Share Your Best Money Advice Based on Personal Experience

[Fortify]

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.

Learn how companies and the stock market work. I learned this lesson far later than necessary, but it is a huge eye opener to how people get rich. I'm not on about chasing the latest high growth fad company and trying to quadruple your money overnight, but slowly building a solid portfolio of shares over time that will pay out money in the form of profits every single year. Instead of leaving your finances to the whims of whatever banks are paying at the moment, put it into a mixture of companies that will pay you back part of their profits every year and make sure your money is getting reinvested all the time to buy more shares and decent companies will also give you a "payrise" in the form of extra profits each year as well. It's a huge field to learn and you'll be learning more every day.

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[franky1]

for those wanting to start a business and do the capitalist game

first you have to work out your costs and lifestyle amount (the break even amount)

then work out how much reach you want to fulfil. this means do you only want to service a neighbourhood, town, state, a country or the world

then work out how much $ per order that equates to of that reach..
and then find a service or product that satisfies that market reach(demand)

EG say you want/need only $50k of income and have $30k of costs($80k total break even)
but you only want to service your town of 360k population

thats obviously a 25c from everyone a year in your town or $1 for just 25% of population a year or $80 if you only service 1000 (3 customers a day)

work out how many orders you can handle per year. (time and execution)

work out what products/services are easy to sell that can capture the 1000 customers or 25% or 100% of town population

dont just find a product first and try to push or harass it onto customers thinking you can get paid by just throwing more advertising at people.

instead work out how much customer base you need to satisfy and find a product/services that fills that satisfaction

alot of people think opening up a coffee shop will get them income because other coffee shops are already doing it which proves the concept. but just buying a cafe at a cost=needing to raise your base order price per customer to cover cost.. you also are just saturating a existing market and diluting yourself down of possible customers because they may not want to come to yours as they are loyal to another business

offering a coffee where you get just 25cents a cup just once a year from everyone and can out compete on price of the other cafe's sold in your town can mean the difference of trying to spend $400k on a snazzy new building where you then have to get $1.25 of excess coffee cup price just to break even

so dont think product first customers second.. think reach of customers first then product second

then. when you know you can fulfill more then 1000 orders of anything a year. you can then start looking into expanding costs to get a good location, product quality, and recognition after.

EG selling kiosk coffee for $1 where you get 25cents can earn you more than trying to have a snazzy cafe fitted out with grand design where you need to sell for $4+ a coffee to cover costs

[livingfree]

I will relate it with the biggest collapse that has happened for this year and tha's with the FTX. So, my advice would be - if it's not your money, never touch it and don't use it for your personal interest.

Well, this happens in real life when someone borrows money from you and lend it to them and they've said it is for emergency but later on, you've found out that it's used for other things like a vice or so.

Also, if it's not your actual money like a friend or siblings or parents money that has been entrusted to you. Do not ever use it for anything as if it's yours.

This is based on experience.

[Hamphser]

I will relate it with the biggest collapse that has happened for this year and tha's with the FTX. So, my advice would be - if it's not your money, never touch it and don't use it for your personal interest.

Well, this happens in real life when someone borrows money from you and lend it to them and they've said it is for emergency but later on, you've found out that it's used for other things like a vice or so.

Also, if it's not your actual money like a friend or siblings or parents money that has been entrusted to you. Do not ever use it for anything as if it's yours.

This is based on experience.

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.

[Leviathan.007]

I got my best and most important advice from my girlfriend a few years ago, she said me "Just after you got your income or the money your worked for it, first take some part of the money for investing and do not touch and then you are free to spend the rest of your money" in the other words, we should spend what we don't need for investing, while other people do the opposite and they spend all their money and always complain that they have no money for investing, that's the reason of we see many people without of investments. That's not because of having a low income that's because of spending too much.

[Finestream]

I will relate it with the biggest collapse that has happened for this year and tha's with the FTX. So, my advice would be - if it's not your money, never touch it and don't use it for your personal interest.

