Share Your Best Money Advice Based on Personal Experience

[Cling18]

Focus on your needs and not on your wants. These days, there are lots of things that are on trend that are tempting to buy so we need to be more disciplined and control our urge to spend on unnecessary things. As much as possible, we should also avoid borrowing money if it isn't for emergency reason. We better grind and earn to save and invest and make sure that we are maximizing our assets.

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[ajiz138]

Scenarios of financial advice are always different, but you can see from other people how to manage it properly and what you need from the advice because basically everyone is different in giving advice on their own money.

I always want to increase my income especially this will cover all what is needed monthly and other needs are sufficient.
From what I earn of course I always manage to share in my expenses because this is important because otherwise the financial advice will not be correct

Monthly rent
Savings
Emergency fund
Stable investment
basic needs in the household and I don't recommend any loans because this is always avoided.

Apart from all that I have to be able to cover every month, this is only the income that I generate at work and also my small business so I have to be able to manage as much as possible.

[abel1337]

I can't consider this as financial advise but I suggest to manage your money as best as you can. Don't put all your eggs in the same basket, Don't go all-in in something that are speculative and uncertain, in short don't put all your money on crypto knowing that tokens are very volatile. Diversify your funds like doing yourself an emergency funds, daily expense budget and other things that will disrupt your investment if bad things happened. I experienced this before last 2018 bear market where I did go all in on crypto without having emergency funds and reserve funds for my necessity. At the end, Most of my crypto where sold in at least a break even price and most of them are on loss. I've learned it and applied it today. Luckily I still haven't got any problem that I'm forced to use my emergency funds but I hope that day will not come. Today I still have some spare funds to invest as well as enough money to live and I haven't sold any of my asset as a lost.

[Fatunad]

Focus on your needs and not on your wants. These days, there are lots of things that are on trend that are tempting to buy so we need to be more disciplined and control our urge to spend on unnecessary things. As much as possible, we should also avoid borrowing money if it isn't for emergency reason. We better grind and earn to save and invest and make sure that we are maximizing our assets.

Never took a loan for buying out your wants
Never took a loan for leisure time
Never took a loan if it isnt emergency

Dont make yourself to be having that debt problem.This is why you should really be wise on making up decisions basing on what you do only earn.
Dont live outside your means yet this one would really be causing up huge problems and could really mess up your entire life.
You should be wise on making up decisions or else you would face up problems.

[livingfree]

It could be applied whether on personal life experience or business type of experience which money that you dont own which it would really be that common sense that you shouldnt really make use of it since its not yours in the first place.How much more if you have a business which is really that attached of huge money or you are really needing peoples trust? Once you've been known or been busted up then
say goodbye into your business as this would really be making that huge mess and trust that had been put up would poof out like instant.

This is why its never been recommendable that you leave up your coins or assets on a centralized platform.You dont know on whats on the mind with those owners or operators which
you cant really assure the security or safety of your funds.Come to mind that its never been recommendable since from the start but people
do really always a fan on doing such stuff.

We can't stop the others on keeping their coins in exchanges, it has become a thing these days and even how hard we try to remind them, there will always be those that won't listen.

As for the money that we don't own, we have no power over it and just think like that so that you won't get the idea of spending it even if it seems that you've been allowed to, just don't.

Sometimes, it’s hard to control yourself from not using it especially if you have been struggling in your own finances. So while there is money entrusted to you either for keeping or saving it, you become tempted to use it for your own advantage. This is very wrong especially if you can’t be able to pay it or provide the money when it will be needed. That is why others end up borrowing money to replace the amount they have used, and gradually fall them into a heavy debt unknowingly.

The temptation is there and just don't do it so that you won't face any problem because that will also affect you if ever you did it, mentally and that's more than it.

[Casdinyard]

For the longest time, I have been thinking about doing this. It seems like the right time is now. All of us have had good, bad, and ugly experiences with money. So now is a good time to offer your two cents worth of financial advice.

Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?

I'd go first -  Stay out of debt as much as you can.

The best financial advise I got is from Robert Kiyosaki's best-selling book "Rich Dad Poor Dad". To be honest the book is a treasure trove of important financial wisdoms you must absorb and apply in your life but the one lesson that really resonated with me is when he said "Financial Education is your greatest asset". You will see people earning huge wads of cash and then blow it up the next day on things they don't even need. And there are some people who get by with a large savings from their regular 9-5. I do not need to tell you who's the more financial literate one and who'd idealistically end up with more money when they retire. That's basically the logic behind it. You need to be financially literate in order to know what to do with your money, because if you do not, you'd end up burning all the money you would earn and you'd end up not saving anything for when you can't work anymore.

[passwordnow]

Focus on your needs and not on your wants. These days, there are lots of things that are on trend that are tempting to buy so we need to be more disciplined and control our urge to spend on unnecessary things. As much as possible, we should also avoid borrowing money if it isn't for emergency reason. We better grind and earn to save and invest and make sure that we are maximizing our assets.

