Share your Money management strategy - page 8.

Furious 7

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Quote from: milewilda on May 03, 2022, 05:37:12 PM

Quote from: Furious 7 on May 03, 2022, 04:24:32 PM

Just agree with what you said. Borrowing to make capital, do we really have to think like that for everyday life?
maybe it's true that borrowing is one strategy but we have to look at our abilities now, Borrowing is not something good enough because as you say this will only kill slowly.

why not use what we have because the expectation of borrowing will only make you worse than before

Not all the time because there are times which we are really that short in money on hand which its not bad to have that considerable but you should really be that responsible on repaying those debts
so that you wont really be putting yourself into trouble on the day that you would need to pay those interest and the amount had been borrowed.IF you do see chances or opportunities
then go ahead but you should be aware on the risk involved since we know that crypto profits isnt guaranteed and would really vary or depend on when the market would make
out some significant movements which would go in line with your prediction and made out profits.

What you say is true, but on the other hand we must also remember that things like this are about courage and self-awareness. at least before doing this we must also recognize ourselves so that later we will not be trapped in empty ambitions because as you said this still has risks and of course the risks are very large. when things like that, there are two choices. when indeed we dare to take risks and are ready for all possibilities then do it but when we are in a stage where it is not possible for something like that why do we have to force it.

Wong Gendheng

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Activity: 1428

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The financial management that I do is simple, know how much income and expenses, do strict controls and never shop for things that are not in accordance with the budget, this is what makes us have to write a monthly budget then weekly and daily, if there is an out of control Perform important steps such as a stop of certain unimportant expenses.

MiF

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Reward: 10M Shen (Approx. 5000 BNB) Bounty

I learned a lot of lessons from the past and i think the better strategy to avoid losing and to mange the money is to invest in different coins and invest in different stages of price. Avoid selling at loss and hold for a reason to earn not just holding because your friends told you to hold. Always do your own research and be extra careful market today is shaking in favor of lossing.

SirLancelot

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Leading Crypto Sports Betting & Casino Platform

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.

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.

laredo7mm

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In my opinion, the most effective way to invest in crypto is DCA. You can not predict correctly when the market will go up or fall down. So it will be safe and convenient for an investor to invest in crypto little by little every month. This is the simplest way and you do not have to worry about the market being bull or bear. Do not apply this to altcoins because most of them don't have any future so long-term investment could be a waste of time.

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

Spend as little as possible every month, put money aside, buy bitcoin or ethereum with it. Do you really need more than this. Imagine doing this for every day for the next 50 years and tell me you do not see yourself richer than your wildest dreams? I personally see myself quite rich, and not even 50 years later, I will wait about 10 years and I will be rich enough to retire probably. It will be quite difficult to arrange but it will happen for sure.

I just try to spend as little as possible, now taken on my mom's debt as well which is a difficult thing to pay off but I hope for the best, and then I will end up with putting even more and after 10 years it will be big enough for me to retire.

Bitstar_coin

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SecureShift.io | Crypto-Exchange

Quote from: batang_bitcoin on May 02, 2022, 05:51:34 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.

Totally agree, diversifying into other sector other than the crypto space is more secure and support a long term goal. And what better sector than the real estate, the chances of losing money here is very minimal compared to crypto.

Depending on your country of residence, having a real estate asset gives you the opportunity to earn passive income as well as appreciate in value, it is like a win win thing if you lease or rent your property out for money. You are guaranteed a weekly, monthly, or yearly income without any fluctuations.

Crypto investment gives a higher returns in short period depending on the market condition at the time but real estate investment gives a steady growth type of income. So a proper diversification will be a combination of both.

mk4

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Paldo.io 🤖

Quote from: Oilacris on May 03, 2022, 03:07:26 PM

You do have a point but to consider that this is just like a double edge sword whether you could really benefit or have losses on it but we cant really deny that diversification would always be ideal but of

course it would really be depending on what coins you've been dealing with aside from bitcoin which it is really that needing lots of consideration on how you would really be making out such step

towards your investment decisions and this isnt something simple as we know or basing up on real experience.

