Topic: What are some financial secrets that you know of? - page 6. (Read 1592 times)

You're right there, as long as debt is the talk because it will further bury us in poverty. We know that there are loans that are almost sharks if they pile up interest. So if we really plan to build a business or invest, it's better to have financial resources ready for it so that if the loss comes, you can handle it without stressing about where to get someone to pay for it.


So no matter what happens in life, we should be ready to accept it because we know that we are the only ones who should provide a solution to it. Just try and try especially when it comes to growing financial assets because it works better than just keeping it in a trunk that doesn't do any good. Then study until we get the right process to grow our finances.

I also agree more that the goal is to make a business grow by avoiding things like debt and the like when someone is running a business. Because money must be used properly so that you can get more of it, which is like bait to lure better results through an effort in life. An attitude of curiosity by continuing to try is a very wise attitude because it certainly will never be in vain if it is directly practiced into life after knowing it properly.

Those who want to make progress within themselves, of course, must be able to empower themselves by continuing to learn what they still don't know. So that one's efforts through this will definitely have results in the end, even though sometimes there are challenges that must be faced so that one must continue to use the time to improve himself and also how to learn to know something. Because basically there can be no success whatsoever through sleeping or lazing around doing nothing.

This is the most simple and 100% working method. And yes it's boring and need a lot of time.

Everything we want to achieve must have a level of risk that will arise. Talking about wealth does not necessarily mean that opportunities and accuracy can go well because of the many twists and turns in the process that we go through. Consistency and never giving up is a long road that we have to go through, and vice versa when someone tries to invest in bitcoin and if they dare to take risks and make the right investments it will be easy for anyone to reach the stage of independence

The greater the level of risk we take, the greater the level of profit we will get, because the risk will be proportional to what we run and if it is done in the right way. If one does not have a large amount of capital to invest, adopting a DCA strategy will be much better and will consistently be able to accumulate more bitcoins on a regular basis.

Well, yeah, but it's just good if one keeps adjusting to modern technology and also to knowledge of recent happenings. Like with Bitcoin, you know that most people are not yet aware of it; some people have also invested but failed to have the knowledge to guide them. One of the factors that contributes to people's success is their ability and willingness to adapt to new opportunities. Not only that, but they learn so well how and what they can benefit from every opportunity they get. For example, if someone who is Investing in bitcoin has a dream that one day he or she can accumulate up to 2 Bitcoin, the best the person can do is keep working hard, make sure they seek other ways to earn income, and reinvest in other ways. You know, some people see what others are doing and making success, but if they try it, they will likely fail. Their failure is not because the investments are not working in their favour, but some of their failure is because they don't have enough knowledge about the particular thing they are doing.

Of course, you have to look at what is available to you and in your location and based on options that you might be able to buy into.

There are many people who cannot afford houses, and surely it depends on where you are at if loans are available and if the conditions of loans might help for the property to be affordable to you and without any major tricks in the loan... so yeah sometimes people cannot even build up enough of a savings (or investments into other things to build their investment portfolio) in order to use that money for some kind of a downpayment on a house.

Of course, there might be some tax-deferred types of funds that you can invest smaller amounts into, and sometimes there is employer matching up to a certain amount for those funds too.. at least in the USA.. and the terms of those arrangements can vary quite a bit from employer to employer-- but it still tends to show that normies are not even very much into the practice of building up an investment portfolio, and maybe they are disincentivized in part because the money in retirement funds would get locked up until they retire (absent decently high penalties for early withdrawal.. and most advisors recommend against early withdrawal of retirement funds)...

So maybe those kinds of "on-the-ground" facts would be part of the justification to figure out some kind of way of saving and investing in order that you are both able to save/invest small amounts of money at a time, and your funds are not necessarily locked up until you retire.. even though it does not hurt to attempt to impose some of that lock-up on yourself in order to attempt to receive some of the extra compounding effects of that value. 

So of course, something like bitcoin gives you control and you can choose to invest small amounts, such as $10 per week... but if you invest small amounts, you still may well need to spend 10 or more years investing before it starts to feel like a meaningful amount, and you likely also have to figure out ways in which you are able to hold most of your value privately so that no one takes it from you - including being careful that you do not make other kinds of mistakes such as not adequately securing your coins or getting distracted into nonsense products that involve gambling, luck and other skills that most normies do not have.. so it is safer for an overwhelming majority of normies to stick to more basic approaches of building wealth through regular, ongoing, persistent and maybe even a bit aggressive accumulation (without overdoing it).

