Topic: New Financial Year Begins | Are you ready? (Read 282 times)

Don’t bother, unfortunately these things like financial management, setting up your goals, etc. Honestly we have to either learn it ourselves or may be taught by someone before we become of that age. Financial management is not a easy job. Sometimes you make lot of plans but you don’t really end up following them. You might think to save up X amount each month but then there are family celebrations, someone birthday, gifts, emergencies and what not. So it has to be way way controlled. Better start with recurring deposits as they need to be done every month compulsory or there is bank charge for failed transaction. So at least there would be big effort to save up.

Good info; I didn't knew that April was the start for financial year because to me, every new year or the month of January is the start of something new and this includes financial. I believe that it wasn't only April or people wouldn't wait for this month before they start investing in cryptos but investing in cryptos is based on its price like if it's dipping.

This current April the prices of cryptos are doing better but they haven't fully recovered yet so I think investing on them now is still appropriate. The rule of investing is to invest only what you can afford to lose and not to invest a really huge amount thinking that this is the only way to earn big. Small amount can still grow anyway but if you invest big, there is also an assurance that you can lose big.

Maybe I do not have such a plan but I am trying to focus on the number 1) To collect as much capital as I could. I do not know how long I can achieve that but I believe if I still focus and work hard, I will get in there. It needs a dream to achieve and that will not make us stop working hard.

May all of us achieve whatever we want this year and live happily.

If you make good plans about your life then things wouldn’t be that bad. The experiences that you have had in the past are what is going to help you to better reshape the decisions you are going to make from now and in the future, and by making sure that you learn from the experiences that you have had so far, you are going to get better and also be able to achieve a lot more than what you have done the previous years.

I have had several experiences with finance which have changed the way I do things. As of recent and I’m getting better with the way I manage my capital and things have really started getting a lot better for me this time around.

I didn't know there's such a thing but now I do so Happy Financial New Year to you too.
I am kind of intrigued so I tried to read more about it and a lot of surprises was discovered, mostly in UK. 

My goals? I think what I will do is just the same as the past years. Save as much as I can even with the inflation and try not to run dry when it comes to the needs of everyone in the family. It works so there is not much of a need in changing it. I guess there will be a big change when the kids starts growing and the school opens up again. (physical, not virtual). Because there will be more expenses when that time comes.

I don't know how to do it (charts), schedules and others that includes listing of different things. I am somehow easily getting dizzy just looking at those. Good thing my wife is on a different level, she manage almost everything from customer service to face to face transactions. We have so many things to do, and that includes expanding our business even more. The only debt we have as of now is our car loan, since we really need it, for logistics and personal use, despite the hike of oil prices, we barely manage to fulfill or task.

Great things are happening on us, we don't believe on new financial years event or some that Chinese and other races beliefs. We only set goals, and that is to be rich with our own hard works, and dedication off course. We don't buy things we don't need, even our clothes are old and we don't even care, just as long as it clean and presentable. Also another is if you want to have more time for your agendas, start waking up early and that would really help you especially when you don't have enough manpower. We got only 2 hired personnel and sometimes it isn't just enough including the both of us, so managing time wisely is also a key to success.

I rarely buy anything in plastic and aluminum packaging, because these materials, although practical, are quite harmful to the environment, but also contaminate the content contained in them because they contain bisphenol. The more aggressive the fluid (content) in them, the more toxins will enter the human body.  I return such packaging, because with each purchase I pay an additional fee for products in such packaging, and this fee is then returned when you return a plastic or glass bottle or can.

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You're welcome

Good planning and various ways of securing life are what make a difference in times like we now live. People who surrender to the mercy of government and politicians can rarely say they feel safe, because if you don't take care of yourself, no one else will.

Thanks for your gesture. Well planning is very important when it comes to the finances. Plus, it has to be stronger in my case where I am going to focus on my business which will need hard capital to grow. So definitely need extreme plans and finance management for the same. I wish you goof luck too and nice to hear that you already had excellent management of the money over the years. Stability is always good.


A lot of peeps actually!
Even within my friend circle there is big craze for the Credit Card usage. Here the pay cycle is mostly 45 days. Peeps here use it and try to repay with salary but once they do they get nothing in their hands. I have told them many times, to have Mutual Funds, SIP's or at least small recurring deposit to save something for yourself.

Thats why dependency is very harmful if you do not have contingency plans!


You can definitely mine. If you are expert in the field then thats way easy. If you are not then just the hit tutorial that I have made for the beginners.
Believe me once you will start the mining, you will have great feeling out of it. The first payment hitting your wallet is something cool. 

I don't know where you are writing from, but you should know that the financial or fiscal year is different in different countries around the world. It usually coincides with the calendar year (from January to December), even though the income tax return starts around this time.

Take a look at this: Fiscal year.

