Share Your Best Money Advice Based on Personal Experience - page 6.

KingsDen

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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.

Do not invest in anything you don't have idea on how it works or something you cannot control. That is my worse financial mistake. Even when you use bitcoin as an example you will understand how newbies buy at buy market and panic to sell in Bear market. It is because they don't understand how the cryptocurrency market works.
Part of the money you want to invest, remove some percentage and give to someone to teach you about the investment. If it is a business you need to know the secrete of the business and have the skill of how it is run even if you will not handle it yourself.

Fivestar4everMVP

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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.

You are right, I would say that staying out of debt is among the most important money advices I know of.
Another important advice is "spend less than you earn", and also, do not keep your money lying idle in the bank, most especially fiat currency which have been proven to keep loosing their value/purchasing power over time..
And also, it is very important to invest consciously and wisely, minimize risk at all cost.
This is not all it takes to be financially successful but I believe it is part of the ways to truly make the journey successful.

SatoPrincess

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First I think it’s important to know how to identify liabilities and assets. It’s best to spend money on essentials and assets, reduce excessive spending on clothes, outings and trivial things to impress people. If you’re a salary earner, I’d spilt my salary into three parts, the bigger chunk would go into savings about 70% after taxes, expenses 20% and 10% for emergencies. The 70% will be spilt into reasonable investments to make some profits.

stomachgrowls

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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.

One of the most important thing in life on which you should really consider out or trying out your best to be not shackled by debt because it would really be not a good way of living or something that could put you in peace since you do know that you do have lots of things which you do need for it to be paid up.

I do have that bitter experience which I'm trying out to solve but due to some other priorities that I could hardly clear it up.

The best thing for me into now is never make yourself tolerate on making up bad decisions and don't make yourself rush up whenever you do see some possible income making or money making opportunities.Dont make yourself that impulsive or else you do know on what would happen.

BigBos

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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.

Talking about finances is usually directly related to the needs of living everyday life from getting up early and getting up early again. Identifying needs is very important for managing finances well so you can manage expenses well. Therefore we have categories of primary, secondary and tertiary needs which are physical and spiritual.
Dividing your money into several categories such as basic needs, investments, cash funds and emergency funds is highly recommended for those of you who want to have healthy finances.

Why do so many people hate debt? I think this is done by people who use their money for consumption or subsistence, so they are forced to pay off debts without producing anything.
Let's say you are an entrepreneur, when you have a very significant increase in demand, productivity must be increased because to meet customer demand, and you will find it difficult to increase production if you only rely on income from the money you rotate. Of course, you have to borrow to increase your capital and expand your business so that you can meet market needs and have a bigger cash flow.

Debt will be negative for consumptive people and debt will be positive for productive people because productive people will use it to attract other money.

Hispo

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If I had to give some advice about money it would be never to let others know exactly how much money you make or how much money you have, not matter it is much or almost nothing. I have learnt that keeping that information private is rather an advantage and helps to avoid unpleasant situations.

I can also advice the get a bit out one's way to find better alternatives to withdraw from exchanges at minimum price, for example: Withdrawing BTC from Binance can cost over 10$, but withdrawing Monero is only 2 cents, so I go through a bridge from Monero to Bitcoin which costs about 1$, in the end I save 90% of the fee (9$).

Fortify

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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.

One piece of advice is - start buying stocks for the long term dividend income instead of short term day trading. There is so much to learn in the area of business and analyzing how they run that you will never run out of new thoughts. You might start by finding the earliest Berkshire Hathaway shareholder meetings hosted on youtube and just listen along to them describing how their business works, along with how it developed over time year by year. If you truly want to be free and independent you need to learn how to get your money making more money over time, owning shares in companies is the way all the richest people in the world sustain their wealth and get richer every single day.

Asiska02

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You just can't seem to get over it the way you want to, with numerous individuals offering valid advice that will benefit you in the financial sphere of your life. Someone once said that if you earn your money via hard work and sweat, you'll learn to spend it wisely better than if you were given it as a gift and never worked for it. But it happened to me, and it was the opposite of what I was told.

In general, how you manage your money and your mindset toward spending rather than multiplying or investing it will decide how long it will survive in your hands. I've heard so many pieces of financial advice that I can't remember them all, and they're all good, you just go for the one that works best for you. One of them I admire is not to collect debt in order to get away from another debt.

michellee

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My financial advice is to set aside some money and not use it unless you are pressed for it. That means you have to save some money to prepare for your future or if you have urgent needs so that it doesn't interfere with your daily expenses.

Never go into debt if you feel you can't or have difficulty paying off that debt. Live simply and don't try to overspend even if you can afford to.

Frankolala

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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.

My first advice is don't see life as competition by not looking at anyone to live your life, in terms of what A has, B wants to also have it,this will make you not contented with what you have and will make you spend more than your income and will lead you into debt.

