Share your Money management strategy - page 4.

AicecreaME

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Quote from: Rockstarguy on June 04, 2022, 10:40:39 AM

Money management is very important if one want to have good savings . It is impossible to save so e money when their is no proper proper money management. For one to be able to manage every money that comes in their must be budget of money that goes out on expenses every week or monthly. In trading money management is important too, to trade according to the amount of money that comes in, money management will prevent to trade with money which is not budgeted (greed).

This is right. Budgeting is very important to manage the money that you have at hand. A person must be disciplined enough to know and handle proper allotment of money so that he/she won't go beyond what's intended. Having a proper way of budgeting can help people get by and even save for the rainy days. It is also one of the key tools to be financially independent someday. A person that is financially literate would have little hardships in terms of budgeting compared to those who are not.

Unfortunately, a lot of people still don't know how to budget, hence, some aren't able to save. Some people who are well compensated even have loans because they don't know how to restrain themselves from buying luxurious items. Hopefully, aside from subjects such as science, english, and math, financial literacy would also be taught in school.

Cryptock

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Quote from: Rockstarguy on June 04, 2022, 10:40:39 AM

Money management is very important if one want to have good savings . It is impossible to save so e money when their is no proper proper money management. For one to be able to manage every money that comes in their must be budget of money that goes out on expenses every week or monthly. In trading money management is important too, to trade according to the amount of money that comes in, money management will prevent to trade with money which is not budgeted (greed).

I think one should become a bit of miser most of the time. We spend so much money on food and gambling and clothes.
Did Covid bring any change in your shopping routine? I get tired when I go to the market and most of the time I dont feel like going shopping . . Which is very good thing I learnt.

Rockstarguy

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God is great

Money management is very important if one want to have good savings . It is impossible to save so e money when their is no proper proper money management. For one to be able to manage every money that comes in their must be budget of money that goes out on expenses every week or monthly. In trading money management is important too, to trade according to the amount of money that comes in, money management will prevent to trade with money which is not budgeted (greed).

AmoreJaz

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Leading Crypto Sports Betting & Casino Platform

Quote from: skarais on June 02, 2022, 01:14:46 PM

Quote from: DU18 on June 01, 2022, 03:01:24 AM

I agree with what you say, many people say that saving is the root of being rich, but the fact is that many people actually have mediocre money, not even enough to eat, then how can they save all this time, I think the main problem in many countries right now is the lack of job vacancies for those who are indeed below the poverty line, so if we really want to see a lot of prosperous people of course we have to be able to create decent jobs for them, so that people will have income and set it aside for saving, if only money enough to eat, so what can they save with?

Prioritize your needs and save when you have the rest. You don't have to save if the money you have is only able to meet daily needs, so the main option is to meet your needs before thinking about saving.

Work is indeed an important part that must be prioritized by the government, but not all of us have to always depend on the government and its work where there are things that are more profitable than working for the government. Usually this mindset has been abandoned by developed countries so that their citizens are much more independent than underdeveloped countries, so it's just a matter of exploiting the potential and how we can think of something that is productive without depending on the provision of jobs from the government.

if you can't find job, why not make yourself your own boss? you can set-up a small business like food stall or repair services, depending on what you think you are good at. these days, even if you have no capital, you can always find small loans for small time entrepreneurs. yes, you don't need to rely from your government about jobs. think outside the box. and maybe, you are good at something that you can make money if you offer your services. these days, word of mouth is faster as we have so many social media channels that you can introduce your services or product. think smart and work smart.

doomloop

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Quote from: judaspriest on June 01, 2022, 03:50:16 AM

We must also realize that as the times progress, more and more companies use technology to reduce their expenses,
this of course creates fewer jobs and will make people lose their jobs,
Creating jobs is not that easy and the state must be present in addressing this issue

And you think this is the reason why many people lose their jobs lately? No, that wasn't caused by the technologies but the main reason for that is for safety, to prevent further spreading of the diseases.

I guess you now know what I am talking about. It wasn't only the people that lose their jobs anyway but the company owners are also losing their money too because their businesses have also closed down. When it comes to money management, we can apply the saying "if there's a will there's a way". If you are jobless now, there is always a way to find a job and there's also a way to save and manage your money even if it's only small. It's only about will or willingness.

skarais

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Quote from: DU18 on June 01, 2022, 03:01:24 AM

I agree with what you say, many people say that saving is the root of being rich, but the fact is that many people actually have mediocre money, not even enough to eat, then how can they save all this time, I think the main problem in many countries right now is the lack of job vacancies for those who are indeed below the poverty line, so if we really want to see a lot of prosperous people of course we have to be able to create decent jobs for them, so that people will have income and set it aside for saving, if only money enough to eat, so what can they save with?

