Leviathan.007
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July 08, 2021, 06:43:18 PM |
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There are many rules for investing if you read some books to guide you with investing. You can list the money spend per month and you will understand how much money you can get if you stop buying unnecessary stuff. If you just save the money you spend on a cup of coffee per day you can see the effect in the next months, I suggest you read the book named 'Compound effect' by Darren Hardy you understand the compound effect and feel it in your life. Having enough knowledge is power so it's better to read the books and take a look at the strategy of successful people. Knowledge is the key.
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Coyster
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July 08, 2021, 07:52:14 PM Last edit: July 08, 2021, 08:06:07 PM by Coyster |
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In my opinion, investing and saving somewhat mean the same thing, when you invest, you are putting your money into an asset or something of that sort with the intention of not spending it for the meantime, which means you're saving it, the only slight difference is the risks inherent in investments, there can be profits and losses as well. But just basically saving/keeping your money without investing it also has its own risks in inflation, your money can be devalued with time if the economy is struggling at that very point in time, this can as well mean you'll suffer loss through devaluation.
That's not to say they mean exactly the same thing, but they are kind of synonymous. I also believe one can decide to save in any asset, currency etc they wish, and it can still be called saving (or investing for some), you must not save in fiat currencies only. People save their funds in Bitcoin, Gold, Real Estate etc, keeping just a little of their funds in fiat just for daily needs. I mean, it's not like saving in fiat is totally free from risks, it is not, just like other assets, and then these other assets can provide returns which makes it a good choice for quite a lot of people.
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adzino
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July 08, 2021, 08:25:35 PM |
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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). -snip-
You should never invest borrowed money on crypto currencies. Trust me, you will regret. The market is very unpredictable. You might lose all your money within seconds if you make one mistake. You might think that you may be able to return the money next year with profit, but the exact opposite might happen. Don't forget the golden rule "Invest what you can afford to lose". You think you can afford to lose borrowed money? I don't think so.
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ultrloa
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July 08, 2021, 09:02:00 PM |
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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). -snip-
You should never invest borrowed money on crypto currencies. Trust me, you will regret. The market is very unpredictable. You might lose all your money within seconds if you make one mistake. You might think that you may be able to return the money next year with profit, but the exact opposite might happen. Don't forget the golden rule "Invest what you can afford to lose". You think you can afford to lose borrowed money? I don't think so. This is one of the biggest mistake made by certain investors they borrow money then invest it on crypto and we know how risky they is since this could kill their hopes once sudden market drop happens nor they made mistake on their investment choices then lost everything they have. That's why its really good to invest only the extra money we have and don't try to put anything that we don't own. Crypto is so promising but the risk is so high that's why need to be careful on our choices and don't join the FOMO since the risk is high there.
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just_Alice
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July 08, 2021, 09:11:02 PM |
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I especially like this point - If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.
That is so true! I know quite a few so-called investors that lent money and are deep in debts, but they constantly buy stocks and imagine that soon they'll become millionaires and pay everything off. That is the wrong kind of thinking, imo. To make money first one needs to do is at least reach point zero, where at least you don't owe anyone and can safely live off your stable income. Then everything else should come, otherwise not only you lose on those %, but also can't think broad, because the debts will be on the mind. Such people will always look for fast and easy money, while the key to a good investment strategy is patience.
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Kasabus
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July 08, 2021, 09:22:33 PM |
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I especially like this point - If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.
That is so true! I know quite a few so-called investors that lent money and are deep in debts, but they constantly buy stocks and imagine that soon they'll become millionaires and pay everything off. That is the wrong kind of thinking, imo. To make money first one needs to do is at least reach point zero, where at least you don't owe anyone and can safely live off your stable income. Then everything else should come, otherwise not only you lose on those %, but also can't think broad, because the debts will be on the mind. Such people will always look for fast and easy money, while the key to a good investment strategy is patience. Exactly. You can't start saving if you are still trapped thinking how to pay your debts. So better pay your debts first so you will have peace of mind and from there, you can start saving for your future retirement. I know this might be easy to say but quite hard to do. I have been here so i know exactly the feeling. But if you have the positive mindset and you know exactly how to budget your funds, then you can do saving at the end of the day.
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Dread Pirate Roberts
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July 08, 2021, 10:31:09 PM |
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Be someone who is careful in calculating expenses. needs, and must restrain desires for unimportant things. and also Always thinking about doubling your money can also motivate you to be consistent in saving and investing. Saving must be more than spending.
