Topic: You can't meet all your needs/desires at once, even if you spend all your salary - page 5. (Read 1602 times)

Yes, they are taught to manage their finances well, especially when they are well established, it is clear that their parents will supervise them.
For those with descendants of people like us, education can be more important, especially majoring in business and financial education because this is important for them so that they not only come from rich people but they can also make good use of what they have.
It's actually not easy to manage this money, it requires discipline with correct management procedures, but partly because of what you inherited from your parents, for example, sometimes those who can maintain some also can't survive and spend more money that is not important.
It depends on the child's habits, sometimes a lack of education makes them a little lost in managing money.

That's very true. Ask CEO of a Bank who has salary in millions of USD and he will say he is finding it difficult to live in this salary. Same statement will be given by an average Bank employee. The more you get the more you spend and I think there is nothing wrong in spending money on yourself as long as you are spending within limits.

The main reason why salary person lives financially stressed life is because salary is always proportional to inflation rate. Therefore no more how much increase you get over the period of time your financial conditions remain almost the same.

Human needs can not be fulfilled and they are not limited. The more he gets the more he wants and this nature isn't always bad. Your desire to touch the sky takes you to a level that you have never dreamed of. It gives us motivation, inspiration and courage to improve ourselves to touch the sky that doesn't have any cilings. What destroys a human mind is its greed not its ambitious nature. 

Yes, I agree with that, even if your salary is very likely your basic needs can only be covered a little, but this is different from the lifestyle where most people prioritize their lifestyle over their basic needs, many people prioritize their lifestyle to follow current trends with goods. , fashion, luxury gadgets that people buy to look cool in the eyes of other people, so people will think that people who own branded goods are cool people, nowadays people are competing with a luxurious lifestyle no matter how If they can afford an expensive lifestyle, they will fulfill it without thinking about other things that they certainly need for themselves.

Maybe basic needs are not prioritized because they prioritize lifestyle with the thought "oh this can be done later, but branded goods are limited". Also, some people can set aside or prioritize saving when it's time for their salary, they prioritize saving for the future, they can appear without prioritizing a luxurious lifestyle because they know there will be a time when they will have their own family to prepare for.

That is a huge amount of income and I think only an ungrateful human being would say that amount is still small. Because if someone with an income of that size still says that it is not enough to make their wishes come true, this shows that that person is someone who is very greedy with money so he is never grateful for what he has got.

Because other people won't even be able to earn that much money in a year or more, so only greedy people will say that that much money is not enough even though you say that every human being's desires are very diverse. But I think with that amount of money it wouldn't be possible to say it wasn't enough unless someone continued to want to make a spaceship which would cost a lot. So gratitude is the final key for every human being who has achieved anything through his efforts and patience so far.

As eloborated in the opening post, it is true that the needs of people won't come to an end. It is our responsibility to plan wise and allocate good money for savings. Miscellaneous spending happens and those are unavoidable, at times people spend money because they don't know what to do. Such situations needs to be avoided. To understand this situation, one need to spend on analysing whether it is must needed one.

Personally I used to have long term plans and if the earning turns good then I'll spend on it. This helps in achieving the materialistic needs fulfilled earlier. This is possible only through proper planning where we need to be clear on the allocation for our needs and for investment.

I'm not sure if any of you are familiar with the term "one day millionaire", but for those who don't know what that means it basically refers to an individual or people who spends whatever money they have or earn for a single day or a short period of time. They are basically those who just spends and spends until nothing more is left, and are slave to their desires. These type of people are the ones who often regrets their decisions and actions after some time, once they finally realized just what they wasted.

Shocking part is these people can either be rich individuals or those who are just average earners.

usually the well established rich person are always already planning for future financial.
its those descendants of the rich that usually waste a lot of money if not getting proper education, thats why financial education better suited for those that already rich.
after all managing money also requires as much effort as to gain it though it can still be argued, at the end of the day, its essential to know how to keep money from vanishing.
therefore if someone really eager to become rich at least having some dollars in their banks, should know to differentiate between real needs and desire.

Such a person has no plans for his future and he only enjoys the moment when he receives money from whatever it is including parental gifts because he thinks he is rich easier to get even without working, but this will lead to regret later.

This person will be happy at the beginning will be tragic at the end because they do not prepare anything for an emergency fund let alone prioritize investment, it is clear that they will not think about it, this is only some people who do not care, maybe because of the lack of financial advice from those closest to them.

Not all rich people are the same, they will definitely think about the future if they have long-term thoughts and plans during their lifetime and now prioritize their investments.

First off, I agree with you. Listening to financial podcasts and just generally podcasts about lifestyle helps a lot. I used to think that I'd just be wasting my time listening to random people talk about things I probably already know or am aware of. However, these past few months I decided to give it a shot after randomly seeing a podcast ad on social media that was talking about financial literacy and the importance of budgeting. Glad to say that I've been learning a lot and have gained knowledge about various things I can apply and improve towards my financial decisions.

Secondly, I agree with you, that's the main question we all should be asking ourselves no matter how big or small our income is. Perhaps by answering that question, we will be able to have a clearer mind as to what changes we should do and what things we should start adopting to our financial system.

So true. Sometimes human desires that keep appearing from one thing to another can also be a positive thing if they are directed in a good area. That is, like humans who previously created new coal-fired trains, then they wanted trains that were faster and without having to use coal and the current train was created. Because this desire is used to become an innovation in creating new things that can help advance technology and help make life more practical and/or easier.

But the desire to shop or the desire to follow trends without looking at the benefits that will be obtained is of course a desire that must be controlled. Unless we use this desire as motivation to make us work harder and make more money.

