Read If you are between 18 and 68 years old! - page 4.

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Quote from: YOSHIE on April 06, 2022, 12:21:36 PM

Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

I'm a little difficult to understand the meaning and purpose of this topic, why should we believe what Gilbert said.

Of course, Professor Gilbert has many awards in research, credit for his popular book on human life, However, I don't get the point, for this topic on Professor Gilbert's research, can you explain at 18 and 68 years of age, what is meant by underestimating.

Point, if you talk about economics and finance in the long term, surely everyone has that plan, be it internally or externally.

When maturity comes, we each begin to plan for our future. We also have financial plans for what we want to be or at what stage we want to be. But is everything done according to plan?
Not at all.

There is nothing to predict the ""future"". There are many ups and downs in life. And that ups and downs can make a big difference in the plans we make. I can't see the reality of the success I imagined myself in.

This is exactly what Daniel Gilbert's research has revealed.

Since I am still not much aged and dependent on my family for financial matters. So, I don't have any such planning yet but in time I will probably do long-term planning too. Because it is in the nature of every human being to plan for the future in his mind.

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So how does a 68 year old person have a long-term financial future, if most people at that age are already on pension? I should say the age should be between 18 and 40 years of age, because you can still invest small amounts every month for a number of years.

I started when I was 18 and I invested in all the wrong things... those things made brokers rich and I was left with worthless long-term investments. I only changed to something that made more than 800% profit, when I was introduced to Crypto currencies. (The best investment I have ever made) Wink

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Quote from: Haunebu on April 06, 2022, 11:50:05 PM

Who doesn't have long-term financial plans op? However, only some people actually end up fulfilling them while the rest abandon them or change them as time passes for various reasons which vary from person to person basically.

Instead, I advise focusing on fulfilling short-term plans and the combination of some of these plans could form a long-term plan which would obviously get fulfilled too. Divide and conquer basically.

I adopted the above strategy successfully which is why I feel that this is an effective and efficient strategy overall.

It's a good strategy to divide a long-term plan into multiple milestones and then work them one by one. It reduces our stress and short-term achievement motivates us to work. We will be more motivated if after every achievement we give ourselves rewards for achieving our goal.

That's how I also like to do my hard work. Make it short make it easy. But time management is also important if you want to build a long-lasting habit about your progress.

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Who doesn't have long-term financial plans op? However, only some people actually end up fulfilling them while the rest abandon them or change them as time passes for various reasons which vary from person to person basically.

Instead, I advise focusing on fulfilling short-term plans and the combination of some of these plans could form a long-term plan which would obviously get fulfilled too. Divide and conquer basically.

I adopted the above strategy successfully which is why I feel that this is an effective and efficient strategy overall.

lienfaye

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Quote from: Xal0lex on April 05, 2022, 06:07:53 PM

When one is young, one rarely thinks about such things as financial well-being. As a rule, young people want to spend their youth in carelessness, entertainment and not to think about anything. I do not want to work, I want to have more fun, and many people have no particular desire to learn financial literacy, the money is always spent on all sorts of entertainment, beautiful things and so on.

Indeed. It seems like being youth is permanent and we're just living to make ourselves happy. We do not care of other things and not thinking ahead about the future. Its a typical mindset of the youth because they dont experience yet the real hardship in life. But as we grow old and facing the reality, thats how people became mature especially if we already experience the real situation that we must face.

Probably the pandemic that happened gave people a lesson about the importance of having a savings. In my case a reliable insurance for our family will serves as our retirement plan incase we're not able to work anymore. Thats why we made sure to get ourselves an insurance. Its a must to plan for the future since we're not getting any younger.

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Quote from: sunsilk on April 03, 2022, 12:52:12 PM

Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

I have my own long term financial plan and I'm trying to be careful now with most of my major expenditure because I'm aiming to have a better, stable and passive way of earning with the next few years.

