The first rule of investing is saving

[TheGreatPython]

Indeed for a student starting an investment is not easy, especially if the student was born in a poor or developing country where the opportunity to earn an income is not as big as the opportunity in rich countries, you can start to build a mindset as described by the OP in first page that investment is sacrifice, and must start by saving whatever your income.
What also must be remembered when investing is that the main needs must have been met, and only use the allocated funds for something that is not too important.

Interestingly I believe on literally the opposite of both believes. When you are living in a smaller nation, it is easier to live with 50 bucks or 100 bucks as a student, depends on the personal situation of course, I have met with students while I was in school that had to work full time and go to school at the same time, they worked at nights, went to school in the mornings, and whenever they had any time left at home went to sleeping, they did literally nothing else just school and work and sleep for 4 years to finish school (usually they were the most successful kids at school as well).

However if you have parents taking care of you, you live with them, they give you food clothes and everything you need, and if you have a computer and an internet connection, then all you have to do is just learn some skills that you can earn money online and that's it.

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[Wong Gendheng]

Firstly, you save a good amount of money. Then, you would consider investing some of it into a cryptocurrency or something different. It's really an important thing to be aware of. Because there have been many people who didn't care about saving much and invested all of their money into a cryptocurrency. This is just a deathwish for a person. It's always better and crucial for one to save a good amount of money not to stay in a bad position.

Saving is the most important thing, we must do it because we need cash at any time, with Covid conditions like now, choosing the most profitable type of investment is important, many people are stuck buying property and during the pandemic the value drops, crypto is the right choice because it has proven to be very profitable .

[Fredomago]

Firstly, you save a good amount of money. Then, you would consider investing some of it into a cryptocurrency or something different. It's really an important thing to be aware of. Because there have been many people who didn't care about saving much and invested all of their money into a cryptocurrency. This is just a deathwish for a person. It's always better and crucial for one to save a good amount of money not to stay in a bad position.

Saving is the most important thing, we must do it because we need cash at any time, with Covid conditions like now, choosing the most profitable type of investment is important, many people are stuck buying property and during the pandemic the value drops, crypto is the right choice because it has proven to be very profitable .

With proper knowledge within this venue then you said it right, crypto is more profitable if you know what's you're doing inside this business, having good amount of reserve money and split it into the right investment.

Make sure to assess and do your good research before to jump into any investment that you pick, savings or the money that already excess to your budget is the best capital in my opinion, though you should always go and use the amount that you can really  let go or to forget in a longer time frame, with that, you are not going to make bad calls while you are inside and already have your assets being selected for your investment.

[Ultegra134]

~snip~

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

~snip~

~snip~

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

I've also thought about this, but never dared to implement it. Likewise, I'm working an 8-hour job, and I'm currently able to live pretty comfortable, setting money aside each month. When I invested into DeFi/Yield mining, I thought that it would be a good idea to invest a couple of hundred dollars each month into other projects.

I've actually done it once, in order to boost my investment, but I never proceeded to do it again, rather than invest my salary, I decided that it's safer to reinvest any money I earn through my main investment, without involving any external funds.

I think your problem is diversification. Don't just invest in new project, create a mixed portfolio of cryptocurrencies, stocks even some bonds to hedge your portfolio, see the truth is even with cryptos taking over the stock market isn't going anywhere and is much less volatile than cryptos, so a certain set of investment should go there to make sure that you don't burn a lot of your money in new projects because those are really risky and you might never even get your investment back from them. In such projects, a person should not invest beyond 10% of his total assets. It's highly risky, you are taking a big risk for the return involved.

I've also found it wrong that when investing into DeFi projects, I placed all my money in one specific vault. Looking back now, it was risky and inconsiderate, since algorithmic stablecoins weren't 100% safe, of course. After their crash, I was extremely cautious and would only invest in lower risk vaults, (with a lower reward of course too).

On the other hand, DeFi and crypto is my only investing experience, I never had anything to do with bonds or stocks in the past.

[Aliceooo78]

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

If I have a lot of savings, I will keep the basic living expenses, and use the rest for investment. Of course, it is a field that I am familiar with. My mentality is still very peaceful and not very accumulative. I will not just because someone said a project. The rate of return is extremely high. Even if someone makes a lot of money, I will not be jealous, let alone sleepless. For example, I hold Bitcoin, no matter what kind of underestimation I am now, I will still hold it.

