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It is very necessary to note what management is all about before riding on to talk about management of money.
The term management  comprises verious segments of life in our day to day activities, haven't said that.

MANAGEMENT can be seen as a way of doing things bet by bet that includes organising, planning, controlling and leading.
It can broadly be define as coming together of people to work in deferent paspertive to achieve a  smooth way of work or tasks.
This might be deferent from the management of money.

MANAGEMENT OF MONEY
Is a process of monitoring planning and controlling of money, it involves how you save, spend, and earn.
Before you manage money very well here are the following criteria.

1. FINANCIAL PLANING
2. INFESTING
3. DEBT MANAGEMENT
4. EARNING
5. SAVING

Money management can never be possible if you don't fellow the above mentioned criteria,  it is not easy managing money because if you don't manage it very well by inploying the above method, then you have not started controlling money.

FINANCIAL PLANNING, there are what we call long time planning and shot time planning in this method you can plan for a short time which includes immediate income for instance buying a commercial car for a business that you can just start to earn money, is called a short time planning, while a long time planning can be seen as a money use to buy shares either in the bank or any investment of your choice that is a long time planning.

INFESTING, this is one of the best ever in financial planning, investment is one of the best things that will happen to anyone who doesn't want to go poor in life.

DEBT MANAGEMENT, this process can make you go poor in your life, if you don't manage your debt position very well, because most people are ruined all because of debt, you have to be careful on how you borrow money from any NGO or backs, and if you must borrow, borrow for a tengeble reason.

In all management of money is very important in all day long, if you don't manage your money very well the consequence might be for ever.

Management of money is very important for everyone. Management of money helps you plan on how to use your money wisely. If you are going on managing your money, you will understand what it means by financial planning,  investing, saving, managing debt etc. Once you how to allocate your money to the right things that is needed for, then you are beginning to master money management.

Money management is a very important skill required to gain financial freedom which is the first aspects in fighting poverty. Some may have opportunity working in a wonderful environment for a long time but due to lack of managerial skills, using the capital generated from the job to archive something meaningful becomes very difficult at  last. To eradicate poverty or archive once dreams, good managerial skills is considered  necessarily important because know matter the amount received at a particular time, if not properly managed it most become a thing of the past

Even those with high salaries, if they are not good in money management then all of the salaries that they're earning will surprise them that they have no idea where it is going. And that's why it's not about how huge someone earns but it is about how much is what they get to keep. It all starts on how we are managing our finances, debts and responsibilities or the bills. If we're able to put the priority first then we'll make sure that our money are well spent and they're not going into waste and that's why we're doing everything we can to manage it in a simpler and wiser way.

 You can't manage money when you don't have control. Every individual has beautiful plans when it comes to making use of money but the question is: can you be able to control money when it's in your possession because it's one who has mastered the art of control that can be able to invest it so you can make more profit and also be able to avoid going into debt.
 There are people who are very reckless and impulsive and don't know how to employ the strategy of "scale of preference" and this means they won't be able to have what they can use to save because they have the impulsive behavior or have virtually everything, even when they don't need it.

Some people find it very difficult to manage their money and many have gone bankrupt because of the lack of control over money management, the best ways that I manage money is budgeting, tracking my expenses through budgeting has always helped me to monitor the way I spend money and the places my money is going into. Another way that I manage money is by keeping aside money for emergency like an emergency fund and this an helped me to avoid going into debt whenever an emergency comes up unexpectedly.

Money is a rigged game. For most it is harder to get and easier to spend (middle class) and for the top 1% they make their money in a lot easier way just by letting their money work for them.

Anyone can rich if they can find that one best skill of their which can be anything and they need a proper advertising skill that reaches people which can be monetised and if one thing is missing, then you will be there as it is. That is one of the reason why we see many knowledgeable person on a specific thing is still not financially successful.

The only statement i used that keeps me going is "Live below your means"
Some people are perished because they spend their money to impress the society just for them to fit in. Leaving like this makes it more difficult to save, manage and spend money. Whats really most important is the ability to grow money, everyone makes money, but few knows how to grow money, many failed through this system but it has to be learnt, studied and practice to be able to conquer it.

Hey man you would have to take real cognisan of your spellings, you made a lot of blunder with some of the words in your op something that could ruin all the energy you packed into writing such educative post reminding us of the importance of management.

Management is a key concept in our everyday living that can't be overemphasized because without it resources abuse and mis appropriations would have being a normal conduct in all sectors of society. With management put into work planning is drafted with a nicely organised budget tied towards achieving set plan. So at all  grades management is necessary for optimum results.

Management in a common is a structured system by which resources are utilized effectively to achieve a goal in a very efficient order. It might be economical management or events management which is focused to regulate monetary expenses or a tactic to achieve a goal after a project.
Good management is always an advantage to achieve goals at a due time or at less expenses and demands. It demands very high disciplines and dedication to be a good manager.
Bad management always cause setback and resource consuming.

Of course it's an essential tools that would guide us through our journey of becoming successful or not, anyone who doesn't apply risk and financial management could easily go broke especially when they are already swimming in riches it could be an inherited wealth which was passed through generational wealth creation. Financial management plays a crucial roles in our life and anyone who must attain and achieve that goal must apply risk, savings and investment in their life time plan of becoming successful.

You made lots of sense actually, the problem is that the high percentage of the society is blinded by competition. Many people want to live life just as others are living without making a background check to know if their income suits in that lifestyle they want to emulate from other people. Most people do not live according to their standard but live to impress other people, this is where the major problem lies. You will see someone that is earning very little but would enter into a debt just to meet up some certain lifestyles of their peers or friends. The earlier we start living to the capacity of our income, the better way we can manage our money effectively. Growing money just as you said is another way to manage money because it helps to multiply our income such that it can meet up with our demands without putting ourselves in a state of distress.

managing money goes beyond just saving, you have to be intentional with every financial decision and understanding where your money actually goes. I strongly believe  that financial stability isn’t determined by how much you earn but by how wisely you manage what you already have. I started tracking expenses, setting clear priorities, and cutting out impulsive spending, budgeting became less of a restriction and more of a guide for progress. I also learned that avoiding unnecessary debt is as important as earning more income, both keep you in control.
It is important to note, managing money well is a continuous practice, one that rewards patience, discipline, and self-awareness.

The most important thing about money is how to manage it well; it is even more important than generating more money because, most times, we get elevated financially by the money we already have. Being unable to manage money well can even lead to a problem of not having money at all. So financial management is as important as having money. The ways to achieve financial management are to understand the value of money and to be disciplined about only spending on the things you find important, not just on liabilities.

In the strata of making money, what we do after we have made the money matters most. you can be lucky to out of your business make as much as $10k within a short period of time and in less than few months spend it all out if you are not intentional about how to effectively spend it such that it goes only into things that are worth spending it for.

some that is earning $250 per month can grow his income higher than another that earns $500 if the former knows how to manage his income effectively.

Surely everyone have his or her own way of managing money, but the best way to manage money is to make budget ahead of time. Maybe if you're expecting your monthly or weekly income in one week time then you can start making budget earlier so that to avoid distraction or maybe looking into other things that is not part of your plan or budget. Because the reason why most people mismanage thier money is because they always wait for the income to get to them before making budget forgetting that money can easily influence people. And when the money get to them first thing first is to spend in luxury  forgetting that thier are other important things they should be looking into.

Before someone can manage their finances well, they must first understand the basic principles of management. How to organize, plan, control, and lead resources to achieve goals. Financial management plays a crucial role in life. Through financial planning, investment, debt management, income management, and savings, one can achieve personal economic stability and sustainability.

Short-term and long-term planning are also highly relevant because they complement each other. Short-term planning helps meet daily operational needs and economic activities, while long-term planning aims to build future financial security through investments and savings. Debt management is also crucial because many people experience financial difficulties not due to lack of income but due to ineffective debt management. Therefore, the ability to control borrowing and understand financial risks is an integral part of sound financial management.

Essentially, good financial management is not just about making money, but about managing, utilizing, and developing it wisely. With discipline and careful planning, one can achieve financial well-being and avoid future economic problems.

How to prioritize your needs before your want is very important because that's the beginning of financial management. When you just buy things and put your money anywhere without thinking if it's what will bring you more money or eat up the little that you have. You also don't need to be a glutton or someone in competition with others. Self control, discipline and patience are good attributes that can help one in financial management.

This is the part where I think most people have missed it having to manually manage money it has been note that money management is really a important skill to learn as a human for achieving financial independence, which has become a missing piece in the life of so many people today, you having to get well paid job should be the first step, then having to maintain or manage it should be the second step, then had to read in a Tv interview where an average Rich man was asked how he became so rich with wealth the he say that he was not earning that much about at a time he had to adopt to financial management and aslo By mastering these skills, you can break the cycle of poverty and achieve financial freedom. It's not just about earning more; it's about managing what you have wisely.

The easiest way to access a failure who have seated on money, is question from the managerial aspect of the money, they management of money it's important in life entirely can't not undermine, because it's the key that usher any one the real success.

Many people today lack budgeting which is the key to their financial management and without a budget no amount of financial income can yeild others income which is a result of poor management. The management must be a primary element when finance is involved to maintain such wealth else it will vanished like spirit.

Bitcoin How do I keep my Bitcoin safe, use it, and control profit or loss? We discussed the steps of money management. Use Wallets. A digital wallet is needed to store Bitcoin.
There are two types of wallets. Hot Wallet is connected to the internet (such as Trust Wallet, Coinbase).
Cold Wallet is offline, more secure (such as Ledger, Trezor). Maintain security. Do not give your private key to anyone.
Use 2FA (Two-Factor Authentication).
Beware of various fake sites or fake links.
Investment strategy Buy the dip Buy when the price drops. HODL Hold for the long term.Trading Buy and sell to profit from price fluctuations. You need to write down. Write down how much Bitcoin you have, where it came from, and at what price you bought it. This is necessary for future planning. Know about market news, trends, and new technologies. Make decisions based on information, not emotion.
The main objectives of Bitcoin management are: to protect against losses, maximize profits, and build wealth for a secure future.

First, we must be able to differentiate and place exactly which are needs and which are wants. Do not let our wants take precedence over our needs, that is not wise at all. So I agree with you about these needs and wants.

Because I see that some people can't distinguish between needs and wants, which ultimately has an impact on their own finances. Actually we are very able to fulfill all our desires when our finances are very healthy, but to achieve that in the beginning there must be sacrifice.

This is what I had trouble with, because I didn't know exactly where our money was going and I didn't organize our expenses properly. Which resulted with bunch of issues and that is why I ended up with a bad result that wasn't really great for anyone.

What we need to do right now is to make sure that we are going to end up with something which would benefit like crazy for us, if we can do that then we are going to end up with a good return without much trouble. For that reason alone, I think it is going to be something that will not be a big issue at all, it should be possible for everyone to do it and won't face that much issues. I know it is not going to be crazy or anything like that, but it can be done and we are going to handle this without much issues.

Money management is crucial because it's part of the foundation for whether or not a planned future will survive.
It's not just one aspect, but almost all aspects prioritize it, directly or indirectly.
I have no objections to management, as it's fundamentally important.
We can imagine a business, or anything else, without proper and wise money management.

When people complain that their income is not enough, I check how they spend what they earn. When you place more emphasis on pleasure than on meeting basic needs, it usually leads to financial recklessness. When you see the phones young people use these days, you would assume that they are earning so much. They use the latest iPhones, but will always complain about their salaries. If you don't know how to spend money on the most important things in life, it might lead to debt.   

Of course this is a very important part, it's just that this important part is sometimes always skipped by some people because they think that they are quite capable of doing according to their own will, which can slowly destroy when the situation is not well controlled.

There are several things that make this happen such as a bad lifestyle where the habit or hedon attitude towards something that prioritizes prestige makes them do more things that should not be done which makes them forget about financial management which can be a foundation for their future sustainability for the better.

On the one hand, those who are resigned to the situation (for example in terms of economics) where they only have a level that is sufficient for their needs and nothing more sometimes always skip financial management even though if they want to get out of their zone then this can be a tool to make them change for the better even though this is clearly not easy to do.

Any sector will suffer without proper financial management. A prime example is a country or region with poor financial management that will not develop well over time and could even collapse quickly. This can certainly happen in our own lives if we don't manage our finances properly, as in life, we always have to spend money on things we need. Therefore, almost everyone will find it easy to manage their finances and even become frugal in order to control all their daily expenses.

For you to be able to manage your money very well, you must have the financial knowledge of growing money because if you don't know how to do that, you won't know how to attract money. Investment is not just the way to managing money but you have to know how to keep increasing the source of the money and live according to the stage of your investment. That is you don't begin to live a luxury life when you should focus on growing your income. Everything has it time and you have to avoid debts that will affect the investment. You need to live in a house that you can afford, take up expenses that is in your class so that you don't begin to deep your hands in your investment capital or go in debt because you want to impress people.

You live according to your level while you grow your money. Some people are in lower class but want to live the life of royals which is a recipe for crashing financially. If you want to manage your money then you must learn how to live according to your standard white your grow your investment.

Money management is very important to business owners and individuals as it helps to make smart choices on how you save, earn and invest your money. It is Very important to avoid impulsive decisions especially when you want to make purchase of any item, know what you need and want to avoid wastage. Cut down on excessive lifestyles and subscription that aren't needed, try to live within your means and also learn how to keep track of your income.

I just wanted to correct you, as infesting (https://en.wikipedia.org/wiki/Infestation) is not same word as investing. I am sure most of the people will understand what you wanted to say but anyway it would be good idea to correct the word, I hope you don't mind my comment.

We all know that money management is crucial for everyone, whether middle class, lower middle class, or upper class, as it will determine your success or failure and since childhood, we've been taught simple ways to manage money properly, a simple example being saving. I still remember when my parents gave me pocket money, I was always taught to divide it into several parts and save one of them. That simple lesson has helped me immensely.

Lots of folks with perfect "money plans" still end up broke.  And plenty of people who never made a formal budget planning build wealth because they have willpower and excellent self-control.  Its really not about the plan itself, but whether YOU can stick to it.  You can make plans all day, but if you cant control yourself, you are not managing money, you are just writing a story.

Learning money management early in life builds habits that last forever. The lesson your parents taught you about dividing your pocket money is a perfect foundation for financial discipline. Many people overlook how powerful small savings can become over time. It’s not about how much you save, but how consistent you are with it. Those early habits often shape how responsibly we handle bigger amounts as adults.