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Shasha80
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July 08, 2021, 11:44:28 PM |
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I especially like this point - If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.
That is so true! I know quite a few so-called investors that lent money and are deep in debts, but they constantly buy stocks and imagine that soon they'll become millionaires and pay everything off. That is the wrong kind of thinking, imo. To make money first one needs to do is at least reach point zero, where at least you don't owe anyone and can safely live off your stable income. Then everything else should come, otherwise not only you lose on those %, but also can't think broad, because the debts will be on the mind. Such people will always look for fast and easy money, while the key to a good investment strategy is patience. Exactly. You can't start saving if you are still trapped thinking how to pay your debts. So better pay your debts first so you will have peace of mind and from there, you can start saving for your future retirement. I know this might be easy to say but quite hard to do. I have been here so i know exactly the feeling. But if you have the positive mindset and you know exactly how to budget your funds, then you can do saving at the end of the day. That's why I always avoid having money loans, it will prevent us from saving. Because if we have debt, the main priority is to pay the debt, because that is our obligation. And usually people who have debt, their financial condition is not healthy, so it is very difficult to saving. So first think about how to pay off debt quickly, after that we can calmly plan to saving our money.
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TheUltraElite
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So anyway, I applied as a merit source :)
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July 09, 2021, 05:27:55 AM |
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To have time (and money), you need to be young (and have rich parents). I would agree on the rest but disagree that you need rich parents. Many people come from poor families but are willing to work hard and get a proper education so they can pursue their dreams. If they manage to get through the rat-race though, they will be earning well and then they will be saving and investing. Of course being happy with your earning is a relative term but I think I made my point. Unfortunately not everyone is able to make it through - that is where the difference lies.
You can essentially start saving up on costs in different aspects of life. Saving does not necessarily means hoarding money, but cutting down costs as well. Giving an example: When you buy a new phone try giving your old phone to your parents so they dont have buy new ones, since the companies that produce them essentially want you to buy one every two years. You phone -> parents phone -> This can be a method of cycling the phones and selling the oldest phone from the house.
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Poker Player
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July 09, 2021, 05:51:08 AM |
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What happens is that there are a few authors like Kiyosaki and others who tell you that it is not worth saving fiat currency, but to get into debt. I am not saying that this is ideal for everyone, but it is another point of view. For them, investing means going into debt, rather than saving.
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oHnK
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July 09, 2021, 05:55:41 AM |
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I interested to read this thread because my little sister told me about her friend. She asked me to teach how the way to start trading like her friend, fyi She's blind about financial literation. Investing and trading are some kind of strange for her. Then, I teach her. I dont forbid you to learn about tranding or become a trader like ur friend, but I suggest you to learn how to manage ur money first. In this life, if you wanna be success you have to earn 2 kind of incomes. Such as; 1. Active income 2. Passive income
When you work daily as a teacher, you earn 200$ per month. But you just spent your money for needs and wants. If there's residual income, so you save it in the bank account. Just simple like that. But do you think that you have gotten more benefit because of ur saving? I said, no.
Because, when you save in the bank account. Every year you saving will decrease because of inflation. If you want to learn more and get more. Try to manage ur active income become passive income too. Such as, You invest in gold, stock, property, then crypto. After you understand more, you advance ur knowledge to be a trader.
The key is active and passive income will save you in the future.
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Xinarae*
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July 09, 2021, 06:02:04 AM |
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People usually save and invest from their own capital it is not possible to grow in life without saving money at present savings certificates are shrinking the stock market is a place to take risks and interest on bank deposits is declining. Outside of that there are few places to invest hence the need to further expand the field of investment for the common man crypto is a good place for this investing here will save money and people will get double profit.
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so98nn
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July 09, 2021, 11:15:46 AM |
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A small mistake in financial decisions can lead our families and yourself to years of set back. I have seen this incidence with one of my family member and their close relatives. Though at least two members from their family were in permanent working mode they had to bear all the financial stress due to single member. In my country the families are joint too, which means more expenses in the single house with more burden on the highest wage earner. Incidences like this can take up all your savings too thus putting the whole family in financial crisis. So even before to start saving your money, one should also have a contingency plan to avoid such instances. Then comes actual savings, then expenditures to throwing parties for friends. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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SacriFries11
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July 09, 2021, 01:41:29 PM |
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Totally agree on this. Once you start earning money, part of your income needs to be saved. This will benefit you in your future especially if you are still single. Aside from giving money to your family and sometimes splurge on luxuries, a big part of your income must be saved. You also have to learn to invest, its like hitting two birds in one stone. You already saved your money but you will take profit. For example, letting your money in investments for cryptocurrency, besides it is also being used in online transactions and payments. So the first rule of investing is saving..