[taufik123]

If I have a lot of savings, I will keep the basic living expenses, and use the rest for investment. Of course, it is a field that I am familiar with. My mentality is still very peaceful and not very accumulative. I will not just because someone said a project. The rate of return is extremely high. Even if someone makes a lot of money, I will not be jealous, let alone sleepless. For example, I hold Bitcoin, no matter what kind of underestimation I am now, I will still hold it.

It's just a fantasy that hasn't come true. It is very easy to think of such things, but not if the circumstances as you imagine are really real. Ralita will not be what we imagined. Investing will also not be as easy as turning the palm of the hand. It takes commitment and trust that the investment will be successful.
Don't just fantasize, do it now with your current situation, don't wait for you to have a lot of savings. Big results start from something small.

[teosanru]

~snip~

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

~snip~

~snip~

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

I've also thought about this, but never dared to implement it. Likewise, I'm working an 8-hour job, and I'm currently able to live pretty comfortable, setting money aside each month. When I invested into DeFi/Yield mining, I thought that it would be a good idea to invest a couple of hundred dollars each month into other projects.

I've actually done it once, in order to boost my investment, but I never proceeded to do it again, rather than invest my salary, I decided that it's safer to reinvest any money I earn through my main investment, without involving any external funds.

I think your problem is diversification. Don't just invest in new project, create a mixed portfolio of cryptocurrencies, stocks even some bonds to hedge your portfolio, see the truth is even with cryptos taking over the stock market isn't going anywhere and is much less volatile than cryptos, so a certain set of investment should go there to make sure that you don't burn a lot of your money in new projects because those are really risky and you might never even get your investment back from them. In such projects, a person should not invest beyond 10% of his total assets. It's highly risky, you are taking a big risk for the return involved.

I've also found it wrong that when investing into DeFi projects, I placed all my money in one specific vault. Looking back now, it was risky and inconsiderate, since algorithmic stablecoins weren't 100% safe, of course. After their crash, I was extremely cautious and would only invest in lower risk vaults, (with a lower reward of course too).

On the other hand, DeFi and crypto is my only investing experience, I never had anything to do with bonds or stocks in the past.

This is also a big mistake which many users make, never store all your assets on one crypto exchange. These exchanges are shady and can turn into a scam any day, especially until there is any regulation on them one should keep all their money in one exchange. Keeping them in unpopular wallets is even more risky.

[Refrumatrix]

Investing is common sense, make sure you already have enough money in the bank and take some percentage of that money to invest in crypto, make sure that amount is exactly how much you are willing to lose, if bad thing happens you won't be that hurt

[Charot12345]

It is all about mindset, I am in a third-world country too and my salary is just enough to handle my responsibilities but I am still able to save some amount every end of the month even if it is really small. If your mindset is for the long term that you know that you can't just work forever, you will start to save for something to invest in the future. It's difficult to teach financial literacy in a third-world country because most often people here are not yet open-minded for other opportunities. They are still stuck with the tradition of you study, graduate, then work until your age of retirement.

I totally agree with you. It is all about mindset. A positive mindset. If you set your mind on saving, it can motivate you and can make you think of many ways to save then invest when the opportunity comes.
Most people tend to procrastinate when it comes to saving and always think they can start saving tomorrow then tomorrow comes then they will delay it again for tomorrow until they get old and end up with no savings.
Consistency is also important, even if you save 5% of your income but it was continuous and consistent you can see that you have many savings. Then after that, you can start to invest to make your money grow more.

[Vaskiy]

Saving is the primary form of money making. Everyone who have got a savings were successful in life. Maybe there's little exception. More the savings lead to massive investment. The success of savings happen when the same is being invested. Most of the time common people doesn't prefer investing, because of the risk associated with it. If we take a survey it'll be clear most of the users who took the risk of investing with the savings have turned themselves rich and moved to next level of living standard.

[19Nov16]

Investing is common sense, make sure you already have enough money in the bank and take some percentage of that money to invest in crypto, make sure that amount is exactly how much you are willing to lose, if bad thing happens you won't be that hurt

Saving money in banks is not profitable, we only get 10 percent bank interest per year, saving banks are only for daily needs, to make our money increase then the best solution is investment, for me crypto is the first choice.

[bryant.coleman]

Saving money in banks is not profitable, we only get 10 percent bank interest per year, saving banks are only for daily needs, to make our money increase then the best solution is investment, for me crypto is the first choice.

10% interest per year from bank deposit? That is more than three times the rate we have in our country. Where are you residing? IMO, bank deposits are never profitable, because they will always be lower than the inflation rate. On top of that, you need to pay taxes on this interest income, depending on which income tax slab you are falling in. This is the reason why I keep bank deposits to less than 5% of my overall portfolio. In percentage terms, my bullion holding is larger when compared to the bank deposits.

