The first rule of investing is saving - page 9.

Ultegra134

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Quote from: teosanru on July 14, 2021, 02:01:44 PM

Quote from: paxmao on July 08, 2021, 04:53:19 AM

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

I've also thought about this, but never dared to implement it. Likewise, I'm working an 8-hour job, and I'm currently able to live pretty comfortable, setting money aside each month. When I invested into DeFi/Yield mining, I thought that it would be a good idea to invest a couple of hundred dollars each month into other projects.

I've actually done it once, in order to boost my investment, but I never proceeded to do it again, rather than invest my salary, I decided that it's safer to reinvest any money I earn through my main investment, without involving any external funds.

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Quote from: teosanru on July 14, 2021, 02:01:44 PM

Quote from: paxmao on July 08, 2021, 04:53:19 AM

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

But how about if you do just started up?

If you dont have any source or anything that you do earn then you would be definitely be considering on risking out your savings first and its up to someones choice

because when it comes to risk taking then this is mattering on someones decision so it would really be varying because once that investment is a hit then thats the

time you can make up more savings but of course that would really be having corresponding risk then you should really be aware on that.

teosanru

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Quote from: paxmao on July 08, 2021, 04:53:19 AM

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

Fortify

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Quote from: paxmao on July 08, 2021, 04:53:19 AM

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

This is an unfortunate fact that many people do not learn until their 20's, 30's or even 40's. Learning to live debt-free and saving even small amounts over time is an extremely liberating feeling. It can be incredibly depressing being in debt and living beyond your means, in many cases it is easy to spend money frivolously on absolutely unnecessary junk. Once you learn to save, you will want to put those savings to good use and learn about investing in companies. Albert Einstein, one of the most intelligent people to ever live, once said that "compounding is the 8th wonder of the world" and it has never been more true than when you own company shares that grow & reinvest on a regular basis.

Ultegra134

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I was always saving any BTC I earned to a separate wallet, which was used for investing and occasional trading. Saving is what turned me a few hundred dollars, into a $3.000 investment. I sold my BTC a few months ago and then invested my money into yield mining and DeFi projects. I managed to turn my small savings wallet into a proper investment, which is still generating income.

Saving money is vital when it comes to investing.

$crypto$

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Quote from: xSkylarx on July 13, 2021, 07:17:49 AM

It's what we call "hype," as when Elon Musk hyped bitcoin and Doge, and a lot of people jumped on the bandwagon. The majority of investors will conduct research into what they intend to invest in because they do not want to lose their money, thus this is the wisest course of action. There are many worthwhile investments available nowadays, but you should only do so if you can afford to lose your money.

Saving money is beneficial for the future, but it requires discipline. I am not good at saving and would like to learn because if I do save, I will be able to utilize it for something in the future.

We should not be influenced by someone who can change the market or who is said to be manipulated I think it can be a hype trap that they create and then throw away after their promise is spread.

The rule in investing is that it is true to save but we must be well disciplined and also regular financial management how to manage it well, there we can easily make the right investment to save for the future, no need to worry about the market if you already know for sure circumstances will definitely find their identity what to do at the core, don't do greed and good discipline.

ChiBitCTy

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This is a pretty good start here I have to say. As a financial advisor I see a lot of "investing advice" on here that makes me cringe to say the least. I recently did a write up here where I discuss the basic of financial planning and why bitcoin is NOT an alternative to traditional investment such as stocks, bonds, etc. You can read my write up here. If you're looking for some basic financial advice on how to structure a portfolio from someone who is licensed to give it, please take a look - https://bitcointalksearch.org/topic/m.55577767

Bravehash

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Solid foundation matters, in 2017 when BTC was surging I was so down that I couldn't afford much but I believe the future will be better, to invest you have to have a fall back plan, if you can afford to invest 1000$ on crypto you should already have 5000$, many might say otherwise but this is how I role so that I can sleep well at night, invest only what you can afford to lose

Obito

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Quote from: TheUltraElite on July 14, 2021, 12:34:44 AM

Quote from: Obito on July 13, 2021, 05:21:15 AM

~snip

Problem with smaller investments is that mostly the money put in might not give you a return enough to justify the work done to get those.

Index funds - I usually find buying the specific stocks a better option, because I know that company and know their track record. Index puts in a lot more than that, lacking research and therefore possible losses in future.

Low priced crypto - That would be altcoins and specifically shitcoins. Something that I advice everyone against buying. If you can make money with it good for you, but it is not for newbies and people entering investing.

