Topic: What are some financial secrets that you know of? - page 3. (Read 1665 times)

That's a good strategy, if I'll learn more and when I become more experienced then I'll resign from this job and try to start my own business but of course not near the place of your old job in respect to it. It is also a good idea to study each area that is in line with the business to be built because its capital has a better chance of growing.

9/10 businesses do not fail due to lack of success. i would say only 2/10 fail due to ineptness.. the other 7/10 are business savvi/corrupt.

if your smart enough. no one should be declaring profits in the first 1-2 years of a start-up. all excess cashflow should be reinvested into expanding the business or paying out as salaries to keep talent involved in the business.

the reason most savvi/corrupt businesses shut down this is because they run the business, reinvest/syphon the profits out of the business. leave the business with debt. close it down. and make a rebrand of another business doing a similar thing under a new logo(rinse and repeat), thus not having to pay debts/taxes. whilst maximising the owners lifestyle personally or making a better brand

...

property ownership is great if you know the calculations and can afford the payments. however there are many strategies to achieve success.

too many people see a house for sale for like $200k in 2020 and think selling it for $250k in 2023 is $50k profit
however when you include property taxes, mortgage required house insurance, mortgage interest, repairs, maintenance costs those profits drop to zero

in EU countries they have things like 'rent to buy' 'right to buy' schemes where people sign up for local government social housing to rent. and then after X years get the right to buy that property at discount. where if you calculate the correct year of renting/buying you can see that renting upfront puts that money into the discount to then balance out, meaning that you then buy a cheap discounted property. which you can then sit on/live in or rent to other tenants for a few years to then sell for profit because the mortgage amount is far less than just buying a house from scratch. especially if you used the initial renting years to put aside spare cash to buy house outright without a mortgage.

The logic here is quite simple, a person believes that buy a house with a mortgage will be more profitable, since the monthly payments that he will pay will go to pay for his house, and not the landlord. And with investments, or business, everything is not as simple as it seems at first glance, investments can be long-term and not always successful, exactly the same applies to business, if you look at the statistics, 9 out of 10 new businesses fail, there is a very high risk of losing failure, especially if a person had no experience in business and this is his first attempt. That is why many people choose to take out a mortgage on a house and own this property in 20 or 30 years, not the best option but for many it seems to be the best choice.

Here's a unique approach I've found successful: Model based on renting with the intention of investing.

Why not rent a nice home and put the savings into a diversified portfolio of investments rather than spending all your money on a single property? When you own a home, you may find it difficult to put your money toward other, higher-yielding assets like stocks, mutual funds, or even a side business. Keep in mind that building wealth is more important than simply amassing a large down payment on a house

Although trust funds and offshore organizations have attracted a lot of attention, they are not without their risks. Moreover, they call for a considerable amount of income to begin with; not everyone possesses this. Instead, you should work on legally optimizing your taxes by making the most of tax-advantaged accounts, claiming all available credits and deductions, and adjusting your investing strategy to minimize your tax liability

That is one of the most vital characteristics that a successful businessman should have. They do not complain during times when it feels like everything is going down for them, instead, they find solutions and face their problems head-on. Understandably most businessmen like these are those who built the business from the bottom as they are the ones to experience the hardship of building something from nothing. However, it should be noted that some businessmen who inherited their business from their parents can still have the same characteristics as some parents require their children to start from the bottom before placing them in a higher position. Although it might not be the same hardship it is still a situation that may push them to learn such characteristics.

Your hope will never be wrong if you continue to hope through your own efforts in the long term, because as long as you are still making money and you continue to use it at work, it is the same as making money work for us with full control of ourselves so that profits what is obtained can continue to flow if there are no obstacles that arise through the environment where we open a business. And to be the boss of our own business, I think that is part of the process, which is not for a moment, because as you said, before someone becomes the boss of their own business, of course they must be willing to become an employee of their own business too.