“it would really be depending on what coins you've been dealing with”

Bro, bitcoin drops, 99% of coins/tokens drop with it (outside of stablecoins). Sure technically it depends on what you specifically buy (because there’s always that one or a few outliers that are going up in a bear market), but best of luck looking for that 1%.

Hydrogen

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My money management strategy is, every dollar of disposable income spent must have carry the potential to create value and return ROI. This doesn't imply asset investment. A pack of tomato seeds can cost $3 and carry the potential to return more than $3 worth of tomatos. I would consider a pack of seeds to be an investment. A sewing machine, 3d printer, CNC laser cutter, weedwhacker, lawnmower can all be investments which can return greater value than their base cost.

Becoming less reliant on corporations and the government is another primary goal. Any investment that allows me rely less on people like Elon Musk or the state is a sound investment. Planning for disaster I try to focus on, can't say I've done well with this. I have tried to come up with plans for generating and filtering water in the event of a major crisis. Generating electricity. I have some of the components needed to build windmills and harvest water. Although if anyone saw what the final product looked like, they might laugh. Its not the best. Everything done as much as possible on a budget.

batang_bitcoin

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Quote from: Shasha80 on May 03, 2022, 02:11:27 PM

Quote from: batang_bitcoin on May 02, 2022, 05:51:34 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.

There is no doubt that investing in real estate has proven to be safe and profitable, because many people have proven it. With the way that investing
in real estate makes our wealth increase, even rich people always invest in real estate in the long term. But because real estate prices are not affordable
for everyone, investing in Bitcoin is the best solution. But remember if we manage to get a big profit from Bitcoin, don't forget to diversify in investment.
Not only do we diversify by buying altcoins, but if we can afford to buy real estate, we have to invest in real estate too. Because of a good money
management strategy, we must diversify investments, but don't just invest in the crypto space, we must also explore other things. It's very clear the goal is
to minimize losses and maximize profits.

I'm also in real estate and that's where I'm investing as well. Very effective and proven especially if your property is in a good location. So if someone is into bitcoin and has some profits from it.
Diversifying it to real estate is a good strategy but as said, that's based on what I've done and experienced. It's effective on me and maybe won't be effective to the others but at least get the idea that it's a good asset to invest. Earning passively with the rental from those properties you own is very ideal.

milewilda

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Quote from: Furious 7 on May 03, 2022, 04:24:32 PM

Quote from: kaya11 on May 03, 2022, 03:05:09 PM

I do not take loans as much as possible, as it will make you even poorer. Just do what you can with what you have. It is been like these for me just for how many years. Maybe I borrow money but without interest, from my family and few trusted friends but never from a loan shark including banks and other lending services. We've got to stay away from debt, it will be a hindrance in our goals, it will shackle us. Don't buy things that you don't need, for example super branded clothes. Name it all, it should be enough to wear simple and clean clothes, if it is just for impressing people then keep the hell out of it. Do some business, things that you love is a great start. Learn something new until you will find the one that will make you stay and invest money on it. Successful people work their asses from different kinds of jobs until they've found their passion job in life. I have been in a situation with a single dime in my pocket, and it is frustrating but I never gave up until I have made it to where I am right now.

Just agree with what you said. Borrowing to make capital, do we really have to think like that for everyday life?
maybe it's true that borrowing is one strategy but we have to look at our abilities now, Borrowing is not something good enough because as you say this will only kill slowly.

why not use what we have because the expectation of borrowing will only make you worse than before

Not all the time because there are times which we are really that short in money on hand which its not bad to have that considerable but you should really be that responsible on repaying those debts
so that you wont really be putting yourself into trouble on the day that you would need to pay those interest and the amount had been borrowed.IF you do see chances or opportunities
then go ahead but you should be aware on the risk involved since we know that crypto profits isnt guaranteed and would really vary or depend on when the market would make
out some significant movements which would go in line with your prediction and made out profits.

Zilon

sr. member

Activity: 966

Merit: 421

Bitcoindata.science

We still have projects that looks genuine from the unset only for it to fall and never rise again. I think in real sense diversifying portfolio cut across centralized and private shares as well. Crypto is too volatility to risk putting all coin there in.