When i think how successful was the many project businesses in the past until reaching a certain stability, i would consider myself a successful money manager. But when i look to myself today with a lot of debts and all my businesses lost due to several reasons, i conclude that it doesn't always depends on good money management. See the project who failed because of corona lock up. Most of them were successful projects with professional management.

You have presented the textbook version, but now the weird part comes in, the majority of people who are not successful in money management are not unaware of these steps. They know. The problem is that it does not help to know when your paycheck is missing at the end of the month

That debt management section in particular. Borrow to buy things that are real does not work in real life. Medical emergency? Tangible. Fix your car and keep your job? Tangible. Until now you are in a hole since wages have not increased since 90s and everything has doubled in price. A quarter or so of the population is unable to deal with a 400-dollar shock without going into debt - not financial illiteracy, but structural

And investment advice presupposes that there is money left to invest. When a person is earning 15/hour in a city where rent is consuming 60% of the earnings, then buy shares is not even an option. The structure is excellent among individuals who have excess. To all the others it is merely inaccessible

What is really going on: we have reduced systemic economic issues to individual responsibility sermons. Interest rates, wage stagnation, cost of housing- people have no control over these. Better planning is important in teaching, but not going to salvage a game that is being rigged at the policy level

As individuals, we should all understand the basics of money management because it's very important. money management simply means knowing where your money goes and making it go where it should. It's about how you invest, spend, and control your finances.
In my opinion the best way to manage money is by creating a budget, tracking your spending, setting financial goals, and saving before spending. Decipline also plays a huge role in money management. without it, even a high income can vanish but with it a very small income can grow steadily.
So share your thoughts with me, Do you think money management depends more on discipline or financial knowledge?.

As we all know, its hard to make money but its so easy to spend,  without proper planning and knowing what to put your money into you might just throw your money away or spend on careless things. When we talk about management of money you must understand that it also includes having an investment. If your money doesnt generate more its only a matter of time before you fall back to square one

Managerial skills should be taught not only in school but at home, it gives the younger generation the ability to take charge over so many aspects of life,not just money alone cause people mostly fail to have a good management skills and have themselves blamed for having done it the wrong way. So to say a bad management system can lead you to indebtedness and failed financial system.

Financial management is the key to getting a better life from nothing to stable, what the OP said is the stages that can be understood even though it is not well structured, first should be after getting income is saving, first, gather your strength then manage it by distributing it to several basic things as the main needs to live life and the integrity of the business / work you do, and then after that you need to have an emergency fund, because if your business falls apart or you are fired from work you still have money to cover your expenses without debt, after that arrange health insurance to keep when you fall ill you can use insurance for medical expenses, this is useful so that you don't take from your emergency fund or borrow from others, core things like this must be in the money management you have for better finances, after all that is done then you can talk about investing.

By management we mean any work that is planned, controlled and carried out in an orderly manner. With proper management, we can ensure the best use of our resources. Similarly, financial management is where we ensure the effective use of our money, which results in no unnecessary expenses and brings stability in the future. With financial management, we can build financial security through earning, spending, investing and saving money. Financial management not only keeps our financial records but also maintains mental discipline and acts as a guide to achieving our goals. Without financial management, it is basically like moving forward blindly.

Yes you're right,money management needs wisdom and with wisdom and discipline,even little money can grow into millions.It occured to me that many people chase money but only few learns how to manage money,grow it and save.It shows how you handle money also reflects how you handle life.

I agree with you, managing money properly is very important, if you do not know how to manage money properly, then if you are given a lot of money, then you can lose it in a very short time, but through wisdom, patience, and discipline, research, right decisions, right financial management, a person can rise from zero to much higher. So you have to learn to do practical research, without proper management, no work can be done properly, so you have to be realistic.

Controlling expenses is the most important thing in financial management. When and where to spend wisely and identifying what is wasteful or unnecessary expenses and taking appropriate steps in that regard is the biggest task of financial management. If you aim to live a better life by struggling with life, you must be skilled in financial management, money saving strategies, savings strategies and investment strategies are the most important. Through unnecessary expenses or cost savings, you can build a savings fund which is needed for investment. Basically, these three work as a chain. Above all, you should have a source of income and avoid bad habits.

If we were to use an example, it would be called a poor governance system that causes major chaos in the country, and that's the biggest sector.
To illustrate this, consider Nepal recently. Previously, Indonesia. The root of the problem lies in the economic sector, as financial management for the people's welfare has had no impact whatsoever. High-ranking officials, complete with their families, live glamorously, while the people find it difficult to find work. If jobs do exist, the state doesn't provide them.

Managing finances well is not easy, because unexpected events can increase our expenses. However, this is where financial management becomes crucial: it is not only about income and expenses, but also about how we can overcome challenges that arise when facing urgent and unexpected needs.

Regarding investments and savings, these are also two important aspects. Investment is about how we can grow the money we have and generate profits, while saving is how we can anticipate urgent needs and also keep our investments safe, because there are quite a few people who end up withdrawing their investments, even when they are losing money, in order to meet their urgent needs.

It is pathetic how we most times get carried away with pleasures and get too comfortable with wasting our resources on them trying to keep a lifestyle that is honestly way beyond the true standard of life for us. I am also a victim of this incensitive lifestyle that does not help us manage our finances and oftentimes put us in regrets always.

Although I am not a phone freak but I can't imagine the level some of my friends and peers go into. Sometime we put ourselves in unnecessary social pressure trying to buy phones that can pay our salary for 10 months in the name of keeping an impression.

The most annoying part is that there is no any form of insurance tied to this and many of those who subject themselves to such stress do not really even need them, it is just something they want to acquire to satisfy their desires.

You made an important observation on the essential requirement of proper financial management. More often than not, he said, people would think in the short term under great pressure, and make impulsive decisions without considering the long-term consequences. For instance, at the inappropriate time selling assets or pulling savings or even liquidating investments to meet that clawing urgent need. Such actions could actually push someone’s financial condition to a worse stage in future date. That is why everybody should have a sound financial plan, not only involving saving or investing but also an emergency fund and discipline in expense management. So that if things that we never thought of happen, we do not get into immediate panic but have made financial preparations for it.

Financial stability is actually going to be impossible and difficult without proper management of money. Money is actually easy to spend and very difficult to make just exactly as people use to said. It doesn't matter what our income is, or what we gain, but the must important thing is how we manage or utilise the resources that we have, if not it will vanished into the air before the twinkle of an eye. Budgeting and also keeping spending records will be of help in terms of money management and it will prevent spending lavishly and enhance your ability to grow more stronger and develop wisely without facing any financial issues, instability or problems.

To be honest many people focus on increasing their income but ignore controlling their expenses. I have noticed that small unnecessary expenses add up to big amounts at the end of the month. Like,  currently I live in a boys' hostel. As a result I have to eat at restaurants most of the time. In that case if I can cook and eat at home, then I will save a large amount of money at the end of the month. That is why if someone regularly tracks their expenses and develops the habit of saving it becomes much easier to be financially stable.

That's something I can't imagine, and it's actually happening in the two countries you mentioned. Everyone probably knows the level of chaos that occurred in those two countries, with even the leader of Nepal having to resign from public office. This is certainly unimaginable for me, as I also feel saddened when I see so many graduates unemployed due to limited job opportunities, and it's still happening in my country. So, in this case, it's quite clear that the economic sector is a very sacred sector and needs to be maintained with good management, because even a rich country cannot develop if its financial management remains so poor.

Yes, you're right your point valid because financial management is necessary if we want to create ease for our children. If we control expenses we can save money and with saved money we can either invest it or either make property. There are many people who earn well but they still are worried the reason is lack of management. They hasn’t limited their expenses so before a month ends their pockets are empty. Providing the needs to family but limit the extra expenses which aren’t important or we can live without them. You wrote saving, investing and earning all go hands in hands with each other. If we have a steady source of income we have to avoid unnecessary habits like gambling, or shopping. For stable life we have to control flow of cash in our home.

Money slow to enter, money quick to go ;)
If someone wants to truly beat poverty, no matter how much he earns, keeping and saving money won't help at all, instead, making money works for him while he sleep is the main goal here.

If an investor build a system that generates little amount daily, that's the major goal such investor should set.

It is the biggest duty that we should do what is best for our children so that it is not difficult for them and every father does all this for his children because he has gone through this period, so he creates every facility for his children so that they do not face any difficulty. We cannot accumulate more money in this way because we cannot accumulate more money in a day or a month, but we can definitely increase it by doing some more work, which we can accumulate and create a better future for our children. This is the life that only works and a person's future cannot be so successful from this life. If he continues to do this, he will neither think of anything good for himself nor for his children. Therefore, more money cannot be accumulated from one job.

The key to business success is the proper use of money. The task of financial management is to collect money, prepare a budget, determine expenses, prevent waste and build assets for future development. To keep accurate records of income and expenses, it is important to maintain debit-credit vouchers, cash books and ledger registers. Every expense should be approved according to the budget. An audit should be done at the end of the month and a balance sheet should be prepared and audited at the end of the year. Proper financial management ensures transparency, stability and progress in the business.

Money management is the thing that you should do to fill all your needs. You can make a plan on how you will use the money so you can divide the money for all your needs. With the right money management, you can allocate the money in the right place and run all the plans you make.

You will not borrow the money if you can manage the money allocation with the right. You will be careful using the money and will not use it for unnecessary things that you don't need. You treat money as worth it and not waste it because you understand that you need to survive.

You are right, budgeting is the best way to manage your finances, but most people overlook it, and that is why they end up paying the price by suffering. One important fact that needs to be understood is that if it’s hard for you to manage small money, even when you get rich or have more sources of income, you are likely going to become poor again.

If you don’t know how to manage your finances from the beginning, you will definitely end up poor, no matter the amount of breakthrough you have, you will still come back to your poor status. That is why you see the rich getting richer and the poor remaining poor. There is a saying that even if they were to share all the money in the world equally among everyone, the money would still likely go back to the same set of people who have it now.

For those of you who are not yet married, especially if you are currently engaged in certain activities and currently living in a men's dormitory, there are certainly many options besides buying and eating out. If you want to feel at home, you can order a lunch box for two meals a day, or even one at a restaurant.

For those who are married, manage your finances by avoiding debt beyond your income, even if it's considered important but not urgent, and by adding activities other than your primary income. This is very different if you haven't or have expired your income. A work strategy is essential if you don't want to constantly be faced with the idea of ​​being short of money.

I don't joke with debts, I have a thing about debt that whenever I take a loan for something it doesn't always ends well, maybe it is because I am not as rich as people who use debt for good things and it worked for them many times, I will never know.

I will rather advice people not to use debt unless you are already a very wealthy person who have alot of properties and assets, you can take loans from sharks and banks, if something very bad happens you can easily get it fixed because you have a lot of assets.

Most people I have seen are always in regrets because they took loan and it turn into heavy debt for years, some never get back on their feet ever again, debt is very dangerous if you have nothing but you and just some money in the banks.

Money management is one of the important factors that must be considered in life, because this can determine how our life will be or what our future will be like. For people who have incomes that are quite large or indeed large, they are very lucky, but that doesn't mean they can spend it on everything, it might happen because that is their individual right, but it's a good idea for us to be able to manage our finances well, so with this large income, we have to think about how this money is used for things that are really necessary, such as meeting economic needs, paying monthly bills, setting it aside for savings, setting aside it for an emergency fund and so on. Having a large income does not mean we are safe, we still have to have a wise mindset so that we don't waste it.

You have explained very well that money management actually starts with awareness and planning because many people get into financial problems even after earning a good income just because they do not know where their money is going, so as you said, dividing and using money according to need is really the most important thing. When someone learns to divide their income, expenses and needs, then they can control their financial life. Many times the main reason for taking loans is lack of planning, for example, many of my friends borrow money from me to buy an expensive mobile phone but it turns out that they do not really need it, many buy it just for show-off which is a very unnecessary thing. But if they had made a proper budget for it then they would not have needed to take a loan from me, they could have bought it with their savings.
However, I would also like to say that in addition to saving, it is also good to develop the habit of investing because small savings provide great security in the future. In addition, if they can invest them somewhere and increase more money, it is very good for the future. Finally, money is a tool. If we use it fully for its intended purpose then money will work for us. We are not for money. So your perspective from that point of view is really admirable.

Nice topic OP

You share good ideas about money management and step by step what first have to do, right now almost all people understand well about how important about money management but most of them don't know what first step have to do. All points telling by OP very important and I will allow all step how to get better money management and our all decision can reach financial freedom one day later. Firstly about financial planning after earning how much salary from our working or how much earn from side job we must have financial planning exactly allocated for investing, debt management, earning until saving.

If can manage well with all points above I believe some one easily controlling well their financial condition despite how much salary earn if can allocated well I believe have better financial condition.

The reason why people work more is because they know that their expenses is becoming more than their income and since they can't work on it they will rather choose to work to make more money so they can handle the bills that keeps coming their way. Little expenses that are not well controlled will amount to more expenses but if you have a way to work on your expenses you better do it otherwise you will keep working to pay bills but won't have any savings.

Money management is very important for future financial security. Because people can work hard up to a certain age and then they can increase their level of work and earn double their income if they want. If they cannot save this earned money in the right place in the right way for the future, then when they cannot earn money in the future, they will have to face extreme financial hardship. For this reason, when a person is able to earn money, his money should be divided into several parts. In this case, one part may be a fund designated to meet basic needs, the other may be an emergency fund, a fund may be allocated for employment.
In the case of investment, a person has to exercise utmost caution, that is, he has to invest in the best medium by considering how reliable the place where he is investing is and how much return can come from it over time. The most important thing is that money management is very important to manage life well.

Good money management cannot be done by following only these things. In the case of money management, the first thing to focus on is the issue of spending money. Most of the time, we spend a lot of money which is not very important to us. And because of them, we cannot keep our savings in order. And we cannot achieve our main goal. We are gradually becoming very lazy. Due to which we spend a lot of money unnecessarily. Such expenses prevent us from managing our money properly. So when it comes to money management, first of all, we have to focus on preventing wastage of money.

One thing that helps people manage money is cutting down on unnecessary spending.and one good way to do this is through good budgeting.budgeting helps streamline expenses because for anyone to be financially stable your spending must not be more than your income. This is a very important aspect of finance that most people don't give attention to,good financial practice system is a culture that everyone that is serious about having a balanced financial life should do.

