Share your Money management strategy - page 6.

kesmex

full member

Activity: 1110

Merit: 104

Quote from: Rockstarguy on May 14, 2022, 09:56:12 AM

Quote from: Cling18 on May 08, 2022, 11:01:09 AM

What I've learned when it comes to financial management is to avoid borrowing or loaning. As much as possible always allocate enough funds for savings for emergency purposes and investments. It's also important to have the right lifestyle where buying your needs over your wants is a priority. It isn't easy but if you know how to control your unnecessary expenses, you'll be able to handle your funds right.

Sometimes we use money to get more money. I don't see borrowing money as what can hinder someone financially, except the money been borrowed is not used for the proper investment or the amount of money that is been borrowed is more than the income or profits of the person who asked for the loan. Money been borrowed can affect someone financially if the person have no good plan to do with money and if the person borrowed money which he can't afford to pay back.

I agree with you that actually it all depends on our plan and it doesn't matter if we borrow money as long as it's for a business or investment that makes a profit then it's the right decision,
what is clear is that borrowing money is not always a bad thing and sometimes in some cases borrowing money can also be a solution to get out of the problem and that needs to be managed too

Rockstarguy

hero member

Activity: 1050

Merit: 592

God is great

Quote from: Cling18 on May 08, 2022, 11:01:09 AM

What I've learned when it comes to financial management is to avoid borrowing or loaning. As much as possible always allocate enough funds for savings for emergency purposes and investments. It's also important to have the right lifestyle where buying your needs over your wants is a priority. It isn't easy but if you know how to control your unnecessary expenses, you'll be able to handle your funds right.

Sometimes we use money to get more money. I don't see borrowing money as what can hinder someone financially, except the money been borrowed is not used for the proper investment or the amount of money that is been borrowed is more than the income or profits of the person who asked for the loan. Money been borrowed can affect someone financially if the person have no good plan to do with money and if the person borrowed money which he can't afford to pay back.

doomloop

hero member

Activity: 2408

Merit: 584

Quote from: Oasisman on May 09, 2022, 12:50:04 PM

Quote from: asus09 on May 07, 2022, 03:31:15 AM

I don't have much money, most likely everyone on this forum I'm the only one who is the poorest, but I still try to be better, and be a role model for myself and others, my current method of money management can be said very simple,
1 I keep the money I have in the bank, although the percentage I get is not much but the risk is not high
2 I put in the company every year for sure I will be given a little profit, the last I put my money in bitcoin investment, even though it has a high risk, but it is a challenge for me, because from bitcoin I get all this.

Ok that kinda sounds kinda right, but putting all your money in an investment without savings kinda wrong to me.
Investments and savings should always have a separate allocations. Because you don't want to get funds from your investment when you're hospitalised or halted your profit from your investment because you're sick.
Savings is always going to save you from spending your investment or business money when these funds aren't supposed to be spend with other expenses except reinvestment to your asset or business.

I am guessing that you probably have an income if you have investments or savings, which means that you probably can get a credit card. Whenever I get in trouble, or need to go to hospital or need to pay for something that is unexpected, I end up using my credit card and create a debt.

I am not worried about it because by the time my debt is paid, inflation makes sure that I am getting paid more during the last payment, if it is long enough of course. In my nation we have sky high inflation which means that even in a year, our money loses so much value, and what I pay right now doesn't really change (maybe a bit interest) but my income changes a lot. So, I do not need savings, investment and debt is all I need.

Silberman

legendary

Activity: 2534

Merit: 1338

Quote from: asus09 on May 07, 2022, 03:31:15 AM

I don't have much money, most likely everyone on this forum I'm the only one who is the poorest, but I still try to be better, and be a role model for myself and others, my current method of money management can be said very simple,
1 I keep the money I have in the bank, although the percentage I get is not much but the risk is not high
2 I put in the company every year for sure I will be given a little profit, the last I put my money in bitcoin investment, even though it has a high risk, but it is a challenge for me, because from bitcoin I get all this.

We all start our journey somewhere, so even if you do not have a lot of spare money to invest in bitcoin you are still doing better than a great deal of people that are not taking their time to do something like this, also even if the price of bitcoin is not doing well at the moment and it has been suffering we know that over the long term investing in is a good choice, so you are going to be in a better economic position than the majority of those that elect to not invest in bitcoin.

Joshapat

sr. member

Activity: 1526

Merit: 255

It is difficult to manage finances when income is unclear, expenditure is always high and makes many deficits in my recording, this is what makes me continue to look for additional income in many ways so that finances can be better and no assets are sold.

