Planning avoids unnecessary expenses

[coinerer]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

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[bestcoins1]

although the wealth that we have today has met all the needs of life and even has been lost, but for the problem of expenses, of course, we must be able to manage it well if expenses are not too important, it would be nice to avoid it because it will waste our money without any benefits, of course it is not good, when we buy an item that we need must also be considered properly so that the expenses we use are not in vain, And we have to reflect on when we're still struggling because it's precious when we're successful.

The point is to spend money on everything that is really needed, because living frugally does not mean that everyone has to save money on spending, but only needs to know very well about where the money will be used and spent every day. Because today there are many examples that everyone can see in some of the famous rich people who also don't throw their money recklessly except to do business to earn more money regularly.

[samcoin]

I used the remaining money to live extravagant lifestyles, going out with friends, carrying girls to where we can't ordinarily afford bills, buying wears we don't need, gadgets and accessories we don't match our income or status but all this turn out against me. I lost almost everything, for two years after my school I could afford a dime, no job, no source income, I have nothing in my bitcoin wallets, life balls back to zero level.

These are the mistakes most young people make that result in them having hardships for the rest of their lives. It's nice to enjoy life and try everything, but not on the back of the future. Therefore, there's a difference between people who have long term view and plans for their future, and people who don't care and spend everything their hands come on. Indeed, this might not be the mistake of the person themselves, as some countries don't include financial lessons in their educational programs. If I'm not mistaken, Robert Kiyosaki mentioned this idea in one of his books, some governments teach you how to spend, and don't teach you how to save and invest. Fortunately, we have everything online for now, and everyone can learn some basics about saving and investing their money. However, not everyone has the will to do so.

[Synchronice]

I make a lot of money but the first thing that came to my mind was to buy car, I bought two cars, place one as a taxi and one private use as school big boy but non of this happen to play out well.

Why didn't you insure your cars? You have to be very cautious especially when you rent your car on 3rd parties. No one cares about your cars except you, keep this in mind. I would even say that Taxi drivers are sometimes very risky to finish orders quickly and generate more money.

buying wears we don't need, gadgets and accessories we don't match our income or status but all this turn out against me. I lost almost everything, for two years after my school I could afford a dime, no job, no source income, I have nothing in my bitcoin wallets, life balls back to zero level.

I can't agree on wears. If someone buys some clothes for only one day and then doesn't use it, definitely that's a waste but if someone buys Nike Sneakers or Under Armour's hoodies and regularly use it, then why not? What's wrong? I think it's better to buy quality and fashionable clothes than cheap ones with low quality.

A waste would be to buy an iPhone 14 pro max when you have low salary, aren't in photography, aren't in digital industry and just buy it for show off.

[suzanne5223]

Thank you for sharing your experience. It's important to learn from our mistakes and prioritize financial planning, avoiding impulsive decisions and living beyond our means. Setting goals, creating a budget, and practicing self-discipline can help us make better financial decisions and achieve long-term financial stability.

Making decisions, planning and also self-discipline is something that is very mandatory for everyone to have because it is part of the technique in life to be successful. Because no one is successful with messy planning and disorderly discipline in his life, so things like what you say have become things that must be carried out by everyone who has the goal of being successful in the future.

I think you're patching things up because no matter decisions, planning, and self-discipline anyone has and still keep some company of people who are expensive brands ^{(like iPhone there are some friends that won't roll with you if you're not the latest iPhone user)}, jewelry, drug, gambling, alcohol, or smoke addiction which are tagged as the most money waster in the world.
It will still be difficult to avoid unnecessary expenses. This is why most crypto billionaires like Vitalik, and CZ wear simple dresses.
Therefore, making decisions, planning, self-discipline, and avoiding bad company is the key to being successful.

[panganib999]

Planning means nothing if your spending habits don't change. It's a fundamental thing that needs a whole character overhaul. I think it's great that OP realized the error in his ways and is out here imparting knowledge through some sort of cautionary tale but at the end of the day all of this would've been avoided if you're just a little more wise in spending your money. You literally had the vision, no one at your age and with that amount of money would ever think "Ahh this is not gonna last me a long while, better for me to invest it into something that would pay me dividends in the future so I could get my money and live happily once I retire" but when the initial dream crumbled courtesy of your investments going to shambles, you chased out of that aspiration and lived life lavishly.