Prioritize your needs and save when you have the rest. You don't have to save if the money you have is only able to meet daily needs, so the main option is to meet your needs before thinking about saving.

Work is indeed an important part that must be prioritized by the government, but not all of us have to always depend on the government and its work where there are things that are more profitable than working for the government. Usually this mindset has been abandoned by developed countries so that their citizens are much more independent than underdeveloped countries, so it's just a matter of exploiting the potential and how we can think of something that is productive without depending on the provision of jobs from the government.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Quote from: judaspriest on June 01, 2022, 03:50:16 AM

We must also realize that as the times progress, more and more companies use technology to reduce their expenses,
this of course creates fewer jobs and will make people lose their jobs,
Creating jobs is not that easy and the state must be present in addressing this issue

Social liberal policies say that any company is free to do as it wishes and there is no intervention and they could do whatever they want to increase their profits, but they would have to pay higher taxes in order to cover the needs of the people who would be affected by this.

So, in a great world, in a dreamy world, I would love it if companies used machines to produce everything, no human in the world would have to work aside from maybe a few who would be getting paid so much that they are willingly working, and everyone else is "unemployed" with a welfare from the government to love amazingly well, all of which were paid by the companies who use those machines to get rich.

Kasabus

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Quote from: batang_bitcoin on May 02, 2022, 06:51:34 AM

Aside from investing and holding bitcoin, the best asset that one can have is real estate. This is proven and most the billionaires and wealthy people are into it. You get an appreciating asset and you can rent it out which is a great and effortless business. Although it's requiring a huge capital, that's how it goes and if you want to have a passive income, that's the best choice that I can always recommend to the others aside from investing into crypto or doing some staking with alts that are too volatile. And if it's about money management, it's not about how much you earn but how much you save and invest.

I have to agree that this real estate is one of the best passive income in most countries since buyers and renters do not stop from looking where to buy or where to rent. And as the years go by, its value never depreciate but keeps on appreciating just like the prices of foods nowadays. I guess no essentials are becoming less valuable nowadays, prices of everything seems going up. The best way to manage your money is never on budgeting actually, but to see it going to the right investments that is now giving you a good source of income.

White pawn

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Bisq Market Day - March 20th 2023

With money management you have to first be prudent on your spending. You should have a plan on how to effectively and efficiently spend the income that you're receiving. You should also have a scale of preference. This will enable you to have a comprehensive list of your wants and needs therefore making it easy for you to plan on how to effectively manage your income. With money management planning is essential

judaspriest

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C O M B O

Quote from: DU18 on June 01, 2022, 03:01:24 AM

Quote from: Naficopa on May 28, 2022, 12:20:13 PM

Quote from: Dhaniii on May 28, 2022, 09:41:46 AM

Quote from: Semar Mesem on May 28, 2022, 06:13:13 AM

The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

we have different financial management. there are people who take the money they work hard to fulfill their daily needs without thinking about future needs and there are some people who take the results of their hard work to buy production goods that can generate other income such as buying cars to rent and building shops to rent and so on. etc.

It mostly depend on the mindset of people - here in our country 50% of the community lives below the poverty line and they are only concerned about food on the table and meeting the monthly expense so they can't save and invest. Different community different needs.

I agree with what you say, many people say that saving is the root of being rich, but the fact is that many people actually have mediocre money, not even enough to eat, then how can they save all this time, I think the main problem in many countries right now is the lack of job vacancies for those who are indeed below the poverty line, so if we really want to see a lot of prosperous people of course we have to be able to create decent jobs for them, so that people will have income and set it aside for saving, if only money enough to eat, so what can they save with?

We must also realize that as the times progress, more and more companies use technology to reduce their expenses,
this of course creates fewer jobs and will make people lose their jobs,
Creating jobs is not that easy and the state must be present in addressing this issue

DU18

sr. member

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Merit: 268

Binance #SWGT dan CERTIK Audited

Quote from: Naficopa on May 28, 2022, 12:20:13 PM

Quote from: Dhaniii on May 28, 2022, 09:41:46 AM

Quote from: Semar Mesem on May 28, 2022, 06:13:13 AM

The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

we have different financial management. there are people who take the money they work hard to fulfill their daily needs without thinking about future needs and there are some people who take the results of their hard work to buy production goods that can generate other income such as buying cars to rent and building shops to rent and so on. etc.

It mostly depend on the mindset of people - here in our country 50% of the community lives below the poverty line and they are only concerned about food on the table and meeting the monthly expense so they can't save and invest. Different community different needs.