Index funds are a collection of different companies and it's already been proven all along that it's a much better option to buy index funds compared to actively trading, choosing the stock is indeed profitable but the problem is if it's a famous company internationally, there's a chance that you are already late you will invest in smaller amounts. If the people were to DYOR when it comes to investing in so called shitcoins and altcoins, I think that they might be able to get a profit out of it.

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So anyway, I applied as a merit source :)

Quote from: Anonylz on July 13, 2021, 03:29:20 AM

it is true there are many people who don't take saving very serious, they spend every penny they own as it comes, which is a wrong approach if anyone desire to invest in any asset, lets just say saving plays a huge role in the path to investment.

Most people who do that end up learning their lesson when life throws a problem at that. But there are compulsive spenders as well to whom these words dont make any sense and the supermarkets make sure to cash out on these people.

A 5-10% saving is always a good habit even from a younger age. The importance of that has been taught to many people during the last year during a global crisis when people needed money at hand to keep them afloat. Diligent people know how to balance the saving and investment. But first savings then comes investments which follows what the OP has mentioned.

Quote from: Obito on July 13, 2021, 05:21:15 AM

Why not just invest altogether? I mean there are options whereyou can invest directly even with small amounts because investment is much better than saving because you don't get interest when just simply saving. Look at options out there, there's Index Funds or Cryptocurrencies that don't need a lot money to simply start.

Problem with smaller investments is that mostly the money put in might not give you a return enough to justify the work done to get those.

Index funds - I usually find buying the specific stocks a better option, because I know that company and know their track record. Index puts in a lot more than that, lacking research and therefore possible losses in future.

Low priced crypto - That would be altcoins and specifically shitcoins. Something that I advice everyone against buying. If you can make money with it good for you, but it is not for newbies and people entering investing.

oHnK

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Quote from: bryant.coleman on July 12, 2021, 12:10:48 PM

Quote from: oHnK on July 12, 2021, 10:36:21 AM

Investing with debt isn't matter if you can manage ur financial. Credit is one of the ways for investing, for example home credit, property with credit, those are the kind of investing. I dont think that those are bad for our financial instead of those help us to get asset with easiness. But for our notes, when you wanna try to take debt you have to choose for paying productive sector because when you pay investing with debt you should make sure that ur investing can earn passive income.

This is like the worst possible thing to do. If you take out a loan to invest, then the chances are that you will end up with a net loss. Let's consider a scenario. An individual takes out a loan at an interest rate of 12% per year to invest in certain assets. Now he can't invest in bank deposits, because the interest rate will be much lower than what he needs to pay on the loan, and on top of that, he needs to pay tax on that interest income as well. So that option is ruled out. Now comes the other options such as stocks and bullion. 12% return may or may not be possible with the stocks. But remember that taxes need to be paid on capital gains, even in this case. So after the taxes, the individual may be left with a net loss, unless for that year the returns from the stock market is exceptionally high.

There are so many people out there using debt for paying their business, I think that isn't matter, you are right for ur opinion but I dont think that my opion is worst. Almost all chinesse have their own debt for supporting their business, not only them but also Michael Saylor using obligation for buy BTC, I dont think that was a worst decision as a CEO of the popular company.

semobo

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Quote from: paxmao on July 08, 2021, 04:53:19 AM

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

Experts say save 30% of your salary to become invest which is obviously possible when we are ready to sacrifice the expenses of our short term pleasure. I would say avoid the expenses which you are allocating for your entertainment purpose which is going to make your life better if we are investing that money into an asset which has potential to grow.

Also, we can avoid the money we are spending on gadgets and cosmetics which has literally no use unless you are working in that field.

BuNga_cute

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Quote from: Taskford on July 13, 2021, 07:06:58 AM

Quote from: perfect999 on July 13, 2021, 06:14:28 AM

Quote from: paxmao on July 08, 2021, 04:53:19 AM

~

Sure, there is no way that you can start investing when you don’t even have savings. So people who say that are absolutely right for saying. Before you start investing you need to have enough savings in your account, and from there you can take out money and start your investing.

Next, before you talk about investing with your savings, it would be really important that you have cleared out your debts just like the op has said. That’s totally right, because if you don’t pay your debt, you’re just going to have them sucking up every profit you make later on.

Sometimes we don't need to have savings before we start since there are several people who invest on their ideas and borrowed money just to make their ideas became a profitable source of income unto them and once profit already generated they can start saving and maybe they can use that on making their business grow or try your luck on another platform.

Also I agree clearing our debts is a must and we must prioritized that once we earn since if we skip to pay that for sure the interest will grow and that's not ideal to us since this will take some part of our savings or capital.