And it is because they're trying to impress the people that surround them. It's not wise to buy things that you want because you just want to impress others.
We're living already in the present time and that's not a good attitude to have because it will make you stuck forever with that thinking of trying to impress other people and buying things that you don't even need. The idea starts from the trend and then the attention that it gives to everyone is like a desirable thing which I find not. Live your life and don't be that type of person because you only have to impress yourself.

[Kadal Ijo]

If calculated then I only have a very less income from basic needs, I work as an employee who produces ceramics, unfortunately economic conditions make the company very difficult to sell ceramic products so many are stocking, sometimes we even have to receive ceramics instead of salary, and We sell it to friends or people who are building a house.

[Maximo Spohn]

Investing is not gambling, you can’t just run away just thinking about making a fortune, it’s something you should persevere. High returns and high risks, there is no free lunch in the world, you must first assess your risk tolerance.

In the short term, you may lose money, but in the long run, you may make money. Don't blindly think of the windfall coins that other people have told you. Have your own plan, and don't invest more than your own budget.

[kro55]

Rewarding our selves is also addictive since every month when we get our pay, we tend to reward ourselves and forget to save some money first. This also happened to me when I got my highest pay in my job: I rewarded myself every time I got paid, and later on I forgot to save. It's really better to save first before spending, but if we really need to reward ourselves to make us relax, let's do it just for a couple of months, and after that, we need to save for rainy days.

If you're addicted, it's your fault because you don't have any plan for life. For me, to avoid getting addicted, I always have a plan for myself. Like when I get a raise or my savings goal is 10k, and I hit it, I reward myself and keep going to set a goal of 20k and will reward myself again...As I said, don't rest in victory but set yourself a higher goal each time we reach the previous one. Only then will we never get addicted and forget our duty.

[xSkylarx]

Rewarding our selves is also addictive since every month when we get our pay, we tend to reward ourselves and forget to save some money first. This also happened to me when I got my highest pay in my job: I rewarded myself every time I got paid, and later on I forgot to save. It's really better to save first before spending, but if we really need to reward ourselves to make us relax, let's do it just for a couple of months, and after that, we need to save for rainy days.

If you're addicted, it's your fault because you don't have any plan for life. For me, to avoid getting addicted, I always have a plan for myself. Like when I get a raise or my savings goal is 10k, and I hit it, I reward myself and keep going to set a goal of 20k and will reward myself again...As I said, don't rest in victory but set yourself a higher goal each time we reach the previous one. Only then will we never get addicted and forget our duty.

How I wish all of us had this kind of behavior. I know it can be learned as long as you practice it, but I need some motivation to do this. That's a great idea, setting a goal for yourself before rewarding yourself, but I'm not sure if you're so stressed out at work that you want to reward yourself after you get your pay. I am that stressed that I need to take a break after my work (which is so stressful that I am having a mental breakdown, and I am planning to resign soon).

[aoluain]

The best money advice I received when I was younger and just starting out was "spend less than you earn". I took it to heart and have lived it ever since.

It is easy advice to remember, but harder to put into practice. First of all, start by making a budget. Break down your income into categories to see where everything is going. Make sure to set aside some money for savings, and put that money in a separate account. Your choices will always be better if you plan ahead rather than simply reacting to every situation that comes your way.

That's good advice, it's so logical really but very hard to do. So many of us are roped into
the financial system of availing of loans to buy things, some we don't necessarily need.

For the longest time, I have been thinking about doing this. It seems like the right time is now. All of us have had good, bad, and ugly experiences with money. So now is a good time to offer your two cents worth of financial advice.

Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?

I'd go first -  Stay out of debt as much as you can.

The best financial advise I got is from Robert Kiyosaki's best-selling book "Rich Dad Poor Dad". To be honest the book is a treasure trove of important financial wisdoms you must absorb and apply in your life but the one lesson that really resonated with me is when he said "Financial Education is your greatest asset". You will see people earning huge wads of cash and then blow it up the next day on things they don't even need. And there are some people who get by with a large savings from their regular 9-5. I do not need to tell you who's the more financial literate one and who'd idealistically end up with more money when they retire. That's basically the logic behind it. You need to be financially literate in order to know what to do with your money, because if you do not, you'd end up burning all the money you would earn and you'd end up not saving anything for when you can't work anymore.

I think school falls short, or at least for me and my schoolmates, we were never taught
any financial education. That was reserved for the more academic students.

But it's true, Financial education is so important, everything we do has a financial aspect
or consequence.

[kro55]

I am that stressed that I need to take a break after my work (which is so stressful that I am having a mental breakdown, and I am planning to resign soon).

The more stressed, the more we have to reward ourselves, we work for a better life, not try to torture ourselves. I don't know what kind of work you do that is so stressful, it's not good for your health in the long run. Reward yourself with rest days with family and friends after finishing work each week.

My work is also very stressful, and I often spend the first day of the week drinking with friends to relax before returning to work. Many people say that time is money and should not be wasted but if we only focus on the work, it can guarantee the quantity of work for you, but it does not ensure the quality of the work, then that will also become meaningless. So, don't neglect work but take time to take care of yourself and reward yourself with relaxing moments.

