What are some financial secrets that you know of? - page 9.

dothebeats

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Quote from: Plaguedeath on July 21, 2023, 01:30:06 AM

There's no secret.

1. Have a job with good salary.
2. Don't save, instead of invest your money.
3. Avoid spend your money for unnecessary thing e.g. expensive food, cloth, entertain etc.

That's all, I'm sure the next 10-20 years you will become rich.

The reason why many people can't become rich are because they can't follow the three requirements I mentioned above. Most of people work in low or minimum salary job, most of people can't take risk, most of people want to impress other people and want to entertain themselves.

I agree with number 1 and 3, but 2 should be a little different. It is true that we should be investing most of our excess money but not having to save any of it will be hard specially during unexpected circumstances. There are instances that we will be needing money right off the bat and since all of our money are outside for investment it will be hard for us. Instead, I think it will be best to have both savings and investments.

xSkylarx

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Quote from: DanWalker on July 22, 2023, 10:44:04 PM

Quote from: icalical on July 22, 2023, 07:55:19 AM

Quote from: DanWalker on July 22, 2023, 04:12:13 AM

~snip~

Yep, right, that's what I was trying to do on my first reply, asking for an experienced forum member.
However, I think both are equally important, it's true that an expert is more theoretical, but that's not bad. People with experience may life through a bad financial decision and solve it, but most of the time they wont be able to explain the 'why' and 'how', an expert eventho they are maybe not actually experienced what they say, they most likely will be able to explain the possible action and what will be the risk and benefit of the action they suggest.

I still lean more towards the more experienced, but if you can, you can combine advice from both to make the best decision for you. But in life, there is no better piece of advice than experiencing it all yourself. So that's why I rarely seek advice from others, and I find the answers myself. I mean, I will always take into account the worst case scenario that I will face and if it fails, I will try to start over again until I succeed. Because everyone's life is different, sometimes what works for them may not work for us.

You are really different as you are kind of discovering it by yourself, whereas for me, I always ask for advice, but again, I do not take that advice and also discover it on my own, but that advice is really helpful because I can see what the outcome is, which I do expect. You're right, experience is really the best teacher in the world. That is why most of us only learn a thing if we have already experienced it, as that is the time that it will go deep in our minds, which is sometimes good and sometimes bad.

fuguebtc

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Quote from: Gyfts on July 22, 2023, 05:50:54 PM

Not exactly a secret but I would recommend anyone that's young to start investing their funds in their 20's instead of waiting until their 30's or later before you begin thinking about a retirement portfolio. Funds invested early will grow quickly over time. You cannot have your savings consist of currency alone. Over a number of decades, you'll be losing half of your purchasing power guaranteed under good economic conditions. If current inflation trend are any indication, you'll be losing a lot more.

If we pay attention, most billionaires and wealthy people have investments, and it can be said that investing is the best path to success. But investment cannot guarantee profit, it is only a means and we gain or lose depending on our ability. Investing is the path that brings the highest returns but also carries certain risks, so always have the right knowledge and perspective on investing. But I would object to the idea of investing if someone puts all their money into investments without any savings. Saving in the long run will be useless as the currency depreciates, but it is necessary for emergencies, so don't ignore it.

Plaguedeath

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Quote from: Minecache on July 22, 2023, 05:20:15 AM

Of course, it's their problem, but you're not them, you don't know why they got into that situation. It sounds easy to say, but many children born into poor families have to drop out of school from grade 3 to help their parents earn money or have to drop out of college midway because of an unexpected event that happened to their family...millions of difficult circumstances that never seemed to exist in this world. If you have the opportunity to encounter such situations, you will understand that not everyone is fully educated or everyone has a smartphone to use.

This world is colorful, we only know what is happening around us but do not know what is happening in many parts of the world, so it is difficult to judge anyone by our thoughts.