Well, this happens in real life when someone borrows money from you and lend it to them and they've said it is for emergency but later on, you've found out that it's used for other things like a vice or so.

Also, if it's not your actual money like a friend or siblings or parents money that has been entrusted to you. Do not ever use it for anything as if it's yours.

This is based on experience.

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.

[Russlenat]

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.

This is actually a wise advice since the price of gold at the present is also increasing so you can still make profits from it if you invest a portion of it rather than investing them all in bitcoin. I have been buying gold before, but when I started bitcoin investment, I eventually sell them all to add more capital in bitcoin. But i guess your strategy is quite more productive and profitable than mine so I have to take your advice and see it for myself.

[Distinctin]

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.

That is mostly happening nowadays. When people gets promoted from their jobs and receive a bigger income, they also try to level up their lifestyle and eventually increase their expenses, even spending more than their income. This is from my own experience, and I’m not happy with it anymore since i’m drown now into more debt compared before. Always live a simple lifestyle instead, that way you can save a lot from your own income and benefit from it in the future.

[Marykeller]

Money offers security. In simplest terms, you feel better when you save more money. The scariest evil I have ever seen is the shortage of money. Your level of confidence is quantified by the money saved.

My worst experience was overspending when the channel of getting money was open until the blocking caught me off guard. It was hell having to even borrow from the people I used to lend money to, so I made a promise to myself to save more money the next time I have the opportunity.

"Save more and save your generation," I advise.

[uneng]

Don't spend more than you earn.

Don't care showing yourself off to people (ostentation).

Work hard, but work smartly.

Don't hold too much money: as soon as you accumulate a decent amount, invest it in something solid and reliable to protect what you have conquered so far. It can be a property, a durable good or bitcoin. Look for valuable, demanded and growing assets in your local area.

[Lubang Bawah]

The best thing when we have an income is to always leave for investment, I like raising livestock and when I can leave a salary and then I buy chicken seeds and I keep it, initially only 50 then I am more gradual until it reaches 1500 tails in 6 months, of course there is something sold when It has reached 4 months, and until now I still raise and sell chicken meat, now I am able to pay house installments.

[iamsange]

The best thing when we have an income is to always leave for investment, I like raising livestock and when I can leave a salary and then I buy chicken seeds and I keep it, initially only 50 then I am more gradual until it reaches 1500 tails in 6 months, of course there is something sold when It has reached 4 months, and until now I still raise and sell chicken meat, now I am able to pay house installments.

It's extraordinary, you run a very profitable business and also have time to think about investing to support a good future. Because not everyone can run a livestock business like you run, even though they can run investments like those run by them in general. And I think you will continue to get better development in life if your business continues smoothly without having any obstacles.

[ChiBitCTy]

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.

As I've said before, and I feel like a repeating parrot lol, as I licensed financial advisor I would just be very cautions of what people suggest to you.  The best way to manage money is by having three buckets. Bucket 1 is for short term savings: checking account, savings out.  Bucket 2 is for mid-range things such as a brokerage account.  Bucket 3 is where you have your retirement assets, 401k, pensions etc. 

Once you have all of your buckets taken care of, are on track for retirement, then if you have some left over money you might want to try a few higher risk/reward investments for your money, this is how people can end up hitting grand slams. 

[kro55]

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.

That is mostly happening nowadays. When people gets promoted from their jobs and receive a bigger income, they also try to level up their lifestyle and eventually increase their expenses, even spending more than their income. This is from my own experience, and I’m not happy with it anymore since i’m drown now into more debt compared before. Always live a simple lifestyle instead, that way you can save a lot from your own income and benefit from it in the future.

