Topic: Tips to save my finances, to grow personal economy - page 2. (Read 981 times)

This is one of the more important points on your list and maybe something that most people don't necessarily realize when they're younger. When it comes to finances you've really got to plan for the long term and you have to understand that it requires persistence to achieve most dreams. The people who have $500k banked and are possibly able to live off dividends the rest of their life might have been putting away $2k per month for decades into their investment - it's not some trick about trying to win the lottery by buying that miracle share for $1k that leaps up in 500 times in value. It's a slow and steady commitment, not wasting money on frivolous things, to get to that end goal. That being said, the more financial risk you can take as you have a longer recovery time but it's better to work out your strategy early.

What we need the most is contentment and satisfaction. Although its hard to see satisfaction in all things, but the fact that we get to be contented on what we can afford to have, then it will greatly help us save our finances and grow our personal economy. As much as possible, we should not focus on other people's lives as for sure they can be tempting. We should focus more on our own selves to improve and to gain personal growth which will be very essential for the growth of our own economy.

Even if you are not a Crypto user, or expert, now it is possible to access new and diversified portfolio Defi assets.
The Rebus Chain https://twitter.com/RebusChain is making it possible by bridging Trad and Defi. Traditional investors trust assets managers and other financial institutions. Having those bridged into Defi will raise confidence on them, therefore bringing new money into the Defi space, diversifying their portfolios too.

Could be investments engineering? Sure people need easy access to different investment products, and Defi can be one gateway for that. The problem is the ease of access to it.
The Rebus Chain https://twitter.com/RebusChain is working on that front, bridging Defi and Tradfi together, to give confidence and raise trust to new investors to access the Defi space.

I have tried various tips from financial experts on YouTube and many articles, but they only said that according to what was written in the book or they got at school, the fact is that it is very difficult to manage finances and increase income in real life. I think experience about finance is more important than hearing advice from anyone.

If someone wants to manage finances in his life, then what needs to be considered is how he manages his time in making money and also how he spends money when he already knows how much money he can make in each month. Even though what you say is also true in trying to avoid credit or loans of any kind in order to buy something that is generally not very important for him to have

I think this is How to manage money, how to plan for life, and how to become rich in the future without doing anything complicated to soften the day-to-day strain on your finances. An addition from me regarding the above, one of which is the implementation of time management methods is to set personal rules and develop them. Maybe it's not a rule, but a ban on shopping or buying things that are not important and trying to avoid credit in buying something.

It depends on what investment you're talking in here. There are investments that won't generate passive income but you're only going to profit from it when its value goes up. So, the typical market that we have in crypto that we sell when it's high.

This is all about diversification and you need to choose the best that you can have because not all diversifying investments are profitable. When you do it that much, you might regret it but this strategy works to contain and minimize losses.

A freelancer can always take on a little more work. I understand that when you get used to a certain order of things, it is difficult to rebuild, but if there is a need for money, and you don’t want to deny yourself the usual things, you can work more than usual. It may not be forever, it is until the situation stabilizes. There may also be such a situation that you will have to retrain for a more paid profession, this is also not easy, but difficult times will make a strong personality grow.

Saving money became a big objective for many young people over the last few years because living expenses have been growing exponentially compared to wages. In today's time it's almost impossible for a family with 2 kids to live of the salary of only one parent working. One thing is that the a lot of new constructed apartment houses become much smaller to make them affordable. A good alternative is to live in shared apartments when you are younger, or even making money of it. A good friend of mine did this in university for 3 years, he was the one who managed a house with 3 floors of student rooms for an old lady and could live like that for free. I think in total there were 9 rooms and he had to advertise all of them as soon as a student left. And he also took care of small maintenance repairs and the garden around the house for which he got paid separately. In the end he got paid for living for free, but had to spend quite a lot of time managing the whole house. In depends on how much time you are willing to put in and if you can find a landlord that is willing to do it. I don't think it's such a good idea to do this without the consent of the landlord, because when you rent out a whole house alone he might not agree with the large number of occupants there will be. It can also be that many of tenants leave at the same time and you will be stuck paying the full rent for a month or two will not making any profit.