The mentality and mindset for doing business are also part of the initial strategy before raising money for capital, because everyone must have the mentality and how to run their own business when they already have money and this must be prepared long before we have money. What you say also makes a lot of sense because of the several cases that I have encountered and seen in my surroundings, some have gone bankrupt through their businesses. And after being investigated in depth, it turns out that some of those who failed were because they did not know how to manage their capital properly even though they already had the mentality to run a business.

What you said is also quite logical because for thorough preparation in the business sector, of course, you shouldn't be in a hurry and it would also not be good if you only focused on profits without considering the course of the business for a long time. That's why I look more at the process of preparing ourselves in a more mature way for business matters while gathering capital that can move the business after we have the way and mentally ready to run the business we want. Because I also prefer long-term profits rather than short-term profits that can only be obtained in a short time.


From what I've seen around me, when it comes to getting a business partner, most people can do it in two ways, even though basically it's not easy. But some people can use a way to get a business partner by getting closer to other business parties with the aim of mutually benefiting each other, which of course must make an agreement before entering into this collaboration because as you said, other people's goals are usually very often different from the goals we will build in our own business. So it is clear that it is rather difficult to build cooperation with other parties even though it is for mutual benefit, and one more way is relatives or family themselves who have already built a business so that it can be a little easier for us to become partners as long as it does not harm each other.

Usually a person who likes to fight and doesn't like to complain will not be whiny easily when he stumbles over something while running a business, because he will prefer to stay strong as long as he knows how and still has a path for him to take on his own. Most successful businessmen are businessmen who are not whiny and complaining, even though a small portion is based on inheritance from their parents or continuing their long-running business. But I wouldn't call him a business fighter because people who continue the business from their parents are people who have never felt the bitterness of struggling from the bottom alone.

Know when to spend and know when not to. Even rich people are still doing that because they value more their money than their expenses. And if you have spare money to invest, then do it now. There’s no other perfect timing to invest especially in bitcoin than to learn it now and eventually learn to invest in it. But as a reminder, invest but never expect profits all the time. Investment never guarantees secured profits, so you should invest at your own risk.

So many smart people today already have an idea of what to do by just spotting the patterns from history, especially on what governments would do before a war or recession comes. Some people being smarter foresees what's to come and hold their wealth waiting for prices to plunge.

It's usually the seasoned investors who have the best secrets but implementing these financial secrets to work for someone from the bottom will be a lot harder.
But one secret was already revealed here and that is Bitcoin.

Talking about someone's problems in business, there are no big secrets to hide, especially if someone can learn on their own to do the same thing, but in the end the two people will get different profits every quarter. This is differentiated in terms of the promotion they do in their business because promotion is the main level to attract many consumers.

When referring to investing, everyone does this.  but who will be successful and who will suffer losses. That's where their level of expertise is needed in analyzing an investment that they will run. According to legal experts who say there is no easy way to get rich and it happens in twists and turns until someone becomes a millionaire.

If I knew some financial secrets I wouldn't be here right now writting this post on the internet, rather I would be making good use of the money earned through these methods, travelling to different countries and enjoying all they have to offer, sailing across the sea on luxurious yachts, going into adventures on the nature, probably always surrounded by people, since it's money what attracts people close to you.

However, as the financial informations we have are pretty limited and restricted, we can just use them as best as possible, following simple receipts which promise to return conservative earnings in a decade or so, if you are a disciplined person. That is: to save, invest in properties and make an income from it, while investing on your personal professional development (education), so you can have access to top tier jobs which pay higher wages, consequently decreasing the distance between you and your financial goals.

This particular reason is why most new comer's to the crypto world feel they have missed glorious opportunity to buy and make huge profits they are considering of the time when the price of BTC was still very low but with you have said I can still understand even if some of those people craving to be at the early stages were actually they still won't be able to make their investment work for them because I believe most of them would have even sold their BTC due to the lack of faith for it to rise in market value.

