Tips to save my finances, to grow personal economy - page 3.

Shasha80

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Quote from: batang_bitcoin on August 20, 2022, 07:27:17 AM

Living a frugal life is lowkey. People don't realize that when they save and live their lives the way how much they're earning, that's how life goes for the simple folks.
You don't need to be showy to the other people just to impress them. Live within your means and that's what's going to make you happy in life. No need to impress the people that surrounds you because the important thing you need to remember is to make yourself comfortable, happy and contented.

Our success in life is how to manage our finances well, live a frugal life we must do before we achieve financial freedom. But the sad fact is that
many people lead the wrong lifestyle, they want to show others that their life is happy by showing them the luxury items that they sometimes
buy on an installment basis. Moreover, with the existence of social media as a place to show off to impress others, such a life will only be stressful
in the end and will not provide real happiness. It's true why we waste our money just to impress other people, if in the end we will experience
financial problems due to installments of luxury goods. It's better to live frugally and focus on investing in potential assets, so that our future is
bright and in old age we can live happily.

South Park

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Quote from: sana54210 on August 19, 2022, 05:14:05 PM

Quote from: Wawa2013 on August 17, 2022, 06:07:10 AM

Many people want to be rich, but most can only be said without any clear action to achieve it. Because it must be admitted that the process of becoming rich is not easy, the most important thing is not how we make money. Because no matter how much we earn, without saving or investing everything will just disappear. We have often seen many celebrities who have big incomes but they forget to plan their future.
In the end, when the celebrity is no longer working, their economy is getting worse. That's the importance of managing our finances well, even though our income is not large, we can be rich by changing our lifestyle to be more efficient and increase investment.

They think that getting rich is a sudden thing, that's the problem of many people. Like you wake up one day and you have a million dollars, that's not how it happens. That's why we are seeing so many people invest into "gems" that are small cap, because they think if they throw in 100 bucks into something small, then they could make a huge profit from it when it goes up and suddenly become rich very quickly, within a few months max.

The reality is that people who get rich, end up doing that by investing into solid things that have a good increase over long period of time, such as buying bitcoin every month for 50 years, that makes you rich, not small cap stuff.

Becoming rich is not an event, it is a process, many people believe that somehow someway they are just going to wake up one day and become rich and that isn't the case, in order to become a millionaire you need to earn one million dollars more than your expenses and this is not something which can be easily done, in my opinion the most important aspect is our patience, because while becoming a millionaire overnight is impossible to do, something like this is possible over a time span of 20 or 30 years, even if you start from zero.

batang_bitcoin

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Living a frugal life is lowkey. People don't realize that when they save and live their lives the way how much they're earning, that's how life goes for the simple folks.
You don't need to be showy to the other people just to impress them. Live within your means and that's what's going to make you happy in life. No need to impress the people that surrounds you because the important thing you need to remember is to make yourself comfortable, happy and contented.

boris singer

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Quote from: BRINIRHA on August 20, 2022, 02:14:51 AM

you're right. it all depends on the purpose we owe. if to build a business with great potential with careful planning, as well as a high success rate and minimal risk. and from there we will have a good income or profit and can pay off our debts in installments. then that's a good thing. the problem is that finding good opportunities is very difficult.

This may still be a consideration but don't take it lightly when taking a loan for business. It can still be done but the fact is that doing so cannot be said to be directly practiced easily because indeed this is a fairly risky thing and even greater risk when compared to doing business using unused personal money.
We have to think extra because on the one hand the business that we run from the proceeds of this loan cannot fail, on the other hand we also have to think about installment payments so that this will not be easy if there is no intention and basic from the beginning.

BRINIRHA

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Quote from: justdimin on August 20, 2022, 01:28:31 AM

Quote from: BRINIRHA on August 18, 2022, 04:30:04 AM

One of the things that can damage financial management in every individual is because they are accustomed to debt. like buying things with a credit card. sometimes it makes us out of control. so that financial plans often become out of control. and indeed it is better to buy something with no debt. ie by paying directly. because debt should not become a habit.

and it's true that saving fiat sometimes makes it easier for us to spend it. so it's wasteful. so it is better to save in investment either by buying property or a plot of land. which has the potential for prices to continue to increase every year.

