Advice to friend for financial improvement.

[Don Pedro Dinero]

I don't get the people who buy the latest iPhones. It just makes no fucking sense. You're getting a basic income, around $800 in my place, and you prefer working your ass off for 2 months straight, just to get an iPhone than getting a normal smartphone, with a thousand euros left to pay bills and stuff.
~snip~

Because we have turned into a society where consumerism rules and where social status is shown precisely with a new smartphone, an expensive watch or an item of clothing.

When you talk about "we" don't include me, please. I could go and buy half a dozen Iphones if I wanted to tomorrow and pay cash for them, and I'm carrying a Chinese-branded mobile phone that I got as a gift. It cost me $0.

Linking this to what the OP says, a key if you want to improve your economic situation is to keep your consumption costs low and with the savings you generate invest. Obviously, to the extent that you have been investing for years you can take your foot off the accelerator and increase your consumption, but always bearing in mind that at least annually your expenses should be less than your income (there may be a month when, due to unforeseen circumstances, your expenses exceed your income, but if you have done things right, you will be prepared for that).

[icalical]

That could be a doubled-edge sword both for you and your friend if your friend is not educated enough about Bitcoin and the nature of the market and then on the next few weeks or months, the market was going bad and the value of your friend portfolio is decreasing, he probably will blame you for that. I believe you have good intention, and I do agree instead of spending $800 on newest iPhone I would rather spare $200 for Bitcoin and the rest $600 I could use to buy used previous generation iPhone or just mid-end Android Phone. But if I were you, I would introduce your friend to Bitcoin in small step, rather than just make him spend $200 immediately.

[eightdots]

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright.  Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit.

I'd agree with your suggestion. If one has to chose between some pleasure (iPhones are not necessity, are they?) and investment first, it should be investment always, and pleasures should be fullfilled with profit from investment(s). Hence best of both worlds.

It is always good to invest instead of spending unnecessarily. The opposite of this situation can happen in the following way. A person may really want to buy an iPhone and buys it. Sometimes in this life we should do things that we enjoy. What you say about the iPhone may be true, but it means nothing to a person who wants an iPhone.

Investing is important for our lives, but so are our pleasures. In some cases I can choose investment and in some cases I can choose pleasure. I can't blame anyone for that. It is best to give information and leave the choice to the other person instead of interfering with their preferences.

Appears you misunderstand my statement. I said, enjoy pleasures from the profit of your investments. If you buy an iPhone from capital, your money is gone, while capital invested and buying iPhone from return of your investment will keep your capital intact.

Actually we are saying the same thing. I said it was hard to convince someone who loves the iPhone. So, no matter what we say, the person who loves the iPhone will prioritize the enjoyment side of things and buy the phone. That's why I said that what we said meant nothing to them.

I do not think that a person who is going to buy an iPhone and thinks about its pleasure will choose to buy an iPhone with the earnings he will earn by investing and will wait long enough to make a profit. I think you know the queue people formed to buy the phone when it first came out

[angrybirdy]

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright.  Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit.

I'd agree with your suggestion. If one has to chose between some pleasure (iPhones are not necessity, are they?) and investment first, it should be investment always, and pleasures should be fullfilled with profit from investment(s). Hence best of both worlds.

It is always good to invest instead of spending unnecessarily. The opposite of this situation can happen in the following way. A person may really want to buy an iPhone and buys it. Sometimes in this life we should do things that we enjoy. What you say about the iPhone may be true, but it means nothing to a person who wants an iPhone.

Investing is important for our lives, but so are our pleasures. In some cases I can choose investment and in some cases I can choose pleasure. I can't blame anyone for that. It is best to give information and leave the choice to the other person instead of interfering with their preferences.

Appears you misunderstand my statement. I said, enjoy pleasures from the profit of your investments. If you buy an iPhone from capital, your money is gone, while capital invested and buying iPhone from return of your investment will keep your capital intact.

Actually we are saying the same thing. I said it was hard to convince someone who loves the iPhone. So, no matter what we say, the person who loves the iPhone will prioritize the enjoyment side of things and buy the phone. That's why I said that what we said meant nothing to them.

I do not think that a person who is going to buy an iPhone and thinks about its pleasure will choose to buy an iPhone with the earnings he will earn by investing and will wait long enough to make a profit. I think you know the queue people formed to buy the phone when it first came out

If you posess a mindset of making money with your money (investment, business, etc.), convincing people will be easy. But if you said it to someone that prioritize to show-off his/her new stuff to other people, then convincing someone will be hard.
Many people actually do that. They prefer to buy or spend their money to unnecessary things instead of investing it. They would rather buy what they want instead of making money out of it and use that money to buy their wants.

