What are some financial secrets that you know of? - page 11.

Sanitough

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Quote from: Swordsoffreedom on July 20, 2023, 11:46:44 PM

Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

What are your secrets?

There is no financial secret or formula to get rich other than that you need to work hard, save and use your money wisely (investing). Each person will have a method, a formula, a path to success, no one is the same and you cannot copy someone else's formula and vice versa. Don't try to find the formula to get rich, keep working creatively, the results will come to you.

If you are looking for a faster path to success then I think investing is what you are looking for. I am not saying that investing will definitely make you rich but it may be the fastest way to success than others, but investing is risky, so be careful.

You’re on point mate. Even if people have their own financial secrets, but you cannot expect to follow them successfully because all of us have our own methods or strategy that will only work for us and may not work for others. So at the end of the day, everything relies on how you manage your own finances and how you take advantage on every opportunity that comes that will improve your way of living. While investing could be the fastest way to get profits and be rich in the process, but the fact that not everyone is capable to invest and have enough knowledge and resources to make it successful, then having an investment will not guarantee financial prosperity. But if you have the passion and persistency to keep it going despite of some inevitable losses, then you will eventually hit your own financial independence in the future.

Botnake

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

I have no financial secrets to be honest but it’s all about hardwork, dedication, positive mentality and persistence on your goal. Without these, you’ll never come to achieve financial stability and independence in the future. Also, being knowledgeable especially on managing your finances and sticking to what’s necessary and disregard those who are not will also be a great help in achieving success in your finances.

teosanru

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

In this age of knowledge sharing nothing is a secret anymore. But yes I know one mantra for sure that is true in every case that money always attracts money, so to earn big you must play big. The major problem that everyone faces is earning that initial money or the capital. On the other hand trust funds and off shore companies are really the things big corporations can only do. For an individual it's almost Impossible to do this.

isaac_clarke22

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

Well for me, not sure if it is really a considered a secret, but they said that...

Quote

If you can't afford it twice, then you cannot afford it at all

I believe that I had applied that quite few amount of times already when buying anything that I wanted except for buying needs of course and also paying bills. It kinda helped me in doing budgeting monthly properly especially when I allocate my funds to wants and needs.

stomachgrowls

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Quote from: Poker Player on July 20, 2023, 09:56:33 PM

There's no secrets. If you want to get rich, or as I prefer to say it to improve your economic situation, do it simple, slowly and boring.

Save an emergency fund, get rid of consumer debt, increase your income and then invest, reinvest and keep reinvesting.

That's it.

Yes, i agree into this one on which there's no secret because if there's one and been told on the public then its not secret anymore. Cheesy

Come to think that we've been flooded out by lots of how to make money videos

and articles online on which telling this and telling that, but the main question is, is anyone would really be capable on doing so? Take for example on having that real estate business on which this had been primarily be in recommendations if we do speak about passive income or even trying out to invest on stocks and bonds and other traditional investment as we do know of. This isnt secret anymore, it is really just that people would
really be missing out these chances considering that not all would really be having the funds or capital for them to start on in the first place.

Agree into those points that making yourself debt-free and having that diversified income source should really be the main priority. Having expansion or making it big should be your main goal or target
until the cash flow would really be sufficient enough for you to support yourself without doing much hard work.

Adbitco

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I can't really say accurately to be a secret but you must know something very important about when we talking of financial secrets, you must not wait to be motivated by any one around you. Always take the right steps at the right time and try to remove fear of taking a bold steps on whatever you are about to do that would yield to your financial multiplication.
Some of those people who are financially Rich and stable today doesn't wait for someone to inspire them or talk senses into them rather, they took the bold steps to change their stories that is why today, the Rich are getting richer and while the poor are getting poorer because they always think of spending and not investment. Investment could be physical property, business or investing in an online digital currencies such as bitcoin and any other crypto related coins that are found valuable and resourceful.

electronicash

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the secret is .....shhhh buy BTC sell it later when its profitable.
there are several financial secrets that i think many crypto investors are doing like staking of course its not a secret everyone knows it but it just need a lot of money to be able to participate on staking. so this is your way if you wanna make money one day.

for those who are new in crypto, these are not known to them especially casino tokens and yield farming.