Oasisman

hero member

Activity: 2716

Merit: 552

Quote from: asus09 on May 07, 2022, 03:31:15 AM

I don't have much money, most likely everyone on this forum I'm the only one who is the poorest, but I still try to be better, and be a role model for myself and others, my current method of money management can be said very simple,
1 I keep the money I have in the bank, although the percentage I get is not much but the risk is not high
2 I put in the company every year for sure I will be given a little profit, the last I put my money in bitcoin investment, even though it has a high risk, but it is a challenge for me, because from bitcoin I get all this.

Ok that kinda sounds kinda right, but putting all your money in an investment without savings kinda wrong to me.
Investments and savings should always have a separate allocations. Because you don't want to get funds from your investment when you're hospitalised or halted your profit from your investment because you're sick.
Savings is always going to save you from spending your investment or business money when these funds aren't supposed to be spend with other expenses except reinvestment to your asset or business.

Inspiron14

full member

Activity: 1064

Merit: 101

Quote from: Kadal Ijo on May 08, 2022, 10:48:50 AM

The most important thing in managing finances is to record the needs and then adjust to the budget or income, if there are unexpected needs then we must reduce the post expenditure so that there is a good balance and does not confuse finances.

Sometimes most of us underestimate this simple thing because in managing finances the most basic is like you said, namely recording needs and adjusting them too,
In addition, it is also important to record every expenditure and income,
We can learn to manage finances self-taught and I think everyone has their own way

maikrothaman

jr. member

Activity: 84

Merit: 1

PandoraCash.com anonymous money

No strategy works, it is an illusion when a strategy "works", but they are all the same, as explained a few times, identical, you really do not have a better chance of winning or a lower risk with a strategy, the more risk, the more profit, the lower the risk, the lower the profit and in the end the numbers match, You can't beat math.

Oluwa-btc

hero member

Activity: 980

Merit: 585

Leading Crypto Sports Betting & Casino Platform

Firstly, when it come to money management strategy, you have to sit down and have a laid down plan of what you want, don't forget the saying that say's failing to plan is planning to fail! Also in the definition of management,you don't start with planning? Then all you're defining is nothing but shit! You have to plan, save save and invest. When it comes to saving with how banks and government takes and makes use of our fund's, you have too choose wisely and that Bitcoin mate!
Some attitude have to be attached in other to achieve this goal and that is consistency and discipline, you need to be self discipline else this dream will be in shambles. But don't use funds for family upkeep to invest,as you'll get your fam double famished Grin

This are a little few I know!

kelonmusk

member

Activity: 198

Merit: 10

COMBO Network ex COCOS-BCX

Quote from: Kadal Ijo on May 08, 2022, 10:48:50 AM

The most important thing in managing finances is to record the needs and then adjust to the budget or income, if there are unexpected needs then we must reduce the post expenditure so that there is a good balance and does not confuse finances.

Yes, managing financial management is very important. I mean don't invest all your savings in one sector. Of course we need to set aside savings for living necessities. but sometimes there are still many people who do not consider it.
bottom line: someone who has a plan to invest in crypto or invest in property, gold, silver etc should be fully prepared to understand about the risks as well.

Cling18

full member

Activity: 1708

Merit: 126

What I've learned when it comes to financial management is to avoid borrowing or loaning. As much as possible always allocate enough funds for savings for emergency purposes and investments. It's also important to have the right lifestyle where buying your needs over your wants is a priority. It isn't easy but if you know how to control your unnecessary expenses, you'll be able to handle your funds right.

Kadal Ijo

full member

Activity: 1162

Merit: 106

The most important thing in managing finances is to record the needs and then adjust to the budget or income, if there are unexpected needs then we must reduce the post expenditure so that there is a good balance and does not confuse finances.

magneto

hero member

Activity: 1666

Merit: 753

Yeah, for sure.

I think that you should always diversify, but I think that one of the key things that most people miss out on is the unwillingness to take risks.

When you hold cash, it is pretty much guaranteed to depreciate over the long run, even though it does offer you that short term stability. So I think it is much wiser for one to take risks and buy riskier assets (crypto, stocks, real estate) - given that the market rewards risk-taking in the long run. Even if your positions fluctuate in the short run, it will work out much better imo.

barbara44

hero member

Activity: 2534

Merit: 605

Put some part of your salary into crypto right away and consider that gone and consider how much you made is lesser. Like let's say you make 1000 dollars as a salary? Well consider you are getting paid 900 and never consider that 100 as paid to you. That way you are having a pension fund as well, I am putting part of my salary into bitcoin like that, and that would mean that when I retire 30 years later, I will be able to retire very easily because bitcoin will go up a ton by that time.

