Share Your Best Money Advice Based on Personal Experience

[Gyfts]

Do not get caught up in the "fear of missing out" aka FOMO.

Applies to Bitcoin as well. You should take a gamble on something if you're doing it our of impulse. Naive investors will feel the need to participate in whatever short term lucrative financial plot even if it means sacrificing their principles out of concern they'll miss the boat. And sometimes they might even try to catch a knife falling down by seizing on an opportunity that's past its prime.

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[sana54210]

The best I can give is to not think of the money you don't have and plan anything with it. Many times, I've done this unknowingly and I ended up screwing my entire budget and was left needing to take some debt from my friends. Since then, any money I am expecting to receive, I do not take into account unless I personally have full control over it. Not really something that is vital or extremely important but still something that can be helpful when you're trying to make it out financially and trying to grow from the ground up.

That is a big big mistake that I did for the past 3-4 months. I had some money, not a lot but some money and I planned on buying some stuff, like PC for myself and some stuff for my wife, but between hospital bills, and buying some stuff for the house because old ones broke down, I ended up in big debt again.

Not a big deal for me, because I can just spread it into months and pay it, but I believed I would recover by now and still failed, it's okay though, life is fair and good, I am happy about my life and everything is nice, I have seen much worse years, so it's fine. But that means I won't be able to invest for a long time, I will just pay my debt.

[DVlog]

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

Sometimes debt can save your wealth from burning up. You should always be careful about how much you are going to borrow. That should be lower than your total wealth because if something bad happens you can repay your debt by selling your wealth. Big corporations and businesses grow by taking loans. The big corporation even banks took loans from us to do their business. Debt is not always bad and it depends on what you are intending to do with your borrowed money if you are planning to buy a house or car it's certainly a bad idea.

Another piece of advice I want to add up is not to save your money in the bank. Invest and reinvest in stock, metal, real estate, crypto, etc. As long as your money is idle it's losing its value. So let your money work for you and grow itself.

[crwth]

One of the best things that you could do is to build a credit score with bank so that you could borrow a lot of money whenever you need it. Building a credit score would be beneficial if you are interested in borrowing money from the banks and then making sure that you pay it every time and use it, wisely that you could earn more from it.

Another thing is when you try and use credit cards, make sure that you’re gonna pay it in full every cut-off and statement.

[gantez]

One of the best things that you could do is to build a credit score with bank so that you could borrow a lot of money whenever you need it. Building a credit score would be beneficial if you are interested in borrowing money from the banks and then making sure that you pay it every time and use it, wisely that you could earn more from it.

This is good to get loan from bank but is it really the first level to build a finance? You will need lot of collateral for bank to grant the loan to you and this is not easy. Is not a starter way to financial freedom except that you have make the money already and connection now you can have trust with bank to grant some loan. The best for this kind of loan is to build house and land properties not for just feeding because the money is better use for investment so you have a source to repay.

[yhiaali3]

There are many experiences worth sharing, but the best financial advice I can give would be as in the proverb: “Hide your white money for a black day.” This is a famous proverb in our country which means that when you have more money than you need on good days, you should save a Part of it for bad days.
This is what actually happened to me, when the market was bullish I got good profits and converted a good portion of them into gold, and now in this bearish market I found a good opportunity to resell gold and buy cryptocurrencies again at a low price.

[freedomgo]

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.

Avoid all unnecessary expenses and just learn to live within your comfort. You don’t have to pretend that you are always able to buy this or that just because your friends have been telling you. Where in fact your finances are already struggling deep inside. So just live within your limits and you will never have to face financial problems later on. When you have that mindset, your finances will never be compromised and won’t never fall into unwanted debt.

[348Judah]

If you have money, dont act like babies who dont plan or cares about tomorrow, they spend the entire money with them believing tomorrow will also comes in with it own opportunity to have money and spend more, but money is expected to keep in reserve, maintain the spendings, have a scale of preference and use the economic cost and money cost strategies in making purchases, invest with your money which will be your asset and avoid buying things that will take away money from you than earning you an income, know what you need and go after it than what you want, primary needs are different from secondary needs, I've also been a waster of money before not until i learnt my lesson the add way when there's no more money incoming in like before after I've wasted alot of resources.

[poldanmig]

Avoid all unnecessary expenses and just learn to live within your comfort. You don’t have to pretend that you are always able to buy this or that just because your friends have been telling you. Where in fact your finances are already struggling deep inside. So just live within your limits and you will never have to face financial problems later on. When you have that mindset, your finances will never be compromised and won’t never fall into unwanted debt.

We have to adapt our lifestyle to the economic limitations that we have without being affected by the lifestyle of other people, so we have to manage expenses according to the limits of funds for shopping needs every day without being related to debt. But another solution, I quoted the post above that we must prepare our savings for emergency fund needs, because in conditions of economic stress it is very difficult to apply for a loan from a bank or anyone unless we have assets to pawn.

[Renampun]

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.

yep, that's a good sentence but I still think otherwise, everyone has a different financial background, those who are born rich will never know what debt is but those who want to change their destiny from zero will definitely be forced into debt.

- OGDEN NASH once said - "Some debts are fun when you are acquiring them, but none are fun when you set about retiring them." meaning that debt is a good thing as long as you are able to pay it on time. so have a stable financial foundation first if you want to be in debt, keep learning debt management, especially those who are planning to grow their business.

[Sanitough]

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.

Invest in your health and save some emergency funds first before you get to spend them all. Sometimes, when we are mostly concerned with paying our bills and budgeting for foods and services, we tend to forget to invest in our health. Note that health is wealth. If you will always make your health as your last option, believe me all your money will just go into your own medication, instead of using it for other productive means.

