an assurance that you will not lose everything that you have once an investment of yours encounter bankruptcy or a great loss.

And also trust the compound interest it gives you a big profit

dothebeats

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Quote from: D4C on April 01, 2015, 02:45:22 PM

Just live within your means and educate yourself financially. Other than that depends on what you want to do with your life.

Well it's not always what you want, it is also based on what you really need on your life. There are things that you can go by without, like several luxuries and stuffs that you don't really need. Educating yourself financially is a good way to go; you can easily cope up with what's happening in the economy and you tend to be wiser than most of the uneducated ones in terms of financial understanding.

D4C

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Just live within your means and educate yourself financially. Other than that depends on what you want to do with your life.

dothebeats

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Quote from: yatsey87 on April 01, 2015, 01:52:24 PM

I think it's actually quite easy to save money as long as you have the discipline. I'm pretty good at saving money and have much more than all my friends but I think it's about finding a balance. My friends tend to spend a lot of money on alcohol and going out whereas I don't. They probably enjoy themselves more than me but I know they all hate having no money but can't seem to change their habits. I go out once a or twice a month to party or whatnot but they go out once or twice a week and then have zero money at the end of the month and that then means no luxuries or holidays in the future. If they ever get into trouble financially or lose their job they then can spiral into debt quite quickly.

That's the worst you can ever experience. Being too careless on spending often leads to loan and debt, and when we say debt = financial institutions or banks. Those people who have the money but doesn't have the discipline tend to get rekt in the end, never thinking about the future and enjoying themselves too much. Well as the OP stated, a good way to keep something in case shit happens is to allocate at least 20% of your paycheck to your savings and the rest may go to your expenses and whatnot. It's better to be prepared than to regret in the end.

Topic: How to save money. - page 182. (Read 345783 times)