But to do that, you need to take risks and always get up when you fail because being a pioneer is like guinea pigs being put to the test and the experiment will either succeed or fail. Another thing is that in order to do that, you need to ignore what others say and stick to your goal or else you will also fail halfway. Successful people always have their own path and that path you will have to go alone so it is not easy. The early bitcoin investors were successful, but they've been through things we've never been through, so to be like them you have to put up with what they've endured.

I am not wealthy yet, so I can't share any success story that might help others. Not sure where you from, but in my country, properties became so expensive that it's nearly impossible to buy anything with cash. Without a loan from the bank for the next 15-20 years it's not feasible to buy any decent apartment or house. There are so many new government regulations on energy efficiency in new houses and apartments that are getting renovated, many people need to take out loans if they are modernising their homes. Which means that most homes already have a loan on it and there isn't much room to borrow more money against it. In the past I also looked into the topics of offshore money investing to reduce taxes, but the fees are so expensive. If you don't already have a few millions available it doesn't seem worth it as most of your return goes into fees.
One thing I am focusing on at the moment is to use private retirement funds to reduce my taxable income today. In my country you can basically choose if you want to take all your salary today and have to pay high taxes on it, or if you want to leave it for retirement and only tax it in the future. The advantage is that my tax rate is going to be much lower when I go into retirement and there are some tricks to make it even lower. For example, you can gift your home to your children and pay rent to them for living there. This makes me seem poorer and I don't have to pay so much taxes. The disadvantage is that I can't use the capital until retirement age.

Of course, it does not hurt to spend some time studying the basics in regards to what bitcoin, is but one of the more important things to do is to figure out how to get started investing into bitcoin as soon as possible, so don't delay by researching, but instead start investing right away with a small amount of value (perhaps $10 per week or perhaps $100 per week or some other amount that you deem to be relatively small and reasonable), and while you are starting to invest, then start to spend time learning about yourself and your own budget and how to make sure that you are investing properly and that you are not gambling with your income.

Let's say for example, you have not been investing into bitcoin, but you have been working for 10 years, an you have an income of about $40k per year, and your investment portfolio is around $60k.  If you have already built an investment portfolio then it will be easier to figure out how much of an allocation that you want to put into bitcoin and whether you want to attempt to reach your bitcoin allocation quickly or if you might take 1-2 years to bring the bitcoin portion of your investment into proper allocation, and while you are investing into bitcoin, you can also study it.

Now if you are brand new to investing, and you have no investment portfolio, if you have an annual income of $20k to $40k (let's say $30k for the sake of argument) , you can try to determine how much you are able to spare from your cashflow in order to start to invest into bitcoin, and with a $30k income you should be able to reasonably invest close to $100 per week,.. but that might be too aggressive, since it would result in about 17% of your annual salary going into bitcoin ($5,200 after a year), so you might want to study to figure out if you are able to be that aggressive in your investment into bitcoin, so instead of $100 per week, you might start with $50 per week and while at the same time study bitcoin and figure out other aspects of your own finances and psychology - including potentially figuring out how much that you might need to pay off any other debts that you might have or if there might be any reasonable ways that you might be able to cut your expenses and/or increase your income...and continue to study bitcoin..

...but get started investing right away..and don't spend a lot of time studying prior to getting started beyond just figuring out some of the basics in regards to where to get it and some of the ways maybe to NOT have to pay a lot of fees, and you can figure out some of the wallet stuff as you build your investment amount - since it is likely better that you build your investment and then figure out how to store your seeds at a later date - including that we want people to hold their own keys, but if you are investing less than $100 per week, while you are learning and getting started, it could take several months before you start to feel that your investment into bitcoin is getting to be a lot.. and if you try to invest, 10% of your income into bitcoin, then even after a year of investing into bitcoin, you would ONLY end up having around 10% of your annual income in bitcoin... but during that time, you can learn how you are going to want to store your own keys privately, rather than holding your coins with a third party.

This is true and I agree with you. Studying and empowering oneself with education and knowledge is a great foundation in ensuring financial success. The grind will be constant and so is the hunger for learning as the world continues to develop. Success and failure are also not markings for endings, but a sign for progress.

I think you have actually gave some vital keys and I believe they are also basic key for anyone to know and follow if he wants to see any kind of positivity in what he or she is doing and I will also like to add one which is never to actually get jealous of other people success rather it should be your source of motivation telling yourself you can make it like them since they also humans like you and always try to do things that will make you stand out from everyone because every has its own part to follow and most importantly a strong and decisive mind when it's come to saving because that how you achieve your goals.

Be inquisitive with effort, not every day we always succeed in our financial ambitions so it is better to study everything that will make it grow. Avoid things that you know will ruin your finances such as debt, and fancy things. Make progressive use of your finances such as finding things you can invest in. But always remember that even if we lose, don't lose hope in life's trials especially financially.