This is more than just a "you shouldn't do this kids" tale, it's a literal testament to how one should follow their bright vision no matter how dire it could look initially. I'm glad that you're trying to pick up from where you left off OP, would love to see more of your posts here for updates on your journey coz this forum could always use a few success stories.

[cafee_orange]

I don't think everyone makes "plans" in this life, whether it's in managing their finances or other plans that concern their future.
most people I see, where when they have more money they think of it as if it will never run out, splurge on a luxurious life without thinking about other positive things. try if there is good planning, surely there will be no waste that occurs

[Uruhara]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.

we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

[coinerer]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

[cozytrade]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

There are people around in our society who waste time. They spend 10$ where they need 2$. We need to keep a little account or we will be in a lot of trouble. So I think we should not waste money.  We can save them and use them for other good things. If we all observe such precautions, then we can take the country forward, including ourselves.

[|MINER|]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

There are people around in our society who waste time. They spend 10$ where they need 2$. We need to keep a little account or we will be in a lot of trouble. So I think we should not waste money.  We can save them and use them for other good things. If we all observe such precautions, then we can take the country forward, including ourselves.

Well said , Sometimes small savings give us big benefits in the future. Moreover, deserts and oceans are made of small grains of sand and water droplets. So many times many unnecessary things are expensive, they may be very small for us but we should not think them small and waste the party unnecessarily, smart people never do this. Smart people save instead of spending unnecessarily

[cafee_orange]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

There are people around in our society who waste time. They spend 10$ where they need 2$. We need to keep a little account or we will be in a lot of trouble. So I think we should not waste money.  We can save them and use them for other good things. If we all observe such precautions, then we can take the country forward, including ourselves.

Well said , Sometimes small savings give us big benefits in the future. Moreover, deserts and oceans are made of small grains of sand and water droplets. So many times many unnecessary things are expensive, they may be very small for us but we should not think them small and waste the party unnecessarily, smart people never do this. Smart people save instead of spending unnecessarily

wise thoughts like what you convey, it seems that many people know it, but it is difficult to implement or run by someone who has more money.
for example, those of us who are currently in this forum, surely we have big plans when we have the results of our efforts so far. when we get that, sometimes we forget the planning that has been planned, so that we are unconsciously having a spree with the community that we have. I have felt this kind of thing. and this is the worst for me personally

[leonair]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

There are people around in our society who waste time. They spend 10$ where they need 2$. We need to keep a little account or we will be in a lot of trouble. So I think we should not waste money.  We can save them and use them for other good things. If we all observe such precautions, then we can take the country forward, including ourselves.

By looking at the poor and experiencing the lives of the poor, unnecessary costs can be reduced. The wealthier the person is, the higher the level of unnecessary consumption, and the person who earns little and has trouble supporting his family with the money he earns, that person never wastes money. So it must be accepted that money saves some and kills some. A person who spends more unnecessarily is also more likely to commit bad deeds. Therefore, it is necessary to keep track of unnecessary expenses as much as possible, then life can be run well

[coinerer]

Yes considering our income we must reduce our unnecessary expenses otherwise it will be difficult to meet our daily expenses for sure. And on the other hand we will not have savings so if we face any problem like illness it will be very complicated to prevent it. So of course being cost effective and cutting unnecessary costs is very important to us. Otherwise we will never be able to organize our lives and leave something for our future generations.
If our income is sufficient then there will be no problem in spending unnecessarily.  But to make yourself a successful, smart and rich person, unnecessary expenses must be eliminated

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

There are people around in our society who waste time. They spend 10$ where they need 2$. We need to keep a little account or we will be in a lot of trouble. So I think we should not waste money.  We can save them and use them for other good things. If we all observe such precautions, then we can take the country forward, including ourselves.

By looking at the poor and experiencing the lives of the poor, unnecessary costs can be reduced. The wealthier the person is, the higher the level of unnecessary consumption, and the person who earns little and has trouble supporting his family with the money he earns, that person never wastes money. So it must be accepted that money saves some and kills some. A person who spends more unnecessarily is also more likely to commit bad deeds. Therefore, it is necessary to keep track of unnecessary expenses as much as possible, then life can be run well

This can be a useful approach for people who are very knowledgeable. But I don't think it will work for everyone. Unnecessary expenses are personal matters.  And it is a bad habit. Just as a gambling addict cannot easily quit gambling, a person whose unnecessary spending has become a habit cannot easily stop it.  And whoever can leave it can save his money and use it for other necessary purposes.  So this is definitely an important issue.