[Rockstarguy]

For the longest time, I have been thinking about doing this. It seems like the right time is now. All of us have had good, bad, and ugly experiences with money. So now is a good time to offer your two cents worth of financial advice.

Ty question-  Based on your cumulative life experiences, can you share your best money advice with us?

I'd go first -  Stay out of debt as much as you can.

When it comes to money it is very important to be conscious how money is being spent, when one is not conscious how money is being spent it will be very difficult to save money for the future. It takes one to be discipline to save money.
Saving money help to start up projects without having much worries to start up projects.  It also important not to depend on loans because the interest in loans can be like the capital that was collected.

[naira]

I am that stressed that I need to take a break after my work (which is so stressful that I am having a mental breakdown, and I am planning to resign soon).

The more stressed, the more we have to reward ourselves, we work for a better life, not try to torture ourselves. I don't know what kind of work you do that is so stressful, it's not good for your health in the long run. Reward yourself with rest days with family and friends after finishing work each week.

My work is also very stressful, and I often spend the first day of the week drinking with friends to relax before returning to work. Many people say that time is money and should not be wasted but if we only focus on the work, it can guarantee the quantity of work for you, but it does not ensure the quality of the work, then that will also become meaningless. So, don't neglect work but take time to take care of yourself and reward yourself with relaxing moments.

All activities are related to mentality, and psychologically people who are constantly under pressure because of demanding work tasks require that a person must be able to rest his mind with positive things. Let go of the burden for a moment, take the mood in various ways to gather with family, travel and activities that are positive. Ideally it is like that, but most people torture themselves to keep pushing work outside the schedule, working overtime and finally stress. The work is not complete, but the condition of the body becomes unhealthy.


Actually any job can be more fun if we like it.

[xSkylarx]

I am that stressed that I need to take a break after my work (which is so stressful that I am having a mental breakdown, and I am planning to resign soon).

The more stressed, the more we have to reward ourselves, we work for a better life, not try to torture ourselves. I don't know what kind of work you do that is so stressful, it's not good for your health in the long run. Reward yourself with rest days with family and friends after finishing work each week.

My work is also very stressful, and I often spend the first day of the week drinking with friends to relax before returning to work. Many people say that time is money and should not be wasted but if we only focus on the work, it can guarantee the quantity of work for you, but it does not ensure the quality of the work, then that will also become meaningless. So, don't neglect work but take time to take care of yourself and reward yourself with relaxing moments.

It a remote work, but the client is rushing everything, and the work environment I have now is very toxic. Just imagine that you have a lot of workload same as your superior, but the same salary as the lower one that has a lower workload and has time to make a coffee. It is already Friday here, so I am planning to have a beer for this week, as it is a very stressful week for me. Thanks for reminding me to have a drink by the end of the week, lol

[Stalker22]

I think school falls short, or at least for me and my schoolmates, we were never taught
any financial education. That was reserved for the more academic students.

But it's true, Financial education is so important, everything we do has a financial aspect
or consequence.

Yes, these are valid questions, and they deserve real answers. It should be a requirement, as important as reading and writing. While it can be true that ignorance is bliss, it is also true that financial education can't fix all of life's issues. However, it sure can help us get started on the right foot when it comes to money. And that, I believe, is worth its weight in gold.

[stomachgrowls]

I think school falls short, or at least for me and my schoolmates, we were never taught
any financial education. That was reserved for the more academic students.

But it's true, Financial education is so important, everything we do has a financial aspect
or consequence.

Yes, these are valid questions, and they deserve real answers. It should be a requirement, as important as reading and writing. While it can be true that ignorance is bliss, it is also true that financial education can't fix all of life's issues. However, it sure can help us get started on the right foot when it comes to money. And that, I believe, is worth its weight in gold.

Why there are people who cant just appreciate even with these things and trying out to say that they arent really that useful or something that relevant?

If we do look into different angle then it would really be still that needed and relevant for you to learn up, even though it might not or cant really be used most of the time but at least we do already have the idea
and knowledge into different things.
Personal experience would be always that in life which would be giving that never ending learning and we know that having more is much
better rather making yourself look dumb. hehe

[19Nov16]

Investing is not gambling, you can’t just run away just thinking about making a fortune, it’s something you should persevere. High returns and high risks, there is no free lunch in the world, you must first assess your risk tolerance.

In the short term, you may lose money, but in the long run, you may make money. Don't blindly think of the windfall coins that other people have told you. Have your own plan, and don't invest more than your own budget.

Investment and gambling is of course a different thing, if we invest, of course it requires analysis and prediction whether it will go up or down, but if gambling then does not require any knowledge, only relying on feeling, in investment, of course it requires a lot of things like patient so that it can get profit.

[Wong Goblog]

When I was still at work I always recorded any expenses, I didn't want to take risks because I migrated and was far from my parents and it was impossible for me to ask for money again, I exercised strict expense control and was proven to be able to save money and of course I could help my parents.