That’s bad debt, there is also good debt. If you buy something like a chair with debt, that’s not a good debt, if you buy a new blender for making food, that’s bad debt. Do not get debt for things that will not make you money, anything you purchase, if it doesn't profit you, is a bad debt. But let’s say you bought a house, paid upfront a bit, and rest is mortgage, for fairly cheap rate, and you rent that house and get paid for it. That’s a good debt.

I know people who literally survive on credit card, because use all their money to buy things that will profit them instead. That way they pay off that debt with their passive income, and use their salary to keep on building their passive income.

you're right. it all depends on the purpose we owe. if to build a business with great potential with careful planning, as well as a high success rate and minimal risk. and from there we will have a good income or profit and can pay off our debts in installments. then that's a good thing. the problem is that finding good opportunities is very difficult.

justdimin

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Quote from: BRINIRHA on August 18, 2022, 04:30:04 AM

One of the things that can damage financial management in every individual is because they are accustomed to debt. like buying things with a credit card. sometimes it makes us out of control. so that financial plans often become out of control. and indeed it is better to buy something with no debt. ie by paying directly. because debt should not become a habit.

and it's true that saving fiat sometimes makes it easier for us to spend it. so it's wasteful. so it is better to save in investment either by buying property or a plot of land. which has the potential for prices to continue to increase every year.

That’s bad debt, there is also good debt. If you buy something like a chair with debt, that’s not a good debt, if you buy a new blender for making food, that’s bad debt. Do not get debt for things that will not make you money, anything you purchase, if it doesn't profit you, is a bad debt. But let’s say you bought a house, paid upfront a bit, and rest is mortgage, for fairly cheap rate, and you rent that house and get paid for it. That’s a good debt.

I know people who literally survive on credit card, because use all their money to buy things that will profit them instead. That way they pay off that debt with their passive income, and use their salary to keep on building their passive income.

sana54210

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Quote from: Wawa2013 on August 17, 2022, 06:07:10 AM

Many people want to be rich, but most can only be said without any clear action to achieve it. Because it must be admitted that the process of becoming rich is not easy, the most important thing is not how we make money. Because no matter how much we earn, without saving or investing everything will just disappear. We have often seen many celebrities who have big incomes but they forget to plan their future.
In the end, when the celebrity is no longer working, their economy is getting worse. That's the importance of managing our finances well, even though our income is not large, we can be rich by changing our lifestyle to be more efficient and increase investment.

They think that getting rich is a sudden thing, that's the problem of many people. Like you wake up one day and you have a million dollars, that's not how it happens. That's why we are seeing so many people invest into "gems" that are small cap, because they think if they throw in 100 bucks into something small, then they could make a huge profit from it when it goes up and suddenly become rich very quickly, within a few months max.

The reality is that people who get rich, end up doing that by investing into solid things that have a good increase over long period of time, such as buying bitcoin every month for 50 years, that makes you rich, not small cap stuff.

Silberman

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Quote from: uneng on August 16, 2022, 12:57:59 PM

Avoid making debt, prioritize paying for goods and services at once, always seeking for discounts and additional benefits from the seller for doing this.

When hiring a service or purchasing a product, don't go only for the cheapest ones, rather go for the most cost-benefit ones. It will save you a lot of money on long run, because cheap things usually break faster and don't last for too long.

Stop saving money in fiat currencies. Swap your money into cryptocurrency or invest in goods and properties. Even bottles of wine can be a good choice to cheat corrosive inflation.

This is good advice, however people are so used to be indebted for all their lives they do not know how to function without it, at least on the US most students get student loans, so before they have even worked a single hour on their desired profession they are already indebted, then they buy a car and a house, on credit of course, and now they have sentenced themselves for decades to come, and if we add all of those things they got to have we can easily see how someone which has not even reached 30 years old can get so many debts that he can be indebted for the rest of his life.

Viscore

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Live with peace and enjoy life!

Quote from: sovie on August 12, 2022, 07:30:56 PM

Quote from: BRINIRHA on August 12, 2022, 05:33:29 PM

simple life but still fun.

maybe you can add tips from your experience all.

Thank You.

