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Topic: Share Your Best Money Advice Based on Personal Experience - page 2. (Read 911 times)

hero member
Activity: 2352
Merit: 594


Rewarding our selves is also addictive since every month when we get our pay, we tend to reward ourselves and forget to save some money first. This also happened to me when I got my highest pay in my job: I rewarded myself every time I got paid, and later on I forgot to save. It's really better to save first before spending, but if we really need to reward ourselves to make us relax, let's do it just for a couple of months, and after that, we need to save for rainy days.


If you're addicted, it's your fault because you don't have any plan for life. For me, to avoid getting addicted, I always have a plan for myself. Like when I get a raise or my savings goal is 10k, and I hit it, I reward myself and keep going to set a goal of 20k and will reward myself again...As I said, don't rest in victory but set yourself a higher goal each time we reach the previous one. Only then will we never get addicted and forget our duty.

How I wish all of us had this kind of behavior. I know it can be learned as long as you practice it, but I need some motivation to do this. That's a great idea, setting a goal for yourself before rewarding yourself, but I'm not sure if you're so stressed out at work that you want to reward yourself after you get your pay. I am that stressed that I need to take a break after my work (which is so stressful that I am having a mental breakdown, and I am planning to resign soon).

sr. member
Activity: 1610
Merit: 301
*STOP NOWHERE*


Rewarding our selves is also addictive since every month when we get our pay, we tend to reward ourselves and forget to save some money first. This also happened to me when I got my highest pay in my job: I rewarded myself every time I got paid, and later on I forgot to save. It's really better to save first before spending, but if we really need to reward ourselves to make us relax, let's do it just for a couple of months, and after that, we need to save for rainy days.


If you're addicted, it's your fault because you don't have any plan for life. For me, to avoid getting addicted, I always have a plan for myself. Like when I get a raise or my savings goal is 10k, and I hit it, I reward myself and keep going to set a goal of 20k and will reward myself again...As I said, don't rest in victory but set yourself a higher goal each time we reach the previous one. Only then will we never get addicted and forget our duty.
newbie
Activity: 23
Merit: 0
Investing is not gambling, you can’t just run away just thinking about making a fortune, it’s something you should persevere. High returns and high risks, there is no free lunch in the world, you must first assess your risk tolerance.

In the short term, you may lose money, but in the long run, you may make money. Don't blindly think of the windfall coins that other people have told you. Have your own plan, and don't invest more than your own budget.
full member
Activity: 1162
Merit: 106
If calculated then I only have a very less income from basic needs, I work as an employee who produces ceramics, unfortunately economic conditions make the company very difficult to sell ceramic products so many are stocking, sometimes we even have to receive ceramics instead of salary, and We sell it to friends or people who are building a house.
hero member
Activity: 2968
Merit: 572
Leading Crypto Sports Betting & Casino Platform
Focus on your needs and not on your wants. These days, there are lots of things that are on trend that are tempting to buy so we need to be more disciplined and control our urge to spend on unnecessary things. As much as possible, we should also avoid borrowing money if it isn't for emergency reason. We better grind and earn to save and invest and make sure that we are maximizing our assets.
And it is because they're trying to impress the people that surround them. It's not wise to buy things that you want because you just want to impress others.
We're living already in the present time and that's not a good attitude to have because it will make you stuck forever with that thinking of trying to impress other people and buying things that you don't even need. The idea starts from the trend and then the attention that it gives to everyone is like a desirable thing which I find not. Live your life and don't be that type of person because you only have to impress yourself.
hero member
Activity: 2100
Merit: 887
Leading Crypto Sports Betting and Casino Platform
For the longest time, I have been thinking about doing this. It seems like the right time is now. All of us have had good, bad, and ugly experiences with money. So now is a good time to offer your two cents worth of financial advice.

Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?

I'd go first -  Stay out of debt as much as you can.
The best financial advise I got is from Robert Kiyosaki's best-selling book "Rich Dad Poor Dad". To be honest the book is a treasure trove of important financial wisdoms you must absorb and apply in your life but the one lesson that really resonated with me is when he said "Financial Education is your greatest asset". You will see people earning huge wads of cash and then blow it up the next day on things they don't even need. And there are some people who get by with a large savings from their regular 9-5. I do not need to tell you who's the more financial literate one and who'd idealistically end up with more money when they retire. That's basically the logic behind it. You need to be financially literate in order to know what to do with your money, because if you do not, you'd end up burning all the money you would earn and you'd end up not saving anything for when you can't work anymore.
hero member
Activity: 2842
Merit: 578
It could be applied whether on personal life experience or business type of experience which money that you dont own which it would really be that common sense that you shouldnt really make use of it since its not yours in the first place.How much more if you have a business which is really that attached of huge money or you are really needing peoples trust? Once you've been known or been busted up then
say goodbye into your business as this would really be making that huge mess and trust that had been put up would poof out like instant.

This is why its never been recommendable that you leave up your coins or assets on a centralized platform.You dont know on whats on the mind with those owners or operators which
you cant really assure the security or safety of your funds.Come to mind that its never been recommendable since from the start but people
do really always a fan on doing such stuff.
We can't stop the others on keeping their coins in exchanges, it has become a thing these days and even how hard we try to remind them, there will always be those that won't listen.