It's true that when I stepped on 18, I don't care at all what it will be in the future and about how I'll handle my finances. I've lived like what they say as YOLO and then realized that I'm growing older and still haven't achieved anything.

That reality knocked me and started to look for some guidelines on how I should make my future bright while I'm on that age. But it took me a lot of years before I've finally followed those advises like saving, investing and learning about financial literacy.

Well, at the age of 20's, this is the stage where young adults are still enjoying their lives while some are also starting to think of a brighter future ahead of them but have no concrete plans yet. But at the age of 30's, people should start to think of long term financial plans that will create improvements in their lives, and start to seize every opportunity that comes. And by 40's, they should have started to live the fruits of their hard work and labor. As they say, life starts at 40. But this is not happening in most of us. And maybe because most people don't plan to fail, they fail to plan.

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Quote from: cryptomaniac_xxx on April 03, 2022, 11:26:02 AM

Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

I don't think we need such research though because it is obvious that between this ages, you should at least be successful or have financial plans already.

If you have reached the age 30 you should really look for yourself in terms of financial and wealth you and should have plans already in set and motion. The problem is that majority is not doing this, instead, they just go and work hard every day for the rest of their lives.

The problem is, most of the people are finding it hard to provide sufficient funds for investments that may lead them to be financially stable. So instead of doing investments, they struggle hard working everyday for survival. But i believe everyone has financial plans for the future, its just that people do not receive the same opportunities. The rich people are always given privilege to increase their wealth, while poor people continue to live life the hard way.

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Quote from: MiF on April 06, 2022, 12:59:02 PM

Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

Invests time and money in crypto is i think the best financial plan. Modern world and modern technology will surely change the future,and if we are preparing for that change today we will not miss the posible profit in the near future.

Humans do have to plan their finances well, if they want their future to be bright. Because we can't always be productive to work and make
money, therefore we must be wise in managing our money. Why are financial advisors sometimes paid handsomely by the rich to advise them,
because it is very important for us to have a good financial plan. Of all good financial planning, investing in crypto is indeed the best solution.
Because indeed in the modern era we have to choose investments related to technology, and crypto is proven to have sophisticated technology.
No wonder the performance of crypto, especially Bitcoin is experiencing very rapid development. Even in a difficult situation like now,
Bitcoin still has a high demand and if we can be patient long term investment in Bitcoin, then we are very likely to generate large profits from
Bitcoin and can be a good retirement plan.

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Quote from: Furious 7 on April 06, 2022, 01:08:38 PM

Quote from: molsewid on April 06, 2022, 07:14:08 AM

Quote from: Furious 7 on April 06, 2022, 01:19:47 AM

Because even though preparing for old age is the best thing and it must be planned from the start, on the other hand, the millennial concept of young people today may be a little different because they sometimes think about life only once so don't waste your youth by trying new things.
I think this is also not too wrong because it is not good to be too busy preparing for old age because we also need everything that should be done in youth but on the other hand we also can't be too happy here because our old age still has to be thought about

The YOLO thing or You Only Live Once is one of the motto of new generation today, I didn't mean that they are only aiming for a happy life every now and then but that's what they believe we all deserve enjoy every moment of our life because time can't return back but memories remains forever. But those new generations still thinking about their future, retirement and when they get old. Preparing for this time of our lives is very important and that's also makes us more aware to prepare for it, invest in our future, save money today and money will save us later.

This is indeed what must be determined now that times are very advanced, many jobs are indeed done not only in the office in uniform or wearing a suit and tie every day. even though this is good enough to look at, there are now more varied jobs that use online media, especially the younger generation now such as being Youtubers, Gamers, etc. which they love with their fashion but on the other hand it's with the fun they do.
I think life is fun and free maybe for some people (the younger generation) don't apply the beautiful things to old age now less and less for it. it is precisely now that many young people are successful in their own way and with their own pleasure

Nothing beats out on having a job which is really included on your passion on doing so and its true that it wont really be needing for it to be physical for you to earn and come to think that people do even earn more than

into those people who do go to the office but somehow the risk on getting such job wont really be that permanent compared when you are dealing with real physical jobs but somewhat if you could able to sustain yourself in regarding with this one then i dont really see any problems for this.Just set out some plans and have savings and always be mindful on how to have a good future.