Yes, money management is important for everyone. How to manage yourself and be able to make necessary and unnecessary expenses. If money management is not done, then no matter how much salary you get, you will not be able to manage it effectively. And a budget should be determined, it helps to be aware of when and where to invest. Which includes money management skills, he will understand investments, loans, savings, etc.

even if you have a lot of money, if you don’t know how to manage it it will all be useless and you might just lose all your money

you don’t need to be so tight on money in order to save up and be wise just make sure that when you manage your money you spend it on things that are really important and will bring value to your life

This is a realistic way that you have to cut down on expenses if you want to save money. One of the desires of poor citizens is to meet basic needs. When they achieve the ability to meet basic needs, they expect more and if they have a house, they want to build another house. The wheel of each person's personal economy keeps turning like this. The more wealth you have, the more you will not be satisfied with it. That is why you have to focus on reducing unnecessary household expenses without thinking about the balance of income and expenditure to save. The more money you can save from your income, the better off you will be financially for the future.

Accumulation Bitcoin with the available amount of money to prevent wasting money will be more convenient than saving money because if you save money, it will continue to be eroded by the effect of inflation, which means that fiat is depreciating over time. For example, the price at which you could buy a product 5 years ago has increased several times today due to high inflation. So accumulation Bitcoin instead of saving money.

The key I believe is distinguishing between your wants and your needs, and knowing how to set your priorities straight. A lot of people usually misplace their priorities, spending tons of money on things they don’t even need only to abandon it at the end of the day.

When people identify their needs and wants, they’ll be able to know when, how and where to spend on, which would eventually help them manage their finances effectively, poor or rich.

I agree with you, there are many guides in money management. Responding to bills at the appropriate time, and knowing how to portion ourselves when making purchase, most people overlook their balance and try settling beyond budget. There is no shame in living according to standard, trying to impress those at a higher financial level will cause more downfall, no need of acting to be what one isn't, faking it till you make it is a wrong way to manage money.

Some months come with unplanned expenses, savings are very important, instead of always taking what's left after every expenses to spend unnecessary things, someone applying money management, must find a way to invest or save for special emergencies.

When talking about management, the first thing that ought to come to your mind is planning. Planning is the very first step when it comes down to management and without it, you will get nowhere.
Like it's noted in the OP, financial planning is right at the top of the pile showing how important planning whatever income that's coming in is. With adequate planning and sticking to it, you would reduce/stop any wasteful spending, leaving room for more important things that could be done with that money.
Poor management of your finances would surely lead to financial ruin.

Financial management is necessary in every aspect of our daily life. Because if there is financial management in terms of wealth or goal achievement, then that process can be managed in an organized, planned and controlled manner. If there is no financial management in terms of investment, there is a possibility of financial loss. As a result of proper financial management, when we can maintain a balance between our emergency fund, reserves and investments, it will bring us financial stability as well as ensure financial security. Therefore, financial management is important so that we can control the proper use of our resources and our inclinations.

Exactly, management of money is the main thing to consider in life because if you don't have proper management things won't move smoothly at you want, you will just be spending alot of money and he won't be enough to solve your issues in life. But when you have plan on your income you will surely know how to make things balance even the money is not enough you will always find a way out to pay your bills that is why anything you have you should always get a plans you should not just spend anyhow. If you can handle financial management definitely things will be coming your way and opportunities to solve things better and your investment or business won't be hard to manage. When you have alot of money bills will start coming your way to settle and if you don't have management planning the money will finish and still you will have other things to settle.

It might be very hard to cut down the unnecessary expense if you are married. For the wives, every single thing feels " a must", like "we MUST have this, it's a mandatory, it's not some enjoying small thing, we have to!" and she might be talking about something silly too, and boy oh boy don't even get me started if it's on sale, for women if something is on sale, they react as if it's free.

I haven't had a new pant in over two years, but for the wife? Man everyday a new product comes home from amazon  lol. So if you really want to avoid biggest expense, do not get married. But if you do get married, make sure that her smile worths every penny, I rather work 20 hours a day to pay for expenses, as long as I can see her smiling.

Lack of money management has made so many people become borrowers, and it has made them to be in debt. That is why you will see someone who is wealthy and doing well suddenly becomes poor. Yes, they become poor because  sometimes they're being pressured to pay their debt and most of the times the amount of debt they owe is what they won't be able to pay anymore no matter how they save, and in this situation where their savings cannot help them pay off their debts they start to sell off their properties, and we know very well that selling a second hand properties is always selling at a lose, so you see that they're already loosing.It is not the amount of money you earn that matters, but how do you manage it. The best way to manage this money is to budget wisely. Knowing where your money goes will help you manage your money and reduce unnecessary expenses, saving for emergencies, and future use, especially being consistent in the savings, which is a great way of money management will help in financial life and most importantly staying away from debt except it adds value.

What you said might be true but on the one hand I don't think it means that when we have good management we don't have debt because at the end of the day it becomes a choice and a decision.

It is possible for some people to believe that those who are in debt are only those who need money and do not have good financial management but we cannot generalize this as if everything is the same because in the end there are some of us who even have good financial management but still borrow where it becomes productive debt.

It is undeniable that your words are not entirely wrong in this case because I can also see now a lot of people who just because they cannot control themselves in managing money they can do anything including getting into debt but not all will be like that when it comes to debt.

One thing about money is that we must properly apply risk management and how to use it in our daily activities, when you misused any single opportunity that could have lead you to a successfully investment and you didn't then you are about losing, as know money is meant for planting and when you plant money it yield to something productive and from the dividends we can use them start spending or probably start another investment with the profits generated from our initial investment.
With this money can remain in our hands on a regular basis, as we humans are always insatiable when it comes about money and, or earnings we could want to earn everything without knowing that the more we have lots of investment the more we keep earnings from multiple streams.

Therefore the bedrock of money is to invest it in a productive business that would always double our money, for instance we can invest in Bitcoin and some other top 10 cryptocurrency out there which would secure our investment, and also choosing a long term target could also increase our earnings maybe for duration like 4-10 year projection would help us in achieving 50 to 100 percentage of our investment.

Yes, we incur many unnecessary expenses in our daily lives. We should reduce these unnecessary expenses. If we can reduce these unnecessary expenses, then we will save a lot of money. If we never pay attention to it properly, then we should focus on reducing our excess expenses. The most important thing is money management, where and how we are spending it. If we can use these properly, we can reduce a lot of expenses. Each of us should take the aspect of money management seriously.

Yes even I don't agree, as you explained perfectly and really hit on this that why this is important for our daily lives. It is all about having a clear plane for saving money. It's not about just saving money but its all about to save it for bad times or reaching our goals, big or small etc. like you said, it makes the whole process feel safe and organized in a better way rather than just guessing and wasting time.
Your point of view about saving money and investing it in something realistic is best way to secure future but without any plane or goal its totally useless and asking for trouble.
It's like loss of your financially ability but balancing it in a better way is everything we all need for better prospects and future too. Finding sweet spot having cash for bad times and emergencies, we don't have to look at others hands. Investing money for long run is only way so we can stop worrying about money and future too. it really gives us the real stability and security you were talking about.

Financial management really touches every part of life it’s not just about saving or investing it’s about knowing where your money goes how it grows and how it protects you when things get rough if you have a plan for your finances you’re not just reacting to problems you’re preparing for them and that’s what gives real peace of mind. Many people save money but without a plan those savings can disappear quickly or get spent on things that don’t really matter that’s why setting clear goals matters so much you need to know why you’re saving maybe it’s for emergencies maybe it’s for retirement or to start a small business whatever it is the goal gives direction otherwise you’re just saving without progress.

It’s also important to balance between saving investing and spending too much saving without investing can slow growth but too much investing without an emergency fund can leave you stuck when something unexpected happens finding that middle ground is what makes financial management powerful it’s not about how much you make it’s about how wisely you use it. And yeah when your finances are organized life feels more stable you don’t have to depend on others or panic when sudden expenses come up you start building confidence because you know you’re in control that’s what financial management really gives not just money but security independence and a stronger foundation for whatever future you want.

Financial planning matters a lot in life because finance is most important thing in life . People always try to be rich person of their area but it is not possible if they have no knowledge of investment because Investment is always need of everyone because everyone want to make his money double in short time but if someone has more money he will save some money for the future. People are Investing because they want big profit because they want to save money for their child who are now small but will be big after few years  and they will need best education.Young generation knows Investment should be on their mind because it will give more profit to them and in few years and they will be rich after few years .

Financial management is very essential in our  day to day activities, their is no way you can be financially settled if you aren't able to manage your funds as a business mugu or as an ordinary person.
However, financially management has been one of the most sensitive and the major mastermind of every successful investor or business person, the day you fail in setting up strategies in how you spend your money is the day you welcome your doom. Their is this saying they normally say that the way you train your money is the way it turns out for you in the future, if you mismanaged or spend it off recklessly in suning days, when the raining days comes when things seem not doing well you will have your self to blame because nobody will see you well.

The great spenders become broke because they don't know how to manage their money. If they're going to give themselves an idea on how they can manage their finances, they might not become broke anymore. That's what the rich people does, they don't want to be broke again and so they learn and master the money management which is not only for them but also for the generation that they are building. Because no matter how big you earn and the salary that you have, if you're not a good manager of your own finances, it's all going to waste.

That's all true, but given the scope of this topic, I'd divide the approach into two parts: saving and accumulation. Saving allows you to budget, for example in Excel, and see expenses that are essentially unnecessary. And money saved is essentially money earned. As for savings, you're generally correct, except that you need to decide right away whether you'll be investing the money for the long or medium term and at what interest rate. Either conservatively, or with an attempt to quickly make a good profit, even with a high percentage of unsuccessful investments.

There is bigger challenge if you are earning well compared to those who only earn paycheck to paycheck. Because let's accept the reality that those who only earn minimal amount will hardly find ways to save, but those who earn high salaries should be wiser in tracking their expenses so that at the end of the day, they can still save a significant amount. Money management is something that everyone should learn, regardless if it's a small or big amount. Otherwise, if you don't know how to manage your funds, saving, investing and even paying debts and bills will be impossible to happen.

Using money wisely is important. I don't think it's good to not spend money at all; we need to strike the right balance. Excessive spending and saving, in my opinion, doesn't have the best results. So, is using money an art? I think it is. Managing money effectively is one of the most important elements in life; someone who manages money effectively also manages and evaluates many other events in their lives.

That's right. No matter how much you earn, if you can't manage it well, it will be wasted in the future. That's why it's crucial to learn financial literacy from an early age, because ultimately, we all deal with finances, regardless of our profession. Especially for entrepreneurs, businesses, and investments, we must be smarter about managing our finances.

Learning financial literacy is key to achieving future financial freedom. Simply having a large income isn't enough. Fundamentally the most important thing in finance is how to manage, grow, and invest that money effectively. All of this can be achieved with sound financial management.

I agree with you, everyone should actually manage their money properly and be careful. It is important to maintain balance in everything, nothing in excess is good, and if someone saves too much, then he is deprived of the taste of his earned money, so balance is the key here. You have to spend and save, you have to manage both things in balance. Then you will be able to move well in your daily life and at the same time a financial foundation will be created for the future.

Money should be spent but not wastefully, in order to spend money it is important that we spend it in the right sense. if we spend and save money from our income we will not face difficulties in the future. A person who earn money and don't save their money and spend it on Unnecessary things. It will be difficult for him to live The best solution is if we set a goal for ourselves. We spend and save accordingly Life will be easy for us. The goal in life is not just to earn money but to save it and spend it wisely that is also very important It's not that you shouldn't spend. you can spend money only on things that a person needs Money is needed by everyone

The most important thing is to have good money management, whether you save enough or not is relative in it because everyone has different priorities in managing their savings, who knows that they postpone pleasure and want to enjoy it someday it's really relative every person has their own way.

I think that how a person can save from his income and manage expenses so that he has enough remaining funds for needs, that's all in managing money, because managing money is indeed the most important art to change life circumstances for the better.

Money management is the most basic thing that any person should learn to deal with knowing it's an everyday occurrence that you will be utilizing your money to the best way possible. Spend your money wisely so that everything will be use in its purpose accordingly, without compromising some of your bills and monthly expenses. That way, after all payments have been possible, you can start directly saving your discretionary funds and increase your savings amount, aside from setting aside for your investment funds that will give you chances to become profitable in the future.

Management of money is a personal decision and the it is something that you have to have a target on whatever you want to do because without you having a target or a plan of what you use your money to do you will be spending without a plan and that is mismanagement, but when you have a target on what to achieve you will be focusing on that so that is why you see many people get does the place the app today is because the target before the arrival of their money, they're planned ahead of their income so that they will not spend it unnecessarily, but when you have a project on your list the target on your list you will execute them first before spending your money unnecessarily as I said before

There is no waste of money if there is wise way of spending your money. Financial management is paramount, you don't just spend for merely spending, but smart people spend to invest and gain financial returns. And most likely, those who don't see financial management is essential, will not try to save nor invest, because they all think they all got the money to spend, and that there's no way they will run out of it. Such stupid mindset that brings huge negative impact in the future.

Besides spending and saving, it's also good to do one more thing after the two things you mentioned: investing in the right assets so that the enjoyment we can experience in this world will be far more complete than someone who only maintains a balance between spending and saving fiat money. I also like this concept, but in these conditions of continued uncertain economic development, everyone must also be smarter in managing their money, as well as being smarter in managing the balance between money spent and money saved for themselves.

Spending wisely is very important and it is closely related to financial management. If we can't manage our finances well, then we will be in a mess. No matter how much money we have, if we are not good at managing it, it will be used up by unnecessary expenses.

We can learn from many big companies, they can become big companies because they can manage their money well. And even we know in big companies there are special departments to manage it. That shows how important financial management is.

It's a good example to illustrate company performance, as they grow due to disciplined and accountable financial management. However, we should apply it more to everyday life, and the challenges involved may be more unique than managing a company's finances.

In a company, there's no such thing as compassion or humanity if the rules of procedure are established. Anyone found guilty and proven wrong is immediately punished. But in a family, would we do that indiscriminately? Therefore, those who successfully implement such governance within themselves or their families wisely are truly true leaders in all aspects.

We don't need to look at examples or compare with things that are too big, companies of course need financial management so that the company continues to run stably but in our lives we don't need to be too excessive, what is needed in life is just managing finances so that we can continue to live regarding some mistakes made because fulfilling desires in life cannot be considered too excessive, what needs to be remembered is that we work and earn money for ourselves so we don't need to limit that, the most important thing is that we earn as much money as possible to fulfill all our needs and desires.