As for the money that we don't own, we have no power over it and just think like that so that you won't get the idea of spending it even if it seems that you've been allowed to, just don't.

Sometimes, it’s hard to control yourself from not using it especially if you have been struggling in your own finances. So while there is money entrusted to you either for keeping or saving it, you become tempted to use it for your own advantage. This is very wrong especially if you can’t be able to pay it or provide the money when it will be needed. That is why others end up borrowing money to replace the amount they have used, and gradually fall them into a heavy debt unknowingly.
The temptation is there and just don't do it so that you won't face any problem because that will also affect you if ever you did it, mentally and that's more than it.
sr. member
Activity: 2226
Merit: 347
Focus on your needs and not on your wants. These days, there are lots of things that are on trend that are tempting to buy so we need to be more disciplined and control our urge to spend on unnecessary things. As much as possible, we should also avoid borrowing money if it isn't for emergency reason. We better grind and earn to save and invest and make sure that we are maximizing our assets.
Never took a loan for buying out your wants
Never took a loan for leisure time
Never took a loan if it isnt emergency

Dont make yourself to be having that debt problem.This is why you should really be wise on making up decisions basing on what you do only earn.
Dont live outside your means yet this one would really be causing up huge problems and could really mess up your entire life.
You should be wise on making up decisions or else you would face up problems.
legendary
Activity: 2464
Merit: 1145
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I can't consider this as financial advise but I suggest to manage your money as best as you can. Don't put all your eggs in the same basket, Don't go all-in in something that are speculative and uncertain, in short don't put all your money on crypto knowing that tokens are very volatile. Diversify your funds like doing yourself an emergency funds, daily expense budget and other things that will disrupt your investment if bad things happened. I experienced this before last 2018 bear market where I did go all in on crypto without having emergency funds and reserve funds for my necessity. At the end, Most of my crypto where sold in at least a break even price and most of them are on loss. I've learned it and applied it today. Luckily I still haven't got any problem that I'm forced to use my emergency funds but I hope that day will not come. Today I still have some spare funds to invest as well as enough money to live and I haven't sold any of my asset as a lost.
hero member
Activity: 1498
Merit: 785
Scenarios of financial advice are always different, but you can see from other people how to manage it properly and what you need from the advice because basically everyone is different in giving advice on their own money.

I always want to increase my income especially this will cover all what is needed monthly and other needs are sufficient.
From what I earn of course I always manage to share in my expenses because this is important because otherwise the financial advice will not be correct

Monthly rent
Savings
Emergency fund
Stable investment
basic needs in the household and I don't recommend any loans because this is always avoided.

Apart from all that I have to be able to cover every month, this is only the income that I generate at work and also my small business so I have to be able to manage as much as possible.
full member
Activity: 1708
Merit: 126
Focus on your needs and not on your wants. These days, there are lots of things that are on trend that are tempting to buy so we need to be more disciplined and control our urge to spend on unnecessary things. As much as possible, we should also avoid borrowing money if it isn't for emergency reason. We better grind and earn to save and invest and make sure that we are maximizing our assets.
legendary
Activity: 2142
Merit: 1018
Next Generation Web3 Casino
everyone has a way of managing their finances, and it can also be said that all are the same, but some are successful and some are not, everything will be in order if we are firmly committed to this finance, and this is my way

1: make a monthly budget from the largest to the various, (fixed funds that are definitely issued and have become a regular monthly budget)
2: always save for emergencies if there is a sudden need such as: sick
3. Avoid high interest and sustainable loans

and it is very important to avoid buying things that are not useful for everyday life, especially just for socialites,

sr. member
Activity: 1848
Merit: 341
Duelbits.com
Do not be afraid to make mistakes, this is the best way to grow, people are stagnant in life because they are too afraid of making mistakes, they want the top notch advice that will set them up for life but that's impossible.

I found my own way the day I stop listening to people, I was anxious on every move thinking maybe I will fail? Maybe this won't favor me? Maybe this isn't the place I should be.

In the end I just zero my mind and took the bull by it's horn
It is experience that will give us good advice, and I think that advice from what many people say also comes from what they have experienced themselves. There are many kinds of theory that we can apply, but not everyone can practice all the existing theories about managing finances well. In the end, it is experience that gives us very broad insight into how to properly manage finances.
I agree with you, that don't ever think that you will take a wrong step, because that step will make us grow to become better people in managing our finances.
legendary
Activity: 2072
Merit: 4265
✿♥‿♥✿
I'd go first -  Stay out of debt as much as you can.
Another big and major advice is that you should not act like you have when you do not have, that is, don't act rich when you are broke. You should not be ashamed to say you cannot afford something out of embarrassment. Another major reason why you should not act rich when you are broke, is so that people that intend to help you, will not look at you like you do not need help because of your act, when you truly do. I have met persons that their situation needs helping, but they are still too proud or not true enough to themselves to act sincerely, instead they keep telling lies and acting okay, truth is, nobody will force help on you, before someone can help you, you have to help yourself by accepting that you need help.