[bosede1]

There are some times that you will incur expenses that you didn't plan or foresee but the way you are financially wise in spending your money will determine if when such times comes you won't be in debt or going around for a loan. That is why if you have the grace to have a sustainable job set aside some funds for the better days ahead.

[Huppercase]

There are some times that you will incur expenses that you didn't plan or foresee but the way you are financially wise in spending your money will determine if when such times comes you won't be in debt or going around for a loan. That is why if you have the grace to have a sustainable job set aside some funds for the better days ahead.

No matter how discipline you may be, there are things that come out of the moon that you may not expect like you will get sick and hospitalized to do tests, you don't have any other choice than to break your account, your family members will also call you for help when they know that you earn money, it may be that the dad or mum or brother is sick, and I don't think because you have plan you will want to abandon responsibility of the family. It is actually good to plan seriously but we should not forget than things we don't have plan from begining will always emerge.

[Newlifebtc]

Planning for unnecessary spending all expenses I believe that is only meant for people that does not have plan for the betterment of their life but when you have a plan of your life you can never spend money without condition that will profit you. And another thing is that anyone who have a good plan of itself always follow a correction so that it will not be mislead dead or being distracted by anything

[Uruhara]

managing spending of our money is very necessary. distinguishing which ones are needed and which ones we don't really need will help us cut expenses on things that are not needed. the reason we have to be more frugal and stop spending money on things we don't need is so that it's easier for us to prepare a reserve fund or emergency fund that we can use at any time when we experience a situation where we need fast money. such as when sick or helping others in an emergency. and we can also save and invest more if we succeed not to spend money on things we don't really need.
we also have to understand what primary, secondary and tertiary needs are. so that we can more easily manage and allocate our finances more effectively.

An unnecessary expenditure is when one spends a large amount of money in a place where it is possible to accomplish the task without spending that amount of money. For example, if you want to go somewhere and the metro fare is $2 but the taxi fare is $10, you should wait a little longer and take the metro, which will save you both travel time and money. There are many things where if we save a little then we will save a lot of unnecessary expenses, it will save us a lot of money and we can do more better things with that money.

well, things like that are what we can do so that we are more effective in making savings. Even the same thing applies in purchasing goods with the same function and quality. because sometimes someone who likes glamorous things really likes branded items that have a much higher price than non-branded items. but actually the quality and materials are sometimes not too much different. I still remember my friend showing off a branded jacket he had to me which had an extraordinary price. but then i tried it on and watched it and then i showed my jacket that i bought from onlineshop. at a lower price and almost the same model and even the quality of the ingredients is almost the same. and it surprised my friend. but still people who are already rich maybe they are not too afraid to waste their money because they have a much bigger income than us. so buying branded goods for them still feels cheap. but for those of us who are in a lower middle financial condition, we must not imitate the style of those who are rich or have a high level of economic level like the elite. we have to be more realistic and not follow those elite people.

[fuer44]

Actually a person's lifestyle will change when their income increases. Who initially spent $ 100 per month, could have increased to $ 500 per month if you have a lot. It cannot be denied because it is human instinct, to want to buy whatever you want even though it is only a secondary need. It's a different story if you only get "surprise" money from bitcoin results or short-term investment trading, if you live a luxurious lifestyle then the possibility of returning to zero is very large as told by the OP. But if the business is already running, have a steady job with high salaries, usually people don't really consider the little things.

[justdimin]

By looking at the poor and experiencing the lives of the poor, unnecessary costs can be reduced. The wealthier the person is, the higher the level of unnecessary consumption, and the person who earns little and has trouble supporting his family with the money he earns, that person never wastes money. So it must be accepted that money saves some and kills some. A person who spends more unnecessarily is also more likely to commit bad deeds. Therefore, it is necessary to keep track of unnecessary expenses as much as possible, then life can be run well

I would say that there are all kinds of people, and it is not just a single economical level. Think about it this way, there are poor people who live frugal and get richer, and there are poor people who stay poor and waste their money, there are rich people who live frugal and earn more by investing, there are rich people who waste and even become poor again.

All in all just because you are poor doesn't mean you will stay poor, and just because you are rich doesn't mean you will get richer. It's all about the characteristics of a person, this is why we see poor people have rich children or rich people have poor children, it depends on the persons character and not the financial situation.