Nothing comes in easy
I think most of the time people get the financial freedom after a hard hit on them - they become tough and more rigid with their financial dealing and with the people. Happend with me not sure about other.

There are always hard times first and even sacrifices before they learned it the hard way, that’s when financial freedom follows. However, it’s not only finances that needs to become stable and productive, but we need also to prioritize our health first before anything else. As we always heard from the people that health is wealth, so we should also invest in it and live a healthy lifestyle.

lionheart78

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Quote from: m2017 on August 18, 2022, 04:16:17 PM

Quote from: Semar Mesem on August 17, 2022, 03:14:53 AM

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

For a long time I heard the following words, which sound something like this (maybe I already mentioned): think not about how to save money, but about how to earn money. Your post reflects exactly this concept. No matter how hard you try to save money and be frugal, if the monthly salary is $250 (as in OP's example), it is very difficult to allocate this amount to all possible and unforeseen expenses. This money simply won't be enough, even though the habits of frugality are developed. Therefore, instead of looking for ways to save on little things, it is better to focus on finding new directions and earning opportunities. But even high incomes are not a reason for extravagance and squandering. Balancing smart spending with moderate thrift is the key to growth in the personal economy.

I do agree if our monthly salary is too low, no matter how hard we try to live a simple life, our little income won't be enough because of the high price of basic needs. We really need to get a secondary source of income to be able to do both savings and investment in a short span of time. Of course, we still need to manage our money intelligently so that we can maximize the output of savings and investing.

m2017

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Quote from: Semar Mesem on August 17, 2022, 03:14:53 AM

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

For a long time I heard the following words, which sound something like this (maybe I already mentioned): think not about how to save money, but about how to earn money. Your post reflects exactly this concept. No matter how hard you try to save money and be frugal, if the monthly salary is $250 (as in OP's example), it is very difficult to allocate this amount to all possible and unforeseen expenses. This money simply won't be enough, even though the habits of frugality are developed. Therefore, instead of looking for ways to save on little things, it is better to focus on finding new directions and earning opportunities. But even high incomes are not a reason for extravagance and squandering. Balancing smart spending with moderate thrift is the key to growth in the personal economy.

Fredomago

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Quote from: iv4n on August 18, 2022, 11:21:27 AM

Quote from: Paul Pogba on August 17, 2022, 06:17:51 AM

All the financial tips that I have followed do not guarantee that financial conditions can improve, now I only focus on finding many sources of income, and the thing I can do is sell property, because the reward from selling property in my opinion is very high.

I respect that focusing on finding many sources of income! That's important, to be active and to earn from more sides... when you are living like that you have higher chances to get lucky, in terms to find something great or starting something great on your own! Sitting at home and crying for more is a bad plan, nothing will come from that.

If you have some properties to sell that is great, it's good to buy some properties if you have money for that! We all know there's a lot of money in that, but it's hard to get in that circle!

If you have properties to sell, you can start from that, selling and buying or starting a business using that money to generate passive income, it is a wise decision not to stay at home and do nothing, time is very important so better to realize that you can change your life if you are keen in finding the best way to be compensated, small start can grow if you know what to do with your money.

Quote from: Rockstarguy on August 18, 2022, 12:53:29 PM

To save money in this present economy is not easy because of how price of things are expensive now, daily demands is taking all the income. But if one still have an opportunity to receive better income that is enough to solve daily consumption and to also save, one of the easiest way to succeed to save is to have discipline to know what is important to use money for. When spending money on necessary things and knowing savings is important, it is easy to manage personal economy.

If you are good at balancing your budget and you are aiming to save for your investment, things are still doable if you are really doing the right thing with your money. Challenges are always there, but once you manage to overcome everything, success will follow and it will be a sweet, fruitful journey for your investment.

BRINIRHA

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Quote from: Semar Mesem on August 17, 2022, 03:14:53 AM

I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

increase revenue certainly must be done. because we certainly want progress in everything. and included in the income. Of course we want an increase every time. so that with income that continues to increase, it is hoped that it will be easier for us to save and the amount that is saved can also be more from time to time. so that we become one step faster to achieve dreams.