Managing it is very difficult, and if someone lacks the skills, it may be far from optimal if they lack the ability to prioritize. To effectively manage their finances, they need to prioritize everything, including managing living expenses, savings, business, and investments. Sometimes, people don't prioritize because they assume it will just happen. If this is the lifestyle they lead, success will be difficult. Management is essential, especially when making financial changes and many people fail because they don't know what to do.

Balancing income and expenses is crucial. Many people earn money but aren't very wise in how they use it. They often prioritize things they don't really need. This tends to be the case for young people, who tend to prioritize a high standard of living while their income doesn't match it. This is especially true in my community.

But sometimes I feel the difference between money we earn ourselves and money we receive for free, like gifts from others. I find it difficult to spend money I earn myself, but with money I receive from others, I sometimes find it very easy to spend it on anything, even the unimportant ones. Do you feel this way too?

It's not just the wealthy even those with small salaries will struggle if they can't manage their finances effectively, This is actually a difficult skill and it's never taught in school, we must learn it ourselves.
You're right, as you say that the key to success is good financial management, I've experienced this myself having a large income but not being able to manage it effectively, leading to the money not being used for beneficial purposes, ultimately leading to my current financial hardship.

Sure, if you can manage your money things won't be difficult for you to solve, because some people don't really know how to manage thy just spend anyhow without proper planning and that can make things worse for you when you are in need of money and you don't have because you have spend it in negative ways. Some of workers don't really have huge salary but they know how to manage everything and you will see them leaving there life in peaceful ways without overload because they always plan well before the money comes. If you know how to manage your funds you can manage your investment and know how to play and set your target and wait for the profit to comes. Anyone that don't have management in everything he do he will always find it hard at ends when he need helps.

It's all about balance, but to reach that point, one must first realize that money is essential in life. People who become wealthy don't become wealthy because they're lucky, but because they have good financial management skills. They usually know how to use their money wisely and effectively.

As you said, smart people spend their money not just on purchases; they consider whether the money they spend will generate returns. Therefore, from what I've seen, wealthy people definitely have investment assets, whether it's in crypto, stocks, or bonds.
Smart money managers typically prioritize more than just immediate pleasure; they also consider how to ensure their money continues to grow.

The managing of money is very important for young and is helpful for someone like us. I really thank God for Bitcoin for something like this.
Effective money management involves a systematic process of planning, organizing, and controlling your financial activities including income, expenses, savings, and investments to achieve long-term financial security.

Management of your money isn't that difficult if you really have to do so. And it is a skill that anyone can have and develop. It may not be so easy but when you see your resources diminishing faster than you can get more, you have little option than to cultivate the habit of managing your resources. It begins with proper planning. Knowing your expenses and rating them on how important they are to your survival is a good start.
Yeah, some people actually don't prioritize cause they ignorantly hope all would turn out fine later on having literally no plans on how to cope with any emergency that could pop up in the future.

If an individual can really adopt a planning of money management effectively, it's going to be the best financial planner ever, because management of money provides numerous benefits in terms of financial stability and also achieving financial goals. But when we talk of management, it has to go hand in hand with budgeting, because budgeting can also give one open financial decisions and success, so knowing how to spend, what to spend on, or identifying unnecessary items that don't need or aren't worth spending on will also strengthen your financial management. Moreover,managing money encourages one to easily access and build up an emergency fund without any fear and also serves as a safety hint for any unexpected financial challenges that come up.

So if the wealthy that doesn't know how to manage their money well are going to struggle. How much more of those with little salaries, it's for sure that they're not going to make it. Having a good management with your own money is going to bring you to places, and not just places but far places and that's why the rich people are making it because that's the common skill that each of them have got.

When it comes to managing money one thing that's important to do is to invest, without this everything is going to be in vain...you can cut down the way you spend money and also save but if you don't have a source of income you are going to run out of money and this can get worse for you..The most important aspect of managing money is to have a specific amount set aside for investment, saving isn't enough

It may seem easy for someone with a plan, but it seems incredibly difficult for someone without one. Managing your finances well requires planning and discipline to avoid spending money on unnecessary expenses. It's also important to remember that a small income source with large expenditures can create challenges in managing finances because we are often more focused on meeting daily needs, which can make it difficult for someone to achieve better financial outcomes. Emergencies can happen and if we are not well prepared, when the time comes, it will be quite a hassle for us to keep up with it, and that is why good financial management is needed so that we are prepared when something unexpected happens.

I'm just giving an example of how financial management is a very important factor for progress. Yes, I understand that this might be too big of an example, but I'm sure we can see what I mean.

Yes in a family there may not be tolerance, it would be very different if it was in a family, I can totally understand what you mean. But it can be planted early, meaning when family members are accustomed to discipline in finances then it can happen, yes even though it is something that will be difficult to implement.

In financial management, the most important things are planning and habit. When you get used to the fact that every time you receive your salary or profit, you must first pay yourself, and only after that plan all other expenses, your finances become more organized. If you plan in reverse by calculating all expenses first and saving only what’s left, this approach will work less effectively because you’ll almost always spend more. However, if at the beginning of the month you set aside at least 10% for yourself, you’ll distribute the remaining money much more efficiently. This is how you develop the habit of paying yourself first.

In any case financial management is one of the pillars of success. So without good financial management, you will struggle to achieve success or financial freedom.

Yes. Financial management is simple, yet many people struggle to put it into practice. But if we are disciplined, it will slowly become a habit, and we can achieve this by discipline, starting with simple things. For example spending less than income. The lower your expenses and the higher your income, the easier it is to allocate your money to savings and investments.

Of course one way to reduce expenses is by saving and buying what you need, not what you want. Furthermore you must also be able to increase your income sources, as many people usually rely on only one source of income. In this era of advanced technology, there are so many possible sources of income: trading goods, selling works of art, selling services, investing, and so on. Moreover with the internet information and resources are plentiful. It's up to you what you want. Applying these two aspects requires good and correct financial management.

Money management does not just mean handling cash, but its how to understand the value of money, the value of money you spend, how you manage your resources and how you make decisions, every financial decision we take today shows how stable or unstable our tomorrow will become.
‎So before you invest or spend you must create a budget which is going to serve as a roadmap on how you will spend your income, without planning we spend faster than the money that is coming daily or monthly.
‎Good money management need self control, many people become broke because they cannot control their spending, when will discipline on how we spend money,  it helps us to  know the difference between needs and wants.
‎In all, saving does not just help you in the future it also helps you for an unexpected event and it's also gives you peace of mind.
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Financial management is easy to do but difficult to implement and maintain. When someone is disciplined in financial management, it will gradually become a habit. Reducing unnecessary expenses prevents wastage of money and unnecessary expenses can be reduced through savings. Also, if someone wants, they can increase their income by arranging alternative income. So that extra money will be earned. There may be situations in our lives for which we may not be prepared. Therefore, it is important to manage the money earned. So that we can maintain discipline in every aspect of meeting urgent needs, savings, investments, emergency funds and be prepared for any unexpected situation.

Allocating a budget is a crucial factor in financial management because it speaks to the concept of planning things based on accuracy. When this is done well, financial management will balance out with sound decisions. Many people can make money, but they are unable to set boundaries, so the money they earn is not spent on the appropriate purposes and ultimately spent on a number of unimportant matters. The percentage can be adjusted and people better understand certain needs based on accuracy in managing living expenses and the remainder is allocated for other needs and this is why financial management needs to be made as efficient as possible.

You're right, the problem many people may experience is a small income but significant expenses. This is where we need to be able to manage our money well.

However, if we've tried our best and it's still difficult, perhaps what we should do is find a job that pays more or find a side job to cover these large basic expenses. Having a mediocre income actually needs to be addressed because we have to live with emergency funds and savings, while a small income is only enough to cover basic needs, or maybe even less. This is the point of difficulty for some people. Furthermore, the difficulty of finding decent work with a high income is an increasingly unresolved problem. Perhaps the government should first address the problem of the scarcity of jobs, and after that, it depends on the people's desire to work or not.

Management of money determine the status of your future. Good money management means stable and secure future. Proper financial Management of money not only prepare you for your future but also help you in handling the emergencies or uncertain condition. If your future unstable economically, it means you were poor in making planning in past. For making good plan for money try to buy few assets or invest it. No matter how much profit you gain but it must growing. On the other hand cut expens on the luxury items. Limit your needs develop consistent, discipline or self control habits to manage money to secure your future

Whatever your profession, no matter how secure and privileged you are, without proper financial management, your finances will never be stable. Therefore managing your finances is always a crucial issue that should not be underestimated. Especially if you don't have a permanent job or are freelance, you certainly don't have a guaranteed payday. You must be smart about managing your finances so that when you're out of work, you're still financially secure.

In essence I want to say that there are several things that can damage your financial management: impulsive spending, not having an emergency fund, not allocating for long term investments, and having income exceeding expenses. So always avoid these to maintain sound financial management.

In some cases managing your money doesn’t mean you’re planning financially, some people may not even have the one for investing or savings and yet they managed their money any may still be in debt.
And the rise in dollars may also come unexpectedly making it difficult to save or be in debt .But whatever the case may be using your money for the necessary things first automatically helps you manage your money and plan better to also avoid unnecessary expenses and debts.

Because financial management and money planning are 2 different concepts even though they are in the same scope, it's just that not a few people think this is the same when it is clearly different.

Financial management focuses more on managing the cash flow that we have from the start of income and expenses will be different from the concept of financial planning where the focus is to strategize (it could be a long-term strategy) for the financial conditions that we have. It's just that many people sometimes generalize this as if it is one thing in common but clearly it is 2 different concepts.
Not all who manage their finances well does not mean they also plan their finances well too considering the timeframe and benchmarks are always a benchmark, it's just that I can see for now most who have financial planning well then it is certain that they can manage their finances in their daily lives.

Effort and perseverance will never betray the results, even though the process can be difficult and difficult to overcome due to various issues. In difficult economic conditions, a person must be able to manage both income and routine expenses, because if the two are out of balance, bigger problems will arise. Financial management is indeed necessary so that someone can maximize their potential. By obtaining a stable income, people can make adjustments, such as establishing a small business based on basic needs. The government is not able to reach all existing communities, but individuals must try to find solutions to the problems that occur, even though the government has an obligation to ensure that its people live much better lives by providing employment opportunities.

Many times even when someone works hard and manages their money well, it’s still not enough to cover everything especially when prices keep going up faster than salaries can follow sometimes the problem isn’t just how much effort a person gives but how limited the opportunities around them are. when jobs are scarce or wages are low, it becomes a real struggle to plan long term because all the income goes straight into surviving the moment. Having a side job or extra source of income sounds like the most practical solution but not everyone has the time or the means to start one especially when they’re already exhausted from their main job. this is where creativity and adaptability start to matter like using skills you already have to earn small side income maybe freelancing, selling simple products online, or offering a local service that meets people’s needs.

The government does play a huge role in this situation but waiting for policies alone won’t fix everything because the system is slow and often political people need to start building from whatever small chance they can find and not rely entirely on external help. financial education also becomes a key element, because with limited income, the ability to manage every penny properly can make a big difference in the long run. It’s unfair that so many people have to work twice as hard just to stay afloat but that’s the reality we live in right now perseverance still matters because no situation stays the same forever the world keeps changing and sometimes those who keep pushing eventually find that small window of opportunity that can turn everything around even if the progress is slow every small improvement counts.

Seems OP not allocated yet for emergency fund and its most important planning management of money, most of us all out effort for investing, saving until debt management but forgetting some thing happen to us suddenly. Emergency fund most helpful for us how money management some thing happening to us can't predictable early such as we must spent out much after getting an accident until something else not predicting before.
Firstly good management of money depend how much salary we can earn or passive income in daily day or monthly, if getting small income I don't know how to manage as well as regarding nowadays we spent out than how much income. Need looking for best way have high side income and make us easily to manage how much will allocated for saving, investing, debt management until emergency fund.

If our income is small, it's best to find ways to earn more money through other jobs so that we can allocate the necessary funds appropriately. It's difficult to calculate percentages when someone only earns a small amount, perhaps only enough for daily needs. It can be very difficult to allocate that money to investments, savings, and emergency funds when our income is small. Managing financial management is not as easy as it is said because it requires sufficient resources and consistency in its implementation, especially if we have a small income and disproportionate expenses so that how to manage financial management will be a little more difficult. Unexpected things will definitely happen such as accidents or several other events and if we do not prepare an emergency fund then if everything is placed in investments then in that condition the investment we are running will not run well because we have to sell assets to cover the needs I mentioned and at that time the assets we hold may be at a price slightly lower than the purchase price.

In fact, I believe we can't manage our finances if our income is low There's no other way out than to find additional income, no matter what, Essentially we can manage our finances only after we've met all our needs and desires, allowing us to allocate for savings, emergency funds and investments, This can only be realized when we have financial stability and all our needs are met.
The main problem lies in our financial resources, so I believe the most important thing is to continue earning income to cover all of these expenses.

Financial stability always begins with income growth before anything else because even the best budgeting plan won’t work if there isn’t enough to divide between daily needs and savings many people talk about saving or investing first but when you’re living paycheck to paycheck that advice feels unrealistic the real starting point should be how to increase cash flow through multiple income streams side hustles or small scalable businesses once that base grows everything else becomes manageable.

An emergency fund is like a personal insurance against life’s unpredictability accidents job loss sudden medical expenses or even inflation spikes can throw everything off balance if there’s no backup money set aside in those times people who have invested all their savings are often forced to sell at bad prices or take on debt which destroys their long-term plans building that safety net first makes a person more confident in taking risks later whether in investment or business.

Of course, the rich review their strategies in such a way that they do not have to struggle financially in the future. Their strategies are very good. They make their plans in such a way that they get success in the future. A rich person will manage everything the way a poor person will not be able to do it because of his financial problems. But a rich person tries to improve his financial position by investing in different places for the future and once he becomes successful, due to which he does not have to look back. Such skills of the rich make them successful, they improve financially in everything including their management and do not have to face financial problems, rather they succeed according to their management.

The management of money may appear simple, but when the knowledge or technicality is lacking on the individual it becomes difficult, many with money don't know that money act as mirage, it will appear real at far distance but disappear when approached. For instance those lacking good investment strategy with a very huge amount of money with them and keep removing the money for consumption, realize later that the money has reduced or disappear as mirage. It take wisdom,good skill and knowledge to manage money and this has no other way than investment, not just investment but valuable asset that can yeild request profit to maintain the cash from diminishing from the Holder.