I understand there are many kids out there born into poor and toxic families, I'd say it's what it's and not every person can become rich. When I was still in school, my teacher taught me if we can't work under someone else company, just start a business and if it's become big, you need an employer so you can open a new job for the unemployment.

It sound cool and when I get older, it's impossible because not everyone is used to be a businessman and if everyone become a businessman, who will buy the product? Not all people can win in this world, not everyone can become rich, we need to accept it.

DanWalker

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Quote from: icalical on July 22, 2023, 07:55:19 AM

Quote from: DanWalker on July 22, 2023, 04:12:13 AM

~snip~

Yep, right, that's what I was trying to do on my first reply, asking for an experienced forum member.
However, I think both are equally important, it's true that an expert is more theoretical, but that's not bad. People with experience may life through a bad financial decision and solve it, but most of the time they wont be able to explain the 'why' and 'how', an expert eventho they are maybe not actually experienced what they say, they most likely will be able to explain the possible action and what will be the risk and benefit of the action they suggest.

I still lean more towards the more experienced, but if you can, you can combine advice from both to make the best decision for you. But in life, there is no better piece of advice than experiencing it all yourself. So that's why I rarely seek advice from others, and I find the answers myself. I mean, I will always take into account the worst case scenario that I will face and if it fails, I will try to start over again until I succeed. Because everyone's life is different, sometimes what works for them may not work for us.

Gyfts

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Not exactly a secret but I would recommend anyone that's young to start investing their funds in their 20's instead of waiting until their 30's or later before you begin thinking about a retirement portfolio. Funds invested early will grow quickly over time. You cannot have your savings consist of currency alone. Over a number of decades, you'll be losing half of your purchasing power guaranteed under good economic conditions. If current inflation trend are any indication, you'll be losing a lot more.

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Quote from: mvdheuvel1983 on July 22, 2023, 03:00:41 PM

No matter how people say there are no secrets to success, there are secrets not everyone who succeeds will actually tell you the secret of how they did it. They will say some very random and general things like work hard and work smart. We know that the secrets to wealth isn't always about hard work or working smart. There's the elements of luck, the is the elements of the right timing, lobbying the government, being the first in to enter the market, the country you leave in and do business in and many more.

Maybe this might not lol like what we can term a secret but I feel they are simple things we can adhere to making us rich if we have the discipline to abide by it. Those who under what it takes to be a successful man, they understand that a lot of discipline is needed rk keep sustaining what we do and how we intend to grow our business. If we ask successful business men how they were able to gain so much wealth, some of the things we are going to be hearing are not going to be different from what we have been hearing about how to be successful.

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Quote from: Negotiation on July 22, 2023, 08:05:26 AM

Every person has financial secrets and struggles with lifestyle decisions many people have a lot of money but don't use it. And for this reason it is necessary to invest money otherwise, as the value of money decreases day by day, it will worsen your financial condition at some point. It is impossible to move in any specific direction without a goal. Although there are many things in life than money, you should keep your goals in mind. Setting a goal is easy but consistently moving towards it is difficult. But it is not an impossible task it is necessary to move slowly towards certain goals and monitor your progress all the time.

I think poor people doesn't have anything to hide in terms of finances but many rich people have secrets. It can be that they obtain own their wealth in an illegal way. It was also the poor who struggles the most when it comes to decision-making relating to money. Like for example if they will buy this thing or not because they will be left with nothing later.

Moving in any specific direction is not impossible if you have a money. Having a goal is only optional but again it was mostly the poor who has it before they move. They don't want to waste their money going on some places without any real reason. Yes there are other important things in life than money and we can have them as our own goal.

mvdheuvel1983

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No matter how people say there are no secrets to success, there are secrets not everyone who succeeds will actually tell you the secret of how they did it. They will say some very random and general things like work hard and work smart. We know that the secrets to wealth isn't always about hard work or working smart. There's the elements of luck, the is the elements of the right timing, lobbying the government, being the first in to enter the market, the country you leave in and do business in and many more.