I don't know what you mean by "help," but I don't agree with you one hundred percent. If you read or watch the stories of people who have achieved success, then they never allow themselves the thought that they have no money, or they should make people feel pity. A person must achieve everything himself and not depend on someone else; this is the first rule of successful people. Acting like a rich person is not about spending your money right and left. Rich people always know how to manage their money, and just thinking that I deserve it and have it or will have it has always worked positively.
sr. member
Activity: 882
Merit: 274
Do not be afraid to make mistakes, this is the best way to grow, people are stagnant in life because they are too afraid of making mistakes, they want the top notch advice that will set them up for life but that's impossible.

I found my own way the day I stop listening to people, I was anxious on every move thinking maybe I will fail? Maybe this won't favor me? Maybe this isn't the place I should be.

In the end I just zero my mind and took the bull by it's horn
hero member
Activity: 2352
Merit: 594
Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?
Never increase the lifestyle when experiencing an increase in salary this is always a problem for young people and also most people, and never buy expensive items whose value drops very quickly and their use is not too important because later we will sell it at a very cheap price because of necessity, and always be disciplined to save because there will be important things that require and money quickly.
That is mostly happening nowadays. When people gets promoted from their jobs and receive a bigger income, they also try to level up their lifestyle and eventually increase their expenses, even spending more than their income. This is from my own experience, and I’m not happy with it anymore since i’m drown now into more debt compared before. Always live a simple lifestyle instead, that way you can save a lot from your own income and benefit from it in the future.

There's nothing wrong with saving money for a better future, but that doesn't mean we should live too simply or too hard on ourselves. We work hard and finally, when we get a raise or better income, we can also reward ourselves after hard working days. We should enjoy it, but as long as we don't waste too much or fall asleep in the win, we continue to work harder and find ways to increase our income even more in the future. Don't be too frugal with yourself because we work to get there.

Rewarding our selves is also addictive since every month when we get our pay, we tend to reward ourselves and forget to save some money first. This also happened to me when I got my highest pay in my job: I rewarded myself every time I got paid, and later on I forgot to save. It's really better to save first before spending, but if we really need to reward ourselves to make us relax, let's do it just for a couple of months, and after that, we need to save for rainy days.
copper member
Activity: 1316
Merit: 715
Eloncoin.org - Mars, here we come!
The best money advice in the current bearish scenario when fear of recession is gripping all financial markets is, to accumulate bitcoin on every dip, it will definitely outsmart all other class of assets in the long term, hence 60% of our portfolio should be invested in Bitcoin & Ethereum. In commodity market we should also make some investment in precious metals like Gold & silver to diversify our investment portfolio. DYOR
sr. member
Activity: 1610
Merit: 301
*STOP NOWHERE*
Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?
Never increase the lifestyle when experiencing an increase in salary this is always a problem for young people and also most people, and never buy expensive items whose value drops very quickly and their use is not too important because later we will sell it at a very cheap price because of necessity, and always be disciplined to save because there will be important things that require and money quickly.
That is mostly happening nowadays. When people gets promoted from their jobs and receive a bigger income, they also try to level up their lifestyle and eventually increase their expenses, even spending more than their income. This is from my own experience, and I’m not happy with it anymore since i’m drown now into more debt compared before. Always live a simple lifestyle instead, that way you can save a lot from your own income and benefit from it in the future.

There's nothing wrong with saving money for a better future, but that doesn't mean we should live too simply or too hard on ourselves. We work hard and finally, when we get a raise or better income, we can also reward ourselves after hard working days. We should enjoy it, but as long as we don't waste too much or fall asleep in the win, we continue to work harder and find ways to increase our income even more in the future. Don't be too frugal with yourself because we work to get there.
legendary
Activity: 2282
Merit: 3014
For the longest time, I have been thinking about doing this. It seems like the right time is now. All of us have had good, bad, and ugly experiences with money. So now is a good time to offer your two cents worth of financial advice.

Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?

I'd go first -  Stay out of debt as much as you can.

As I've said before, and I feel like a repeating parrot lol, as I licensed financial advisor I would just be very cautions of what people suggest to you.  The best way to manage money is by having three buckets. Bucket 1 is for short term savings: checking account, savings out.  Bucket 2 is for mid-range things such as a brokerage account.  Bucket 3 is where you have your retirement assets, 401k, pensions etc. 

Once you have all of your buckets taken care of, are on track for retirement, then if you have some left over money you might want to try a few higher risk/reward investments for your money, this is how people can end up hitting grand slams. 
sr. member
Activity: 903
Merit: 391
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The best thing when we have an income is to always leave for investment, I like raising livestock and when I can leave a salary and then I buy chicken seeds and I keep it, initially only 50 then I am more gradual until it reaches 1500 tails in 6 months, of course there is something sold when It has reached 4 months, and until now I still raise and sell chicken meat, now I am able to pay house installments.
It's extraordinary, you run a very profitable business and also have time to think about investing to support a good future. Because not everyone can run a livestock business like you run, even though they can run investments like those run by them in general. And I think you will continue to get better development in life if your business continues smoothly without having any obstacles.
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