I agree with you.
Health should be the main focus. because our goal of making money is to be able to eat regularly. and pamper our bodies in order to get happiness. and one of those happiness is HEALTH. and the recent pandemic is proof that health-related factors have a huge impact on life. During a pandemic, people get sick from the virus. and that's when the economic crisis began. But from there also people become aware of the importance of maintaining health.
Always prepare savings for reserve funds and emergency funds for our health. Frugality is very good, but not to the point that our bodies become deficient in nutrients and balanced nutrition.

Without a doubt this is a difficult moment to be a freelancer not only because the inflation is very high and this is affecting everyone all around the world, this is also because all businesses are trying to reduce expenses as much as possible and the ones that are the first to resent this are the freelancers, as businesses decide to downscale their operations or to postpone any big expenses until the economy recovers, so hang on as much as you can and try to reduce your expenses until things improve.

Getting rich requires investing in the right sources whether quickly or moderate. We all aspire to get rich one day especially the average people and this is the reason why we keep looking for a way we can invest our fund and get triple of it with time. If we learn the habit of invest our little funds in something that worth investing, then we might be surprised one day that those investments might become a path to us becoming financially comfortable. The unwise would rather spend there money on things that does not worth it.
Let's keep investing for a better tomorrow!

I just want to add, only buy used goods, avoid using credit cards, maintaining health is more important than point 7.
If someone has a mediocre salary, of course it will be difficult to meet all the necessities of life, often expenses are greater than income.
but maintaining health is very important, especially those who do not have life or health insurance, everyone has a different standard of living.
post-covid everything is difficult, plus there is currently a global economic crisis, a global food crisis, everything is difficult.
we are faced with an unusual phenomenon. however, overall, the points you describe are very useful for the community.

It's better to save at an early age than regret it when we get old without enough savings or investment. We can't chase and turn back time so as much as possible, we should embrace the opportunity as early as we can as a preparation for our future. It's fine to enjoy life but we should be responsible at the same time. Better suffer now than regret later.

  Thanks for the tips and strategy that you've  shared all here, even Sometimes I'm busy to my work and my family's but beside that I'm trying my best to open this site cause I felt inadequate that I can not read and learn something new for every day.

Great tips for saving money.
My one message, keep it up.

For some people, it's not that they can't, but they can't do it because of various considerations. Almost everyone wants tips like you mentioned can be applied in everyday life. Maybe because the income earned for one month is not enough to meet needs, let alone to save. However, if there is a will to implement it, there must be a way. From here, one more tip from me, which is to help those in need. It doesn't have to be with money.

Wrong mindset that most of the time lead them to be broke instead of having good savings in their banks, I see your point and I can agree to that, way back I'm also one of those people who wanted to show that I can buy things that not all can be bought, until I got my own family and realized those wrong ways of life. Now, I'm trying to save for my children's future and I also do some investment and passive business that will allow me to generate extra income aside from my salary.

There is always time to change yourself and realize that the important thing is you are able to provide the needs and not the luxuries. There's time for leisure, but for now, better to save and invest in a much better future ahead.

One of the most important tips to grow personal wealth. I will note, investing is not a guaranteed way to grow personal wealth; however, long term investments and diversification will give you a high probability in a positive ROI over decades. It's important to invest and it's important to invest early. The longer your investments, the higher yields they return. Instead of spending frivously at a young age, you owe it to your future self to invest early.

The rate of success is hard to measure and to say.

You may have a high success rate based on your idea and thought and with the resources you have. But with the application and strategy you're doing with your business, you may fail.

The risk is there and unmeasurable when you do business and investments but that's the way to do as you try to find your purpose in that business.

This is on us, we can always find opportunities in good and bad situations.