Share your Money management strategy - page 2.

mm2543363580

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Merit: 105

Quote from: minime0105 on July 31, 2022, 03:20:31 AM

Of a truth many people don't know how to manage what they have simple because they have surplus order started having it with a surplus that is why some people like the knowledge of maintaining word that have so they are many people today who returned to poverty because of they are not opportuned to control the initial thing they have. If someone want to be in control or control his wealth it should be started from what others have done that is a copy their own strategies of controlling investment because everything get by learning as their physical experience from what they observed before

We learn managing money time to time, by making mistakes and by going through some hard time.
But everyone learns through think and thin. But at the end what you learn is you are your only true friend. And what matters is you. So keep yourself healthy and happy!

minime0105

hero member

Activity: 1246

Merit: 534

Of a truth many people don't know how to manage what they have simple because they have surplus order started having it with a surplus that is why some people like the knowledge of maintaining word that have so they are many people today who returned to poverty because of they are not opportuned to control the initial thing they have. If someone want to be in control or control his wealth it should be started from what others have done that is a copy their own strategies of controlling investment because everything get by learning as their physical experience from what they observed before

Davidvictorson

hero member

Activity: 1120

Merit: 887

Livecasino.io

I literally follow the 7 simple rules of money written by George Clason, in The Richest Man in Babylon:

Start thy purse to fattening: I save.
Control thy expenditures: I use a budget and I track my expenses.
Make thy gold multiply: I invest and diversify.
Guard thy treasures from loss: I avoid scam projects, investments and whatever investment will steal my peace of mind.
Make of thy dwelling a profitable investment: I'm working on owning my own home.
Insure a future income: Insurance
Improve thy ability to earn: I'm expanding my network, taking courses and doing a lot of reading that will make me more knowledgeable.

wmaurik

hero member

Activity: 2058

Merit: 710

Quote from: kapalmabur on July 29, 2022, 07:40:27 AM

Such an idea to increase income is indeed very good by looking at the opportunities that exist in the surrounding environment,
but again it all must be considered carefully,
other than that in establishing a business we need to innovate and think creatively and that is important

I think it is also very clear because every businessman always analyzes his environment and also always researches to find out where good opportunities exist. So careful consideration of course must exist because before starting each person must also make a good business plan map.

kapalmabur

sr. member

Activity: 2002

Merit: 250

Quote from: wmaurik on July 29, 2022, 12:15:49 AM

Quote from: ?? on ??

Economic conditions are increasingly difficult, many inflation occurs while to add or survive increasingly difficult, this makes me always think to survive and increase income with many things, and the thing I'm doing is to make the empty house around my house I use for rent Daily, I contact the owner and convey the cooperation and many agree so that I can increase income from home guest.

That's great, but it would be much better if you also create a warung or a kind of cafe around your house so that guests who rent an empty house or boarding house where you can buy food or drinks at your cafe. Because it will also directly increase your income for every day when there are many guests who want to stop by your place.

Such an idea to increase income is indeed very good by looking at the opportunities that exist in the surrounding environment,
but again it all must be considered carefully,
other than that in establishing a business we need to innovate and think creatively and that is important

wmaurik

hero member

Activity: 2058

Merit: 710

Quote from: ?? on ??

Economic conditions are increasingly difficult, many inflation occurs while to add or survive increasingly difficult, this makes me always think to survive and increase income with many things, and the thing I'm doing is to make the empty house around my house I use for rent Daily, I contact the owner and convey the cooperation and many agree so that I can increase income from home guest.

That's great, but it would be much better if you also create a warung or a kind of cafe around your house so that guests who rent an empty house or boarding house where you can buy food or drinks at your cafe. Because it will also directly increase your income for every day when there are many guests who want to stop by your place.

AicecreaME

sr. member

Activity: 2436

Merit: 455

Quote from: mm2543363580 on July 25, 2022, 02:56:29 PM

Quote from: famososMuertos on July 23, 2022, 01:53:44 PM

You always have to have a finance manager above any strategy in priority, there are very good apps out there, I am surprised that they mention excells in the case of trading, there is an app where you can project your action plans or market strategies .

A finance manager(App) is as important that it becomes your best ally to make alerts about how things are going and then you can to make changes.