Likewise in the concept of a strong desire to have more bitcoins. And this must be controlled with good money management so that we don't fall into impulsive actions. Well, we can collect bitcoins slowly during a downturn or with just cold hard cash. But controlling these emotions or desires is not easy. especially in managing finances. But if we succeed in controlling ourselves then we will be able to rise to a better financial level.

One of the best ways to become financially literate is to listen to financial podcasts. Indeed, isn't it true? Sometimes, even with a well-paying job, it seems insufficient. We spend more money than we make. Really, isn't it a cycle? Our lives and expenses grow along with our salaries. Many people frequently fall into this trap

It's a great idea that you don't buy things that you can't afford. Spending half or more of your $10k salary on a single item can put a burden on your finances. The key is to budget. It is the basis for stable finances. Investing 40–50% of your earnings as well? That is admirable. Yes, that's a risky approach, but why not give it a shot if it works? Making our money work for us is the ultimate goal, after all. Is our money controlling us, or are we controlling it? is the true question

That's not what everyone does, it's just some people that spend everything they earn and don't keep anything for the future or make any investments to make their and their family's future secure, or maybe they don't have a family to think of and that is the reason why they are free of all sorts of tensions about the future and everything. However, one should still at least have some savings or make some investments for their future because it doesn't take much time for things to escalate.

I don't consider enjoying life a bad thing, and I also believe that one should live to the fullest if one can afford to do so, but that doesn't mean that one should forget about the future, what if they don't earn that much in the coming months and then need some money? They will be in a lot of trouble if they haven't saved anything by that time.

I started to listen to a lot of financial podcasts and It did help me a lot in my finances, It is pretty common to see even though we have a good-paying job but still it isn't enough ever we do about it it feels like we need a higher salary or needed a raise. Time that you have a lower salary you could easily budget that money but now that you have a higher salary it just isn't enough anymore, just because we just tend to let our lifestyle increase as well so that budget increases as well when our salary increases. There was just no limits to our desires and wants, if you already buy something for sure you're gonna want something again, so you just gonna need to balance your want, and always take note of your expenses and budget.

The thing to do here is just dont buy anything that you can't really afford, if you have a salary of 10k$ then dont buy something that is half of that something like that or more that than, if you buy something that is half of that there is some room for you to recover since next month you're going to earn it, but if you're going to buy something that is more than that your life is just going to be difficult. If you really want to buy something budget your salary you that you already have a limit on what you can spend in a month and if you want to increase that find other sources of income.

One of the things that I do to easily invest is I invest probably 40-50% of my income, yes it's a big percentage because why not?

true, you can be enjoying your life and still saving, thats what money management is.
you doesn't need to live miserably getting scuffed allocation of your money for yourselves when you're saving, as long as you have sufficient earning managing is easy.
though keeping the urge is not as easy. after all, sometime you have the urge to buy luxury cars sometime. thats usually what drains your savings.
but if its just saving for the future, like for retirement for example, its easy, but how one can be sure they could ever reach the age of retirement? i think its also better to enjoy the money you hard earned right now, living at the moment.

I know someone who do these things but in moderation and still have funds for their savings. When I ask him about it, he informed me that it's also some kind of investment as well but for his mental health. Going through clubs, going out and partying with his friends every now and then relieves stress that he gets from his work and side hustle.

As long as you can stick with the budget allotted for your needs, savings, wants, and even emergency funds, then there shouldn't be any worry. I also, don't think that saving isn't what everyone should just be doing with their earnings as you must have time to enjoy what you earn while securing your future.

Isn't it wonderful how desires change? As you said, after we obtain object A, we focus on object B. The circle never ends, right? In bitcoin and the current economy, this is even more true. Think about it: many sought bitcoin early on. Since its value has surged, people want more of it or to diversify into other cryptocurrencies. Spending wisely is important in the volatile world of cryptocurrencies. Do we need or want bitcoin investments? Which comes first? Short-term gain or long-term investment? We must ask ourselves these

But habits... they're hard to break, right? Changing our compulsive buying habits is difficult. It takes time, patience, and financial management knowledge. Isn't financial stability worth it? Yes, definitely

And human desires actually always increase to something higher, more expensive, more difficult or rarer. For example, when we have the desire to buy object A, after we have object A, we will have another desire, namely wanting to have a better object, namely object B. And so on without limit.

So in this case we really have to be wise individuals in spending money. We must be able to differentiate between what we need and what we don't need. Which ones should be a priority and which ones should not be a priority?

But if we are used to buying every thing we want without considering whether it is really needed or not. So it is not easy to change our habits. It takes time and perseverance and good financial management so that we can escape from our previous bad habits in managing finances.

This was one of those days for me as well. It was one of the days where we need to arrange something that fixes these issues, this is why we need to arrange anything that would not be reasonable. Should we arrange something that forces our finances that would not make anything tha could force our hand. This is why we need to not have less of the days I had today where I overpaid for something and that caused some issues. In the end we cant really sustain this life forever, it just doesnt mean that we cant spend at all, it just means that we need to spend within our means, if we can keep doing that and not go into too much in trouble then we can do a lot better. Hopefully I will do better than this, and not really change anything that will do put myself risk it, it feels fine in the end because I will find a way to make it better eventually.

It's time for people to start distinguishing between needs and wants. A lot of decisions are made under the influence of peer pressure. For example, imagine that your sister prioritized buying the iPhone 15 even though it had already been released, rather than thinking about how to invest such a large sum of money. She should have received proper orientation about all of these issues before she received the money and made the purchase. They want to be seen as wealthy because of their stuff, which aren't even valuable for ratings, because we have a habit of buying things we don't need. Compared to owning properties and numerous other things. In life you just have to decide what you want luxury or investment.