Rockstarguy

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To save money in this present economy is not easy because of how price of things are expensive now, daily demands is taking all the income. But if one still have an opportunity to receive better income that is enough to solve daily consumption and to also save, one of the easiest way to succeed to save is to have discipline to know what is important to use money for. When spending money on necessary things and knowing savings is important, it is easy to manage personal economy.

iv4n

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Quote from: Paul Pogba on August 17, 2022, 06:17:51 AM

All the financial tips that I have followed do not guarantee that financial conditions can improve, now I only focus on finding many sources of income, and the thing I can do is sell property, because the reward from selling property in my opinion is very high.

I respect that focusing on finding many sources of income! That's important, to be active and to earn from more sides... when you are living like that you have higher chances to get lucky, in terms to find something great or starting something great on your own! Sitting at home and crying for more is a bad plan, nothing will come from that.

If you have some properties to sell that is great, it's good to buy some properties if you have money for that! We all know there's a lot of money in that, but it's hard to get in that circle!

BRINIRHA

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Quote from: uneng on August 16, 2022, 12:57:59 PM

Avoid making debt, prioritize paying for goods and services at once, always seeking for discounts and additional benefits from the seller for doing this.

When hiring a service or purchasing a product, don't go only for the cheapest ones, rather go for the most cost-benefit ones. It will save you a lot of money on long run, because cheap things usually break faster and don't last for too long.

Stop saving money in fiat currencies. Swap your money into cryptocurrency or invest in goods and properties. Even bottles of wine can be a good choice to cheat corrosive inflation.

One of the things that can damage financial management in every individual is because they are accustomed to debt. like buying things with a credit card. sometimes it makes us out of control. so that financial plans often become out of control. and indeed it is better to buy something with no debt. ie by paying directly. because debt should not become a habit.

and it's true that saving fiat sometimes makes it easier for us to spend it. so it's wasteful. so it is better to save in investment either by buying property or a plot of land. which has the potential for prices to continue to increase every year.

Paul Pogba

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All the financial tips that I have followed do not guarantee that financial conditions can improve, now I only focus on finding many sources of income, and the thing I can do is sell property, because the reward from selling property in my opinion is very high.

Wawa2013

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Quote from: LastKiss on August 17, 2022, 05:06:45 AM

Quote from: BRINIRHA on August 12, 2022, 05:33:29 PM

~snip~
5. Make a goal (dream to be achieved) to make yourself more motivated.

6. Start saving and investing the money earned from frugality.
~snip~

People made their goals but unfortunately, they didn't put a lot of effort to make their goal achieved, they want to be rich but still wasting their money for a hangout with their friends. If we can live like a year and start saving and also investing I'm pretty sure we can build our second income so we can achieve higher than before.

Many people want to be rich, but most can only be said without any clear action to achieve it. Because it must be admitted that the process of
becoming rich is not easy, the most important thing is not how we make money. Because no matter how much we earn, without saving or
investing everything will just disappear. We have often seen many celebrities who have big incomes but they forget to plan their future.
In the end, when the celebrity is no longer working, their economy is getting worse. That's the importance of managing our finances well,
even though our income is not large, we can be rich by changing our lifestyle to be more efficient and increase investment.

The more money we invest, the closer we get to being rich. I have a friend whose income as much as 80% he invests in several assets.
And my friend lives a simple life using only 20% of his income to meet his daily needs. But in 10 years my friend finally managed to become
rich, because the assets he owned increased dramatically in 10 years. This means that good money management can make us rich, that's why
we must learn how to manage our finances well.

LastKiss

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Quote from: BRINIRHA on August 12, 2022, 05:33:29 PM

~snip~
5. Make a goal (dream to be achieved) to make yourself more motivated.

6. Start saving and investing the money earned from frugality.
~snip~

People made their goals but unfortunately, they didn't put a lot of effort to make their goal achieved, they want to be rich but still wasting their money for a hangout with their friends. If we can live like a year and start saving and also investing I'm pretty sure we can build our second income so we can achieve higher than before.

Semar Mesem

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I think the most important thing in financial management is to continue to increase income, no matter how smart we are in managing finances while there are so many desires and there is no alternative income, we will have a deficit or stress, it is better to focus on increasing income so that we can easily manage finances.

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