Topic: You don't earn money only from others, but also when you avoid spending your own - page 6. (Read 1220 times)

I do agree. To add, they also forgot about repairing their things. Because there is so many online shops available now, they would rather buy something brand new and get it over with. Talk about being lazy too.
Instead of saving money by just buying the needed parts for an equipment they buy the whole thing and then go back to rest.  
Same with food wasting. Leftover foods can be repaired to a new kind of meal but they won't do it. Again with the online food delivery.
Sum it up, they made someone else rich.
I am old school type, I like fixing things, I like repairing them, taking my time to do things that won't waste a lot of money. It's not being cheap, it's just my kind of hobby too.

Some people like spending their money in things that are not really needed. But I dont see anything wrong if you're a kind of person who likes to satisfy yourself in things that can make you happy. In the first place we're striving not only to sustain the needs of our family but for our own sake too.

As long as you have control and aware of what is needed to prioritize first and when it is fine to spend for yourself then you can do want you want since its your hard-earned money. Earn, save and invest but dont forget to treat yourself for your hardwork.

I think plan B won't work that much in a country where a living expenses is higher than the rural area that's why you have to work your ass off just to enjoy living the life you want. Although, it all depends of what kind of work you do have or how much expenses you are paying every month and it just needs to a little money management and you may be able to save some for your leisurely life or invest it into something.

There's a lot of factors why people spend too much and some spend less etc.

Always prepare for plan B's because you cant really have your day job like forever and there's always a risk on getting fired or had some lay off which means that once happened then you would really be ending up on getting broke or homeless if you could really not able to find another job to sustain your living because we know that living is really expensive nowadays even lets just say about living by just having a food on your table.
Therefore, it would really be just normal that you would really be finding another source of income through investment and it is really just suggestible that you would really be needing to be wise or else you wont
really be living a comfortable life just because you are really that short when it comes to expenses which you do need to sustain.

If eating outside more often could bring satisfaction on your own, then why not? As long as you are able to manage your finances and not spending your money intended for the bills to make it happen. However, for practical reasons, others only eat at home to save their money and hoping it will grow. But the fact is, you will only  earn and see your money grows if you engage into another source of income. Be it an investment or any type of business, as long as it’s generating a good source of income, I guess that’s all we mostly need.

It's about the lifestyle. Even if you're earning a lot and too much but if you're lifestyle is being par according to how much you're earning, then you're increasing your expenses.

There are people that are living with minimum wage yet they don't spend that much but only to the things that they need and removing those wants, they're having spare money to invest somewhere.

Just like what I've read in some of those financial quotes about it's about how much you save and not with how much you earn. Although it's debatable and you have more the advantage if you're earning more. But, if you're not good at handling it, you're no different from those that are earning a day just to survive.

This is correct, I have known people that earn a good salary and that live a good life but if they lose their job they will be homeless in a matter of months, and in fact I have seen this scenario playing out once in front of my eyes.

And while I do not earn nowhere near what those people earn I do save and invest my money, so even if I happened to lose my job I could survive without any problem for years and that is because I do my best to not spend my money in stuff I do not really need.

That's the truth about life, and for all the people that live to find more satisfaction in life. They always find their own possessions lacking so they will accumulate more and more, which lead to overspending for unnecessary things. Where in fact, if we want to earn more money, then we should be tight in our expenses and manage our funds through investing. If we can focus on that, then we will see growth and profits later on. Sometimes, the way to make more money is to learn how to be stingy. That way, you won't be spending more.

I don't seem to get it on how reducing our expenses could result in earning. Yeah, you might reduce your expenses which is a healthy habit for one to engage in but, it doesn't earn you any money as, what you tend to realise is what you must have earned from other income sources. It gets you to a point of unspent money and that isn't a classic earning. You just didn't spend!

Earning is you generating entirely new money and that could come off some income source either in your rendering of services or sales of property or some goods, trading a skill and more. Your saved money isn't earned money as you already earned that money from other sources. You only got to practice some money management and that's okay.

People tend to accommodate more than they actually need and that's not limited to the apps on our phones. Some individuals go broke due to the lots of houses or properties they hold, pay taxes on them and somehow never get to use them. Yeah the buildings might serve for some real estates but there are some assets like some brands of cars that doesn't appreciate in value over time and you find people owning a whole lot of them in the name of collections. One has to determines needs from wants and focus on keeping what is most necessary if finance is going to pose a challenge in the later future.

Saving and cutting expenses can only do so much but it is a start. Sometimes you cannot actually do it if you have very limited income.

The key is to have multiple sources of income and then you can move to saving and cutting expenses and then making investments. Investments are the best source of additional income since it is passive. The more passive income you have the more you can save and then you don't have to cut expenses anymore.

I agree to this, every person has a different perspective of handling life even though the first opinion or idea is applicable to others, it cannot be always applicable to anyone. I think identifying your social class means nothing if you can't withstand your standards.