Secondly, don't stand as a surety for anyone who wants to get a loan from anyone or a bank because,down here in my country if the person that collected the loan can not meet up to the date of paying back,or they don't want to pay back,they will run away and you will be arrested until you accept to pay up the debt. This is the worst of all,I almost became a victim but thank God for my wife and my mom who was adviced me, told me about how the outcome will look like. This my friend saw that I didn't fall for it,he travelled and I have not seen him till today.

Darker45

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I can share a couple of them. They are all somewhat related to yours. And I live them all, including your advice, or so I believe.

Keep a simple life. One doesn't have to show off. One doesn't have to be ostentatious to gain respect or admiration. Wearing the same affordable yet comfortable shirt, pants, shoes in different occasions is not a problem. And it will save you a good deal of money. It doesn't make you less of a human if your wear the same clothes during your friend's wedding and your niece's 1st birthday.
Live according to your means. In other words, just buy what you can afford. There's no need to borrow money or use your credit card just to get what you want.

lionheart78

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Quote from: xSkylarx on December 04, 2022, 02:06:49 AM

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

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

I couldn't buy the things that we needed for our home in cash, which is why I needed to get a loan or pay them in installments, making it difficult to stay out of debt.

It is here where savings come in handy. If you are able to pay for the installment, then for sure you are able to save money and pay the item in full once you have accumulated enough money. Unless it is an emergency need. But I understand that if you have an existing debt, it is somehow hard to exit from it especially when your earnings are just enough for the family's basic needs. The only solution for this is to find an extra income that will offset the interest on the debt and earn a bit more for savings.

xSkylarx

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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.

I couldn't buy the things that we needed for our home in cash, which is why I needed to get a loan or pay them in installments, making it difficult to stay out of debt.

For me, it is always good to have a savings account or save some of your money for emergencies and future purposes since we really don't know when we will need it, and it doesn't matter if you start small as long as you just saved money.

jrrsparkles

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Delayed gratification - is one of the thing which I learnt from my personal experience which made be to avoid lot of expenses and buy the things what I really need not that I want.

Liability and assets - Most people confuses with this concept for example they consider buying house is an asset while actually it's not unless it gives rental income.

Multiple source of income - for working class people its almost impossible that is why they trapped into the middle class forever so try to get other source of income as well while working as full time so you can earn more and invest the excess to produce returns.

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

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

Debt is good but for rich people so they really understand concept of debt, they have money in their bank account but take loan instead of using the money from their bank account incase if their investment is failure they can able to pay back.

mk4

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Try your best in increasing your income — either by doing better with your gig/business, or by looking for other income sources.

Yes, saving money is great, but saving in itself would do much if your income is stagnant(also take inflation into consideration). Also, I don't like cutting off things I enjoy doing just to have more savings (though of course always be wise with your spending, and don't overdo your 'wants').

Genemind

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Whenever I receive my salary, I divide them and set a certain amount on how I am going to spend it. I pay my bills on time, have my personal savings, and also have my spare money which I use to reward myself or buy anything I want. I save 20-30% of my money and invest it, and never ever touch it not unless it's an emergency. Another thing with spending, before buying something think about it 10x if ever you will be satisfied with it. Do not spend more than what you earn. Buy things because you need them, not to impress others.

Yatsan

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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?

Never buy something you cannot buy 10 time 'coz you'd end up broke. I saw this a couple of times, some people will forcefully buy something which is somehow a form of impulsive buying. Anither related thing is being too festive which is evident in the culture of my country. Every birdthdays of someone, they'd arrange a table and invite many people in particular with neighbors. They would spend almost whole month's salary on a single day just to amuse their neighbors and end up nothing much for the next day. Like the idea is good which is to celebrate but if one aims to impress, that makes it nonsense 'coz people will just walk passed you after that like nothing happened.

Viscore

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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.

Personally, I would advice to never spend more than your income. Save a lot and spend some. Just buy what is necessary and take away all those who are not. That way, you will never be drown into a heavy debt, plus you will save a lot. I might not be doing well in my finances today because of some wrong decisions, but at least I’ve learned now. It’s best to just save and invest some of it for additional income.

Ryu_Ar1

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That's pretty good advice because debt actually makes us worse off, even though sometimes there are some great people who say that we can't grow without a loan, but I personally am not too calm when I do that. There are some things that are very difficult to control when we have fallen into this because if we can get past the debt that has been cleared up, we will add more and more loans to bigger ones.
I personally try to stay away from this as much as I can because I really feel this is better for myself because of the principle that I emphasize for myself as long as I can live comfortably without having to owe it, why am I doing this.

lionheart78

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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?

Avoid lending huge amounts of money to a friend. It will not only lose you money but friend as well.
Avoid installment payments. It is better to have the item paid in full it will give you a huge discount as well as save you from huge interest.
Apply the 50/30/20 rule

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