It turns out that it does have some mix of luck because not all early does means or make out guarantees that you would really be living like king of queen when prices turns out to increase or value would really be

still questionable because it would really be depending on the project because not all would really be pumping out or does have the potential.Financial secrets? There's no secret because every point and known ways or methods are already exposed.It would really be just depending on how you would really be applying it and not all people would really be having on the same approach when it comes to things or actions
that they would be making and this is why we would really be seeing different actions and steps that they would be making.

Success wont really be a  guarantee despite on following those steps because there are factors on which it would really be affecting out your success rate on which you do least expect.
Somewhat you would really be needing to risks if you are really that serious when it comes to making profits or needing up such step.

The secrets to financial success that I know of is that to be rich is that you have to be the first in everything and that is why you cannot underestimate the power of doing your own thorough research. People who bought Bitcoin very early, will or are living like kings and queens because they were early, the had the best information at that time. Secondly you need to see it when others are not seeing it. Do not be afraid to go against the norm and make a change or whatever that may make you look crazy.

LOL


I agree, Bitcoin is a sure thing, I do not understand why other people are still looking for scam coins to get profit.  Greed sure gets in their nuts, trying to get in a rich quick scheme where in the end they will get scammed and lose everything.  It is proven in the history of altcoin that many investors' funds got burned because they were trapped by their greed.

Investing in shitcoins is like playing gamble which you can end up losing all the money that was invested put in. Shitcoins are very risky to consider as a serious investment, I think putting Bitcoin first is a good decision as investment. Bitcoin has it own risk but can never be compared to the risk in shitcoins ,  shitcoins should never be taken serious as investment but where to put little amount of money that if it get lose no need to get worried much. Making bitcoin as first investment is the best idea for investment.

You are absolutely correctly sir!
But most time or do call it sometimes there are people who loves immediate profits without having to study about bitcoin first having the mindset that they could make more by either buying and holding altcoin or by just buy and stake their altcoin without knowing that they all depends on bitcoin for a faster growth. That is, without bitcoin having to move in percentage respect to price changes there isn't a way altcoin would swim very faster to give them the expected profits needed to make from it.

Altcoin as said are just waste of investment or lemme call it gamble as you do say because most of them hardly survived the bear whenever the market seems very heavy for those shitcoin to scale through what they does is to pause and remains stagnant meaning at this point the investors or projects owners has removed liquidity from those shitcoin and before you could realized the balance instantaneously turns to zero amount, in returns for making a quest to diversify ones investment without knowing they are indirectly or directly involving themselves with gambling.

Apparently bitcoin should be studied very carefully before one could take a final decision to venture into it otherwise due to the volatility level might end being failed up with price manipulation over the time. So what needed is to devote time and study about bitcoin and give it a maximum of 4 years at least to meet up with its circle, meaning for one to enjoy the increase in bitcoin and fast growing also for profits purpose they most hold to meet the halving when the price spike to meet another ATH then they may decides to sell off their holdings if actually investor decides to sell.

Every human being varies in life even the identical twin varies in their body build and also their characters and actions and that's why same action doesn't work out all well for everyone. Just like you said most people tend to think that there is some big secret to life and that's why only a few set of humans tend to be successful. Well I think to be successful is pretty simple although they are some factors that may hinder you but in overall it's quite not hard as life itself comes with basic principles and only few actually go as far as understand the simple basic principles to life which is feel one of them would be a focus and hardworking mind. A hardworking person would always have an upper hand over a lazy person and moreover it's always the lazy ones that think copying other people way to success is the only option.

Fuck shitcoins.

Learn about bitcoin first, and if you still want to play around with shitcoins, after you learn about bitcoin and after you have already established your bitcoin stake, then surely make sure that you do not overdo your allocation into shitcoins and realize that you are gambling a lot with them... and bitcoin is already risky enough and shitcoins are correlated to bitcoin, so starting with bitcoin first and building up a bitcoin portfolio first would make sense also in terms of attempting to avoid having shitcoins dilute your bitcoin investment.

I'm not going to argue with this because there are so many religions that say the same thing, but regardless, I think it's true that helping others by giving if we have excess is the right thing to do.
But that doesn't mean we have to give and expect the promise that has been set because we also still have to keep trying to manage our lives better.
Don't let when there is something like that in our own religion, we are very resigned because we have received a promise that when we help, we will get something in return because I don't think the concept is like that.
Helping is a must if we are able and we also have to make ourselves better in terms of financial management so that we can get the goals of what we hope for and we cannot realize that if we do not start with good planning and management in our finances.