In other to practice money management [b ]investment certainty[/b]should be the first criteria. Bitcoin is a sure project. Altcoin with high market capitalization is not always certain. Not all are genuine we still have scam projects that gets pumped through influencers and after hitting their target everything dumps. To be safe from crypto shocks having a share in most private investment is recommended.

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

Quote from: batang_bitcoin on May 02, 2022, 05:51:34 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.

This is simply not true. There is no "best asset" one can have. There are plenty of assets that have outperformed real estate over the years. Owning real estate can be a good investment, but to simply state it's "proven" is utterly false.

Are you a financial advisor? If not, maybe you shouldn't be advising anyone on investments.

Most of the "advice" given here is ridiculous and given by those who don't have the know how to give such advice. It's one thing to say this is your opinion or "here's what I think"..but another to state things as fact.

Quote from: yawars20 on May 03, 2022, 01:57:13 PM

Your strategy is quit imaginary I mean how could you calculate all time how the whole market cap is doing? I mean it can be oneor two time when you check the statistics of whole market cap to analysis your next move but this can't do anything if you doing trading on daily bases as you have no time to do anything except managing and analyzing your trades and to get better results.
Also in my case I generally you 70% of my assets in trading and 20% as long term holding and 10% as reserve fun in case I need to do something.
Every successful trade will increase your portfolio so you should move toward next step and explore more probabilities although we all know there is some degree of risk but if cant take chances how could you grow.

So you're saying 70% of your portfolio is trading? This is not advisable, and a very dangerous way to set up your portfolio.

Furious 7

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Activity: 2856

Merit: 644

https://duelbits.com/

Quote from: kaya11 on May 03, 2022, 03:05:09 PM

I do not take loans as much as possible, as it will make you even poorer. Just do what you can with what you have. It is been like these for me just for how many years. Maybe I borrow money but without interest, from my family and few trusted friends but never from a loan shark including banks and other lending services. We've got to stay away from debt, it will be a hindrance in our goals, it will shackle us. Don't buy things that you don't need, for example super branded clothes. Name it all, it should be enough to wear simple and clean clothes, if it is just for impressing people then keep the hell out of it. Do some business, things that you love is a great start. Learn something new until you will find the one that will make you stay and invest money on it. Successful people work their asses from different kinds of jobs until they've found their passion job in life. I have been in a situation with a single dime in my pocket, and it is frustrating but I never gave up until I have made it to where I am right now.

Just agree with what you said. Borrowing to make capital, do we really have to think like that for everyday life?
maybe it's true that borrowing is one strategy but we have to look at our abilities now, Borrowing is not something good enough because as you say this will only kill slowly.

why not use what we have because the expectation of borrowing will only make you worse than before

AmoreJaz

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Leading Crypto Sports Betting & Casino Platform

Quote from: Oilacris on May 03, 2022, 03:07:26 PM

Quote from: Silberman on May 03, 2022, 11:25:03 AM

Quote from: mk4 on May 02, 2022, 04:46:08 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.

Agreed, this idea of trying to diversify your portfolio by buying coins other than bitcoin is a mistake and it defeats the purpose of diversification, which is to reduce your losses, as altcoins instead will increase the rate at which money is lost, and about the topic at hand any decent book about trading states that in each trade we can only afford to lose 1% to 2% of our capital otherwise sooner or later we will bust our account.

You do have a point but to consider that this is just like a double edge sword whether you could really benefit or have losses on it but we cant really deny that diversification would always be ideal but of

course it would really be depending on what coins you've been dealing with aside from bitcoin which it is really that needing lots of consideration on how you would really be making out such step

towards your investment decisions and this isnt something simple as we know or basing up on real experience.

btw, mk4 is talking about diversification not only with crypto but other assets maybe like real-estate, precious metals or invest in a non-public business. and i very well agree with him. we need to look outside this crypto market if you want real diversification. everyone can check out OP's list when it comes to crypto investments. but we should not forget to invest also outside the crypto industry. in that way, we have other tangible assets as a fall back if everything in our investments in crypto got busted.