Captain Corporate

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This isn't a "secret" but something I learned very late in age, I was 30+ years old when I learned this. All my life people talked about how debt was bad, but what they didn't realize was debt is bad if you are just taking on debt and not really doing anything with it. However, there is also good debt that I learned from friends in the crypto, where if you make a debt, but you make money from that debt, like you use that for some investment, then that's not bad debt. All the big companies do it, they may even money and still take debt, so there are bad debts and good debts. Making debt for assets may turn out to be fine, making a debt for liability is not a good debt at all. I learned the difference and been richer ever since.

KingsDen

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Goodnight, o_e_l_e_o 🌹

Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

What are some financial secrets that you know of?

If you are earning less, don't think of a project to accomplish. Think of how to increase your earnings
If you cannot increase your earning, reduce your spending
Invest only in things you know how it works
Don't forget to save. Don't listen to the advice that saving is wasting. If things go wrong, your savings will save you.

Gozie51

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Everyone already know buying bitcoin is a financial secret on the long time.

Quote from: jossiel on July 21, 2023, 01:05:31 PM

Do not be showy to the people you know that you've got money or else they'll come to you and ask to borrow money. And when you don't lend them money, you're bad in their eyes.

That's going to put a possible pressure to you if you can't take those type of feedbacks with your action. And it is the reason that if you've got money to spend in the things you like, always remain lowkey.

Staying lowkey is good that is if you are a starter in your financial process because there is a financial level you get to you can not stay lowkey, I mean people already know you even if you decide to stay on lowkey. However, back to your first point, I don't think giving is bad but you only have to be reasonable. If you are not a huge spender on things that are not necessary then to invest will be a challenge.

CageMabok

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

I don't have any secrets for that kind of thing right now, because I'm currently still struggling to build a livable house so I have to finish that first before thinking about more plans in the future. So for now there are no secrets that I can share with you except just about continuing to work so you can make money in life, because without income in life, everyone will never become rich. Especially if someone has the desire to buy a house and an offshore company with a large amount of capital

erep

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Quote from: bayu7adi on July 21, 2023, 12:28:15 PM

Why not consider seeking the counsel of a financial advisor who's around 50 years old? I'm sure everyone has made mistakes in handling their finances, but those experiences can serve as invaluable lessons to encourage greater caution in money matters.

It's unfortunate when someone acknowledges their financial decisions are wrong, yet they refuse to stop making them. This situation won't improve their financial well-being unless they start heeding advice from a certified financial advisor.

Financial advisers can be sourced from anyone and it is not limited to the age factor because it is not certain that someone who is older has the best experience in financial management, even younger people who have been successful in the economic field can be used as motivators to guide us to understand some tips or efforts that can improve welfare.

I have found the answer to this, the secret is effort and being grateful because all are not destined to get rich even though you have worked hard to change your economic status, but involve gratitude for your every effort so you are not greedy leaving your previous job to get a high income instead your economy is getting worse because the final result does not match your speculation.

jossiel

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Do not be showy to the people you know that you've got money or else they'll come to you and ask to borrow money. And when you don't lend them money, you're bad in their eyes.

That's going to put a possible pressure to you if you can't take those type of feedbacks with your action. And it is the reason that if you've got money to spend in the things you like, always remain lowkey.

But I know that if it's for travel, you really want to share it to the people that you're from place to place and that can't be hidden. If someone asks you to borrow money, tell them that they're not part of your budget.

Fivestar4everMVP

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For the time being, i have no special secrets aside the general one which buying bitcoin low and selling high, it is commonly said that a secret two or more persons already know is no longer a secret, so by that, i assume that buying trading and investing in bitcoin and some other major crypto currencies for profit is no longer a secret, since its something millions of people all over the world already know about and are into.

