Share Your Best Money Advice Based on Personal Experience

[Davidvictorson]

I have been reading the comments of users here in the thread and I must say that I have learned so much.  One very crucial money saving point that I would like to add though it may sound like a contradiction is  budget at least 10% of your monthly income or money received from any business venture for charity or to give back. Psychologically, you feel good about it. On the financial side, it makes one become prudent with his money as it builds some financial discipline.

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[iamsange]

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.

I also see gambling and investing as different things. Because when someone wants to invest, it is certain that he will choose the right asset and is also often liked by many people because such assets can make investors closer to luck if they have time to buy at a cheaper price. Whereas gambling absolutely relies on luck which basically is never close to someone because other people or our opponents in gambling are also risking the same thing to win.

[dezoel]

Something I recently learned, and something that has been a trouble for me for a long time. Sometimes, you should not care and let go. I know this sounds like the worst type of "investment" idea out there in the whole world, and definitely not something that I support doing in excess. However, we deal with money problems for so long that, someone I care about so much had some health problems and I realized we do not have too much time in this world.

So, spending less and trying to earn more, all of that goes to garbage can some days. I realized, in order to have a bit of fun, you should spend carelessly for just a short period of time. What this does is prevent you from going crazy and stop all together, save for 11 months, go crazy for 1 month, and keep doing that every year so that you would have something to look forward to.

[franky1]

So, spending less and trying to earn more, all of that goes to garbage can some days. I realized, in order to have a bit of fun, you should spend carelessly for just a short period of time. What this does is prevent you from going crazy and stop all together, save for 11 months, go crazy for 1 month, and keep doing that every year so that you would have something to look forward to.

i agree

years ago.(when working, pre bitcoin days) i wasted money. on things like
fast food, clothing. (i used to just buy new socks/underwear instead of washing them)
it would cost me lets say £100 a week of waste money

i too would save up that £100 waste money. and once every 3 months have £1.2k where i would then buy something nice and not care

if i was on my old work pay .. but stop wasting £100 a week
 i would put in £350 a month into bitcoin
keep £50 a month and on december have £600 to just abuse on shopping for christmas and not care

[beerlover]

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.

Unfortunately almost all of the people at the top had someone they partnered with, and we do not have that. Sure Elon may look like he did it all by himself, but he was partnered with other people on his earlier startups, and he just took over tesla, didn't founded it. Or Jeff Bezos, who partnered with capital firm to get his first 250k to get started, in 90's that was good enough to buy maybe 10 houses in some places, obviously many people had 250k and didn't build amazon out of it, but still not alone.

Or Bill Gates and his high school friend he founded microsoft with or mark zuckerberg or all the people he first worked with. All alone is not possible, nobody has all the talent to build a company all by themselves.

[Lida93]

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 advise that don't allow money stay domant in your hand. Just like the fields, cultivate it then plant and wait for harvest time else weeds will completely take over the field. Now this analogy is based on my personal experience with money this year. I remember coming back from national service this and my last payment in addition to some little savings was what I came back home with, I ended up keeping the money in my bank account and I was gradually withdrawing little by little to foot some bills without refilling only to wake up one morning after about three months later to realize I have emptied the account, cause I never invested the money buy left it dormant in my bank account and was just taking from it without investing it I to something that would have brought in some returns.

So my advise is: don't let money stay dormant with you.

[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.

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

If you are not satisfied with your current job, I advise you to reconsider because if you do not feel comfortable at work, it will not only be ineffective but also affect your health. If you are confident that you can find a better workplace with a better income, you should quit, but consider carefully because in this period of economic crisis, finding a new job is not easy.

It must be said that stress relief at the weekend with relatives and friends is essential for us, both to relieve our psychology and to bond emotionally with family members.

[Theones]

It must be said that stress relief at the weekend with relatives and friends is essential for us, both to relieve our psychology and to bond emotionally with family members.

After being fooled and loosing so much money- I think one should be selfish
Now show other the money you have and try to avoid people who try to come close to you to get money. Save your money - don't spend on shoes and clothes and unnecessary thing - life is so unpredictable

[blockman]

After being fooled and loosing so much money- I think one should be selfish
Now show other the money you have and try to avoid people who try to come close to you to get money. Save your money - don't spend on shoes and clothes and unnecessary thing - life is so unpredictable

Don't always say yes to your relatives and even your friends. Even how badly they need money but it all depends to the situation that they're in. I've seen people say that if it's between life and death then they might say yes. But if it's not that crucial at all, they'll still would say no.
That's the firm rule that I've seen for most people if it's about giving a hand to their friends or relatives because it's your money, you've worked hard for it and you just can't let it go when someone asks you too.

[Lubang Bawah]

It must be said that stress relief at the weekend with relatives and friends is essential for us, both to relieve our psychology and to bond emotionally with family members.

After being fooled and loosing so much money- I think one should be selfish
Now show other the money you have and try to avoid people who try to come close to you to get money. Save your money - don't spend on shoes and clothes and unnecessary thing - life is so unpredictable

The temptation to buy at this time is very massive, if before before we present the application easily saves but now the mall is in hand, there is always an offer that looks good so that it makes us sometimes or is forced to buy, now is the time to eliminate all applications that are not Useful, or better use Nokia that has no internet access.

[Ani1985]

In my opinion to make our finances can improve is always tightening finances, if there are unexpected needs, then the thing we have to do is close or reduce routine things even for eating or consumption, many people use wasteful gas or electricity stoves even though there is a lot of firewood So the easy thing to reduce gas or electricity spending is to use firewood.