Topic: Making wise use of your crypto finance (Read 322 times)

It's more wiser when you make use of crypto currency, I can use my my self a reference purposes, I have gotten a lot from crypto currency because I am keeping a decent investment plan, not everyone have Bitcoin knowledge but they are investing because they believes that in Bitcoin world there is a lot to earn. However, this is not the perfect time to think of sell some so you can start a project, no the perfect time is not yet to come, so anyone who's holding should continue to hold for a better future. Those that invested on bitcoin since 2019 or earlier, have benefits a lot and they might have used their profits to run a project that's complete or almost completed.

As you have said OP, regarding the importance of investing as it should be a culture embedded in the youths. One thing is being wealthy and the other Is maintaining and keep growing the wealth overtime. As I would always say anyone can become Rich, yes,in this crypto currency space we see youngsters are millionaire but the problem becomes can this wealth be maintained?

Of course yes, and one of the process is investing in Bitcoin, stocks, physical business based on your choice. Same  apply to whether or not anyone would choose to enjoy there money believing it will keep coming and careless about investing or risking any money.


Actions are subjective to the performers, as we can't really tell or would direct anyone to go about there investment decisions or how to use there money, so OP you saying 80% there outcome is inappropriate, the amount to be invested must get within the limit and range (risk tolerance) of the investor, also noting that the income (outcome) is considered more or less would have great impact on the person finances in relating to other areas of life, and for me investing 80% from every outcome is impulsive and should investment might likely have short-term horizon because of over leveraging.

The need for taking the right decisions can't be over emphasised, as we all need to invest into our future.

Let me diversify a bit here.
Making money is necessary for everyone but utilizing it is and individual choice. So talking about the necessity to utilize your income should serve as an encouragement considering that the future also would be in need of money to enable you reach out to those amenities that's financial afforded.
Digressing more to this is to say bitcoin or crypto investment has become a sort of source for incomes which had limited huge number of youths from clamouring of being jobless and there has also been and wave off of hopelessness to some points amongst youths whom has discovered that bitcoin is a lucrative business with a potential hope for a better financial future.

Making wise use of your crypto finance
Sure is very wise after years on the keyboard pressing and spending time and airtime,and finally the money came and someone decided to use it wrongly,I don't think anyone who is in this forum can even try that shit, because is a big rubbish,what you suffered for ,for years has come to ur table u start misuseing it that is not acceptable

Make wise use of the money u get from your crypto,I have seen people building House buying a land surveyor it and keep it for future use ,this are wise people.

When the money comes try to use it because you suffer for it ,this is my advice to whom it may concern

Baba, I no sure say you dey this country, If to say you dey you for no talk that thing wey you talk so. How you go expect young guy to guide with 20k for one month? Baba you no try at all, for this kind period that thing dey very impossible except say you still dey under guardian naim you go fit try but e no go still reach. 80% of 100k na 80k for investment wey you no even commot money for emergency fund or any other thing, that amount too much. If you say you dey do am, meaning you dey spend only 5k for a week wey no even reach  2 pot of soup. Baba as a young man, 50% for inside 100k dey enough for investment.

Honestly, I understand what the OP is trying to say. Most youths and young people don't have much or any responsibility yet apart from taking care of themselves, and he wasn't talking about married people or just anybody, he specifically said young people.

It's very easy for young people to save over 80% of their income. Although of course, it wouldn't apply to everybody. A person earning over 100k monthly or in whatever period can easily save 80k and make use of simplification.

Simplification is a phenomenon that explains reducing your expenses to the barest minimum. This would work for everyone but not everyone earns over 100k.

So, dividing your income into different sections according to what and how you earn would be better and more advisable for everyone in different age groups.

You can invest all your money and still go broke at your old age because you invested in the wrong things. Life no supposed hard, you no suppose suffer at your youth age to enjoy at your old ages. You can enjoy now but at a minimum, just live a comfortable life wey be say you no dey over spend anyhow because you dey invest the excess for better businesses like Bitcoin. Live in a comfortable area to avoid some security problem wey a good environment go help you avoid. Arrange yourself and start up a family at a young age so you go get alot of time to grow with your family.

Secure as many Bitcoin as you fit because na him get the most guarantee for this market wey we dey so, other investments na just gamble wey be say if e work for you, you thank God and use the profits to buy more Bitcoin and investing into other businesses like owning landed properties especially land wey you fit sell anytime sapa hold you tight to use see front. Avoid clubbing or do it in a minimum wey you no go dey spend money wey you supposed dey invest for another man business wey no dey give you any benefits.

Denied yourself some pleasure but no deny yourself a good life, you see that money wey you dey do like you dey save for future, you fit no see that future but we don't pray for that. As you dey invest, dey alright too.

There is no need to have an actual percentage to be invested from the outcome of the profit from bitcoin investment. You can only invest what you can afford and have the rest used for your personal use. I am not in support of lavish lifestyle and those that engage in such should have a place to fall back to whenever they go low on funds. This life is not forever and you can’t be saving for your old age while living a miserable young age. I would advise you learn how to spend moderately and also have a means of more income, you are not guaranteed to live till you’re old and keeping the money for that time will be wastage of resources and years of hard work not enjoyed if you don’t live till then.

Don't invest what you can't afford to lose in cryptocurrency because, investing your 80% on cryptocurrency is a big risk but if you can invest and hodl to endure till the bull run will come to remain stable, I think you will have something good to enjoy when you grow old in the community. 