Anyways, for those who have the financial means, i think investing in real estate is a great financial secret which brings great returns, this is something i plan going into as soon as i have the financial capability.

ZAINmalik75

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

Buying homes with cash and taking loans out on it?

Setting up trust funds in foreign countries and setting offshore corporations to avoid capital gains and taxation? (Sorry tax avoidance for any LEO reading this)

What are your secrets?

I am not that rich, i consider myself a middle-class person. Who have to save money to start something new. And with that money i can not start businesses you have mentioned above. But i can start trading with my money. I hope you understand that i have no financial secrets like some hacks to make money. We always need money to start making source for passive income.

Such as assets, either they are Digital or Physical. For example in digital world we could rent our land, shops, houses etc and we can earn on our BTC which is an asset too. We could build shopping stores, that we can sell to. etc. These are just few examples

And each way of earning money has its own difficulties and we have to come up with different strategies which might not be used in another work. So for now, i do not have anything solid for you such as top secrets to make money but all i can say is be smart and be productive. Always ready to invest your money instead of wasting it.

Yatsan

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Grab every opportunity but wisely; always manage the risk and never disregard the downside of it. Well, as others have mentioned there's no sich thing as a secret formula or what not to get rich. But if we would observe, rich ones are those who takes risk. Well you could have a sustainable life with a decent job but if you want more, go with investments and/or sales industry. Competition is big but that is what making it a career to be bigger in the future. This technology as an investment would be a good option as well, so it just depends on what you can handle. Also, know your capabilities, circumstances, and will.

bayu7adi

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dont be greedy

Quote from: icalical on July 21, 2023, 04:16:44 AM

All of the replies said there is no secret, and its probably true. Maybe the question should be revised, 'What are some financial tips that actually work, that you know of?'. I am on my late twenties now, and to be honest lately I made a lot of bad decision on my financial.

I would really like to hear some of advices given by people on their 40+, I lost my parents on my early twenties, so I couldn't ask them before I realize I need to make good financial decision.

Why not consider seeking the counsel of a financial advisor who's around 50 years old? I'm sure everyone has made mistakes in handling their finances, but those experiences can serve as invaluable lessons to encourage greater caution in money matters.

It's unfortunate when someone acknowledges their financial decisions are wrong, yet they refuse to stop making them. This situation won't improve their financial well-being unless they start heeding advice from a certified financial advisor.

Bananington

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Quote from: Hermez11 on July 20, 2023, 09:15:07 PM

Hey everyone. What are some of your wealth secrets that you could share with us?

The secrets are not so much a secret when you get to know, it is just what every individuals is involved in that is working for them. Different businesses, different investments but all having similar habits in financial management and discipline. A financial secret you should know is that developing a good financial habit first then carefully picking a business or investment to be involved in because not every business and investment that looks good is good for you. Not all business and investment that you see other people doing is good for you, so will be a terrible fail for you if you follow blindly.

Dr.Bitcoin_Strange

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@OP, If you want to get rich, then the rules are simple: attend college, and after graduation, you can look for a job at any good company that has a high pay rate. If you are still looking at becoming your own boss, you need to find a way to raise money and start your own company, which is not as easy as it sounds. Some simple rules for building wealth are that you must not be so bent on spending the money that you have not yet earned. For example, when you take too many loans or always buy things on credit, you have not yet earned the money you are spending. It will cause you not to have a balanced budget when you finally receive your salary.

Let's assume you earn $500 in salary every month, and before the month runs out, you have already accumulated about $450 in loans and other debts for yourself. Then how can you manage the remaining $50 for the next month until you receive another salary? Also, learn to save to invest, and don't invest in something you are not very sure will produce a good result while you have other good investment options.

m2017

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I can share one, but the most effective financial secret. To become rich, one must be born into a rich family.

Everything else is nonsense.

Sell your time for more than you buy someone else's. Perhaps the margin in this will be the secret.

P.S. Do you really think that someone will publicly share this?

In fact, the most important financial secret is that there is no secret.

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