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Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

I believe to a degree that Daniel Gilbert is right. I am not who I was ten years ago. My personality, traits and beliefs have all changed and is constantly changing. However, I must point out that there are some flaws in the research. According to HealthDay, the participants were mostly women, and were chosen from people who'd previously participated in another survey. I am also concerned that this is not a representative of the whole world as the sample size is small. However, with regards to the topic, I do see any relationship between the topic and Gilbert's research because the research focus was on personality, traits and beliefs and not on financial plans.

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Quote from: molsewid on April 06, 2022, 07:14:08 AM

Quote from: Furious 7 on April 06, 2022, 01:19:47 AM

Because even though preparing for old age is the best thing and it must be planned from the start, on the other hand, the millennial concept of young people today may be a little different because they sometimes think about life only once so don't waste your youth by trying new things.
I think this is also not too wrong because it is not good to be too busy preparing for old age because we also need everything that should be done in youth but on the other hand we also can't be too happy here because our old age still has to be thought about

The YOLO thing or You Only Live Once is one of the motto of new generation today, I didn't mean that they are only aiming for a happy life every now and then but that's what they believe we all deserve enjoy every moment of our life because time can't return back but memories remains forever. But those new generations still thinking about their future, retirement and when they get old. Preparing for this time of our lives is very important and that's also makes us more aware to prepare for it, invest in our future, save money today and money will save us later.

This is indeed what must be determined now that times are very advanced, many jobs are indeed done not only in the office in uniform or wearing a suit and tie every day. even though this is good enough to look at, there are now more varied jobs that use online media, especially the younger generation now such as being Youtubers, Gamers, etc. which they love with their fashion but on the other hand it's with the fun they do.
I think life is fun and free maybe for some people (the younger generation) don't apply the beautiful things to old age now less and less for it. it is precisely now that many young people are successful in their own way and with their own pleasure

MiF

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Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

Invests time and money in crypto is i think the best financial plan. Modern world and modern technology will surely change the future,and if we are preparing for that change today we will not miss the posible profit in the near future.

YOSHIE

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Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

I'm a little difficult to understand the meaning and purpose of this topic, why should we believe what Gilbert said.

Of course, Professor Gilbert has many awards in research, credit for his popular book on human life, However, I don't get the point, for this topic on Professor Gilbert's research, can you explain at 18 and 68 years of age, what is meant by underestimating.

Point, if you talk about economics and finance in the long term, surely everyone has that plan, be it internally or externally.

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If I am between 18 to 68 years old. When I was 18 years old I don't know anything about life or even have plan for the future, during the time I always think that future will be Bright, but at long run and I reach the age of 30 I noticed it has changed that I have to stand for my self. Than I began to think of making plans for my old age. Someone need to plan for is future since when he/she is very strong.

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Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

It depends on the person but this is very subjective.
1. The current lifestyle of people may affect their long term plans. Because they are only working from paycheck to paycheck, some are just forgetting long term goals and just think of them being healthy and can eat trice a day.
2. The current financial literacy of people can affect it as well. We know that people that don't have any financial literacy will not think of long term financial plans.

I've seen many people around me who are experiencing the 2 that I said above. That 2 can change the way people think of their long term financial plans. As for me, I consider myself lucky because there is the internet that helped me at least how to be financially literate and know how to think of long term financial plans. I just hope that many people will also think like that because it will help them as soon as they grow older.

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Quote from: NeuroticFish on April 05, 2022, 12:04:21 PM

Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

This is a Bitcoin forum. This means that a big number of users here probably hold some satoshi (probably some hold even bitcoins) and try to increase their stash.
I think that this is the best long term financial plan one can have now: acquire bitcoin and hodl.
And yeah, we're mostly between 18 and 68.