[Kittygalore]

Saving is the primary form of money making. Everyone who have got a savings were successful in life. Maybe there's little exception. More the savings lead to massive investment. The success of savings happen when the same is being invested. Most of the time common people doesn't prefer investing, because of the risk associated with it. If we take a survey it'll be clear most of the users who took the risk of investing with the savings have turned themselves rich and moved to next level of living standard.

Saving without the saving making interests, is only causing the economy to artificially inflate because most of the money are stagnating in the piggy banks, investing is a much better way to make money, there's a point that you can save an amount of money because too much is harmful for you and to the economy.

[Snappycoco]

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

This is the most basic step before investing. What happens after you got money? You invest. But before that, you have to know the risks and possible consequences of your actions. Probably the best advice before investing is that, you allocate an amount that you live without and invest it. Each month you should allocate a part of your hard earned income and invest what you can afford to lose in your savings.

[ShowOff]

but if you want a bigger return, we can choose bitcoin

I probably wouldn't say something like this to someone interested in investing. Bitcoin will never guarantee anyone to get a big return within a certain period of time and if there is then I believe it is one of ponzi schemes. So far the risk and possible return on bitcoin investment that investor will get are comparable if they invest in the long term. But will it be forever? Of course not, they would still lose money due to price fluctuation. Keep in mind, bitcoin should also not be described as a get-rich-quick scheme for anyone. For obvious reasons, I don't agree with your opinion.

[Ausgewielt]

I think I have different opinion. In my opinion, all your statement is right but for me there are differences between young and old people. For old people it is better to invest with their money but for young people I think it will be good if they invest for their brain by keep learning. I agree with your main point that saving is important. For young people it is better for them to use their money to buy books or pay tuition or course. If they don't have money they still can go to the library. That's my opinion.

[TheUltraElite]

For old people it is better to invest with their money

By the time one is old, their cognition has reduced and they are no longer having the risk taking mindset of the younger age. In other words, they would be too late. No offense intended to any aged person reading this though. You can start investing anytime, but keeping it all for the old age is not the correct decision.

but for young people I think it will be good if they invest for their brain by keep learning. I agree with your main point that saving is important. For young people it is better for them to use their money to buy books or pay tuition or course.

You are assuming that the person already has money with them. Keeping aside the fact that in third world countries parents pay for their child's education, I dont think that statement is applicable everywhere. Still getting a proper education is also an investment, investment in one's education and future. So that has a long term value. Of course when they start earning they can start saving and investing like the OP says.

If they don't have money they still can go to the library. That's my opinion.

A library is a last resort, you cannot depend on a third part system for your own education. What if someone lives in a locality that does not have a library nearby or if that library is closed down due to an ongoing  pandemic?

A library can help and it seems very nice to hear those news about some poor kid studying from library and reaching somewhere big, but dont get too rosy, because this is a classic example of a surviorship bias.

[worle1bm]

Yes saving is necessary if you want to have some investment plans for your future and these days investment has become say very much important to secure our future and this pandemic has made us realise how much saving is necessary in our life's.Many who lost jobs and were not having extra source of income had consumed their past saving.But keeping them banks in any kind of fixed deposits will also not give you any good benefits so it's better to take some risk and invest in any profit yeilding investment like stocks,crypto of your choice but always have knowledge of what you are doing and wait for some time.Always invest that much you have saved but don't go on for loans and personal debts for this circle as you might fall into vicious circle of debt trap from which you might not get out.Be safe and have plans for your future.

[molsewid]

I think I have different opinion. In my opinion, all your statement is right but for me there are differences between young and old people. For old people it is better to invest with their money but for young people I think it will be good if they invest for their brain by keep learning. I agree with your main point that saving is important. For young people it is better for them to use their money to buy books or pay tuition or course. If they don't have money they still can go to the library. That's my opinion.

Giving yourself an abundant knowledge is a very powerful investment than the real investment itself. I guess investment for yourself like nourishing your mental capacity about investment has no age limit. You could feed your mind about investment in a young age which is better but you could also feed your mind even if you're in the adulthood stage is totally fine too. Having a knowledge enough while you were young will give you an advantage to pursue a great investment in yourself like learning from your experience or failures.

[Kong Hey Pakboy]

If you only save though, it wouldn't help because if you are a conventional type of saving then you aren't protected against inflation, on the other hand, I think that saving money on banks and slowly investing money at the same time is a much better idea.