Share Your Best Money Advice Based on Personal Experience - page 4.

Sanitough

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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.

Invest in your health and save some emergency funds first before you get to spend them all. Sometimes, when we are mostly concerned with paying our bills and budgeting for foods and services, we tend to forget to invest in our health. Note that health is wealth. If you will always make your health as your last option, believe me all your money will just go into your own medication, instead of using it for other productive means.

Renampun

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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.

yep, that's a good sentence but I still think otherwise, everyone has a different financial background, those who are born rich will never know what debt is but those who want to change their destiny from zero will definitely be forced into debt.

- OGDEN NASH once said - "Some debts are fun when you are acquiring them, but none are fun when you set about retiring them." meaning that debt is a good thing as long as you are able to pay it on time. so have a stable financial foundation first if you want to be in debt, keep learning debt management, especially those who are planning to grow their business.

poldanmig

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Quote from: freedomgo on December 05, 2022, 03:44:44 PM

Avoid all unnecessary expenses and just learn to live within your comfort. You don’t have to pretend that you are always able to buy this or that just because your friends have been telling you. Where in fact your finances are already struggling deep inside. So just live within your limits and you will never have to face financial problems later on. When you have that mindset, your finances will never be compromised and won’t never fall into unwanted debt.

We have to adapt our lifestyle to the economic limitations that we have without being affected by the lifestyle of other people, so we have to manage expenses according to the limits of funds for shopping needs every day without being related to debt. But another solution, I quoted the post above that we must prepare our savings for emergency fund needs, because in conditions of economic stress it is very difficult to apply for a loan from a bank or anyone unless we have assets to pawn.

348Judah

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If you have money, dont act like babies who dont plan or cares about tomorrow, they spend the entire money with them believing tomorrow will also comes in with it own opportunity to have money and spend more, but money is expected to keep in reserve, maintain the spendings, have a scale of preference and use the economic cost and money cost strategies in making purchases, invest with your money which will be your asset and avoid buying things that will take away money from you than earning you an income, know what you need and go after it than what you want, primary needs are different from secondary needs, I've also been a waster of money before not until i learnt my lesson the add way when there's no more money incoming in like before after I've wasted alot of resources.

freedomgo

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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.

Avoid all unnecessary expenses and just learn to live within your comfort. You don’t have to pretend that you are always able to buy this or that just because your friends have been telling you. Where in fact your finances are already struggling deep inside. So just live within your limits and you will never have to face financial problems later on. When you have that mindset, your finances will never be compromised and won’t never fall into unwanted debt.

yhiaali3

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There are many experiences worth sharing, but the best financial advice I can give would be as in the proverb: “Hide your white money for a black day.” This is a famous proverb in our country which means that when you have more money than you need on good days, you should save a Part of it for bad days.
This is what actually happened to me, when the market was bullish I got good profits and converted a good portion of them into gold, and now in this bearish market I found a good opportunity to resell gold and buy cryptocurrencies again at a low price.

gantez

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Quote from: crwth on December 05, 2022, 12:46:52 PM

One of the best things that you could do is to build a credit score with bank so that you could borrow a lot of money whenever you need it. Building a credit score would be beneficial if you are interested in borrowing money from the banks and then making sure that you pay it every time and use it, wisely that you could earn more from it.

This is good to get loan from bank but is it really the first level to build a finance? You will need lot of collateral for bank to grant the loan to you and this is not easy. Is not a starter way to financial freedom except that you have make the money already and connection now you can have trust with bank to grant some loan. The best for this kind of loan is to build house and land properties not for just feeding because the money is better use for investment so you have a source to repay.

crwth

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One of the best things that you could do is to build a credit score with bank so that you could borrow a lot of money whenever you need it. Building a credit score would be beneficial if you are interested in borrowing money from the banks and then making sure that you pay it every time and use it, wisely that you could earn more from it.

Another thing is when you try and use credit cards, make sure that you’re gonna pay it in full every cut-off and statement.

DVlog

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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

Sometimes debt can save your wealth from burning up. You should always be careful about how much you are going to borrow. That should be lower than your total wealth because if something bad happens you can repay your debt by selling your wealth. Big corporations and businesses grow by taking loans. The big corporation even banks took loans from us to do their business. Debt is not always bad and it depends on what you are intending to do with your borrowed money if you are planning to buy a house or car it's certainly a bad idea.

Another piece of advice I want to add up is not to save your money in the bank. Invest and reinvest in stock, metal, real estate, crypto, etc. As long as your money is idle it's losing its value. So let your money work for you and grow itself.

sana54210

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Quote from: dothebeats on December 05, 2022, 08:41:21 AM

The best I can give is to not think of the money you don't have and plan anything with it. Many times, I've done this unknowingly and I ended up screwing my entire budget and was left needing to take some debt from my friends. Since then, any money I am expecting to receive, I do not take into account unless I personally have full control over it. Not really something that is vital or extremely important but still something that can be helpful when you're trying to make it out financially and trying to grow from the ground up.

That is a big big mistake that I did for the past 3-4 months. I had some money, not a lot but some money and I planned on buying some stuff, like PC for myself and some stuff for my wife, but between hospital bills, and buying some stuff for the house because old ones broke down, I ended up in big debt again.

Not a big deal for me, because I can just spread it into months and pay it, but I believed I would recover by now and still failed, it's okay though, life is fair and good, I am happy about my life and everything is nice, I have seen much worse years, so it's fine. But that means I won't be able to invest for a long time, I will just pay my debt.

Gyfts

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Do not get caught up in the "fear of missing out" aka FOMO.