Regarding what you ask, I am always prepared. It makes no difference in terms of managing my finances that a year supposedly starts, which after all is an arbitrary division of time. For me it's just another day and I keep on going.

As a big fan of this market, this is always something I try to do better. Perhaps each person will have their own plans. After many years of investing in this market, I do not give too much importance to setting goals too far, when a simple strategy brings a state of satisfaction. heart, just as I feel I have all the necessary things to continue accompanying this market for a longer time.

Diversification is the key to avoid being stuck when your main source of income goes awry. In my case, I am trying to look for achievable options where I can earn and at the same time save money. Only during this pandemic that I fully appreciate of having tangible assets at bay. Being crypto user, we should not focus all our investments in digital assets only. As much as possible, invest also in tangible assets like real-estate (if you can afford), or gold jewelry (don't need to be very expensive), you can buy from gold jewelry auctions.

I do some oddball things as far as financial planning go.

At the moment I'm saving all of my beverage cans and bottles. 2 liter bottles can have holes drilled in the bottom to use as holders for plants. Soda cans are aluminum which can be used for a few different things. Aluminum cans be flattened into sheets and used to make embossed artwork. They can also be used to make cooling fins for heatsinks, windmill blades, etc. Aluminum as a material has good thermal conductivity and dissipation which can make it well suited as a water condenser. In an emergency, a condenser might be used to condense evaporated air from water to produce water -- which would then need to be filtered and perhaps distilled. But water nonetheless.

Scanning youtube, there appear to be other uses for 2 liter bottles aside from imporivised pots for plants. There are some who use them as tanks for pressurized air and improvised piping.

So it would seem that I save things most would consider trash and try to scavenge some degree of functionality from them, which could be used in an apocalyptic event. Which is kind of meh.

I've also bought things like sewing machines and other junk I don't know how to use, and have no experience with, which could be useful if supply chains had issues and other crisis arose.

Statistics carried out by the government can be changed so that statistics on unemployment appear to be declining,
basically it's not a good reference because if you look at the reality it's far inversely proportional,
yes we have to take advantage of investments whether gold, crypto or whatever it is to make a profit

Ready or not, we are required to be ready for the possibility that will happen, yes the possibility is bad or more than that. I'm trying to learn how to manage my finances better than before. To prepare for it all, there will definitely be some who have to be personally sacrificed. Whatever it is, for sure everything must be better. I try to correct the mistakes or shortcomings that occurred in the last year. May we achieve something we want.

We all have to be ready for another worse year not in one country but all around the world, taxation burden keep increasing and no one is talking about the unemployment which is hitting high even though government stats says no to it. As of now starting with some stable investment particularly gold apart from cryptocurrencies and also considering about investment on properties for very long term frame.

Am so excited for this new year, I already had something off the crypto space, so for this new year, am looking at investing in a tangible assets, for now, I don't know what it may turn out to be yet, I just pray for a favourable market.

Yes I am trying to save as much as I could from my part time job. I’m increasing my crypto investment more than before because I have pretty nice experience with the same since a year now. I am at the phase of getting my post grad finished and pulling myself further into the busy schedules of jobs, salary, finance management and what not. I know it’s not easy out there but I’m gonna keep it very clean portfolio. Obviously no debts is first thing I am going to train myself on! You have multiple sources and that’s really impressive. Keep it up and hope I get myself ready for such multiple streams as well!

That's good to know that so many people on this forum are super accomplished! I generally would have tried finding a job but unfortunately I have a lot of other problems going on at the moment, because of the war am unable to go anywhere else and find a job, still waiting in the UK for work permit which might or might not come through.
Therefore I do think that for the time being I will try and accumulate some money by simply drawing/sketching as a freelancer but the market is not really amazing in that area therefore it cannot be taken as a regular job at the moment.
Other than that the signature campaign are what's keeping the food on the table! So the whole financial year is actually dependent on how the war will eventually turn out in the end, hopefully things can go normal soon enough. But for the time being :
1. No credit cards
2. Try and get the debts on track
3. Try and find an online job

Eh, happy financial new year to you as well I guess(?). 

Those two points above are key strategies for anyone if they want to make any money, or to preserve what money they have.  I see way too many folks living way beyond their means, maxing out their credit cards and re-mortgaging their houses to get cash and so forth, and interest rates will kill you.  Even crypto traders trading on margin are crazy to do so IMO.

It's great that you've got a good job in the biotech industry and do crypto mining as what sounds like a part-time hobby.  I don't frequent the B&H section, but I'm going to check out that thread of yours you linked to.  There's tons of money to be made from mining various coins, and I wish I'd gotten into that when I could afford the hardware.  Dammit, I'm always five hours late to any party.

for now i am focusing about 30% of my income to buy some popular tokens and plan to do this in the next few years and hold them ... and also i am buying a few shares as a diversification of my investment and in the near future i am also planning to start online business ...