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Quote from: Hermez11 on July 20, 2023, 10:15:07 PM

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

Work to earn.
Shop as needed.
Avoid debt.
Avoid gambling which can become addictive.
Investment.

It's no longer confidential because I said it and what I said above is not financial advice. Management and strategy is in each of us.
There are no financial secrets other than ways and strategies to get rich.
Income earned from work must be well patterned. If one car is enough for a family, don't plan on buying two.

Aanuoluwatofunmi

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Quote from: Hermez11 on July 20, 2023, 10:15:07 PM

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

The principle of money, we are to earn money and invest it on profitable assets, we should avoid waste of resources and maintain adequate spending of money on things that are of value to us, we need to avoid much spending on liabilities and stay focus on what we do that give us profitable benefits of investment, there are some risk we are not expected to take, because they don't just deserve such, don't also spend from your investment money.

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Quote from: isaac_clarke22 on July 22, 2023, 11:01:42 AM

Quote from: Patrol69 on July 22, 2023, 10:53:58 AM

How much money you have should always be kept a secret from others. And everyone has some privacy about their personal matter so everyone should protect that privacy. An ordinary person never dreams of buying or building a house. A person thinks of buying a house only when he has the money to buy a house or if he buys a house with a loan, he thinks of buying a house after paying off the loan. And banks won't give you a loan if you don't have the ability to repay. Before giving you loan, the bank will check your work status or your monthly income or what kind of property you have, the bank can give you a loan for building a house. Whether you are building a house by borrowing money or building a house with your own money, you should always maintain some of your secrets.

Kinda depends if you're really earning something, but I gotta agree on ya at some degree especially when dealing with family members. Some toxic family would milk the shit out of your finances when they knew that you're earning a lot especially if it is a passive income. It will just keep going on and on until it becomes more of a liability now for ya rather than anything else.

This is why in social media I tend to not disclose what role am I working and where. Once they knew you're working for a tech giant company, you're more than screwed, lol. Cheesy

Which family? I have never seen such a bad family. what you said shocked me, and I hope you don't live in such a family. however, if you are talking about having to take care of your parents as a burden, then you are an unfilial child.
On the contrary, I am working hard to take care of my family, and they are supporting me as much as they can. Because I think that without my parents, brothers, and sisters, I could not grow up and have the life like today.

isaac_clarke22

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Quote from: Patrol69 on July 22, 2023, 10:53:58 AM

How much money you have should always be kept a secret from others. And everyone has some privacy about their personal matter so everyone should protect that privacy. An ordinary person never dreams of buying or building a house. A person thinks of buying a house only when he has the money to buy a house or if he buys a house with a loan, he thinks of buying a house after paying off the loan. And banks won't give you a loan if you don't have the ability to repay. Before giving you loan, the bank will check your work status or your monthly income or what kind of property you have, the bank can give you a loan for building a house. Whether you are building a house by borrowing money or building a house with your own money, you should always maintain some of your secrets.

Kinda depends if you're really earning something, but I gotta agree on ya at some degree especially when dealing with family members. Some toxic family would milk the shit out of your finances when they knew that you're earning a lot especially if it is a passive income. It will just keep going on and on until it becomes more of a liability now for ya rather than anything else.

This is why in social media I tend to not disclose what role am I working and where. Once they knew you're working for a tech giant company, you're more than screwed, lol. Cheesy

Patrol69

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How much money you have should always be kept a secret from others. And everyone has some privacy about their personal matter so everyone should protect that privacy. An ordinary person never dreams of buying or building a house. A person thinks of buying a house only when he has the money to buy a house or if he buys a house with a loan, he thinks of buying a house after paying off the loan. And banks won't give you a loan if you don't have the ability to repay. Before giving you loan, the bank will check your work status or your monthly income or what kind of property you have, the bank can give you a loan for building a house. Whether you are building a house by borrowing money or building a house with your own money, you should always maintain some of your secrets.