Applies to Bitcoin as well. You should take a gamble on something if you're doing it our of impulse. Naive investors will feel the need to participate in whatever short term lucrative financial plot even if it means sacrificing their principles out of concern they'll miss the boat. And sometimes they might even try to catch a knife falling down by seizing on an opportunity that's past its prime.

sulendra12

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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

Being on debt is actually what makes people go wild usually. Sure, you will think that having more money is good and you think you can repay it but in reality we don't know what would happen next and sometimes your investment or anything you do would not run as expected which makes the loaned money goes to waste. Being haunted with debt because of our failure is really dangerous and I would not recommend to loan for investment if you don't have anything as collateral or have a primary income to repay it incase something bad happens.

Maidak

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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

In addition to staying away from debt, we should also limit and better never lend money to anyone, especially our loved ones. Lending money to others also comes with a lot of risks, in addition to losing that money, what I find more frightening is that we will also lose brotherhood and friends when relationships involve money. I had a bad experience lending money to my friend and then I lost money with him when I tried to get back the money I lent him.

dothebeats

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The best I can give is to not think of the money you don't have and plan anything with it. Many times, I've done this unknowingly and I ended up screwing my entire budget and was left needing to take some debt from my friends. Since then, any money I am expecting to receive, I do not take into account unless I personally have full control over it. Not really something that is vital or extremely important but still something that can be helpful when you're trying to make it out financially and trying to grow from the ground up.

CageMabok

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Quote from: Pejoh Asu on December 05, 2022, 07:05:07 AM

I'm happy because now I can have some property assets that I rent, I got it from investocurrencies and I can get big profits in 2017, now I rented the property and can meet the daily and monthly needs, but I suggest not to invest House, because the value of the house is difficult to rise, it's better to invest in a garden or rice field because in my experience it can rise 50% in 5 years.

Houses are more suitable to be bought for rent to people who need a house or to those who don't have their own house to live in. Because it is clear that house prices are a little more difficult to increase because the current house building model always differs every year so prices also vary and it is difficult to get an increase because the price competition is also different. But if you buy it for rent, I think it will be more profitable because the house will always be taken care of and the owner will always get money every month or even every year.

Reid

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Then I'd agree with your advice because I had been doing the same thing ever since. No debts at all. If there's a need for money that would not fit in my budget then me and my wife will decide to just pawn our gold for low interest rates.
It's still not debt because it's our asset and we could decide to just sell it instead if we cannot afford to get it back.

Be wise about spending the money especially in the market. Wet or dry. If you don't need it, don't buy it. Don't pile foods that have short life. i.e. fruits and vegetables. Just make the effort to go back and forth buying something for the day. Use bicycle as transportation to save more, it would do you good for a bit of exercise.

Pejoh Asu

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I'm happy because now I can have some property assets that I rent, I got it from investocurrencies and I can get big profits in 2017, now I rented the property and can meet the daily and monthly needs, but I suggest not to invest House, because the value of the house is difficult to rise, it's better to invest in a garden or rice field because in my experience it can rise 50% in 5 years.

fuguebtc

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Quote from: Mauser on December 05, 2022, 05:23:16 AM

Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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

I am not rich and no expert in money management, but I made some good investments over the years that have helped me a lot to finance some of my dreams. The best advice I can give up anybody who is trying to build a portfolio is Diversification. Don't place a your eggs in one basket is the best phrase that I kept in my mind over all these years. Investing and trading always a form of randomness that can't be controlled. Even the best investor is not going to be right 100% with his trades. With that in mind it's best to split our money into multiple investments. Like that we increase our chances to pick good investments while decreasing our overall volatility. Lower volatility means lower risk to lose large sums of money. The more different investments we have the higher the chance that some will perform well when there is a general market downturn.

In investing, diversification is a very important thing, I hope people don't ignore it. But I need to be more clear, diversification means investing in many different sectors, not investing in many products in one area. Like we invest in cryptocurrencies, many people mistakenly believe that to reduce risk, it is better to invest in bitcoin and altcoins. They forget that once bitcoin drops in price, no altcoins can rise, so diversification won't work. Diversification is that we should not invest all of our assets in cryptocurrencies but invest in other areas such as gold or real estate.

Mauser

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Quote from: Davidvictorson on December 03, 2022, 03:44:05 PM

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

I am not rich and no expert in money management, but I made some good investments over the years that have helped me a lot to finance some of my dreams. The best advice I can give up anybody who is trying to build a portfolio is Diversification. Don't place a your eggs in one basket is the best phrase that I kept in my mind over all these years. Investing and trading always a form of randomness that can't be controlled. Even the best investor is not going to be right 100% with his trades. With that in mind it's best to split our money into multiple investments. Like that we increase our chances to pick good investments while decreasing our overall volatility. Lower volatility means lower risk to lose large sums of money. The more different investments we have the higher the chance that some will perform well when there is a general market downturn.

jossiel

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Quote from: michellee on December 05, 2022, 03:02:10 AM

I agree with you because by going into debt, our burden will be greater in paying the money back. And yes, before we borrow money, we must first calculate the amount of money so it won't be a burden for us to pay it back. But sometimes, people borrow more than they can afford, which gets them in trouble. But strangely, they can always pay their debts even with difficulty. We should not follow what that person is doing because our lives will be different from theirs.

Interest and obligation will make you stop from what you're thinking about and where you are about to spend your money.

There's this belief that whenever you're in debt and if you have no plans of paying it, you're life with be stuck forever until you talk and pay back the debt.

I also got debts but I'm doing all my best to pay them and clear it. Because it's not just the debt that's feeling heavy but also the thought in my mind that having much debt is going to be on my shoulders forever. That's why it's important to clear and pay all the debts.

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