This type of activity, for example, trading cryptocurrencies is very lonely, and you may be making mistakes that you do not see or can determine, but a financial manager (app) can help you and assess whether your plan is bearing fruit.

Investment plans or strategies are sometimes like cooking recipes, you can follow them to the letter but they are not the same, they never taste the same.

The best advice I have read so far is that you don't look up to other people for the help but you cut down your expenses when you are in trouble.
Also money management techniques comes with time and mistake you do. As you grow older - you get to know more about the society but then again every time you are learning and it never stops.

We are our own responsibility. During the hard times, we don't have anyone to rely and look up to but only ourselves. We shouldn't burden other people just because we have a problem that is also our own doing. It is our duty to look after ourselves and not to let them get involved and caught up with our mess in life. If we are financially struggling, we try to resolve things fist on our own before asking anyone for help. Because other people have their own fair shares of problems too. And they don't owe to attend to us especially if they are also going through something.

Financial management should be practiced by everyone. This is to avoid complications and further chaos in the future. And also this is to secure ourselves. We shouldn't be a one-day-millionaire because it will get us nowhere good. We have to assess every expenses and track all of it to check where our money is going and if it's still within the healthy boundary of spending or we are already overspending.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: Poker Player on July 23, 2022, 01:36:38 AM

Mine is very simple.

1) Spend less than I earn. There are some months that I don't do this but in the total of the year 10 or 11 months I do it and I have a clear surplus.
2) Invest.
3) Invest.
4) Invest.

And so on to infinity. Before that you have to have an emergency fund to refill if you have to spend it for an emergency. And things like changing car tires are not emergencies. For expenses of medium or high amount it is better to save beforehand.

It is good to keep an excel or an accounting of expenditures and income in some way, without obsessing with the detail to 100% but it is essential to avoid the lack of control in the personal finances.

Always allocate for extra expenses which been caused by those wear and tear kind of things specially if you do have car which means that maintenance would really be part of the budget and you should really prepared

on that so that you wont really be ending up on spending your savings with those car tires.Proper fund or money management is really crucial on someones financial situation or status on which you cant really tell
on when you would completely stop from your work or been laid off or some disabilities or situations which would really make you stop.

Once that income source is been cut off then your life would totally changed up if you havent able to plant out some proper investment or other source of income.

mm2543363580

full member

Activity: 952

Merit: 105

Quote from: famososMuertos on July 23, 2022, 01:53:44 PM

You always have to have a finance manager above any strategy in priority, there are very good apps out there, I am surprised that they mention excells in the case of trading, there is an app where you can project your action plans or market strategies .

A finance manager(App) is as important that it becomes your best ally to make alerts about how things are going and then you can to make changes.

This type of activity, for example, trading cryptocurrencies is very lonely, and you may be making mistakes that you do not see or can determine, but a financial manager (app) can help you and assess whether your plan is bearing fruit.

Investment plans or strategies are sometimes like cooking recipes, you can follow them to the letter but they are not the same, they never taste the same.

The best advice I have read so far is that you don't look up to other people for the help but you cut down your expenses when you are in trouble.
Also money management techniques comes with time and mistake you do. As you grow older - you get to know more about the society but then again every time you are learning and it never stops.

famososMuertos

legendary

Activity: 1918

Merit: 3047

LE ☮︎ Halving es la purga

You always have to have a finance manager above any strategy in priority, there are very good apps out there, I am surprised that they mention excells in the case of trading, there is an app where you can project your action plans or market strategies .

A finance manager(App) is as important that it becomes your best ally to make alerts about how things are going and then you can to make changes.

This type of activity, for example, trading cryptocurrencies is very lonely, and you may be making mistakes that you do not see or can determine, but a financial manager (app) can help you and assess whether your plan is bearing fruit.

Investment plans or strategies are sometimes like cooking recipes, you can follow them to the letter but they are not the same, they never taste the same.

Mauser

hero member

Activity: 1974

Merit: 534

Quote from: Poker Player on July 23, 2022, 01:36:38 AM

And so on to infinity. Before that you have to have an emergency fund to refill if you have to spend it for an emergency. And things like changing car tires are not emergencies. For expenses of medium or high amount it is better to save beforehand.