It seems simple but difficult if you don't have technical knowledge, that's okay and I agree.
For technical matters, even though they seem easy, they are not difficult to put into practice. You have to understand how hard it is to earn money so that you will be more careful in spending it. Unless it is a necessity, you don't need to spend it. In other words, don't be consumptive but productive.

The mistake many people make when they start earning money ^{I say money is a blessing} is that they often treat money incorrectly. They prefer to appear wealthy by being consumptive in order to keep up with trends.
Long-term investment is indeed a solution, and those who make small mistakes that lead to failure in money management are also aware of the importance of investment.

Managing of the money base on person and the type of work you are doing. You most have knowledge.
Effective money management involves a systematic process of planning, organizing, and controlling your financial activities including income, expenses, savings, and investments to achieve long-term financial security.

This is generally the case, especially for married people with children, because they have many needs to meet, making it quite difficult for them to manage their finances effectively with a small income. A simple secret might be making adjustments: we try to save and avoid spending money on unnecessary things. After that, we can also look for additional work so that we can consistently manage our savings and investments. There's no way other than saving and finding other sources of income to increase investment and savings opportunities, because someone who doesn't plan everything will usually struggle to cope with increasingly difficult economic pressures.

That's why everyone should understand financial literacy well. The goal, as you said is to ultimately manage our finances effectively regardless of our income. We can allocate that income to basic necessities, savings, and investments.

Indeed in the face of an economic crisis, one income won't be enough especially with inflation and other factors that render even the amount of money worthless due to rising prices. However if we continue to hone our skills and are willing to try new things, that will be even better, especially in today's technological era, where there are so many ways to generate additional income. What I mean is that financial management is crucial, regardless of your income, because it's the lifeblood of survival during a crisis. If your income is small we must be more creative in finding additional income.

You have mentioned the key things someone needs to manage money. Anyone who has these key things you mention, I think that person is already done with his financial management. Money management is not all about knowing how to get it or how to spend it; it’s all about being wise in spending money buying the necessary things.

Don’t be spending money on something that will not give you anything positive or have an impact on either your business or life, but rather spend wisely and buy what you think will be beneficial to you or people around you; that is what matters.

To make money is not easy even when it's easy to spend it. Money management is what many people are not aware about on how to save their money and spend less so that they don't go broke. Greediness and over spending has been the reason why people are going broke. When you don't have any plans on how to spend wisely, friends and women can make you to make extravagant spending that will make the money do down without time. At least when you can not spend wisely, you can get people around you that can help to plan how to save and invest in properties and cryptocurrency.

It's easy to spend money but it's not easy to make it, some of us work in firms where we are been paid at the end of the month, we work tediously to get that money but without discipline once the money comes it can get exhausted that same day. One thing that has helped me is knowing how to create a plan and budget, this is something that is overlooked but it's an aspect of management a lot of people don't really practice. Whatever amount of money you are expecting it's good for you to create a budget of how the money wil be spent so yo don't end up throwing money into unimportant things.

Financial literacy is required but not sufficient. You can plan to the last penny and still be flattened when the rent is two times higher or your child requires an inhaler that costs him or her 300 dollars. The hone your skills advice is based on the assumption that there is real demand of those skills at real wages that count. However, we have a labor market where employers seek skills of a senior role at a junior wage, and gig work that poses as opportunity but does not come with benefits or security

Telling someone with a small income to "be more creative" in coming up with additional income is technically correct and also kind of cruel. Creativity needs cognitive space. You already have 50 hours of work and still can't make rent, where does your bandwidth come to learn new skills? This is why financial literacy programs in poor communities usually fail. People are not stupid. But, the knowledge that compound interest works does not help when you have nothing to compound

The wages are not following productivity since 1970s. Housing costs have exploded. Healthcare is a money pit. You are correct that a single income is no longer sufficient, but it is a policy, rather than a personal failure. We have created an economy, where everyone is a hustling entrepreneur to earn what a factory job could earn them

Yeah, especially if there's emergency cases that needed to address, better to save some for financing whatever emergency that may happen, like you said it's diffucult for those people who already got a family to deal with  as they needed to provide the needs of their love ones and shoulder every expenses that their wife and kids needs.

Those who can take extra job or extra income will survive and may able to save some but those who don't they need to maximize whatever resources they've got to continue to survive.

There must be management in terms of spending money, if money is not used in the right place, that money has no value, and no matter how much your income is, if you keep spending your money in an uncontrolled and unnecessary way, you will not have any savings for the future from that income. For this reason, it is necessary to spend money in a planned manner, a certain amount of money from your income should be set aside to create a future financial situation, and for this, a certain amount of money should be invested or saved by calculating your expenses and income. The main thing is that there is a need for management, if there is management, even those who have low income will be able to save for the future.

You made a solid point mate, and I would like to agree with you when you Said that all of these has to do with investment and surely it is through investment that we can manage our money very well because we can't say that we are managing our money when we don't have a job or  investment or business that is running meanwhile we have too many bills in our table that we need to figure out, there's no way we can manipulate it to still retain  that same amount of money we had, because I could imagine how expensive some bills are. Some bills may likely take one month income of more depending on our monthly income, which is why we need to have other business or Investment at the same time doing our job these way we won't find it hard to manage our money.

It seems we're starting to care about the current situation because I've seen quite interesting discussions, and they generally focus on managing and how to overcome the current problems. However, managing finances isn't as easy as it seems. If someone earns a small income, it can hinder them from achieving a better standard of living. Greater responsibilities require a better income, as we unconsciously have many responsibilities to fulfill, including living expenses, children's school fees, healthcare, and so on. This doesn't even mention investing, saving, or preparing an emergency fund. It's impossible for someone with a small income to allocate their funds so precisely and accurately, because for those with small incomes, investing and saving are impossible to manage together. The solution we've discussed, is to generate as much income as possible, as possible, because without a higher income, I believe it will be difficult for people to save or invest.

We can invest as long as all our daily needs have been planned well and thoroughly so that what we invest is not disturbed by daily needs or sudden needs. The most important thing in managing money is to prioritize your main needs first, put aside unnecessary or unimportant things and postpone your pleasures. With high discipline, it is not impossible that you will build a business slowly and it will grow over time.

If daily needs are insufficient, we clearly cannot invest yet. Because people who have already entered the investment world automatically have additional income or truly understand financial management.
We shouldn't invest if we don't even have enough for our daily needs. Therefore, learn how to manage our finances first, and even if it exceeds our needs, it's okay to dive into investing.
The main discipline in investing. For example, a clothing entrepreneur might want to buy a luxury car when the store's inventory is running low and the employees have repeatedly asked when we can replenish the stock so that sales run smoothly and consistently. This means that we can draw a conclusion that if our needs are not enough, then we should never prioritize things that are not our primary needs, and that is what is meant by understanding how to manage finances first.

If our needs aren't met we must work hard, This isn't just a matter of investment or anything else, In fact I believe that not only needs must be met but desires must also be met, Before we learn to manage our finances, we must be able to earn money first, Learning how to manage our finances without earning enough money is simply nonsense.

And financial management is actually difficult to control, If we look at some people with high incomes, perhaps even ourselves but we fail to manage our money effectively because we fulfill our desire for something, So this learning is quite important for achieving success in the future, I see almost all the wealthy people in the world have a well-structured financial management knowledge.

Of course, to overcome unexpected circumstances, there must be costs incurred and at this time the use of emergency funds, therefore we must have emergency funds in living life, I understand that there are some people who have a mediocre income so there are no funds that can be set aside for savings, but what must be thought about is finding ways to increase their income, in that way there will be funds that can be set aside for savings, but before looking for more income, we must also pay attention to ourselves whether we will be able to do it or not because it requires extra energy.

It requires extra determination and additional skills though it's needed to finance your expenses and for you to have extra savings, more on how you focus yourself and how you set up your mindsets to meet those required knowledge and skills, managing your finances is tough when you are limited in resources but if you are not going to stuck yourself with only one source you may find additional or alternatives that will incraese your salary.

Some people believe that humans earn money by “selling their personal time,” while others disagree. But is it truly our time that we sell to earn money, or is it our labor and intellect? Upon deeper reflection, it seems that people earn money by investing their valuable time, effort, and skills. This raises an interesting question: Do we work merely to earn money, or do we earn money as a reward for our labor and intellect?

It is also very important to improve your skills and be financially aware, with strong determination and the right mindset, it is possible to achieve a lot, and this can be the key to success.
Many people are stuck in one place, but the main thing is awareness, future security lies in finding alternative sources.
Therefore, it is absolutely important to create a source of income, increase your knowledge, use your time properly, and have the mindset of improving yourself little by little every day, this is how you have to move forward.

Money appears to be among the strongest influencing tool used for archiving any kind of goal with or without the introduction of little skills or knowledge.  Money they say is the root cause of all evil is because of the influential things it has done to all areas of life including in relationship, business, careers and even marriage. Apart from the difficulty experienced in getting it, the greatest challenge is managing it and which is the greatest of all.

Money management is a very special skill required in building financial stability or freedom and must be practiced to avoid losing the already gained one. money management is a special skill required to be successful and without it going back to zero is sure and certain
 

Yes, You are talking about an important issue we are facing nowadays. Importance of saving money to be prepared for emergency for those people who already are busy in supporting their families. We should keep ourselves ready for the unpredictable and unexpected expenses of our life like medical problems, job loss. If we have even a small amount of saving or emergency fund it can make us stress free and we can support our family for some time. Saving money becomes harder when we already have a family to support and our saley is limited. Find extra ways to earn and save is the best option to fight with such circumstances.

Proper money management is indeed very important because if we don't do it, money will quickly disappear and be spent on worthless things. But if we manage it wisely or correctly, for sure we can still grow it through various means, honestly.

Like being here in the crypto space, we should value every capital we will use for investment in this crypto industry we are involved in, because the risk here is high,
especially since the Bitcoin or cryptocurrency we choose for investment is also very volatile.

That's true, because managing your money is just as important as earning it. After all, why do people earn a lot if they spend a lot? Therefore, income management, saving, and investing (even in small amounts) are very important. After all, even if I put aside $10 a month, it forms a habit, and saving will become even easier in the future.

As with many things, the key is to start.

Managing money well is a form of our appreciation for money, meaning that when some people have difficulty earning money, we who have money should be wiser in using it. Without good management, everything we do will fall apart, especially when it comes to money which is very easy to spend. We have to wait 1 month to wait for a paycheck, and we only need 1 day or maybe even faster to spend it.

I was once in this position when I first got my first paycheck. Yes, my salary was not enough to cover my needs in a month, even though I only met my own needs. That's because I couldn't manage my money and maybe I was shocked because I had a lot of money.

Money management is very important in everything from state life to family life and personal life. How a state runs, budget, reserves etc. depend on money management. To solve the country's economic problems, economic development, structural reforms, infrastructure reforms, everything depends on money management. A family's monthly income depends on money management. Family management is the process of dividing the monthly salary into different categories. The structural and infrastructural development of a family depends on money management. Family members need to gain proper knowledge about money management if that family is to develop.

Globally, money has clearly become a necessary weapon for anything, as you mentioned earlier. However, to achieve any goal, money remains the primary priority. Therefore, we can certainly categorize it as the absolute main point. It becomes easier if money can be used in all aspects, including marriage, business, and career. Indeed, everyone can make a lot of money, but what we have not met is someone who has a lot of money who knows how to manage it properly. How do we use the money we already have so that with this much money we can produce even more than what we already have or if indeed we can invest it in a special field that can grow or develop skills with the right management method so that success will return to our grasp.

I don't think that at this point anything can be done with money, and this has become a very important tool that it as become a part of us and can not be done without and The issue of money started even before we were born, were gold and silver were used for payment, so it is clear point that nothing can not be done without money even if you want to manage it into investing you still need and as much as its management must be equally important too because if it is not properly managed then there is going to be big problem, and there different ways that money can be managed, savings or even investing but the only saving should be your emergency fund any other savings should be invested.

Because of how inflation has been reducing the value of money, the best thing is to invest in any investment of choice. The more the money stays in your account, the more it's useless if it is not used for investment, and there are more investments that we can think of, only emergency funds should be kept in your savings.

It's real because I've done it. I was confident I could do both well and responsibly, but as time went on, it became overwhelming, and I finally decided to quit my side hustle. From there, I realized that to increase my income, beyond just finding a side hustle, I needed to find a job that paid more and suited my skills and field.
Increasing my salary is a desire and a challenge I think many people face, but only a small percentage succeed in earning extra income; most of them receive what they already earn from their main job.

Even investing should be considered as a main need because investing is nothing but saving for the future. Without investments, we will just work hard and spend all of our earnings on a few things with no proper future planning. Investing anywhere is really important. Not only in cryptos, but a steady investments in other fields like stocks, commodities or even investing in a local business can make us stabilize our future along with the present.

Investing in business will never be a bad idea at least until the business plan has merits and you are ready to give your best to grow the business. Business does need a lot of time so along with money, we also need to invest a decent amount of time.

I agree with you, the importance of money management really works equally everywhere, just as a state cannot survive without a budget plan, a family cannot remain stable without proper planning.
Many times we pay more attention to income, but the real intelligence is how to manage that income properly, no matter what the amount of income is, when you can use it properly with management, it will also be positive for its future.
Saving for the future and preparing for emergencies and managing daily life well are all possible if there is proper financial management.

Obviously time can be converted to money when you have what you are doing and get paid, but when you don't have what to do that gives you money, a time can't give you money and a time is useless for you...Your intellectual quotient it's what you will apply that will give you edge to strategies on something that will give you money...what gives money is wisdom and a personal strategies.

In my opinion, it is important to set a priority scale in money management, prioritizing needs over wants. Then, divide it for several purposes, including an emergency fund, all of this greatly helps you achieve your desired goals. If possible, also try to invest, whether in safe assets or other forms. In the long term, investments will provide you with significant returns and may even help you reach financial freedom. With wise money management, you might be able to retire earlier and enjoy the results.

Yes, there are three needs in life: primary, secondary, and tertiary. Our priority should be on primary needs. Once those are met, we can move on to other needs, which can also be called desires. Sometimes, people make mistakes in fulfilling these needs; they prioritize their desires even though their needs aren't being met.

Continuing my story above, this was also one of my problems at the time. I prioritized desires over needs, which led to such problems. However, I quickly realized this and changed my pattern, so I haven't made the same mistake again.

I would disagree with your opinion. You actually don't need to be wealthy or have a lot of money before you can start considering managing your finances. It's also wrong to think that it's only after we've met all our pressing needs and desires, that is when we can manage our finances. Writing it out even feels weird to me.
When you're making plans on how best to meet your needs and pressing desires, you're literally in the process of managing your finances. Someone working and getting paid a below average pay can still make plans on how to manage the little income coming in. Financial stability comes from continous management of your finances overtime.