Each class has their own mindset on how to handle their financial aspects that's why we cannot tell people what to do about investing and putting aside extra money for savings. I understand that middle class and up can find ways to put up savings for financial stability or even put investment on it. Surely, people in the lower class can do it too but it takes time and effort hence there priority is only "now"

I like what the OP mentioned - It's good to hold your expenses for some time rather than spending money and asking other for the help.
People want to have all the dream come true and than they want people to give them money like crazy.
I always hold my expenses and try to cope up with my finances.

The main reason why they hire helpers or use a third party service is because they are busy working with their own jobs. Some has their own rest days but it won't be called a rest day for no reason. They are tired from a whole week of working so they just use their rest days to rest instead of working on their own chores.

If they barely use it why will they continue paying it monthly? Or maybe they are simply busy and can't use that thing much often? But once they have a time, they will still use it, plus I think they are not alone in their homes, boarding house or whatever place they are living and maybe some people will share from their subscription so that it won't look heavier for them to pay it.

I can relate. You haven’t landed that huge sum of money before and once you got all that in a go, it was overwhelming and you went on a spending spree getting all you ever wished to get. I can understand that and I can’t fault you also. But It’s good to know that you have learnt to be moderate in your love for the affluence, pleasures and good things this life has to offer if only you have money. 

I was guilty of that before during my early days of being a crypto addict. In 2018, that was the biggest money I’ve ever made. I have achieved 7 figures in Philippine peso that time thanks to crypto despite the bear market. But the problem is that I have spent too much on pleasure like travel, unnecessary expenses, etc., for 2 years.

I was too complacent back then. I traveled to 5 countries (7 times overseas) and multiple times in various locals, renting a condo unit, etc., while my balance is draining instead of earning more (I only earned less after being a self-made millionaire).

Until in 2020, I am almost broke again but I’ve learned my lesson, started from scratched and claw until I finally have my second breakthrough. I could have accumulated a good amount for my future but one day of being careless, my wallets are hacked and $12k was vanished in thin air.

But because of my determination and willing to learn from my mistakes, I have managed to slowly got back up again and recovering what I have lost. I still have long ways to go, but I am in a much better place than I was before thanks to the multiple crypto opportunities as a KOL and ambassador myself.

This is hard to avoid especially if you are stress in your job or daily routine in life. We also need to invest on our mental health so it's ok to treat our self atleast once a month for the things we like to do. The things you've said could only be a problem if the person is spending too much to compete with the people from his surroundings even if he really can't afford it. There are some people that become in debt just to keep up with the trend.

From personal experience: the simplest optimization of regular expenses that go to your daily needs has such an effect that I did not even expect. The only caveat is how to implement it. No, believe me, you don’t have to eat only tap water and eat old bread!
1. To begin with, start taking into account your expenses with a gradation by item. And all the expenses from buying ice cream to refueling a car, and paying off installments. Seriously - consider everything you paid money for, this is very important! In 2-3 months, this will give you enough information to see what you really spend your money on. Believe me - after 2-3 collection and systematization of information about expenses, you will be very surprised!
2. This information will also be useful for family budget planning, as you will understand what your regular expenses are, when and how much money you should have, how much you can save / invest, etc.
3. Well, and most importantly, evaluate for yourself, i.e. extremely honestly - the need for certain expenses, or the volume of expenses. To be honest, when I collected such statistics, and then estimated the real consumption (or rather the volume of things and products that were not used), I was shocked! We threw away about 20% of what we bought only food HERE is a pity for our money, and the labor of other people ... And food is a fairly noticeable cost item, because it is regular and constant. Well, and much more.

At first, this may seem like "greed" to you, but in fact this is just a transition to a reasonable use of YOUR money that you do not draw, but earn. And the money saved, in 2-3 years, can actually turn into a new car (no, this saving is unlikely to save you 50-60k dollars in a couple of years, but given the sale of the old car, you can definitely report and buy a new one ) , a few good vacation trips, or just an investment of that money in your health or in your children's education.

Earning good amount of money starts from your own self, the way you manage your expenses, and the way you discipline yourself not to spend over your income. Although you can still accumulate more income from your own work or let’s say from investments, but first and foremost saving and earning your money starts within you. No matter how many resources you have to generate an income, if you are not motivated to earn and save, then you will never be financially independent.

I guess that explains how man adopts to his own environment. If he sees people around living in luxury and vanity, then he’ll act the same way as if he belongs. However, not all people do that because they have their own mindset and rules to follow. They focus more on growth and progress, and it will only be achieved if he stick to being disciplined. Discipline in such a way to always appreciate what’s there and not to look for what’s missing. Instead of spending on unnecessary material things and liabilities, they focus on investing portion of their income and invest it into assets that create profits, rather than focus on liabilities and gain nothing except comfort.