It is good to keep an excel or an accounting of expenditures and income in some way, without obsessing with the detail to 100% but it is essential to avoid the lack of control in the personal finances.

I am also using Excel to keep track of all my monthly expenses vs my income, it helps a lot of to project how much money you can save in a year and where best to invest it. Also Excel is great to show how my investment portfolio changed over the time. I use one tab for expenses, one for income, one for stocks and investment funds and one for crypto currencies and all is added to the summary tab. This way I can go back 1 or 2 years and see how far I have come. Having an emergency fund is very important, there will always be unexpected issues that we need to address and selling our long term positions is not good. That is why I like to put 10% of my investment money into a money market fund to be available quickly while still earning a little bit of interest.

Poker Player

legendary

Activity: 1372

Merit: 2017

Mine is very simple.

1) Spend less than I earn. There are some months that I don't do this but in the total of the year 10 or 11 months I do it and I have a clear surplus.
2) Invest.
3) Invest.
4) Invest.

And so on to infinity. Before that you have to have an emergency fund to refill if you have to spend it for an emergency. And things like changing car tires are not emergencies. For expenses of medium or high amount it is better to save beforehand.

It is good to keep an excel or an accounting of expenditures and income in some way, without obsessing with the detail to 100% but it is essential to avoid the lack of control in the personal finances.

AndySt

legendary

Activity: 2142

Merit: 1012

Quote from: jostorres on July 22, 2022, 04:55:44 PM

Quote from: BuNga_cute on July 22, 2022, 04:51:23 AM

It is true that people who have good money management skills must initially learn first and will even experience mistakes first. This means that everyone can manage their finances well if they want to learn, and try various strategies to find out what money management strategy is the most comfortable to use. Because everyone must have a different strategy in managing their finances, that's why we need a long process to finally find a strategy that suits us.

You're trying to say that people shouldn't go for the shortcut and won't just copy existing strategies from someone else. That's beneficial but I think many people can't afford to wait longer, that's why they can rely on others. If they get lucky this can work nicely but this can require lots of trial and error, or in short lots of capital. That's the only downside there.

You can talk as much as you like about someone else's experience, about the shortest paths to success, about that cherished formula that others want to share with you, instead of earning themselves Grin

It's not for nothing that teaching others business is a business in itself and can be said to be a semi-fraudulent way to get money out of gullible newcomers Wink

But still, the fact remains that the most effective way to learn is to fill bumps on your own experience and no other person's experience can replace it. This does not negate the fact that you need to learn and know the fundamental things, but for the absolute majority of people, the fact is true that there will be no sense until you feel it yourself on your own skin.

Oilacris

hero member

Activity: 2996

Merit: 609

Quote from: wmaurik on July 22, 2022, 01:54:15 AM

Quote from: Lamkuthang on July 16, 2022, 09:56:05 AM

Beyond these items, money management is really a matter of philosophy and personal preference. Anyone who said that being an adult was easy has clearly never had to deal with the bills, loans, and other financial stresses that come with real-world life. What worked for you might not work for us newbies and inexperienced ones. But your advice is good for us beginners.

Everyone here comes from beginners and also comes from no experience until they have experience so they can easily implement proper money management for themselves. This is also the same as a human life that goes from childhood to adulthood and also when a person does not have the knowledge in terms of managing money to become smart in managing each of his money.

You are the ones who would able to find out or able to discover for yourself on where you do see on where or what area you are most effective or simply could make out some profits because even if you do

follow someone when it comes to income making but wont really be giving out an assurance that you would able to get on the same outcome or results on that particular person.
Strategies are lots when it comes to money making which it is really just common sense that you would really be needing to exert some effort and proper planning
for you to at least sustain yourself and able to make constant despite of the errors and losses you do experience.

jostorres

hero member

Activity: 2562

Merit: 586

Quote from: BuNga_cute on July 22, 2022, 04:51:23 AM

It is true that people who have good money management skills must initially learn first and will even experience mistakes first. This means that everyone can manage their finances well if they want to learn, and try various strategies to find out what money management strategy is the most comfortable to use. Because everyone must have a different strategy in managing their finances, that's why we need a long process to finally find a strategy that suits us.

