Share Your Best Money Advice Based on Personal Experience

[iamsange]

No one wants to be in debt, that's for sure, but sometimes life gets too hard and there's no way to deal with it, and many people have to take out a loan. I myself have had the experience of borrowing and having difficulty repaying the loan but that's life, it's not perfect as we expect. My advice is similar, limit borrowing to a minimum because it will make you more stuck, more pressured.

Borrowing is also the same as having debt even though it must be repaid little by little according to the rules at the time of borrowing. Debt and borrowing actually have the same pressure because in the end they both have to be repaid. And my advice to you and also to everyone on this occasion is to work at two different jobs so that you can manage your finances or income in life.

For example, the income from the first job, you can use it for everyday life and the income at the second job, you can save it as savings for old age or savings for when you are sick. Or when you can't work for a week because there are more important matters.

[1714208025]

1714208025

[lienfaye]

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

Agree. I don't borrow money and i'm proud that I have no debt at this point of my life.

Well, i'm living in a poor country but somehow I can say that i'm not struggling in financial difficulties because I never stop working to earn money. I have a real job and business aside from my investment in crypto. What I can advice is, keep on working to maximize your earnings. Save money for the future and set aside the money for emergency. Get insurance if you can and invest on what you think is profitable.

[savetheFORUM]

Whenever I receive my salary, I divide them and set a certain amount on how I am going to spend it. I pay my bills on time, have my personal savings, and also have my spare money which I use to reward myself or buy anything I want. I save 20-30% of my money and invest it, and never ever touch it not unless it's an emergency. Another thing with spending, before buying something think about it 10x if ever you will be satisfied with it. Do not spend more than what you earn. Buy things because you need them, not to impress others.

Well said. I think your salary is good enough because you can be able to set aside for saving, investing and leisure time ( you know gambling, beer, cigs, stuffs like that ) what was your work anyway? Sorry to ask this but I only got curious. Once you invest, you should not touch it not even for emergency purposes because you already have your personal savings. That is the one that you will use.

I do not think I have a best money advice to share here because I feel that I am struggling financially. Salary from work is small and then I also have debts to pay. Can't help but to take a loan only to survive. I hope I can still be able to change this life I have right now.

[MoonOfLife]

No one wants to be in debt, that's for sure, but sometimes life gets too hard and there's no way to deal with it, and many people have to take out a loan. I myself have had the experience of borrowing and having difficulty repaying the loan but that's life, it's not perfect as we expect. My advice is similar, limit borrowing to a minimum because it will make you more stuck, more pressured.

Borrowing is also the same as having debt even though it must be repaid little by little according to the rules at the time of borrowing. Debt and borrowing actually have the same pressure because in the end they both have to be repaid. And my advice to you and also to everyone on this occasion is to work at two different jobs so that you can manage your finances or income in life.

For example, the income from the first job, you can use it for everyday life and the income at the second job, you can save it as savings for old age or savings for when you are sick. Or when you can't work for a week because there are more important matters.

Currently, I am also working 2 jobs and my income is also more stable without having to borrow as before. Although we are in an economic crisis, many people are having a hard time, but I am doing my job very well. I also advise people to just work harder every day, work while everyone is sleeping, then we will achieve certain successes.

[lissiacmag]

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.

If trying to get out of debt, or if I'm on the verge of bankruptcy, there's no good financial advice. The only thing you can do is to work hard, because you don't have the capital to invest. But if you find that your assets are depreciating under the influence of the economic crisis and the epidemic, you can try various investments. My suggestion is to prepare to buy Bitcoin and ETH. The current market is still in a bear market, all you have to do is wait for the bull market.

[Poker Player]

No single one is the best, and you don't have to think of anything too sophisticated. However, if I had to choose one, I would say spend less than you earn. The moment you become interested in personal finance, it leads to a series of further consequences. At first people think about saving, cutting expenses, but over time you end up having new ideas and striving to increase income as well. So what happens to someone who controls expenses, increases income and is financially savvy? Very easily, he gets richer.

[Smartprofit]

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.

I would give the following financial advice - focus on your financial flows.  

People excel in the activities they focus on.

Developing your professional skills and abilities is very important. Equally important, however, is financial order.

You need to keep a daily record of your income and expenses, as well as receive additional education in the field of personal finance management.  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.

[michellee]

My financial advice is to set aside some money and not use it unless you are pressed for it. That means you have to save some money to prepare for your future or if you have urgent needs so that it doesn't interfere with your daily expenses.

Never go into debt if you feel you can't or have difficulty paying off that debt. Live simply and don't try to overspend even if you can afford to.

No one wants to be in debt, that's for sure, but sometimes life gets too hard and there's no way to deal with it, and many people have to take out a loan. I myself have had the experience of borrowing and having difficulty repaying the loan but that's life, it's not perfect as we expect. My advice is similar, limit borrowing to a minimum because it will make you more stuck, more pressured.

I agree with you because by going into debt, our burden will be greater in paying the money back. And yes, before we borrow money, we must first calculate the amount of money so it won't be a burden for us to pay it back. But sometimes, people borrow more than they can afford, which gets them in trouble. But strangely, they can always pay their debts even with difficulty. We should not follow what that person is doing because our lives will be different from theirs.

[Majestic-milf]

Someone mentioned on here that the best way to stay out of debt is to not be in debt. I think it was the op though.. back to my point. In the world were we find ourselves, inflation being the ruler as it were, most peeps would want to live up to a certain lifestyle which their salaries and earnings can't permit and as such end being in debt.
 But all these can be avoided if only one is a bit content and cut expenses as much as he can afford.

 What helps me save is I view myself as broke and unable to afford things I see that could warrant I spend unnecessarily since I've got a target to reach and so far that has helped.