Money management has been one of the most discussed topics of all time but still people fail to understand the seriousness behind the topic. Money is something which can change our mindset and make us buy things which we don't want. We need to be very careful with money because these unwanted purchases are going to dent our future expenses. We should think about a way to manage money and still be able to enjoy our lives with the luxuries or additional expenses.

I would make a strict budget every month once I get my salary and will list out all the necessary expenses which will be followed by luxuries or expenses which are not that important. Investments have always been a top priority in my list and I would never ignore that.

Managing finances is crucial so we can prepare for certain situations that may arise. If we want to achieve financial freedom, we must have specific skills to handle money management effectively.
If we fail to manage our money well, the situation will worsen because things won't always go smoothly, especially when we're faced with illness.
Financial management also helps us plan daily, monthly, and annual expenses so that we can use our money wisely. Essentially, financial management isn't just about building a business or investing, but also encompasses the broader scope of our lives.

How well we manage our finances will be evident when we successfully implement them, ensuring we don't experience difficulties meeting all our needs, whether they're mountains of daily necessities, healthcare, children's education, or investments and business ventures.

Financial management is understood at the moment before the end of the month, especially when it is not possible to manage the entire month with the amount of salary received, then it becomes clear how important financial management is in human life.

When I get my monthly salary and my pocket is full of money, I get busy with unnecessary purchases. Then I don't pay attention to money management. I buy what I need in the family and also buy what I don't need. Financial management means that what is not needed cannot be purchased and needs should be divided into different categories through a budget and met according to the need. Those that are unnecessary should be eliminated. Financial management teaches us to prioritize important needs.
Without financial management, it is not possible to maintain a family and financial management is even more important for those who work in low-paying jobs. Therefore, each of us needs to learn the importance of financial management and reflect it in our lives.

The key to success lies within ourselves, and one of them lies in our own skills. If we can utilize our skills effectively and continuously practice them, we can generate profits. Furthermore, I believe many people have successfully earned an income from their own skills, although they are far from successful, at least earning an income from their own skills is a good step. We can use such people as a benchmark or motivation to ensure that we, too, can earn an income from our skills. Beyond the skills we need to practice, we must also have good financial management skills once we have an income, as this will determine our future. If we can't manage our money well, we won't achieve better results.

This is the good way of spending money on luxuries, you'll have to figure it out on how much you'll be ready to spend on those.

And at most times, they're not going to be cost that much either from 5%-10% of your total salary as it won't hurt what you're getting.

People that spends mostly in luxurious things that are not necessary and they don't set a budget on it, they're mostly getting broke and regrets that decision later on.

Such people are always around us or our friends so we should stay away from them because their desire and seeing money will make us have a separate desire due to which some poor people cry over their fate and work hard, which does not help them progress often. If such people invest money in a good place that will benefit them tomorrow, it is better because they hope that in this way the money will not be wasted and if they have less money tomorrow they can ease their difficulties with it. Those who do not take such decisions always keep themselves busy in luxuriating with the earnings of their family or father. We should use money for our own needs not to show someone that I can have this and that too. This has a bad effect on other children.

I agree, we don't have to brag what we have earned and the things that we can purchase. There is no sense in doing that not unless you are that type of person that likes to brag things.

We have to be lowkey and humble always because you'll never know what might happen by tomorrow.

And the whole world is round or oblete spheroid as they say. What it means to say that we can be at the top sometimes, and in the bottom at times.

You are right, financial management helps us reduce unnecessary expenses, especially when we do not follow financial management, some unnecessary expenses add up in such a way that our monthly salary is exhausted very quickly. There is no way to save a certain amount of money at the end of the month. The financial system makes us live in such a way that it completely prohibits us from making unnecessary household expenses. As a result, we have a certain amount of money left in our hands at the end of the month, and from this accumulated money, we can make investments, bank DPS, and insurance.

Bruh you actually nailed the concepts of money management, planning, investing & debt control. It would be a mistake if anyone think these are just Vogue word, these are real steps to becoming financially well built. In my opinion, financial planning is not a matter of wishful thinking, it will definitely help anyone to set goals, prepare for risk &  control everything from savings to investments

Proper debt management is really important. If you cannot keep it under control, it does not matter how much money you could accumulate, problems are ready to knock on the door. keep in mind,, it is not just doing these five standards, it is also about doing so consistently &  purposefully. if you do not walk the walk then you can not talk the talk, dude,,

It’s is one of the most talked about like you said but, we many at times aren’t at the top of it, we don’t practice it at its best.

Money is pleasurable to the mind and appeals to our living, making it very difficult to have about an enough and maintain good discipline about it. Money management comes at the extend of displeasing yourself, not having to afford what money could buy even when you have about enough money to do so.

One fact always remains, the future is of the most importance and should you manage to engage in good money management practices, it would keep you afloat on the days when things aren’t going so well.

if you want to spend the money deliciously make sure that you make your plan very well because without you to have what you will spend weekly and what are your needs weekly I think about you will spend more than your expectation
So I believe but in anything that has to do with luxury spending it is a personal choice and no one determine it for anybody and this always occur for people that have the money to spend not someone who does not have money to spend

In any business, good financial management is essential, especially in businesses with high volatility such as crypto, where prices can fluctuate dramatically, rising sharply or falling dramatically. Therefore, in order to avoid losses, financial management in determining how much to buy must be very good, especially when trading in futures.

Even in real life, a homemaker managing finances must be able to manage or handle finances well to ensure there is enough and avoid getting into too much debt.

Of course, it is very important for every person to use money properly, we spend our hard-earned money unnecessarily at different times, which is not right at all. I think it is very important to divide the money that is left after deducting all our necessary expenses into several parts and not spend it on unnecessary things. If you do not spend money in a systematic way, you will face various problems in the future, so it is very important to invest in a systematic way with a long-term plan and not spend money on unnecessary things.

My biggest problem was that I never took receipts from stores after shopping. When I came home, I had no opportunity to check everything and report my expenses. It's possible that for a period of time, I didn't need certain products or items. I was able to save these funds and use them to buy securities that bring not only profit but also dividends. This was my mistake, which I'm still trying to correct.

Keeping your receipts after each shopping is another good way to track the amount you spend on certain things, you may not be spending bdwx on budget but the record helps you to know what you are spending on and if it's something you are not making use of you can adjust and stop buying more of the things you need while you save the money for other important needs. Your ability to identify your mistakes is a fast way to stop making the same mistakes, now that you have known the errors you have been making in spending on the things you don't need, have a budget on the the items you need so that you will not be shopping on the things you don't need.

I actually glance at it occasionally, but I'm not a very detailed person, so I don't mind it. As long as I can afford it, I'll buy it. Perhaps someone who is more detailed in everything will pay attention to their receipts and record their expenses thoroughly. I also think you have your own way of managing your finances. I'm not as detailed as recording expenses, but there are other ways to manage finances.
I only record things I need to fulfill, like paying bills, meeting basic needs, and so on. If I have enough funds, or even have some left over, I spend it on what I want, but that's not always the case.

If you're too lazy to record every expense, you can budget your funds for seven days. This way, you can see how much money you have left over for a week, and then record your expenses based on that money. I used to use this method, and it was quite effective because I didn't have to record every purchase.
I stopped using this method because it wasn't effective anymore after I started using cashless payments. Now, I usually only record expenses when using QR codes and similar services.

You should change that, because you'll never know if the price that's punched on your item has doubled the price or the cashier is dishonest to you. This is very important that you keep receipts after your purchase, what if you have to return the product and you have no proof that it's your purchase because you have no receipt to show? Even in the groceries, there can be some inconsistencies with their scanners so always do the double check and take the receipts.

Yes, I honestly agree with you that the criteria you mentioned are important for managing money wisely. But in addition to that, many people struggle with money management simply because they don’t understand its true value, or they never genuinely worked hard to earn it.

Someone who has struggled and put in real effort to make money will naturally develop caution and discipline. They remember what it took to earn that money, so they tend to spend more carefully.

On the other hand, people who get money through fraudulent or dishonest means usually spend recklessly because they always assume more will come. With that kind of mindset, financial discipline becomes almost impossible.

Earlier I didn't do this myself and when I came home and went to reconcile the accounts, I would forget a lot of things. But nowadays I use notes on my phone device. I write down everything I buy in a note or I have created a Google Sheet to record my daily expenses where I can write down everything in an instant. At the end of the day, when I enter Google Sheet, I can easily see all our updates. If you want, you can use your phone device to write down the prices of your purchases.

Indeed, we should do that, proper and wise financial management is the key or main foundation for achieving stability in life, both personally and as a family. Our aim in doing this is to minimize unnecessary expenses or purchases and unwanted waste. With sufficient discipline, this financial management not only reduces financial stress, but also opens up golden opportunities to achieve long-term goals such as those you mentioned, namely investment.

Money management is very essential than making money, money is a visitor, that's how I define money. It goes from one hand to another. If you treat your visitor well he will come visit again but if you treated him badly you won't see him again. That's how money, if you manage it well, you will also have money but if you mismanage it, you will stay broke.

Managing money is a skill, you have to invest it in some thing that will multiply it for you in days to come, invest in Bitcoin is all we have to do when we have money, never spend  your money without saving little from it, because it will save you tomorrow.

Very important thing to do personally and organizationally. As you earn, you do expense and debt management by so doing, savings can happen and investment follows which might be for short-term or your life long. Investing creates chances for balance incase retirement and emergency life happenings that have left people poor. A healthy financial state influences /supports a healthy body and soul.

Indeed management of money is very crucial for everyone. Money poorly managed is money soon gone then talk of money without management? I guess that's money gone already.
Management of money will permit rightful allocation of your hard earned money and provide a ground for wealth throug debt and expenses management, savings and investments.

Yes, I completely agree with you. The point you have raised is really very beautiful. If a person does it in this way, then it will become much easier for him to reconcile his accounts at the end of the month. Due to which his financial management will become much easier for him. There are many people who do not keep track of any expenses and at the end of the month they struggle a lot while reconciling the accounts. Again, many times it is seen that they cannot remember the value of many things while reconciling their accounts and they become confused while reconciling their accounts at the end of the month. If a person writes down his accounts in one place, it will be much better for him and the work will be much easier.

However, everyone has their own method, how can they keep the accounts properly? There are many people who do not write them down anywhere, but they can reconcile their accounts correctly. Which method to adopt is a completely personal matter.

You need to have that extra effort and good balance of your life, time is important and even you are gaining most of the time with side hustle you also adding expenses when making extra earnings, more on doing good budget and good balance of your time and finances, if you can work or deal on it there's a good chance that you'll be able to save money.

But, like you said, success is not a guarantee and not all are capable to adjust when they need it the most and along the way they might give up and not to continue.

That is why our nation has apps for the cards that you spend for the banks. My bank app shows me how much I spent, which means I have literally all my credit card expenses (rarely ever pay cash for anything) is the last of the situation and that is the situation, which means, I can see my whole expense by filtering by month.

So if I filter by just November then I can see all my expenses for November and I can see what was my biggest expenses and what I can cut on. To be fair this month I had nothing I can cut, but at the end of the day it's a good thing to have a s a stat so I can check it and usually a way for me to prevent my wife trying to spend a lot lol. We should have this globally if you do not have this kind of feature on your phone.

I'm not a fussy person, most of my personal expenses are on cigarettes, but sometimes I buy snacks and the rest goes to meet household needs such as paying electricity, wifi bills, water, or others. Actually, I've tried to record my expenses, especially the expenses used for cigarettes, which are the most frequent and probably the largest, but the results were beyond expectations, meaning the money I earned that was previously enough was still left over, but when I recorded it, it was not enough to pay other bills, it was a bit strange, but I think there was something wrong that I did.

Each of us has our own way of managing expenses and for me the most effective way is to budget every week or every month so that I have a limit on expenses but for the essential things, I still have to prioritize.
Previously, I also recorded all my expenses but without any limits, the results would be the same, so I managed all my income every month, for needs, for emergency funds, for investment and also for my personal small needs.

Of course, this is necessary to maintain control. For other things, I think we also need to balance expenses with income to avoid spending more than we earn. A combination of hard work and smart work will help us recognize the many opportunities around us. By being smart, we will understand how to manage our wealth, whether investing in high-risk markets or keeping it in the bank.

Furthermore, having multiple sources of income will greatly assist us in various ways, such as accumulating assets and becoming wealthy faster than we planned. This will make it easier to balance all our monthly obligations, for basic necessities, emergency funds, investments, and also small needs, as you mentioned above.

This is the real meaning of money management and the end money will obey us, not that we always have to obey it.

As long as your spending structure remains secure and organized, I believe you will remain safe from any difficulties in life. However, the small percentage of people who experience difficulties in life are usually due to unexpected expenses, which can sometimes exceed their daily expenses. So, that's where the focus needs to be improved for those who still struggle to allocate expenses in their own lives. Because when it comes to just food and monthly bills, I think almost anyone can manage it as long as they have a clear source of income.

Is very good to budget, barisbilgili that is a very good thing and strategy you are using, when you make budget it will help you spend less but when you don't make budget you spend on things that are not even necessary at the moment there by making you spend too much, so making budget is very important for me I usually make this budget even before I receive my salary because it usually help me make good budget but if I budget when the money is already with me I usually don't make good budget.
You really need manage your income very well if you really want to become successful and stay without being broke, the main reason why a lot of people usually go broke is lack of management when you manage your finance very well it will help you to stay rich

Prudent management of money is very important.To maintain sound financial stability management and planning plays a vital role.one must avoid over borrowing and extravagance spendings .savings is also very important aspect of maintaining good financial status

Having a lot of money doesn't necessarily mean you can't manage your finances properly, and this happens a lot in today's world. You're right, as you said, and it's a significant example that we need to emulate, reflecting on what happens in our own lives.
Not everyone has the skill to manage money, especially when it comes to large sums. If you don't fully understand how to manage it, there's no point in investing with the goal of increasing your wealth.
Moreover, sometimes the intention to invest in Bitcoin requires a deeper understanding of how to generate a lot of money, even though we still lack knowledge of financial management. So, before that happens, it's best to first understand how to manage our finances.

I don't think unexpected expenses will occur every day, so they can actually be managed if we manage our finances well from the start. If our financial management is good, then I think we can already have an emergency fund to cover such unexpected expenses. Unless our financial management is poor from the start, we won't have anything to fall back on when something unexpected happens.