You're trying to say that people shouldn't go for the shortcut and won't just copy existing strategies from someone else. That's beneficial but I think many people can't afford to wait longer, that's why they can rely on others. If they get lucky this can work nicely but this can require lots of trial and error, or in short lots of capital. That's the only downside there.

Quote from: DVlog on May 02, 2022, 03:12:34 AM

Many will argue about which one should be the priority:

1. Understanding the chart for best Entry and Exit
2. Money management.

If you are a newbie in cryptos, it's always a must to start with the basics so money management is the one that you need to prioritize before anything else but sadly a lot of newbies fails to follow this but they engage immediately on trading and investing. They spend lots and lots of money and since they skip some important parts, what happens is they lose a lot.

BuNga_cute

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Activity: 1736

Merit: 116

Quote from: wmaurik on July 22, 2022, 01:54:15 AM

Quote from: Lamkuthang on July 16, 2022, 09:56:05 AM

Beyond these items, money management is really a matter of philosophy and personal preference. Anyone who said that being an adult was easy has clearly never had to deal with the bills, loans, and other financial stresses that come with real-world life. What worked for you might not work for us newbies and inexperienced ones. But your advice is good for us beginners.

Everyone here comes from beginners and also comes from no experience until they have experience so they can easily implement proper money management for themselves. This is also the same as a human life that goes from childhood to adulthood and also when a person does not have the knowledge in terms of managing money to become smart in managing each of his money.

It is true that people who have good money management skills must initially learn first and will even experience mistakes first. This means that
everyone can manage their finances well if they want to learn, and try various strategies to find out what money management strategy is
the most comfortable to use. Because everyone must have a different strategy in managing their finances, that's why we need a long process to
finally find a strategy that suits us. So everyone doesn't have to have the same strategy, because not necessarily other people's strategies
in managing finances will suit us. That's why successful people have to experience several failures first, to make them aware of what strategy is
right for them. The conclusion is don't be lazy to learn and don't be afraid to try, later we will find the answer we need by ourselves.

wmaurik

hero member

Activity: 2058

Merit: 710

Quote from: Lamkuthang on July 16, 2022, 09:56:05 AM

Beyond these items, money management is really a matter of philosophy and personal preference. Anyone who said that being an adult was easy has clearly never had to deal with the bills, loans, and other financial stresses that come with real-world life. What worked for you might not work for us newbies and inexperienced ones. But your advice is good for us beginners.

Everyone here comes from beginners and also comes from no experience until they have experience so they can easily implement proper money management for themselves. This is also the same as a human life that goes from childhood to adulthood and also when a person does not have the knowledge in terms of managing money to become smart in managing each of his money.

Theones

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Activity: 1204

Merit: 110

Quote from: Lamkuthang on July 16, 2022, 09:56:05 AM

Beyond these items, money management is really a matter of philosophy and personal preference. Anyone who said that being an adult was easy has clearly never had to deal with the bills, loans, and other financial stresses that come with real-world life. What worked for you might not work for us newbies and inexperienced ones. But your advice is good for us beginners.

And I wish if I can do it well. The money management is really a smart thing if anyone can do it well, but not all the people are good in money management dealing.
Managing money is an art and hardly some people master it. And those who do - they are the wisest of all.

Lamkuthang

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Activity: 335

Merit: 34

Low Fidelity High Potential

Beyond these items, money management is really a matter of philosophy and personal preference. Anyone who said that being an adult was easy has clearly never had to deal with the bills, loans, and other financial stresses that come with real-world life. What worked for you might not work for us newbies and inexperienced ones. But your advice is good for us beginners.

wmaurik

hero member

Activity: 2058

Merit: 710

Quote from: Theones on July 11, 2022, 10:27:30 AM

People learn the money management techniques with the passage of time. Some people are miser by nature and they save and invest.
While the other people are more into technology and they like buying stuff which is not important - in both the case people have different mindsets and techniques. But the best is to have financial freedom as mentioned above.

I don't think it's stingy, but rather to save the amount of money spent so that it looks like it looks stingy when other people judge it. Yes financial freedom is a better thing than anything that many people want to achieve, but to find that financial freedom, everyone also needs to follow the process and also run ways that can make him financially free.

Topic: Share your Money management strategy - page 2. (Read 1305 times)