Management of money

[fighter2627]

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.

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.

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.

[Kagaru]

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.

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.

[Mame89]

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.

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.

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.

[liuka]

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.

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.

[Unknown Op]

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.

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.

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 .

[Scarlett_23]

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.

[terrific]

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.

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.

[ChocolateBitcoinK]

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.

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.

[skarais]

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.

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.

[DiMarxist]

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.

[Fredomago]

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.

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?

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.

[cxtreenal]

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.

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.

[Inwestour]

 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.

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.

[Marvell1]

 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.

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.

[terrific]

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.

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.

[GeorgeJohn]

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.

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

[Z_MBFM]

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.

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.

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.

[Yorubek]

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.

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.

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.