If you can look round in the community you will discover that youths are the ones dominating in this forum because, they know what someone can achieve when he or she use big money to invest in cryptocurrency and hodl it like 10 years, but I know is not easy to hodl long but there is a massive reward behind for those that can hodl like 10 or above to see the wonders of cryptocurrency investment.

When invest 80% from your salary there's nothing remaining as the remaining 20 can not be used to clear monthly expenses or feeding, even if you are earning 10 million naira a month and you are investing 8 million, the remaining 2 million will not reach you because the country is getting harder day after day and you earning 10 million is not a small guy, you also have to feel comfortable because people will always look you as a big man.
When you start saving 80% from your salary the only way to survive that is when you are dead as the remaining money can not afford the necessary things that you can use through out the days before another salary can come in.
When you want to make a decision, you better make the type of decision that will help you and not the type that you might regret, just like you saying "to use 80%" which is absolutely wrong.
When you keep so in practice, your decision will always affect you, if it doesn't affect your families, it will affect your health as you can not be able to afford a day squeal meals.
When you invest you better invest a decent amount that can help you in future, when you don't have a good plans and you are accumulating bitcoin, that Bitcoin will end up in a wrong way as you can not hold longer, because you can not have money for emergencies, meanwhile you are also investing with money that are supposed to be keep for emergencies.

Exactly, op is correct, but I disagree that investing 80% of your income is not advisable because any investment is a risk, so you can't just invest 80% of your profits on investment, you need to start with small like 30% or 50% to see how the investment goes before you can decide to increase your capital on the investment, because some times when you just invest huge money, you can lose money and make huge profit because crypto is volatile, but the best thing to do is every month you receive your salary you can be putting even 20% of your income on investment,  I believe that one will be good since he will reduce your risk and you will most likely be profitable, even if it is small. Dollars are increasing and you must minimize your finances since you cannot simply spend them and you must plan ahead of time before making decisions.

Yes many people are misusing the opportunity to do another things that do not profit them in any way. Many use their crypto earning to find women and Hook Up and some to drink in parties with friends and only few are using it for the purposeful which is meant for it. Yes and that is why even the Holy Bible says, "there is everytime for everything, time to plan squandered money and time to plan to spend money.

Wow!! This is nice, yes living a comfortable zone in your youthful age might affect your life in the old age. And that is why everyone should prepare yourself in the youthful days so that you will enjoy the labour of the youth.

When I see some older folks suffering today despite doing well during their youthful age it baffles me a lot and this makes me to think and accept the saying that says,  he who fails to plan,  plan to fail.

This adage is very important because at a young age when you have all the energy to do whatever you think is right and necessary to increase your financial life,  instead of saving that money,  some youths will rather spend that money on things that do not give both present and future values,  so is very important to clear up a lot of things before diving I to this subject of how best to make use of the opportunity that comes along the line while growing up as a youth.

Sometimes,  it is not good enough to invest alone,  but also spending the time to get the necessary financial knowledge is very important to know the right investments and assets to diversify into.

You're right, investing is good especially bitcoin investment but now few people will not know what's the benefit or rather they'll lavish the money, spending of money no be anybody business for this forum but some certain things wey people dey do need caution and it should not be taken for granted.
After earning from crypto, investment dey wey go still bring profit like real estate or something else.
Financial management dey very important for our society and sometimes we hear stories like money no dey and the economy hard but make we check well where our money dey go and take correction, you do well as you carry this one come here cause no one is above mistake.

It is always good to spend money in the right way, for things that have value. Every money that comes into the hands of a man it is good to make a good plan on how to invest it well because sometimes the opportunity you have in life may not last forever.  It is good to invest money for the future,  because by then the money may not becoming just like the way it is coming now. Planning how money is being spent in ones life is very important.

Many people don't know this and that's why many failed to be at their prime for long, there's one thing to be rich and another thing is to maintain those riches. Many youth making money today don't even see the old age days ahead, well you won't blame them as money can be very intoxicating and sometimes tend to Influence their thoughts and make them think shallow till everything goes down the drain.

Crypto investment is changing the world finance system, and I like how the youths are utilizing it to their advantage to create wealth for themselves and save up for their future.

It is a clear fact that most of the young people who earn in crypto have mismanaged funds, not investing for their future. They only have the thought of the present to enjoy themselves, forgetting that old age would come when they don't have the strength for a hustling spirit to cater for their families.

It will be thoughtful of us, to begin or continue our future investment in bitcoin, not in altcoin. Applying a DCA strategy is all good. We should try as much to invest the little we have and not to exceed up to 80% of our income as you have advised

The fact that young and old people are making money through cryptocurrency is no longer new but it is a welcome development, the world is evolving and we are shifting from the dependency of people on government and private company jobs, but let's be realistic here, the judicious use of money made from crypto is an individual decision, it takes high level of discipline for youths to control and spend lesser than his income more especially when he or she knows that he is making this money on weekly bases, but the truth is that reinvesting a high percentage of the money made from crypto is better because if any ugly situation occurs you can have something to fall back to.

All what the op said is right, except the keeping of 80% of your profit for investment, which I think to me is unrealistic due to the current economy situation in the country now. If you are talking of like 50% that would have been reasonable, because the way price of things are really cost nowadays, and how our naira has lost value,  you will be forced to go am tamper with the money you kept for investment purpose, if you don't have an emergency fund just as @makus has already said.
In all this, I just think that we should try to utilize our finances properly now, and prepare for the rainy days, because I believe that nothing last for ever, it's only when we prepare for tomorrow that we can scale through it without troubles.