Moreover buying Bitcoin doesn't guarantee one a full succes, reason being that they are still many obstacles for you to face so only a prepared can make it through Bitcoin investment.

There's no such thing about secret because everything could really be known even just on doing that simple research and just like been said that even with common sense, you would really be able to identify out on which
things are really that ideal on doing so specially when dealing up with business or whatever investment that you are dealing with. Always make yourself be sensible on whatever actions you would be making whether it would really be advantageous or not because there are really people who cant really be able to determine and trying out to look forward or in advance on the results or outcomes on the actions that they are tending to make.
Therefore, on the time that they would be able to realize on what they had done but its already too late but we know that when it comes to investment  then it would really be having that lots of trials and errors
until we do able to find out the sweet spot on which we do really much prefer or does suit out on which on the time that we are making profits or gains then this is the time we could really say that we had
done such good decisions.

It is good to attempt to work around some businesses that you know, and in that way sometimes you can end up getting some insider information, and then to build bigger and bigger jobs upon references, and sure at some points, there might be preferences for capital injections, but capital injections are not going to necessarily improve your situation, if you are not able to use that capital in ways that is able to pay back more than the capital that you had injected, and sometimes the pay back might not come within the first year or two of the injection but might take a while before something like good will increases to compound upon itself resulting in higher paying and/or more profitable jobs..


Do you really think so?

The BTC price was in the $40ks, $50ks & $60ks for most of 2021, and even the first 4 months of 2022. 

Anyone who started investing into bitcoin during any of that time did not necessarily do the wrong thing, even if they might have had ended up lump sum front-loaded his/her investment into bitcoin.

However, they might have made some mistakes if they either had to sell some or all of their BTC when the BTC price went lower than $40k after after early May 2022, and/or if they failed to buy BTC between May 2022 and now.

Now, right now you might believe that you are smarter than everyone else because you think that you know that the BTC market was saying that it was at its top between early 2021 and April of 2022, yet I really doubt that you know shit about what was going to happen to BTC after April 2022 - except for that right at this time you can see what actually happened after April 2022, so now the 2021 to early 2022 data seems so damned clear and that anyone should have had known better.

Yeah right.   

Fact of the matter is that you did not know, and hardly anyone else knew, even some of the twats who were leveraged to the tits (including SBF) did not know that their were going to get reckt as fuck - I think that even as late as October 2022, SBF and his fellow fraudsters thought that he was going to be able to buy his way back into profitable BTC to keep his charade going - including BTC going well above $40k. 

And of course, I am not even wanting to suggest that the over leveraging of BTC was ONLY the fault of SBF because it seems that Terra/Luna was one of the first to go down, and we had weaknesses shown in others that came from that first cascade that included Voyager, BlockFi, Celsius, 3AC, and a few others that then later showed weaknesses in DCG and Genesis that came after the FTX and Alameda failures.

It was not know that any of that cascading was going to end up happening then, and any of us should be able to imagine realistic scenarios in which the BTC price went above $100k prior to those businesses failing (and maybe some of those businesses would not have had failed if BTC prices had gone up before they went down)... BTC's price action from May 2022 until now was not "inevitable" and "known" as you are trying to act like you are smarter than everyone else right now because you see what had happened, and maybe you, Altryist, try to come up with some kind of a lame retrospective (hindsight is 20/20) rendition of BTC price charts that shows that "everyone should have known" blah blah blah.


Well, you are not wrong about this later assertion.

Part of the problem is that not very many people can get a "good market read" and getting a good market read is ONLY one part of the formula when you are trying to figure out how to invest into bitcoin, whether it is DCA, buying on dips, lump sum investment or a variety of such tactics, and surely your willingness to explore the weighing of the advantages and disadvantages of each of the methods seems to demonstrate that you know that there are various trade-offs with each of the BTC accumulation methods.