Some people have a small income but a lot of expenses—that's a problem I often encounter. And even if they can manage their money well, their income doesn't allow them to save and build an emergency fund. This ultimately creates a mess when something unexpected happens, because they'll end up taking out a loan, which will only increase their expenses.

Yes, that's right. Financial management is the foundation for anything in daily life, especially investing, which is fraught with risk. But without proper financial management we'll be investing in panic or even worse going bankrupt.

So financial management is a fundamental skill we must master before diving into the crypto world. With good financial management, you can structure your finances so that when market fluctuations like the current one occur, you won't panic because you have other funds to weather the market fluctuations without having to sell them. This is also why financial literacy must be taught from an early age as it is the foundation for survival.

A spending management system is a must, disciplined financial control will bring you financial stability in the long run. If you have no limits on spending money and if you have a lot of unnecessary expenses, then even if you have a good income, you will not be able to create anything that will bring you good things in the future, such as building a large fortune.

Therefore, prioritizing necessary expenses, setting aside an emergency fund, and allocating savings for investments are very important.

Lucky for people who have a large income every month, because maybe that way they will not experience shortages and it is easy to divide their income whether it is for basic needs, paying bills, saving or personal expenses. For people who earn a mediocre income they have to think hard to divide the income they get, although there is another solution by looking for additional income, maybe it's not as easy as turning the palm of the hand.

Indeed, the difference between good earners and those who are only receiving minimum, for those who can earn decently they have all the options on how to divide their income, they can easily put some for their savings for emergency funds or for something that they want to have, while for those who recieved minimum they need to prioritize and they need to work harder to earn extra either with overtime or finding additional job for extra income.

Budgeting makes it easier to control our spending. Many people use various methods to avoid unnecessary spending. The most important of these methods is recognizing when they spend unnecessarily. If we want to fix a situation, we must first recognize it and evaluate our options for improvement.

The priorities and the amount of money used by high-income earners and minimum-wage earners determine the order in which they manage their money. Therefore, many people's money management varies depending on their salary.

Op nice post If I may say, I believe that if an individual continuously learns more about what is personal finance basically, it will really help to build their mindset of how to control their money and  manage it . Don't get me wrong i am not saying become perfect in it  no, just understand stuff like the use of compound interest how it works and so on. Like basically there are many topics to learn that will indeed help in money management. Because to me when it comes to learning, no knowledge is lost. That's just it knowledge empowers good decision making in an individual financial life......

Indeed, with a decent wage they can share their income with others even for a month's needs have been met so with the rest they can go to savings, investment, or other emergency funds, anyway with a good wage they are easier to manage finances.

Whereas with low wages they will not even think about saving or other emergency funds for daily needs, sometimes it is not enough even they are willing to work overtime tired to make ends meet.

So with minimal wages they must be willing to work extra and get other additional jobs to get additional income.

The inflation is global issue and is effecting everyone. Those who are doing job knows that salaries don't increase to counter the inflation rate and that's why it's important to generate multiple stream of income. If you rely on just your job salary then you will only able to meet your month need and it won't be possible to spare anything for emergency funds or for investment. Due to internet it's now possible for everyone to generate extra income by working from comfort of his home, all we need is determination to move out from our comfort zone and work extra.   

Having multiple streams of income and increasing your income is necessary if not mandatory in today's economic climate. But is it that easy? I don't think increasing your income is easy, especially with online work.

I don't think finding a job online is easy and anyone can do it. Online jobs also require knowledge, experience, skills or even degrees. It's like offline work, nothing comes easy because making money has never been easy.

We are very fortunate to be working on this forum but keep in mind that not all online jobs are as simple as what the forum offers.

Inflation has become a global challenge that is affecting nearly every economy and household around the world the sad truth is that wages rarely increase in proportion to inflation which means that even people who are working hard and earning a stable income often find it difficult to maintain their standard of living when the cost of goods and services continues to rise faster than salaries the value of money slowly decreases and that’s why people feel like they’re earning the same amount but getting less each month.

This is why building multiple streams of income has become essential relying on a single job is no longer enough because one income source can easily be outpaced by inflation the good news is that with the internet there are countless opportunities to earn extra money from home freelance work online tutoring affiliate marketing e commerce or even small investments in digital assets can help you create backup income. It all comes down to determination and the willingness to sacrifice a bit of comfort now for stability later it’s not easy to work extra hours after a full day job but that’s what separates people who just survive from those who eventually build financial freedom with focus and smart management it’s possible to protect yourself from inflation and still grow your wealth over time.

I agree with you, in today's era, one should not rely on only one source of income, but rather create more sources of income, having only one source of income is the biggest risk, because if it goes away, you will become messy. And with the way inflation is currently affecting, it is never possible to survive on only one source of income, as many measures as possible should be taken. If you want, you can create many sources of income, you have to have the willpower, if you want, you can gradually create a strong side income for yourself by taking small steps.

Compound interest is the secret weapon that makes millionaires and keeps the poor poor. Poor people think of earnings as addition, not multiplication, which is why they're so poor. They add paycheck to paycheck and only occasionally make savings at paltry interest rates, which are eaten away by inflation. And even if you try to explain to them that they need to think about how to multiply their finances, they won't understand, because compound interest doesn't produce impressive results initially. And I'm glad that all of us, cryptocurrency users, have access to financial instruments that MULTIPLY our capitals

In the country where I live, bank deposits can't even keep up with inflation, even though the government pretends inflation is half what it is. People save and repair things to avoid buying new ones. People tend to their gardens to avoid buying expensive fruits and vegetables at the store. I don't even understand how anyone can live on just one salary. Probably only if their parents constantly help them out.
But most of us here aren't like that, we fight our way up through knowledge. And I'm glad I figured out money management back then, which now allows me to earn a good living.

You are actually right because when inflation rises faster than saving interest, people are forced to adapt just to survive and so many people rely on repairs, home gardens, and cutting cost just because their salary is not enough to sustain them and their families anymore. Things are though most especially in developing countries but just like you have said, knowledge makes a very huge difference. Learning money management early truly helps you rise above these challenges, and it is great that you used that to build a better living for yourself.

Management of money is as important as earning of money. We often think different ways to increase our income but, in the same way we should also think how to save or manage money wisely. A good management mean utilise your money in such a way that after full filling your expense must keep certain amount aside in the name of saving or not believe on loans. it does not mean having a lot of money but it means segregation of your earning according to your need in a way that lead you towards increase in assets. Most of the people focus only full fill the daily expense not give preferences on saving always face hard time in the life

Many people make this kind of mistakes, immediately they are making a lot of money in a particular job, they forget that it will end one day. I've seen a lot of lessons about depending on one source of income, our electricity company of my country sacked some of their workers and you know when company sacked any worker they don't care about his gratuity, depending on one source of income is very dangerous, but some people usually forget about it, they always say that 35 years is very long and that is how they keep on telling themselves until the last day when they see notification of retirement notice.

We don't really have to depend on government work because they may wake up one day and say they are done with you, such thing as happened to my cousin, which is why we have to learn from that to avoid the mistakes they made.

As a self-employed worker with a meager income, I honestly try to share it as best I can. I sometimes even chip in with my sibling who lives in the same house to pay the bills. I'm the one who brought it up because I can't afford to cover everything myself, so I ask for help to work together as a family, as he lives under the same roof. One of the things I want is to reach a point where I no longer have to worry about my needs and be able to easily fulfill my own needs and desires. That will happen if I have a substantial income, and I'm working towards that.
What about you? Do you have more than enough income, or is it just enough?

For low-wage workers, implementing wise income and expense management will significantly improve their future economic capabilities. Good financial planning is the key to achieving financial freedom. We won't work forever all we need is enough money for retirement. If we don't manage our finances wisely, we will suffer the consequences of having to work for the rest of our lives. For those with low salaries, save as much as possible to purchase assets for the future. When the selling price of those assets is good, sell them and buy other assets that align with your plan to achieve your financial freedom goals. Financial management is essential for a brighter future.

It is a very good one OP. This is a very interesting topic because many people normally get carried away when they see money forgetting that you need a good plan for it. However, no matter how small you are earning weekly or monthly you need to manage it very well because some people normally say that after all my earning is small forgetting that you must start from somewhere because the more you are planning with your small earning that is how you are getting use to it and you wouldn't find it difficult when you have a chance for a bigger job.

It’s indeed very risky to rely only on one source of income. Securing multiple streams of income in today’s economy isn’t just about luxury anymore, it’s now a necessity if you wanna protect yourself financially. Protection against inflation, emergencies and job instability, cos these things can hit anyone at any point and if you’re not prepared for them, it becomes a very big problem because you’re automatically exposed. Even those who have only one stable income source would most likely understand that one major disruption a cause financial collapse or create debt and stress.

Many people live in that same balance between earning just enough and trying to stretch it across all their responsibilities those who make higher income have the privilege to plan ahead and build stability while those earning minimum wage are often just surviving every month counting expenses and hoping nothing unexpected happens it’s not that they’re bad with money it’s just that their margin for saving is almost nonexistent.

Being self employed with limited income comes with its own challenges since you’re not guaranteed a fixed salary each month dividing that small amount into bills food and savings takes a lot of discipline it’s good that you’re able to coordinate with your sibling and share responsibilities that kind of teamwork makes a difference because financial stress is lighter when it’s shared. Wanting to reach a point where you no longer worry about daily needs is something everyone dreams of and it’s achievable slowly with consistency increasing income even slightly or finding a new skill that can be monetized online can make a big difference i personally believe that comfort doesn’t come from earning a lot instantly but from managing whatever you earn wisely and creating multiple small but steady sources of income.

It's important to distinguish that men and women need different amounts of money for a comfortable life. Men typically support the family and pay for housing, which means they need a lot of money to live comfortably without a full-time job for the rest of their lives, and let's not forget that families also need to support children. For women, it's much simpler. Yes, there are families where both spouses pay for everything 50/50, but that's rare. As a rule, men bear greater responsibility and voluntarily support the family, sometimes even 100 percent, and this is a task of how to feed three people. Therefore, the amount needed for a single man and the amount needed for a wealthy man will differ, as will the methods of saving.

Managing income and expenses can improve our financial situation but I don't think it is the key to achieving financial freedom. That's true but not enough, you can't be financially free if you can't grow your income and assets no matter how well you manage them.

Furthermore, low-income people should not focus too much on saving and investing, and hope that they will become rich or financially free that way. Instead, spend more time increasing your income, that's the right way to get rich.

Investing will not make them rich if they only invest a small amount of money. There is no investment that can increase 1000 times or 1 million times to make them rich easily.

Systematized planning will pave the way for anyone to manage their finances more effectively, and I agree that management is necessary to manage everything properly. Financial planning will significantly determine the next steps, allowing people to allocate a certain percentage of their money after addressing their living expenses. This way, the remaining money, managed well, can be allocated to investments, savings, or businesses. This planning will not be easy without the ability to manage finances effectively, because, in principle, we will look for reasons behind income disparities.

What can lead someone to a better life and perhaps their way of managing their finances because without the best skills, no matter how much money we earn, it will never make us feel satisfied or enough. Especially when talking about investment percentages, business or savings because this must be prepared and not just flow without careful planning.

All cryptocurrencies here including Bitcoin are volatile assets. That’s why, as many of our fellow veterans in the crypto space often say, we must learn risk management
not just how to manage our money well.

These two must go hand in hand: risk management plus trading knowledge whether you're a swing trader or a day trader. But if you’re a long-term investor, it’s even more important
to prioritize safety and stability for your assets. Instead of constantly trading, sometimes the best action is simply to wait for the right time to sell your holdings.

When you tell people to start side hustles, you basically tell them that the social contract is no longer present, and you have to rely on yourself as a saving grace. All people rush into one and the same opportunities. Freelancing markets become saturated, returns falls and now you are competing with the rest of the world where there are people with lower cost base. I have witnessed industries compete to the bottom in this manner. Income did not get democratized through the internet. It globalized labor competition while retaining advantages of capital mobility

And the psychological cost? Always finding ways to profit on your non-working hours is killing the area where real skill acquisition and relationshiping occur. You're not diversifying. You're fragmenting. My personally stable friends did not side-hustle their way up. They were either structurally advantaged (timing, geography, inheritance) or employed in industries where wage was pegged on productivity as a result of collective bargaining. Collective action problems cannot be solved through individual action. That's just math

Many people are found of thinking that way, saying that after all what they are earning is very small and what they normally forgot is that the family responsibilities increasing everyday and they keep on saying their money is very small. Both the big and small money need planning because money is a guest that comes once in a time, so planning it very well will even help you to be contented with what you have. If you don't plan to succeed you will plan to Fell, we shouldn't forget our problems are increasing everyday and each of them will need serious attention so if planning is not there, how can we solve it. If we don't plan we will even find it difficult to solve unforeseen circumstances, which is inevitable.

It is true that both risk management and trading knowledge are essential for successful trading [1]. This is true for all investors, but it is especially true for long-term investors seeking to preserve their capital and prioritize safety and stability. The strategy for managing risk is different for day traders and swing traders versus long-term investors.
Position Sizing: Determining the appropriate amount of capital to risk on a single trade to avoid significant losses if the market moves against you. 
Setting Stop-Loss Orders: Automatically selling a security when it reaches a certain price, which limits the potential downside of a trade . Many brokerage platforms offer tools to set these orders; for instance, you might use an online broker's order entry system to place these limits.

Diversification Spreading investments across different assets to avoid over-reliance on a single stock or sector. 

Long-term investing prioritizes wealth preservation and steady growth over quick returns . Instead of reacting to daily market fluctuations, the focus is on a broader, more stable approach.
Asset Allocation: This is a crucial strategy for long-term investors, involving a balanced mix of stocks, bonds, and other assets that aligns with one's risk tolerance and investment horizon. Financial planning resources, such as those from the Securities and Exchange Commission (SEC), provide guidance on this approach.

Focusing on Fundamentals: Instead of relying on short-term market trends, long-term investors analyze the intrinsic value of companies and their long-term growth potential.

Patience and Discipline: As you noted, sometimes the best action is simply to wait. Long-term investors often adopt a "buy and hold" strategy, avoiding frequent trading to weather market cycles and reduce transaction costs

People who have 2 streams of income is finding it difficult to survive in this present economy due to the high level of inflation it is not advisable for any to be comfortable having one job that brings him income even though you are a business owner you still need something else that would be bringing money to you because things are so expensive and the demands keeps increasing everyday. The best way to survive is having multiple streams of income it would save you the stress of going broke when you no longer have one job and you can survive with the other job till you get a new one.

