Topic: Share Your Best Money Advice Based on Personal Experience - page 7. (Read 1196 times)

I haven't received advice, but got suggestion. The suggestion was really good and for some reason I wasn't able to follow the suggestion. The suggestion was to invest into bitcoin as much possible, since the price was around $500.

On blank understanding about the market I gave advice for my sister to invest into bitcoin. She missed the opportunity and later realised, because the growth between bitcoin and gold over that time period had a big difference.

Yesterday's seed is today's tree; The trees of today will be the forests of tomorrow. all about is making right decisions. The right decision  not making that decision when its needed is about having vision and foresight it! You can consider this sentences irrelevant but it's relevant. When we are young we are all thinking about living your life with fancy clothes, parties, alcohol etc etc. But when its comes to being adult then bowl start to boiling with invoices, taxes, insurance etc. Therefore everyone has to start for thinking their future needs and make plans and investment on it.

first, clear your debt then spend within your means, don't look for luxury if you can't afford it.
 also, if you have small spare funds, invest in some tangible assets like gold jewelry, precious metals and others. you can already buy small assets as investments. because if you accumulate those assets, before you know it, it is already significant investments that you can turn into something big like real-estate. be frugal, don't buy things that you don't need.

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.

if investing part of regular income.
do-not's:
- dont skip your bills.
- dont skip eating basic diet
- dont use fiat credit card

do's:
+ use spare excess cash (the stuff you waste on luxuries)
+ skip a luxury meal occasionally.
   + it just becomes toilet flush(waste) 6 hours later anyway
   + but still eat normal food

if investing part of life savings.
do-not's:(these also apply to the regular income group)
-  dont use more then you are prepared to lose
-  dont throw it all into one order at the moment its has deposited.
-  dont set a time limit and X multiplier you want
   -  dont set expectations too high
   -  dont set exit time too short
-  dont invest then leave it sitting in a services control
   -  dont put all of your investment in to be left in a service

do's:
+ use only amounts you expect to lose
+ only leave in a service daily if you are going to trade daily
   + only leave a % of investment to play with daily
   + as you accumulate take some out to store in self-owned-key
+ store most value outside of a service/custodian

as for trading strategy
buying:
+ keep 50% as a backup/fiat reserve
   + look at the recent price changes
      + see if you are buying on a high or low of recent price
      + buy low

selling:
+ keep 50% as a backup/coin reserve
   + look at the recent price changes
      + see if you are selling on a high or low of recent price
      + sell high

now heres another thing
after the initial buy/sell
if after the buy the price goes down. you have remaining fiat to buy more and take that opportunity

if after the sell the price goes up. you have remaining coin to sell more and take that opportunity

eventuually you end up keeping reservers of both and only playing with a subset amount per order. thus always able to take secondary advantages of price swings on both sides no matter the price direction

in short
if you sold and the price went up.. your not stuck unable to accumulate more fiat,

if you bought and the price went down.. your not stuck unable to accumulate more coin

keeping a balance spare on both sides for a correction or pump. of extremes. means you can accumulate both more fiat and coin on both sides. and have double profits on both sides as you accumulate both sides

to work out how much reserves to keep for extrema.. look at the ATH vs todays price

if the price is 20% of ATH have 20% fiat 80% coin
if the opposite, do the opposite.

Having debt will limit you to save and invest, so this is also my first advice to everyone.
Second is, always play on a budget and don’t over budget. Having a limited source of funds will challenge you on how you will handle your finances, so if you can’t make any budget then tendency you will buy things that you don’t actually need and many are experiencing this right now. If you want to succeed on handling your finances, you must know how to budget.

My experience with money is If you want to grow your money then don't leave it in the banks. Invest your money and make it work for you this is the best way of becoming rich, you can make money round the clock while you are sleeping only if you do the right kind of investment and allow people to manage it. This is about growing your money and it requires you not to spend money unnecessarily.

Doing extravagant expenditure is not a good money management skill. Back sometime ago some people I knew felt that when you spend money that it will increase more but this is just faith and faith without work is failure. So I believe in working hard and diversifying your source of income. You need to build wealth channels so that you don't go back to dark days of financial lack, this is important.

Your advice is good but I will probably be a little bit more specific, I would probably say stay away from bad debt completely and use good debt sporadically, but what is good debt and bad debt? Bad debt is simply debt you get for useless consumption, like buying a TV on credit or similar as with the interests you will pay that TV two or three times over, good debt is for example getting a mortgage to buy a house as very few people have the money needed to buy a house with cash and it is something you can leave to your loved ones once you pass away.

Talking about financial advice is certainly quite difficult. Because definition questions are sufficient to meet personal needs and can manage them well, they cannot be categorized in the same container. So depending on who takes care of it, in my family, of course, I leave everything to my wife. So far he is the only good financial advisor and knows my needs.

Furthermore, if I may share according to experience, of course the most important thing is the fulfillment of basic needs (no more and no less, so "enough"). For example, we can stockpile food for a whole week (food, non-perishable drinks, coffee, and cigarettes). like it or not, it should be enough in a week and it is proven that I am satisfied with the management. Second, saving, whether it's cash savings in an account and of course in Bitcoin once every 2 weeks (my wife has allocated it every month, instead she prefers to save in Bitcoin she says in Bitcoin she can control and monitor her movements at any time).

Keep in mind that this is my experience, so far everything is working fine, and effectively and no issues at all. But back to each other's needs, and how simple it is for you to live your daily life. The point is not to be rah-rah, there is no need to show who we are in front of other people because the most important thing is to be prosperous according to the portion, reduce the vacation schedule at least once a month, and of course be financially stable (at least have a basic salary).

The best money advice I received when I was younger and just starting out was "spend less than you earn". I took it to heart and have lived it ever since.

It is easy advice to remember, but harder to put into practice. First of all, start by making a budget. Break down your income into categories to see where everything is going. Make sure to set aside some money for savings, and put that money in a separate account. Your choices will always be better if you plan ahead rather than simply reacting to every situation that comes your way.

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.