And, even if you try to time your BTC buys, there are trade-offs if you fail/refuse to sufficiently/adequately buy on either a regular basis or even when a certain level of dip had already taken place because you are saving too much value in fiat waiting for BTC price dips that might not end up happening.


I don't really disagree with anything that you are saying Wend, but you may well suffer from one of the same problems as Altryist when you are suggesting that anyone would have known (or had any kind of meaningful level of confidence) that the BTC price was going to drop below $40k in 2022.  Yes, right now, you can see it all seems so damned clear, but it was not necessarily clear throughout 2021 or even into early 2022.

Bitcoin is a potential investment, but that does not mean that simply buying and buying without doing any analysis is a misconception. Of course, the people who bought bitcoins for $60k won't lose if they haven't sold their bitcoins yet. But they have to hold for many years to recover their losses, while others who bought bitcoin for $15k or $20k made huge profits.

For me always analyze and make appropriate investment decisions, should not listen to any advice from anyone. No investment will bring us any profit if we buy it at the wrong time and at too high a price.

Being the first can also be interpreted as being the most daring to take the first step. When other people are afraid to take a step, the first people are those who have more courage to take a step and it also means that the first people are those who dare to take risks. So that the most underlying thing is Courage.

So the conclusion is that those who become rich are those who have courage beyond the courage of others. Those who always dare to innovate and try new things. Those who don't lose before fighting. I think this is also one of the common secrets about the road to success. Early bitcoin adopters are also the daredevils who bought bitcoin in the early period when others didn't have the courage to buy.

To be brave, you also need information, and those who have information before anyone else finds out are also winners. So do not be surprised if many people dare to spend a lot of money just to buy initial information. Because by having initial information that is not yet known by others, we can be one step ahead of others.

Buying in the 40k-60k range is not a good target, it tells us that the investor has done some poor analysis before investing. And in this case, buying in one trade is bad, because in the further fall, if he continued to buy in parts, he could get a better entry price. But I'm not opposed to buying most of the investment in one trade, it can also get a good price, although this requires good market reading and to some extent it will still be a game of luck.

Of course we also have to have calculations in everything, especially for investing and in my opinion being the first is not always the best, it could be the other way around.
Now we talk about financial secrets to achieve financial freedom, I think everyone has their own tricks, both technical and non-technical, there is something that is believed and done continuously to achieve certain goals.

Being the first has its own sensation, for example, as you mentioned above, buying the first BTC is like a king and queen, well, now is our way when the current market conditions are giving us this opportunity, we don't use it. do you have to buy BTC always at a high price, of course not. Yes. I think we can use the spot installment technique from now on and so on for classic reasons like "I'm afraid to get stuck in BTC" that word will no longer be spoken and for the scheme we will definitely arrange it ourselves and buy it when it weakens. so, the benefits are felt and directly proportional to the capital we put in. Yes. DCA will make you go like a king and queen, especially since there are more and more ETF submissions and the halving is very close even though the potential for a decline is always there.

I always say this to myself and the people I know. There is nothing wrong with spending some of your hard earned money but you need to be smart about it. You have to make sure that your purchases will benefit you, it should be something that you need. If you are just going to buy something that will be stored and serve no purpose then that is an immediate no. It's okay to spend but make sure it is well thought out.

We don't just earn money but we have to spend that money according to a certain plan. Spend as much money as possible in the place where possible. There are many people who earn good amount of money monthly but at the end of the month it is seen that even after earning good amount of money, they do not have any money to deposit, in that case they must spend money according to a specific plan. 

*First we need to identify why we spend so much money and where we spend more money. 

*If we have a habit of overeating at restaurants then we must change that habit because eating at restaurants is very expensive. 

*You must be aware of yourself when buying clothes. Instead of buying expensive clothes, buy limited price clothes. 
Avoid spending extra money unnecessarily. 

If we spend money in this way, it will be seen that even with a limited amount of income, we can save some money at the end of the month in addition to managing the family well.