Topic: Share Your Best Money Advice Based on Personal Experience - page 3. (Read 911 times)

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.

Don't spend more than you earn.

Don't care showing yourself off to people (ostentation).

Work hard, but work smartly.

Don't hold too much money: as soon as you accumulate a decent amount, invest it in something solid and reliable to protect what you have conquered so far. It can be a property, a durable good or bitcoin. Look for valuable, demanded and growing assets in your local area.

Money offers security. In simplest terms, you feel better when you save more money. The scariest evil I have ever seen is the shortage of money. Your level of confidence is quantified by the money saved.

My worst experience was overspending when the channel of getting money was open until the blocking caught me off guard. It was hell having to even borrow from the people I used to lend money to, so I made a promise to myself to save more money the next time I have the opportunity.

"Save more and save your generation," I advise.

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.

This is actually a wise advice since the price of gold at the present is also increasing so you can still make profits from it if you invest a portion of it rather than investing them all in bitcoin. I have been buying gold before, but when I started bitcoin investment, I eventually sell them all to add more capital in bitcoin. But i guess your strategy is quite more productive and profitable than mine so I have to take your advice and see it for myself.

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.

I got my best and most important advice from my girlfriend a few years ago, she said me "Just after you got your income or the money your worked for it, first take some part of the money for investing and do not touch and then you are free to spend the rest of your money" in the other words, we should spend what we don't need for investing, while other people do the opposite and they spend all their money and always complain that they have no money for investing, that's the reason of we see many people without of investments. That's not because of having a low income that's because of spending too much.

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.

I will relate it with the biggest collapse that has happened for this year and tha's with the FTX. So, my advice would be - if it's not your money, never touch it and don't use it for your personal interest.

Well, this happens in real life when someone borrows money from you and lend it to them and they've said it is for emergency but later on, you've found out that it's used for other things like a vice or so.

Also, if it's not your actual money like a friend or siblings or parents money that has been entrusted to you. Do not ever use it for anything as if it's yours.

This is based on experience.

for those wanting to start a business and do the capitalist game

first you have to work out your costs and lifestyle amount (the break even amount)

then work out how much reach you want to fulfil. this means do you only want to service a neighbourhood, town, state, a country or the world

then work out how much $ per order that equates to of that reach..
and then find a service or product that satisfies that market reach(demand)

EG say you want/need only $50k of income and have $30k of costs($80k total break even)
but you only want to service your town of 360k population

thats obviously a 25c from everyone a year in your town or $1 for just 25% of population a year or $80 if you only service 1000 (3 customers a day)

work out how many orders you can handle per year. (time and execution)

work out what products/services are easy to sell that can capture the 1000 customers or 25% or 100% of town population

dont just find a product first and try to push or harass it onto customers thinking you can get paid by just throwing more advertising at people.

instead work out how much customer base you need to satisfy and find a product/services that fills that satisfaction

alot of people think opening up a coffee shop will get them income because other coffee shops are already doing it which proves the concept. but just buying a cafe at a cost=needing to raise your base order price per customer to cover cost.. you also are just saturating a existing market and diluting yourself down of possible customers because they may not want to come to yours as they are loyal to another business

offering a coffee where you get just 25cents a cup just once a year from everyone and can out compete on price of the other cafe's sold in your town can mean the difference of trying to spend $400k on a snazzy new building where you then have to get $1.25 of excess coffee cup price just to break even

so dont think product first customers second.. think reach of customers first then product second

then. when you know you can fulfill more then 1000 orders of anything a year. you can then start looking into expanding costs to get a good location, product quality, and recognition after.

EG selling kiosk coffee for $1 where you get 25cents can earn you more than trying to have a snazzy cafe fitted out with grand design where you need to sell for $4+ a coffee to cover costs

Learn how companies and the stock market work. I learned this lesson far later than necessary, but it is a huge eye opener to how people get rich. I'm not on about chasing the latest high growth fad company and trying to quadruple your money overnight, but slowly building a solid portfolio of shares over time that will pay out money in the form of profits every single year. Instead of leaving your finances to the whims of whatever banks are paying at the moment, put it into a mixture of companies that will pay you back part of their profits every year and make sure your money is getting reinvested all the time to buy more shares and decent companies will also give you a "payrise" in the form of extra profits each year as well. It's a huge field to learn and you'll be learning more every day.

I agree with this because there are still many who are always stuck in this, especially for beginners who think that this is the easiest way to get money and when they think that they are always on the wrong path by following lots of fomo things those who exist in the hope that they can reap the maximum profit, even though if you look at the current conditions, this is precisely what becomes an easy target, because they forget that in such a case, even a slight loss of momentum will be a real loss for themselves.

We don't need to increase our lifestyle if our financial needs are not sufficient because following a lifestyle has no limits, so it's better to have a simple lifestyle but have savings for the future. So the most important thing is that we can live life without heavy burdens even though we are not destined to be rich in life.

What would you call buying a house for personal usage and avoid paying monthly or yearly rental fees? Is that a liability or an assets?
I definitely consider it an asset because I don't have to pay rental fees anymore, that money will be channel to other source of generating income. And don't forget the house value can also increase overtime depending on how developed the location becomes.

I agree with you!  

I was talking to a girl yesterday and she told me that she has 5 sources of income.  Income diversification is very important for financial stability.  I also agree with you that borrowing and credit should be avoided.  

The danger of loans lies in the fact that the borrower must give the lender not only the body of the loan, but also the accrued interest.  

Obtaining loans and credits leads to an increase in expenses, not income.  

There are exceptions to this rule, but they only confirm this rule.

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.

I have experienced a difficult condition with finance a few years ago, then I tried to find a debt but it didn't work and then I pawned a motorbike worth $ 600 and with that money I used to trade chili and managed to get a big profit, in our lives we must dare to take real steps and Don't think too much profit or loss.

Skip this part if you don't have enough assets for collateral because that's the very first thing you have to use when you loan in the bank.

So to work your way up you have to buy a physical asset that banks can be use for you as a collateral. It's a long way up if you don't have someone you know who knows how things work and you were just working your way up based on what you know. But if you want to be financially free then you have to work hard and stay away from debt no matter what if you aren't ready to or you can't pay it in full during the cut-off.

Never try to cover all of your loan, just the amount bank asks you to. I have this pet peeve when it comes to debt, so when I have credit card debt, loan debt, anything basically, even if 10 bucks to a friend and I mean it, it doesn't matter what it is, I need to cover it as a whole. As we all know, the life we live right now is not that easy to go through without ever making any debt, you can't just earn money and have zero debt, of course you will make a debt. I got a new PC on September I believe, and that alone is a HUGE debt to my (in turkey good PC's are insanely expensive due to high tax). So all in all, I just use ALL my money to pay my debt back, and fail to invest because of that, if I didn't, if I paid the minimum I had to instead of all of it, and put it on bitcoin, I would have been x100 times richer now.

Everything should really be balanced on which you should not really make your health taken for granted because if your body will collapse then pretty sure that all of your savings that you are hard working for would

really just be wiped out so easily.This is why its ideal that you should really give prioritize into your health and balance in between investment so that you wont really be having problems.

Its true that people are really that thriving out their best to accumulate money which is understandable but if you do let set aside things like health then it would
really be a potential huge risk and problem on future years to come.