Oilacris

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Activity: 2996

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Quote from: Silberman on May 03, 2022, 11:25:03 AM

Quote from: mk4 on May 02, 2022, 04:46:08 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.

Agreed, this idea of trying to diversify your portfolio by buying coins other than bitcoin is a mistake and it defeats the purpose of diversification, which is to reduce your losses, as altcoins instead will increase the rate at which money is lost, and about the topic at hand any decent book about trading states that in each trade we can only afford to lose 1% to 2% of our capital otherwise sooner or later we will bust our account.

You do have a point but to consider that this is just like a double edge sword whether you could really benefit or have losses on it but we cant really deny that diversification would always be ideal but of

course it would really be depending on what coins you've been dealing with aside from bitcoin which it is really that needing lots of consideration on how you would really be making out such step

towards your investment decisions and this isnt something simple as we know or basing up on real experience.

kaya11

full member

Activity: 1344

Merit: 110

SOL.BIOKRIPT.COM

I do not take loans as much as possible, as it will make you even poorer. Just do what you can with what you have. It is been like these for me just for how many years. Maybe I borrow money but without interest, from my family and few trusted friends but never from a loan shark including banks and other lending services. We've got to stay away from debt, it will be a hindrance in our goals, it will shackle us. Don't buy things that you don't need, for example super branded clothes. Name it all, it should be enough to wear simple and clean clothes, if it is just for impressing people then keep the hell out of it. Do some business, things that you love is a great start. Learn something new until you will find the one that will make you stay and invest money on it. Successful people work their asses from different kinds of jobs until they've found their passion job in life. I have been in a situation with a single dime in my pocket, and it is frustrating but I never gave up until I have made it to where I am right now.

Shasha80

sr. member

Activity: 1876

Merit: 318

Quote from: batang_bitcoin on May 02, 2022, 05:51:34 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.

There is no doubt that investing in real estate has proven to be safe and profitable, because many people have proven it. With the way that investing
in real estate makes our wealth increase, even rich people always invest in real estate in the long term. But because real estate prices are not affordable
for everyone, investing in Bitcoin is the best solution. But remember if we manage to get a big profit from Bitcoin, don't forget to diversify in investment.
Not only do we diversify by buying altcoins, but if we can afford to buy real estate, we have to invest in real estate too. Because of a good money
management strategy, we must diversify investments, but don't just invest in the crypto space, we must also explore other things. It's very clear the goal is
to minimize losses and maximize profits.

yawars20

member

Activity: 504

Merit: 14

I know Who I AM

Your strategy is quit imaginary I mean how could you calculate all time how the whole market cap is doing? I mean it can be oneor two time when you check the statistics of whole market cap to analysis your next move but this can't do anything if you doing trading on daily bases as you have no time to do anything except managing and analyzing your trades and to get better results.
Also in my case I generally you 70% of my assets in trading and 20% as long term holding and 10% as reserve fun in case I need to do something.
Every successful trade will increase your portfolio so you should move toward next step and explore more probabilities although we all know there is some degree of risk but if cant take chances how could you grow.

awik p

full member

Activity: 1526

Merit: 111

Pepemo.vip

Quote from: Mauser on May 03, 2022, 07:46:29 AM

The first and also most import rule for me about money management is: spend less money each than you earn. Only if we have some free money each month to save we can start investing, trading or gambling. For me the best way to do that is budgeting my income and expenses each week. There are quite a few Apps out there who help with that, but I prefer to use an excel sheet. With that I summarise my expenses per month and year and make sure that I don't overspend in a month. It's also a good way to avoid unnecessary purchases and be a bit more disciplined. As a general rule I try to save 10% each month for investing, but lately that wasn't possible so much. Food and living expenses are rising a lot this year and I still have to pay back a loan.

The increase in food and living costs is due to inflation, where the salary we receive is fixed and the price of our necessities of life increases, indeed the best way to save is to invest as you did, but if now it is not enough, I think with the savings we have accumulated before can be used for trading, so we can save back from trading results, although I am still learning trading, but I am sure that in the future it will be according to plan

Topic: Share your Money management strategy - page 8. (Read 1305 times)