[erep]

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.

[bitzizzix]

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.

This is what I'm currently doing, utilizing my two-wheeled vehicle to do a side job delivering food orders ordered through the application that I do after work. And I was just waiting at home when there was an order notification I immediately rushed.
and I will use the results for my daily needs, because I have used my salary to invest and also save regularly every month.
I use 40% of my Hajj proceeds for investment, 20% for savings, and 20% to pay for electricity and so on, and the rest for storage and for daily needs and also fuel, and another 20% for my parents.
because previously I had a side job that I mentioned above, even though I had managed my money as well as possible there must have been a drawback, even though in my opinion that was more than enough, and there's nothing wrong with filling my spare time with a side job.
And what do I do so that I don't get involved with loans and also don't interfere with my investment, and I only use my savings when there is an urgent need and also don't interfere with my investment.

[jossiel]

I agree with you because by going into debt, our burden will be greater in paying the money back. And yes, before we borrow money, we must first calculate the amount of money so it won't be a burden for us to pay it back. But sometimes, people borrow more than they can afford, which gets them in trouble. But strangely, they can always pay their debts even with difficulty. We should not follow what that person is doing because our lives will be different from theirs.

Interest and obligation will make you stop from what you're thinking about and where you are about to spend your money.

There's this belief that whenever you're in debt and if you have no plans of paying it, you're life with be stuck forever until you talk and pay back the debt.

I also got debts but I'm doing all my best to pay them and clear it. Because it's not just the debt that's feeling heavy but also the thought in my mind that having much debt is going to be on my shoulders forever. That's why it's important to clear and pay all the debts.

[Mauser]

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

I am not rich and no expert in money management, but I made some good investments over the years that have helped me a lot to finance some of my dreams. The best advice I can give up anybody who is trying to build a portfolio is Diversification. Don't place a your eggs in one basket is the best phrase that I kept in my mind over all these years. Investing and trading always a form of randomness that can't be controlled. Even the best investor is not going to be right 100% with his trades. With that in mind it's best to split our money into multiple investments. Like that we increase our chances to pick good investments while decreasing our overall volatility. Lower volatility means lower risk to lose large sums of money. The more different investments we have the higher the chance that some will perform well when there is a general market downturn.

[fuguebtc]

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

I am not rich and no expert in money management, but I made some good investments over the years that have helped me a lot to finance some of my dreams. The best advice I can give up anybody who is trying to build a portfolio is Diversification. Don't place a your eggs in one basket is the best phrase that I kept in my mind over all these years. Investing and trading always a form of randomness that can't be controlled. Even the best investor is not going to be right 100% with his trades. With that in mind it's best to split our money into multiple investments. Like that we increase our chances to pick good investments while decreasing our overall volatility. Lower volatility means lower risk to lose large sums of money. The more different investments we have the higher the chance that some will perform well when there is a general market downturn.

In investing, diversification is a very important thing, I hope people don't ignore it. But I need to be more clear, diversification means investing in many different sectors, not investing in many products in one area. Like we invest in cryptocurrencies, many people mistakenly believe that to reduce risk, it is better to invest in bitcoin and altcoins. They forget that once bitcoin drops in price, no altcoins can rise, so diversification won't work. Diversification is that we should not invest all of our assets in cryptocurrencies but invest in other areas such as gold or real estate.

[Pejoh Asu]

I'm happy because now I can have some property assets that I rent, I got it from investocurrencies and I can get big profits in 2017, now I rented the property and can meet the daily and monthly needs, but I suggest not to invest House, because the value of the house is difficult to rise, it's better to invest in a garden or rice field because in my experience it can rise 50% in 5 years.

[Reid]

Then I'd agree with your advice because I had been doing the same thing ever since. No debts at all. If there's a need for money that would not fit in my budget then me and my wife will decide to just pawn our gold for low interest rates.
It's still not debt because it's our asset and we could decide to just sell it instead if we cannot afford to get it back.

Be wise about spending the money especially in the market. Wet or dry. If you don't need it, don't buy it. Don't pile foods that have short life. i.e. fruits and vegetables. Just make the effort to go back and forth buying something for the day. Use bicycle as transportation to save more, it would do you good for a bit of exercise.

[CageMabok]

I'm happy because now I can have some property assets that I rent, I got it from investocurrencies and I can get big profits in 2017, now I rented the property and can meet the daily and monthly needs, but I suggest not to invest House, because the value of the house is difficult to rise, it's better to invest in a garden or rice field because in my experience it can rise 50% in 5 years.

Houses are more suitable to be bought for rent to people who need a house or to those who don't have their own house to live in. Because it is clear that house prices are a little more difficult to increase because the current house building model always differs every year so prices also vary and it is difficult to get an increase because the price competition is also different. But if you buy it for rent, I think it will be more profitable because the house will always be taken care of and the owner will always get money every month or even every year.

[dothebeats]

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.

[Maidak]

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

In addition to staying away from debt, we should also limit and better never lend money to anyone, especially our loved ones. Lending money to others also comes with a lot of risks, in addition to losing that money, what I find more frightening is that we will also lose brotherhood and friends when relationships involve money. I had a bad experience lending money to my friend and then I lost money with him when I tried to get back the money I lent him.

[sulendra12]

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

Being on debt is actually what makes people go wild usually. Sure, you will think that having more money is good and you think you can repay it but in reality we don't know what would happen next and sometimes your investment or anything you do would not run as expected which makes the loaned money goes to waste. Being haunted with debt because of our failure is really dangerous and I would not recommend to loan for investment if you don't have anything as collateral or have a primary income to repay it incase something bad happens.