If you save money that way, and never make any debt, and never spend more than you should, even if you are forced, make it as little as possible and end up paying in small installments and end up saving there as well, then you could make a good future for yourself without a doubt.

kryptqnick

legendary

Activity: 3248

Merit: 1402

Join the world-leading crypto sportsbook NOW!

I tried trading some time ago, but I kept making wrong decisions even though they seemed obvious in retrospect, and I realized it's not my thing. I figured it might be possible to invest my time into really getting to know how to do it well, but I wasn't interested in that. So instead, I focused on other things and on occasional long-term investments. It's okay not to be a trader, and I think it's also very important to admit your weaknesses to yourself and be able to stop in time if you see you're not doing well with a certain thing, and it's hurting you. And it's important not to invest what one can't afford to lose: a simple yet often broken rule.

sana54210

legendary

Activity: 3318

Merit: 1128

Quote from: SirLancelot on May 04, 2022, 03:42:06 AM

I think this one is pretty obvious and doesn't needs arguing or debates. Money management should always comes first not only in trading but in almost anything that you do because if you don't know how to manage your money, your money will easily get depleted. It sounds easy when I am explaining it but even me I am having a hard time to budget or to manage my own money, this is why I am still poor.

Understanding the chart is only necessary when you enter the world of trading. In trading, we need both of them because you can say that you are good at analyzing the chart and you can earn a profit by that but if you don't know how to manage your money, you can still lose it all at the long run.

I believe that if you are good at managing your money then you will be 1-0 ahead of everyone else. There are so many people who think that managing their money means making a profit and not understand the deeper implications of it. The difference is that there is a good case to be made about how crypto could be reached as a way of saving but also earning and spending as well.

If you would like to manage your money then you need to learn how not to lose it, and that is the biggest task. If you could manage to not lose your money then you could earn here very easily whenever the price goes up and that is where the TA starts to help you out.

Falconer

legendary

Activity: 2660

Merit: 1141

Quote from: asus09 on May 07, 2022, 03:31:15 AM

I don't have much money, most likely everyone on this forum I'm the only one who is the poorest, but I still try to be better, and be a role model for myself and others, my current method of money management can be said very simple,
1 I keep the money I have in the bank, although the percentage I get is not much but the risk is not high
2 I put in the company every year for sure I will be given a little profit, the last I put my money in bitcoin investment, even though it has a high risk, but it is a challenge for me, because from bitcoin I get all this.

Good money management is actually not just about how big your financial ability is because I think you can manage it well even if it's not much.
My strategy so far when it comes to money management is to make money, save when all needs are met and invest as much as you can and it's safe to do so.
It doesn't matter when you don't have a lot of crypto in your portfolio because profitable investment assets are not only about cryptos and so far there are many other investment asset options to consider depending on how well you can afford the risk.

Crypto investment is a high risk investment but the profit that investors get will be worth the risk. But of course not all crypto assets can generate profits in the long term, so each should do an analysis before investing. I have gold and I also have crypto in my investment portfolio, so when both make a profit then I think its good to do.

asus09

sr. member

Activity: 1344

Merit: 270

I don't have much money, most likely everyone on this forum I'm the only one who is the poorest, but I still try to be better, and be a role model for myself and others, my current method of money management can be said very simple,
1 I keep the money I have in the bank, although the percentage I get is not much but the risk is not high
2 I put in the company every year for sure I will be given a little profit, the last I put my money in bitcoin investment, even though it has a high risk, but it is a challenge for me, because from bitcoin I get all this.

glendall

legendary

Activity: 2156

Merit: 1018

Buzz App - Spin wheel, farm rewards

I learned from experience in 2018 where the assets that I have I sell them when they have value and exchange, but after 2-3 years the coins I used to have had a value of more than 200%, regret after regret came, so now I set aside my parfolio in the top 10 coins CMC and usdt for reserve funds if I need fiat and I'm grateful I apply for how many years, last and the funds I have can spin

Pejoh Asu

sr. member

Activity: 1484

Merit: 254

Some android applications can be downloaded to manage finances, this is very important to be able to ensure we are in the right track, and I think the most important thing from money management is to buy something that we really need and better if what we buy is not for consumption but for increase work productivity.

Topic: Share your Money management strategy - page 6. (Read 1305 times)