[YUriy1991]

That could be a doubled-edge sword both for you and your friend if your friend is not educated enough about Bitcoin and the nature of the market and then on the next few weeks or months, the market was going bad and the value of your friend portfolio is decreasing, he probably will blame you for that. I believe you have good intention, and I do agree instead of spending $800 on newest iPhone I would rather spare $200 for Bitcoin and the rest $600 I could use to buy used previous generation iPhone or just mid-end Android Phone. But if I were you, I would introduce your friend to Bitcoin in small step, rather than just make him spend $200 immediately.

Thats right and it's not wrong either. So, if OP's friend is investing, it's best not to give him too many choices. If there are two, just choose one. If he wants to enter the market and than continue investing in BTC, it is recommended that he go full, meaning don't be half-hearted and if he wants to buy an iPhone, buy it and enjoy the latest version, although we also have other options and can choose to buy a lower version like you said. on. . Yes. simple. If we want to invest, it's best not to have too many choices. If there are two, just choose one.

[philipma1957]

It's all about proper money management. And looking at the 'real' value of A vs B



   I have pointed out time and time again that the 400 usd samsung A54 is really close to the quality of the lower priced basic iPhone 15. So why lay out 400 or 500 more for a product that lasts 2-3 years at best.

You can take this across the board with 10 items .

Starbucks coffee vs home made.

I can make quality coffee at home 1quart thermos for about 1 dollar. So 32 oz of coffee for $1.00 a Starbucks venti + a tall equal 32 oz the cost $5.90 plus tax .  That is 6 bucks a day vs 1 buck a day .

yearly total 5 x 365 =         1825
iphone 15 vs samsung a54 = 500 over 2-3 years say 200 in a year
So on two items you save about 2025 in a year.

Netflix streaming 240 usd a year
Going to movies 1 day a week = 15 x 52 or 760
save 520 + 2025 = 2545 in a year.
phone plans I can do tracfone for 30 a month unlimited text and calls Verizon is 50 save 20 a month or 240 a year.
240 + 2545 = 2785 a year.
What did I give up to be saving 2785 a year not much.
I like to cook I buy quality beef and lamb.
If I buy hi end lamb steak  it costs me $40 a meal for me and my wife.
If I buy lamb roasts it costs me $17 a meal for me and my wife
So 10 times a year savings $230 + 2785 = 3015 a year saved.
I buy a special quality fig/coconut bar for desert.
If I buy 8 oz cost 16 usd 20 x that = 160 usd
If I buy 10 pound cost 100 usd. savings = $60 two buys a year saving $120. to do this I bag into 5 bags and freeze 4 of them.

120+ 3015 = 3135 saved a year

[radjie]

If the friend who is recommended to invest in Bitcoin understands how it works, of course he will immediately agree that it is better to invest his money in Bitcoin than buying the latest iPhone.  However, not everyone is tempted to invest in Bitcoin, like ordinary people, they are only tempted when they see Bitcoin prices are high.  Therefore, it is not surprising that if the price of Bitcoin rises, new investors will start to appear

[Rupok]

In my opinion, rather than buying an iPhone, investing in bitcoins seems more useful.  If one invests the same amount of money in Bitcoin as it costs to buy an iPhone, one can expect double profits in three to four years.  I always share about Bitcoin with my friends.  I don't encourage anyone to invest in Bitcoin but I encourage them to just learn about Bitcoin.But business and hobby are two different things. If someone wants to buy iPhone as a hobby then it is his own business.  Bitcoin investment for those who want to achieve financial prosperity.

[Ale88]

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright.  Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit. Also, Bitcoin halving in 2024, investment during this time can be very profitable. With that in mind, I suggested buying bitcoins instead of buying iPhones in my local thread. I searched among my friends to see if anyone would buy an iPhone, finally one of my close friends lives in my country's capital. Working in a good company and getting salary of $500 per month. Buying that friend's iPhone is easy. He came to visit my house a few days ago. My friend had a $200 normal phone, one time I talked to him he said he was going to buy an iPhone 15. I can't knowingly recommend my friend to buy an iPhone. I got good knowledge about Bitcoin, I suggested my friend to invest in Bitcoin thinking about his future development. Given all the ideas about Bitcoin, my friend at one point decided to invest in Bitcoin instead of buying an iPhone. Suggested my friend to invest in Bitcoin by following DCA. My friend bought $200 worth of bitcoins for the first time. It will try to gradually increase its investment growth.