There's nothing wrong with saving money for a better future, but that doesn't mean we should live too simply or too hard on ourselves. We work hard and finally, when we get a raise or better income, we can also reward ourselves after hard working days. We should enjoy it, but as long as we don't waste too much or fall asleep in the win, we continue to work harder and find ways to increase our income even more in the future. Don't be too frugal with yourself because we work to get there.

[Sayeds56]

The best money advice in the current bearish scenario when fear of recession is gripping all financial markets is, to accumulate bitcoin on every dip, it will definitely outsmart all other class of assets in the long term, hence 60% of our portfolio should be invested in Bitcoin & Ethereum. In commodity market we should also make some investment in precious metals like Gold & silver to diversify our investment portfolio. DYOR

[xSkylarx]

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.

That is mostly happening nowadays. When people gets promoted from their jobs and receive a bigger income, they also try to level up their lifestyle and eventually increase their expenses, even spending more than their income. This is from my own experience, and I’m not happy with it anymore since i’m drown now into more debt compared before. Always live a simple lifestyle instead, that way you can save a lot from your own income and benefit from it in the future.

There's nothing wrong with saving money for a better future, but that doesn't mean we should live too simply or too hard on ourselves. We work hard and finally, when we get a raise or better income, we can also reward ourselves after hard working days. We should enjoy it, but as long as we don't waste too much or fall asleep in the win, we continue to work harder and find ways to increase our income even more in the future. Don't be too frugal with yourself because we work to get there.

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.

[Crypt0Gore]

Do not be afraid to make mistakes, this is the best way to grow, people are stagnant in life because they are too afraid of making mistakes, they want the top notch advice that will set them up for life but that's impossible.

I found my own way the day I stop listening to people, I was anxious on every move thinking maybe I will fail? Maybe this won't favor me? Maybe this isn't the place I should be.

In the end I just zero my mind and took the bull by it's horn

[lovesmayfamilis]

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

Another big and major advice is that you should not act like you have when you do not have, that is, don't act rich when you are broke. You should not be ashamed to say you cannot afford something out of embarrassment. Another major reason why you should not act rich when you are broke, is so that people that intend to help you, will not look at you like you do not need help because of your act, when you truly do. I have met persons that their situation needs helping, but they are still too proud or not true enough to themselves to act sincerely, instead they keep telling lies and acting okay, truth is, nobody will force help on you, before someone can help you, you have to help yourself by accepting that you need help.

I don't know what you mean by "help," but I don't agree with you one hundred percent. If you read or watch the stories of people who have achieved success, then they never allow themselves the thought that they have no money, or they should make people feel pity. A person must achieve everything himself and not depend on someone else; this is the first rule of successful people. Acting like a rich person is not about spending your money right and left. Rich people always know how to manage their money, and just thinking that I deserve it and have it or will have it has always worked positively.

[Sterbens]

Do not be afraid to make mistakes, this is the best way to grow, people are stagnant in life because they are too afraid of making mistakes, they want the top notch advice that will set them up for life but that's impossible.

I found my own way the day I stop listening to people, I was anxious on every move thinking maybe I will fail? Maybe this won't favor me? Maybe this isn't the place I should be.

In the end I just zero my mind and took the bull by it's horn

It is experience that will give us good advice, and I think that advice from what many people say also comes from what they have experienced themselves. There are many kinds of theory that we can apply, but not everyone can practice all the existing theories about managing finances well. In the end, it is experience that gives us very broad insight into how to properly manage finances.
I agree with you, that don't ever think that you will take a wrong step, because that step will make us grow to become better people in managing our finances.

[glendall]

everyone has a way of managing their finances, and it can also be said that all are the same, but some are successful and some are not, everything will be in order if we are firmly committed to this finance, and this is my way

1: make a monthly budget from the largest to the various, (fixed funds that are definitely issued and have become a regular monthly budget)
2: always save for emergencies if there is a sudden need such as: sick
3. Avoid high interest and sustainable loans

and it is very important to avoid buying things that are not useful for everyday life, especially just for socialites,