I think it's too risky if there are people who invest even though they don't have savings, because investment sometimes takes a long time to
generate profit. Meanwhile, if we have an urgent need, we are forced to use the money used for investment, because we do not have savings.
Even though there is a possibility that the price of the coins we buy goes down when we need money. So my advice should be if we are going to
invest in crypto already have savings first. Regarding the problem of debt, I agree with you, that paying off debt is a priority. Because if we don't
paid it can really interfere with our financial condition. Moreover, if we are late paying debt installments, there are fines that must be paid.
Therefore it is better not to have debt.

xSkylarx

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Quote from: bakasabo on July 12, 2021, 03:24:21 PM

For me the first rule of investing is not to listen to anyone, but if heard something, check it two-three times.
I havent invested a lot, and I’m not a frequent investor, but I have already “burned” myself with bad investments. Listened to someone promisses and bought something without checking what is behind that asset.

It's what we call "hype," as when Elon Musk hyped bitcoin and Doge, and a lot of people jumped on the bandwagon. The majority of investors will conduct research into what they intend to invest in because they do not want to lose their money, thus this is the wisest course of action. There are many worthwhile investments available nowadays, but you should only do so if you can afford to lose your money.

Saving money is beneficial for the future, but it requires discipline. I am not good at saving and would like to learn because if I do save, I will be able to utilize it for something in the future.

Taskford

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Quote from: perfect999 on July 13, 2021, 06:14:28 AM

Quote from: paxmao on July 08, 2021, 04:53:19 AM

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

Sure, there is no way that you can start investing when you don’t even have savings. So people who say that are absolutely right for saying. Before you start investing you need to have enough savings in your account, and from there you can take out money and start your investing.

Next, before you talk about investing with your savings, it would be really important that you have cleared out your debts just like the op has said. That’s totally right, because if you don’t pay your debt, you’re just going to have them sucking up every profit you make later on.

Sometimes we don't need to have savings before we start since there are several people who invest on their ideas and borrowed money just to make their ideas became a profitable source of income unto them and once profit already generated they can start saving and maybe they can use that on making their business grow or try your luck on another platform.

Also I agree clearing our debts is a must and we must prioritized that once we earn since if we skip to pay that for sure the interest will grow and that's not ideal to us since this will take some part of our savings or capital.

cheezcarls

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Looking for gigs

This is exactly what I have been doing when I was still new to cryptocurrencies. Before investing in such opportunities along with doing my own research and proper risk management, I’m focusing on earning more from my gigs, airdrops, bounties, etc., and start saving money. As I have accumulated my savings since the pandemic began, it gives me great opportunities to invest in some promising coins, tokens and NFTs.

Always have savings like it’s your insurance policy when something bad happens in the market.

perfect999

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Quote from: paxmao on July 08, 2021, 04:53:19 AM

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

Sure, there is no way that you can start investing when you don’t even have savings. So people who say that are absolutely right for saying. Before you start investing you need to have enough savings in your account, and from there you can take out money and start your investing.

Next, before you talk about investing with your savings, it would be really important that you have cleared out your debts just like the op has said. That’s totally right, because if you don’t pay your debt, you’re just going to have them sucking up every profit you make later on.

Obito

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Why not just invest altogether? I mean there are options whereyou can invest directly even with small amounts because investment is much better than saving because you don't get interest when just simply saving. Look at options out there, there's Index Funds or Cryptocurrencies that don't need a lot money to simply start.

Anonylz

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It is always adviceable to save for a raining day, meaning it is always good to have some savings aside even if we are not investing in any project of assets. it is true there are many people who don't take saving very serious, they spend every penny they own as it comes, which is a wrong approach if anyone desire to invest in any asset, lets just say saving plays a huge role in the path to investment.

michellee

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Quote from: andriarto on July 12, 2021, 11:05:48 PM

Quote from: bakasabo on July 12, 2021, 03:24:21 PM

For me the first rule of investing is not to listen to anyone, but if heard something, check it two-three times.
I havent invested a lot, and I’m not a frequent investor, but I have already “burned” myself with bad investments. Listened to someone promisses and bought something without checking what is behind that asset.

when we decide to invest, indeed the most important thing is to learn it first, whether in any investment. we can take for example bitcoin, which has not been legalized, but has a good opportunity to invest, on the other hand I think it also has a greater risk than land investment, therefore we can consider what percentage of the money we have to invest in btc

As long as we know the risk and manage the risk, not become bigger, we will not have a problem. Bitcoin can be an investment thing even if many countries have not been legalized it. Besides that, when we have bitcoin, we do not have to report to our government unless they investigate the country's bank account.

Investing or not is depend on our decision and it is better if we learn many things before investing so we know the details and do not panic when happening something.

Topic: The first rule of investing is saving - page 9. (Read 1839 times)