I agree with what you say, many people say that saving is the root of being rich, but the fact is that many people actually have mediocre money, not even enough to eat, then how can they save all this time, I think the main problem in many countries right now is the lack of job vacancies for those who are indeed below the poverty line, so if we really want to see a lot of prosperous people of course we have to be able to create decent jobs for them, so that people will have income and set it aside for saving, if only money enough to eat, so what can they save with?

Fatunad

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Activity: 2226

Merit: 347

Quote from: Vaculin on May 31, 2022, 07:43:04 PM

Quote from: mk4 on May 02, 2022, 05:46:08 AM

You’re really not effectively diversifying when you’re just buying other cryptocurrencies. If you want real diversification, buy other assets or invest in a non-public business. Even public companies(stocks) are greatly correlated to BTC.

Diversification is not just only investing in cryptocurrency, but its also possible with stocks, real estate, bonds and even in gold. That way, you can be sure that you have spread your investments well. The best advantage of having good diversification is that you still gain profits despite of some failing investments. You can be sure that your investments still generate an income.

Investment isnt really just limited on crypto for those who are new but for those who do came from into these markets then it is really crypto market is some expansion in overall portfolio
which we know that the more the better and as long your funds or finances could able to support your plans and goals then go ahead but of course you should be accepting the risk involved attached to it.
Just dont let yourself be greedy and be wise on taking decisions because if you do rush up yourself then you are really that prone to mistakes which are the things needs to be avoided.

Vaculin

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Winding down.

Quote from: mk4 on May 02, 2022, 05:46:08 AM

You’re really not effectively diversifying when you’re just buying other cryptocurrencies. If you want real diversification, buy other assets or invest in a non-public business. Even public companies(stocks) are greatly correlated to BTC.

Diversification is not just only investing in cryptocurrency, but its also possible with stocks, real estate, bonds and even in gold. That way, you can be sure that you have spread your investments well. The best advantage of having good diversification is that you still gain profits despite of some failing investments. You can be sure that your investments still generate an income.

Spontaneous

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I'm done posting here but I'm really interested here to review again if what are the strategy of other here. In again while reading I've learned again and something new lesson an strategies.

TheGreatPython

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Merit: 335

Quote from: Semar Mesem on May 28, 2022, 06:13:13 AM

The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

And to control your spending it's important to pen down the spending properly first. I remember a wise quote that says something like "You can't control and improve what you can't measure". This means if you cannot track down specifically what you are spending excessive money on, you will have a hard time controlling and cutting it down.

Financial management is not just about making more money and managing your portfolio and time more effectively, but it's about how you can chop down excessive spending and ensure that you are in control of what and how much you spend.

I personally used to struggle with my income and expenses but after writing down roughly how much I am spending on what, it gives me more control on what I need to avoid and focus next month.

Naficopa

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Quote from: Dhaniii on May 28, 2022, 09:41:46 AM

Quote from: Semar Mesem on May 28, 2022, 06:13:13 AM

The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

we have different financial management. there are people who take the money they work hard to fulfill their daily needs without thinking about future needs and there are some people who take the results of their hard work to buy production goods that can generate other income such as buying cars to rent and building shops to rent and so on. etc.

It mostly depend on the mindset of people - here in our country 50% of the community lives below the poverty line and they are only concerned about food on the table and meeting the monthly expense so they can't save and invest. Different community different needs.

Dhaniii

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Activity: 728

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https://i.imgur.com/hgxNNiA.png

Quote from: Semar Mesem on May 28, 2022, 06:13:13 AM

The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

we have different financial management. there are people who take the money they work hard to fulfill their daily needs without thinking about future needs and there are some people who take the results of their hard work to buy production goods that can generate other income such as buying cars to rent and building shops to rent and so on. etc.

Cryptock

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Quote from: Semar Mesem on May 28, 2022, 06:13:13 AM

The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

making an emergency fund is also very important.
It helps maintain the habit of saving and one keeps a balance between expense and income. I started making an emergency fund very late. But since I tried I am very happy

Semar Mesem

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Activity: 1484

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The most important point in financial management is being able to strike a balance between expenses and income, most people don't care about the amount of spending so that every month they run a deficit, they do it by borrowing which actually makes finances more difficult, stop spending that is not important.

Awaklara

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I implement financial management by not investing all my savings just for cryptoqurrency investments. only used half of the savings I had and then prioritized investing only for Bitcoin 70% (Bitcoin) and 30% for some other top cryptoqurrency assets.
Once in a while I try to make a profit by making short term trades, not much i do other than invest in long term (Bitcoin) and try my luck on the trades. As for the other thing: obviously I have thought about the risks and consequences before investing,therefore half of the savings I put as cold money.

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