CageMabok

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Quote from: icalical on July 22, 2023, 02:48:36 AM

Actually I have, I went to a financial advisor, not a 50 years old, I don't think the age matters if it's a professional. All I am saying is that we can take much lesson from both expertise and experience, that's why I said 50 years old because I am just curious of how their experience handling their financial. The same as we can learn from both mistake succeed.

People who have reached 50 years of age have obviously had more experience in life and you can't go wrong by going and asking him about how to handle finances in life. Because he will definitely tell you about the failures and successes he experienced when he was young with the trials and challenges he faced in his life. So you can draw conclusions from what he says for you to use in your life even if you don't have to use everything he says because past experiences don't all match up with the present.

Quote from: libert19 on July 22, 2023, 03:18:43 AM

Full-fill your wants with interest that comes out of your investments, make money while you sleep. If hard work were to equal to wealth, the workers would be richest.

In this day and age hard work is not enough to make someone rich, because besides having to work hard, one also needs to work smartly to optimize his income in life. Now is the time like that, so everyone must be able to rely on himself to be able to adapt to the environment so that we can work more comfortably to achieve a better income in life.

Jawhead999

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Choosing either buy house via cash, credit or taking out loan is depend on each person. Either of them aren't financial secret because you're spend your money and it's one of the most important spending aside food.

Well avoid to pay tax by taking advantage over tax haven country might be one of financial secret, as long as you can do it smoothly and you're unethical person, you can do that.

Maybe some of other financial secret are:
1. Corruption
2. Steal someone money through phishing site
3. Create a shitcoin and shill it everywhere, then run away after there are many investors invest

YOSHIE

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Quote from: Hermez11 on July 20, 2023, 10:15:07 PM

What are your secrets?

We know that on average 99% have secrets of life, wealth, economy, work and so on, 99% of those who post here about their secrets are not published and disclosed and are not true, just look at their account names are kept secret what else is wealth, it really can't be disclosed here, it's all private, if that's your question, I'm sure you'll get bullshit here.

You shouldn't ask people's wealth secrets here, what you should be asking is: Bitcoin secrets maybe it's better to ask.

lizarder

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Quote from: Hermez11 on July 20, 2023, 10:15:07 PM

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

Someone gets wealth in different ways, there is by trading, doing business or in other ways. So if asked how we get wealth then there will be many versions that will be explained by each person who sees this post.

Quote from: Hermez11 on July 20, 2023, 10:15:07 PM

Buying homes with cash and taking loans out on it?

I personally prefer to buy a house using cash and will not take out a loan to buy a house. If you take out a loan, there are many burdens that we have to think about every month and it will be quite problematic when our work is not clear.

Quote from: Hermez11 on July 20, 2023, 10:15:07 PM

What are your secrets?

Trying to save slowly or trying to invest bitcoin in a way that we can do. For me owe is not a solution to buying a house because we will be faced with much bigger problems when happen a layoff at work.

Jatiluhung

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I think secret things will no longer be secret if they have to be told to other people. So it's better for me not to share my secrets about my finances with other people.
I'm just kidding Wink

because actually there is no secret that I can tell. because I am still in the process of increasing my financial. and have not yet reached the stage of being rich. And in managing my finances I still only use general methods that are also widely discussed by economists.

I thought it would be great if the question was about important tips we have for increasing our wealth that not many people know about.

Negotiation

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Every person has financial secrets and struggles with lifestyle decisions many people have a lot of money but don't use it. And for this reason it is necessary to invest money otherwise, as the value of money decreases day by day, it will worsen your financial condition at some point. It is impossible to move in any specific direction without a goal. Although there are many things in life than money, you should keep your goals in mind. Setting a goal is easy but consistently moving towards it is difficult. But it is not an impossible task it is necessary to move slowly towards certain goals and monitor your progress all the time.

Topic: What are some financial secrets that you know of? - page 9. (Read 1592 times)