For those with limited incomes, I'm sure they're doing their best to manage their finances, even though it's challenging because it can be difficult to divide them into smaller amounts, and unexpected expenses sometimes arise. I sometimes feel like everything is secure, but then suddenly, a sudden expense arises, making me think hard about how to handle it.

What I really want is to be able to collaborate with other family members so that everyone has their responsibilities. I'm still working on this because they're quite difficult to work with. Collaborating might help my limited income lessen its depletion and allow me to set aside some for savings.

With good risk management, you can avoid losses or even the loss of your entire asset. When I first invested in crypto, I only knew that holding assets for the long term was the right choice. But in reality, all the assets I bought in 2021 (and perhaps I was unlucky because I bought during the bull market) all saw declines of up to 90%. If I understood risk management, I would have cut my losses to minimize losses and transferred them to safer assets like Bitcoin or even stored in USDT. Or I could have set a sell price to sell my assets when I'd made a small profit. My biggest mistake as a long-term investor was expecting returns of 5-10x my investment. Now I realize that this can't be achieved simply by investing; it requires a certain amount of luck.

I completely agree with those who say Robert Kiyosaki's "Rich Dad, Poor Dad" changed their thinking. It expresses the fundamental idea that money is a tool that can bring in even more money.
But I'm very surprised that 95% of the Earth's population doesn't think about this at all. And when they receive money, they want to quickly spend it on luxury items or delicious food instead of saving it and simply living a life of luxury in a few years. After all, this requires only a little intelligence and patience, but most people on the planet are absolutely incapable of this.

What do you mean by wanting your family to be independent of you? You want them to have their own income. It seems like you're a little bothered by your wishes. It's not because you don't want to give them anything, but because you have your own life and future to prepare for.

If what I'm asking and saying is true, then I can completely understand your situation. Sometimes it's not that we lack the ability to save and invest, but rather that we have to support our families. I think if that's the case, then you need to communicate everything so you can prepare for your future as well.

Whatever your job, no matter how much you earn, you must manage your finances well. No matter how secure your current privileges, even with a high income, as you said, we need money for our retirement because we won't be able to work forever. So managing your finances is a must, and make it a key issue in your life. If you have children you should educate them about financial literacy from an early age.

For those with low salaries the key is to save your daily work allowance first so you can have enough to last a month. It's okay if you can't save yet, as long as you don't increase your debt especially online loans that's much better. Sometimes with limited income we have to start small.

Yeah, this idea of getting multiple source of income is indeed a very nice idea but I think it depends because there are some people that can't handle the very one they have talk more of looking into getting a second One, although if not for the high level of inflation and also the bad economy i see no reason why we would be getting ourselves so worked up than to stick with the current one we have at hand, gone are those days when things was very cheap. then, people weren't struggling this hard to meet up. But nowadays if you're lazy you won't meet up.

This thing of financial management is very important for every individual. It is what will make any person to be able to achieve somethings  like life time investments and certain huge projects and even be able to boost to financial stability.  As important as it is it is very difficult to achieve for most individual.  Some factors and criteria are necessary to be met if anyone  wants to successfully save and manage money they include ;
1. Discipline.  You must discipline yourself not to spend on unnecessary things.
2. Determination. Offcourse you have to tell yourself that what ever amount you earn the percentage for savings must be removed.
3. Accountability; you must learn to be accountable to yourself so that you dont spend out of proportion or even do as you like because you are an adult and you are not accountable to anyone.

In the end, when we as humans are still thinking, it is clear that we must try to make some things as a reinforcement for our own welfare, hence the creation of greed which has always been a human nature because we will not be satisfied with anything.

Likewise, now we must be able to manage our greed so that it goes well because in the end greed can bridge us to the form of ambition that we want to achieve and of course this can be diverted in a more positive direction where we can do things that are good for ourselves in the end.
Not that we have to look up to greed here but indeed when we are never satisfied with the achievements including in terms of economic conditions then it can be a good thing so that we can survive with the inflation that occurs because however when we are only satisfied with what we have at the moment then we can be sure that we will start to be eroded in the flow of inflation and become victims in it.

Yes, having a side income can support all your living expenses when something unexpected happens, like being laid off from your main job.

One reason this is important to consider is because basic needs cannot be tolerated. You and your family must continue to eat to survive. This means that the idea of ​​earning additional income is recommended for everyone.

In fact, there are countless examples of people who ended up stressed when they lost their jobs because they were confused about how to meet their daily needs. This is also something I've considered. Before I got married and started a family, I needed to have at least two incomes. This would have saved me a lot of headaches. ;D

Discipline, determination and accountability are all important factors responsible  for financial stability, know doubt  about that but at times  after proper planning and implementation, failure and disappointment ends up destroying all plans made to gain financial freedom. A technician after spending years in the construction site,  established a fish farm with hope of gaining financial stability later ended up losing all as a result of business failure and disappointment.

It seems like you already understand financial management well enough to explain it in such detail to the next generation, such as your children. I truly admire it when someone understands how to manage their finances and sets a good example for others in various ways. Because usually, people who are able to manage their finances well are more disciplined in all aspects of their lives. But you also need to understand that this can only be done by those who have income, because for those whose income is only enough to cover daily expenses, it will always be difficult to implement such strategies.

I can actually relate to this part of your post so well that it made me remember all that I went through all because of loan, I remember one loan I borrowed from this forum which took me years to pay back, initially, my plan was to pay back the loan in six months time but things didn't go as I initially planned it, I got stuck with this loan while paying interest on it every month for going to 3 years if not more than..
And I think if I should start calculating the amount of interests I ended up paying for that loan, its x4 to x5 the amount I initially borrowed, at a point, I was even taking a loan from some one else to keep up with that monthly interest I was paying for the other loan..
This is how bad a financial mistake can go, and for me, I thank God I was able to make it through, many have ended their lives due to financial mistakes which completely ruined their finances. And things like this is the reason why knowledge on money management is a very important knowledge for all to know..

If you're holding Bitcoin, I agree that you can wait, but if you're planning to hold altcoins during a bear market, be prepared to simply lose the money you invested in these tokens. Because in addition to the volatility that plagues the entire cryptocurrency market, altcoins are also vulnerable to the possibility that any project could turn out to be a scam. If investors sell their tokens and exit, or even worse if the team does so, it's safe to say that hold such tokens is dangerous.

Having multiple incomes is incredibly helpful these days, given the high cost of living, and the uncertainty of future economic conditions, and having multiple incomes allows you to be better prepared for any eventuality, whether it's a major business loss, job loss, or other circumstances that could disrupt your financial stability.

apart from that, having multiple income also gives you the freedom to manage your finances, at least you can grow, save and invest more freely without being burdened with the worry that your income will not be sufficient by the end of the month. so at least your financial condition can develop and you won't be tied to debt if you are smart in managing your finances.

Mostly, when people have their own businesses, they don't need other sources of income, because if you manage the business very well, you can expand it, and then you can have different branches of your business at different locations, and a single business can make you enough money that you don't need another one for the time being. Of course, once your business becomes successful and you have enough resources, you can go for another business on the side, but that would only be for making more money, it won't be a necessity.

Having multiple sources of income is a necessity for people doing jobs, and that's because most of the jobs don't pay you enough to be able to fight against inflation successfully, and be able to save some money as well. That's why, if you are employed, you might need to think of finding another source of income on the side, we call them side hustles, that's necessary for you to have some financial stability in your life.

Based on what I’ve read from the community forum members, I often see them very confident that investing in Bitcoin is truly safe. In my opinion, this seems to be true, considering that the industry hasn’t been around for this long if Bitcoin hadn’t proven itself to those who believed in and held onto it for several years, even facing challenges along the way.

Therefore, whatever funds we decide to allocate for Bitcoin investment, we should use the excess funds we have for Bitcoin, and not use the funds meant for covering our regular living expenses.

Exactly, the most important thing with crypto is how to handle risk. No one can tell when the price will increase and when it will decrease, One should not merely anticipate high profits knowing when to cease and when to withdraw is also necessary.

Whatever form of trading you perform either as a day trader or a swing trader both of you need knowledge and discipline. Otherwise, the volatile market can turn everything upside down in an instant and among long term investors, caution should be taken. Trading can be done again and again but the patient waits and waits until the moment when the assets are safe is identified.

Of course good financial management requires income. But having a low income isn't difficult if you have the intention and long-term goals. Having intention and discipline are the keys to good financial management.

It's undeniable that some people live with a small income that's only enough for daily needs, but if you're truly determined, you'll naturally find ways to set aside money for savings or investments. For example if you have a large yard, you can grow vegetables, and if you have the skills, you can earn extra income. I mean don't be pessimistic about a small income, because by applying sound financial management principles you can manage your income well regardless of your income.

Therefore, we must be able to increase our source of income so that it is easier to manage money either for living needs, savings or investment, if only a little income then it will meet the needs of life only.
Many people are now willing to sleep a little, have little time for family because they are still looking for more additional money as a source, the important thing is that we have the skills more easily get a job.

There are many people who are taking debt for their education And institutes are giving free education And after that they will give them job and these students will return their money.  That is burden for the person who is studying in the university which he can't afford and he took admission because people said him the fame of the institute but after getting the degree he will be in trouble because he has to give their money back and he is in debt and he will not do anything for his family and will not save money but if he will invest a small amount of money on the Skill And will start his small business, he will be in good position after 5 years . People are taking loan for their own house in which they want to live and they will give installments of that .

Financial management is the proper use of one's money. It ensures financial freedom for the future. How to earn money, in which sectors to spend money or how much to buy, how much to save and in which way to invest will be less risky and you will see yourself as profitable is financial management. The main goal of financial management is to reach the desired goal by maintaining a balance between income and expenditure. We must reduce unnecessary expenses. Only if we can focus on implementing the welfare of future generations, society, country and the world by ensuring proper use of time, will our life be truly meaningful. We see these among the world's big billionaires.

Bitcoin is no doubt a safe investment. With that people means that it's here to stay but it's still risky just like the normal investments.
I agree that we have to invest what we can afford or an excess funds that we don't mind losing.
But if it becomes serious, just like anybody else in the forum, we've invested heavily on it and it's a serious money that we've worked hard for.

Bitcoin has risks, risks must be accepted, it is safe if risks are managed properly. Bitcoin's potential, its power, its survival give us the possibility of a very good profitable future, but nothing is certain and everything is based on probability. And you have to be completely clear about this, and you have to make decisions based on the certainty of this possibility.

I agree with you, that's why financial management is so necessary.
It's useless to have a high income but don't know how to manage finances. In the end, the money will be wasted to fulfill endless desires. When someone understands how to manage finances well, then balance can be expected. There must be proper planning and an equally good approach, both of which will help us achieve our financial goals in the long term.

There are many guides on how to manage finances effectively. Anyone can learn them and adapt them to their own income, of course, because each of us has different needs. At least, 20% of total income should be saved before spending, that is the advice that I always try to practice until now.

To me a high income means nothing if someone spends without structure or purpose. Discipline is what turns earnings into real progress and once a person starts planning, budgeting, and prioritizing his or her long awaited goals over a short period of time, everything becomes more balanced. And you are actually right, financial strategies are not one size fits all. Everyone income and responsibilities are different but then the principle of paying yourself first matters.

That's a good way to save up, since you both live in the same house splitting your expenses will allow you to save some of your income, it's a mutual understanding between you and your sibling since covering the whole amount might be a burden but splitting will lite the weight and will allow you to save some for yourself.

As for me, I got enough to cover the needs of my family though most of the time I need to use my credit card for groceries and pay it once I got my monthly salary.

You are right that the purpose of those rich people earning a lot of money will be worthless if they cannot use that wealth properly. Everyone is a person with different skills and not everyone has the same income and spending capacity. Most people earn money but at the end of the week they do not have any discretionary income but they end up in more debt. Most of those people may not be able to maintain the balance between their income and spending. A significant reason for not maintaining the balance is being in debt and having to pay off the loan with interest every week. Everyone wants to live with financial progress but due to not balancing their income and spending they become poor.

When you get your finances in order, everything becomes much simpler. You can see how much you need to spend on your essential needs and how much money you can have left each month. This is a very good habit, and when I save money, it brings me satisfaction because I know that in this way I am building capital that I can invest, and that will generate income.

You can call it discipline or you can call it a habit, it does not matter what you call it. The most important thing is that everything is set up so that you save money every month, regardless of whether you earned more or less. This is exactly how savings and capital are formed.

I agree with you that if we do not have a clear spending plan and do not know how to manage money, high income is meaningless. However, I want to emphasize the fact that no matter how good our financial planning is, but if the income is too low and not enough to meet basic needs. Budgeting and planning will also not be effective.

Therefore, income management and earning are equally important, need to be balanced and adjusted flexibly. We should not focus so much on managing money that we neglect increasing our income, especially if our salary is low.

Before, we can say that it's all about probability for Bitcoin.
But we have seen on how it did for the past decade and it's no longer about probabilities anymore. Because the possibilities that the early investor probably have said about it have become a reality.
Those who have made a decision of investing on it despite the uncertainty due to FUD that have been said long time before, they're now happy in profits and are continuing holding it.

let me tell you when you are earning a high income it will make you to have a structural plan on how you spend daily and weekly, but a process whereby your income is not serving you, actually make you not to have a good plan for yourself because most times will be spending what you have in only accommodation and feeding

Spending without target is for people who does not suffer to make money if you make your money in a legit source, they are nothing that will make you not to have a structural plan of how the money will it be useful for you in future

So anyone who does not calculate and think deeply for spending that person must be a future poor person, because in life what makes a cash flow is when you have a diversity source of income especially when you expand whatever thing that fetch you money in different angle. So I'm making a financial strategies for yourself is only thing that to keep you to be having a financial flow without having or experiencing a cash set back

Rich people have enough money to use as they wish but no one becomes rich automatically. In the beginning they manage their money and work hard to strengthen their financial structure and they build their sources of income in such a way that they can generate good earnings from it throughout their life. If they had not managed their money carefully from the beginning then they would not have been able to reach that position. Very few people become rich through inheritance and people get wealth. Most people become rich through their own hard work so money management is very important for everyone.

Of course, most people get rich and achieve success through hard work, the reality is much harder. To be successful, a person has to work a lot and manage money carefully. It is easy to say that becoming successful is very difficult to implement, but those who can be patient for a long time can be successful one day. It is true that financial management is very important for every person, otherwise one cannot become rich or achieve success.