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kawetsriyanto
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July 09, 2021, 02:29:16 PM |
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Absolutely ... ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) One thing that I always say to myself and also work for me when going to invest in anything both in crypto or even others. It is about using free money, not using daily or urgent money-saving, or even using some education or future savings. It will be okay if we have good financial management monthly based on our salary or any income. the investment should be several percentages from the free money, in which we will not use it for something, or even it may be okay if we lose some more the money as the risks of investment. Saving, yeah, of course, we must have it, aside from the investment funds. because saving, we sometimes will need the saving money some days and we must cash them out suddenly. but investment, we should consider how long it will be and also the risks of the investment itself. That is why, I always agree with saying that never invest with money that we cannot afford to lose.
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pinggoki
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July 09, 2021, 02:47:07 PM |
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The first rule before you invest was to invest only the amount of money that you can afford to lose because in investing there is no instant money here because you are risking your money in a huge return so it is more likely gambling in which just gamble the amount of money that you can afford to lose. That's the first and golden rule in investing. Another thing is that investing is saving, that's right because when you are investing you are saving your future because it is for your own good also.
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lixer
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July 09, 2021, 03:08:05 PM |
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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.
Where you said something about debts, that is very important. When you’re in debt, the money you’re saving and investing is just going to be like you’re wasting your whole time doing nothing. So it’s usually best that you start with paying off your debts and once you have paid off your debts and you’re free , the next thing you have got to start is savings. And when you have finally made enough savings to last you for long, you can then start with investment. I started my investment with mutual funds, and they were good for me, worked out. And then I added cryptocurrency investment to it. Even though cryptocurrency has changed my life to an extent, I still didn’t quit my job, I still continued with it while I’m also trying to build my own business.
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arallmuus
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July 09, 2021, 03:56:50 PM |
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- The first step to invest is saving part of your income. No savings, no future.
This statement is not quite right. You invest a portion of what you earned, not a portion of what you saved. After you invest a portion of that, you save a portion of it and spend what is left. Thats pretty much the basic because by turning into this order, you will be able to invest alot more from what you earned instead of just portion of what you had saved after you spent some of it Investing is pretty much the same as saving but its just so much better because you wont lose any value of your investment due to inflation provided if you are investing in a legit investment that provide a stable return
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Sterbens
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Duelbits.com
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July 09, 2021, 04:04:17 PM |
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it is no stranger to how many concepts and methods we must always get used to saving for the sake of meeting needs in the future.
in connection with various concepts that are really suitable for individuals in getting used to managing finances, be it 5% or even 1%, it must be an obligation to add half of the income to keep things in check so that in the future we don't bother borrowing from other people.
as an alternative to saving in crypto is a solution as well as the risks that are in it. there is no decision without risk, as well as in deciding to save. all have a level of risk based on what is listed.
However, not a few people are afraid to invest because they are not ready to face the risks of uncertain market conditions. There are several solutions that I'm trying to mention, one of them is by investing using the Cost Averaging concept.
as an example:
I allocate funds to invest in Bitcoin for $100 per month. although the price of Bitcoin in the market increases in the following month, then by continuing to invest $100 in that month, so the amount of Bitcoin you have will be less than in the previous month
or with the second picture option, if one or two months later the Bitcoin price drops, then keep investing $100 and you will get more Bitcoin.
as a result, with this method of disciplined mentality and being patient, without being affected by the Bitcoin price going up or down, then by continuing to invest $100 and keep investing.
Note: this is just my personal input, doesn't require you to trust it 100%, all back to your research and discoveries in doing various alternatives so that you can continue to get used to saving from an early age.
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sapnu
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July 09, 2021, 04:13:20 PM |
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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 agree with your statement. Once you enter investment, you should first clear out any debts or credits that are unpaid or anything that tangles you from progressing. You should start off like a blank paper, with nothing on it yet and then you start filling it up slowly over time with assurance or certainty that none of it would ever be taken away from you anymore. No matter how much you are investing, it will still grow so just have the perseverance and the eagerness to make it through because it will all be worth it someday. Patience should be observed whilst investing cause it will determine how far you'll be able to go.
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