[carlfebz2]

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.

Invest in your health and save some emergency funds first before you get to spend them all. Sometimes, when we are mostly concerned with paying our bills and budgeting for foods and services, we tend to forget to invest in our health. Note that health is wealth. If you will always make your health as your last option, believe me all your money will just go into your own medication, instead of using it for other productive means.

Everything should really be balanced on which you should not really make your health taken for granted because if your body will collapse then pretty sure that all of your savings that you are hard working for would

really just be wiped out so easily.This is why its ideal that you should really give prioritize into your health and balance in between investment so that you wont really be having problems.

Its true that people are really that thriving out their best to accumulate money which is understandable but if you do let set aside things like health then it would
really be a potential huge risk and problem on future years to come.

[Captain Corporate]

Never try to cover all of your loan, just the amount bank asks you to. I have this pet peeve when it comes to debt, so when I have credit card debt, loan debt, anything basically, even if 10 bucks to a friend and I mean it, it doesn't matter what it is, I need to cover it as a whole. As we all know, the life we live right now is not that easy to go through without ever making any debt, you can't just earn money and have zero debt, of course you will make a debt. I got a new PC on September I believe, and that alone is a HUGE debt to my (in turkey good PC's are insanely expensive due to high tax). So all in all, I just use ALL my money to pay my debt back, and fail to invest because of that, if I didn't, if I paid the minimum I had to instead of all of it, and put it on bitcoin, I would have been x100 times richer now.

[Oceat]

One of the best things that you could do is to build a credit score with bank so that you could borrow a lot of money whenever you need it. Building a credit score would be beneficial if you are interested in borrowing money from the banks and then making sure that you pay it every time and use it, wisely that you could earn more from it.

This is good to get loan from bank but is it really the first level to build a finance? You will need lot of collateral for bank to grant the loan to you and this is not easy. Is not a starter way to financial freedom except that you have make the money already and connection now you can have trust with bank to grant some loan. The best for this kind of loan is to build house and land properties not for just feeding because the money is better use for investment so you have a source to repay.

Skip this part if you don't have enough assets for collateral because that's the very first thing you have to use when you loan in the bank.

So to work your way up you have to buy a physical asset that banks can be use for you as a collateral. It's a long way up if you don't have someone you know who knows how things work and you were just working your way up based on what you know. But if you want to be financially free then you have to work hard and stay away from debt no matter what if you aren't ready to or you can't pay it in full during the cut-off.

[Joshapat]

I have experienced a difficult condition with finance a few years ago, then I tried to find a debt but it didn't work and then I pawned a motorbike worth $ 600 and with that money I used to trade chili and managed to get a big profit, in our lives we must dare to take real steps and Don't think too much profit or loss.

[Strongkored]

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

Never increase the lifestyle when experiencing an increase in salary this is always a problem for young people and also most people, and never buy expensive items whose value drops very quickly and their use is not too important because later we will sell it at a very cheap price because of necessity, and always be disciplined to save because there will be important things that require and money quickly.

[Smartprofit]

Many people ignore these rules.  Wages are not the only source of income.  

The more different types of income (including investment income) a person has, the more stable his financial position.

We have to open up opportunities for other jobs from free time without disturbing the main work, during the technological era we can get other alternative income from crypto investments or study publishers for adsense income or other jobs according to your talent, so one important thing financial advice is to avoid loans and strive for alternative income to be allocated for future savings.

I agree with you!  

I was talking to a girl yesterday and she told me that she has 5 sources of income.  Income diversification is very important for financial stability.  I also agree with you that borrowing and credit should be avoided.  

The danger of loans lies in the fact that the borrower must give the lender not only the body of the loan, but also the accrued interest.  

Obtaining loans and credits leads to an increase in expenses, not income.  

There are exceptions to this rule, but they only confirm this rule.

[Anonylz]

Liability and assets - Most people confuses with this concept for example they consider buying house is an asset while actually it's not unless it gives rental income.

What would you call buying a house for personal usage and avoid paying monthly or yearly rental fees? Is that a liability or an assets?
I definitely consider it an asset because I don't have to pay rental fees anymore, that money will be channel to other source of generating income. And don't forget the house value can also increase overtime depending on how developed the location becomes.

[DU18]

Never increase the lifestyle when experiencing an increase in salary this is always a problem for young people and also most people, and never buy expensive items whose value drops very quickly and their use is not too important because later we will sell it at a very cheap price because of necessity, and always be disciplined to save because there will be important things that require and money quickly.

We don't need to increase our lifestyle if our financial needs are not sufficient because following a lifestyle has no limits, so it's better to have a simple lifestyle but have savings for the future. So the most important thing is that we can live life without heavy burdens even though we are not destined to be rich in life.

[Jody.Drummer]

Do not get caught up in the "fear of missing out" aka FOMO.

Applies to Bitcoin as well. You should take a gamble on something if you're doing it our of impulse. Naive investors will feel the need to participate in whatever short term lucrative financial plot even if it means sacrificing their principles out of concern they'll miss the boat. And sometimes they might even try to catch a knife falling down by seizing on an opportunity that's past its prime.

I agree with this because there are still many who are always stuck in this, especially for beginners who think that this is the easiest way to get money and when they think that they are always on the wrong path by following lots of fomo things those who exist in the hope that they can reap the maximum profit, even though if you look at the current conditions, this is precisely what becomes an easy target, because they forget that in such a case, even a slight loss of momentum will be a real loss for themselves.