So what are you asking about? Other financial plans? That would be a nonsense...

Majority of the people on this forum are investing in bitcoin and a lot of them have that plan to keep investing for a long-term. Some of them are even planning their retirement on bitcoin. But, they shouldn’t be the only thing that we are doing.

It will be very important that we also have other things we are doing because you’re going to need a steady source of income that would last you through out. These days the way money comes in and goes, you would have a lot of expenses to do and before you know it you’re already spending a lot of money on a particular day. So, is good to make sure that that source is steady.

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Quote from: cryptomaniac_xxx on April 03, 2022, 11:26:02 AM

Quote from: ariinv on April 02, 2022, 04:06:22 PM

Gilbert's Research shows people from 18 to 68 underestimate how much they will change in the future, because of that they miss long term financial plans! What do you Think? Do you have any long term financial plans?

I don't think we need such research though because it is obvious that between this ages, you should at least be successful or have financial plans already.

If you have reached the age 30 you should really look for yourself in terms of financial and wealth you and should have plans already in set and motion. The problem is that majority is not doing this, instead, they just go and work hard every day for the rest of their lives.

I’ve made mistakes of my financial decisions for so many years when I wasn’t introduced to cryptocurrency yet. As I was working with my home-based virtual assistant gigs, I didn’t know to save money efficiently. I always ended up almost empty handed because of spending too much on expenses and not controlling myself.

There’s one time that my parents gave me the “worst of the worst” sermon because I didn’t save money for so many years doing virtual assistant work while my sisters are not criticized because of their stable jobs (in other words favoritism). They even kept telling me to apply for real work in a stable company or government, get a civil service examination, etc.

But I never gave up believing on my path as self-employed, but it took me a several years to finally find my footing (thanks to cryptocurrencies).

Fast forward to today, thanks to learning in controlling my finances, diversifying my investments and risks, I finally have long term plans for the future. I am not saying that I’m successful for now, but I’m getting there. While others at this age bracket are having lack of knowledge to secure themselves financially for the future, only a handful of us are actually getting there which is still a work in progress.

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Quote from: Furious 7 on April 06, 2022, 01:19:47 AM

Because even though preparing for old age is the best thing and it must be planned from the start, on the other hand, the millennial concept of young people today may be a little different because they sometimes think about life only once so don't waste your youth by trying new things.
I think this is also not too wrong because it is not good to be too busy preparing for old age because we also need everything that should be done in youth but on the other hand we also can't be too happy here because our old age still has to be thought about

The YOLO thing or You Only Live Once is one of the motto of new generation today, I didn't mean that they are only aiming for a happy life every now and then but that's what they believe we all deserve enjoy every moment of our life because time can't return back but memories remains forever. But those new generations still thinking about their future, retirement and when they get old. Preparing for this time of our lives is very important and that's also makes us more aware to prepare for it, invest in our future, save money today and money will save us later.

Furious 7

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Because even though preparing for old age is the best thing and it must be planned from the start, on the other hand, the millennial concept of young people today may be a little different because they sometimes think about life only once so don't waste your youth by trying new things.
I think this is also not too wrong because it is not good to be too busy preparing for old age because we also need everything that should be done in youth but on the other hand we also can't be too happy here because our old age still has to be thought about

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I have yet to really read or watch this Gilbert's research, but isn't this generally something that has got to do with human tendency? Like, if you have a lot of money today, there is a possibility that you get complacent about the future since the flow of money at present is undisturbed. We have so many testimonials of this kind of experience. And also, as the lyrics of Que Será, Será goes, the future's not ours to see, so why not spend your money and enjoy the present? But, yes, I'm trying to have a long-term financial plan. Cheesy

Topic: Read If you are between 18 and 68 years old! - page 4. (Read 802 times)