It's pretty fascinating to see how an iPhone is becoming almost like a unit of measurement. Anyway, besides the fact that if someone earns $500/month, in my opinion, it would be absolutely crazy to spend 2-3 salaries just to get a smartphone, also because with those $500 I guess you also need to spend money for living, so it takes even more time, I just don't understand why so many people feel they need such expensive phone. Unless you actually need it to work, and the majority of people don't, you can simply buy a 3 year old iPhone and it costs way less money and it still works perfectly. At least your friend listened to you, that's the good thing!

[GiftedMAN]

Op having your friends invest in bitcoin instead of an iPhone is ok but think about this for a moment, imagine a content creator who makes $500 to $700 monthly doing contents would you rather encourage him to invest in bitcoin or purchase an iphone15 to continue his content creation or not? I think most people who spend money on expensive gadgets or other things instead of investment have reasons for what they do as it could be their source of income we never can tell.

Even as a bitcoin believer I wouldn't mind purchasing an iPhone if it will help to promote my business that will bring more profit to me than bitcoin so I think it is a personal decision we don't need to push or force anyone to choose what they want.

[SmartGold01]

Most times it's very hard to convince those that are not into bitcoin to buy bitcoin leaving to buy what they desired and if you watch is a good thing to have invested in bitcoin but sometimes they are very hard to be convinced because they don't know the whole concept of bitcoin and whatever that happens to their investment they could hold you responsible for losing their assets but the main thing is, they should understand what is bitcoin and how it works before telling your friend to invest maybe I can say they understood it very well and can bear the risk especially the volatile nature of bitcoin needs for someone to know it very well before venturing into it to avoid being called a bad name or being accused for scamming them.

[darkangel11]

I've noticed a topic in the Bitcoin discussion. I was encouraged by reading the Topic, I thought if anyone would benefit financially from me. Instead of buying an iPhone, if one invests in Bitcoin, his future will be bright.  Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2-4 years he will be able to buy 1 iPhone with the investment profit.

So you expect only 2x from here over the next 2 years? That's pretty bearish. That would not even make a new ATH this cycle.

Your story reminds me of that experiment where they'd ask children if they want 1 candy now or 2 in an hour and most kids chose 1 now because that's how their brain works. Children live here and now, they're bad at imagining future profit. That's why as we become adults and we gain experience, our brains should develop into strategic thinking and all that, but some people still remain in their childish state.

[|MINER|]

Very well said.  Your thoughts are focused on the future. You have given a lot of good advice to your friend.  If he doesn't buy an iPhone and invests that money in bitcoin, I hope he can buy more things in the future with the purchase of an iPhone.  In order to survive in life, you have to think innovatively.  Bullrun is coming. Your friend's 200$ investment is expected to double or triple after the bullrun.  From my very personal opinion, the iPhone case has always been a luxury to me.  Spending so much money on a mobile seems absurd to me.  Still, those who can afford it will definitely buy.  But I think a person should own 1000$ before investing in 200$ iPhone.

[GbitG]

if one invests in Bitcoin, his future will be bright.

BTC doesn't make your life bright, you can live a good life without ever using BTC, to live a better life and have a good future, you simply need to work hard, be financially responsible and try to increase your income; and you can do all of these without using BTC. Take note that BTC is volatile, and people also lose money when they use it as an investment.

Now if someone invests in Bitcoin with the same amount of money to buy an iPhone, it is expected that in 2–4 years he will be able to buy 1 iPhone with the investment profit.

It is beyond any doubt that you can buy an iPhone of the latest version through an investment in Bitcoin for a long-term perspective, just as you say to hold for 2–4 years. But here again I will say that it depends on your strategy when you grab the opportunity and enter or exit at the perfect time by booking the profit. 

I suggested my friend to invest in Bitcoin thinking about his future development.

I don't think it is better to give financial advice to anyone. If someone wants to give or accept it on his own will, I consider it a sensitive issue of financial decision-making because, in this volatile market, no one can be responsible for anyone, so whatever decision is made by himself, do it.

[BitDane]

Aside from investing in Bitcoin, if your friend wanted to immediately see a financial improvement, if he is having a job, then it is a good advice to look for an additional source of income.  This way his extra income will supplement his main source of income.  You should also have advised your friend to be thrifty and not dwell on luxurious things.  This will only siphon his wealth and he will only find himself borrowing money to maintain these kinds of luxurious activity.

I believe, to further improve finances, one must learn financial management.  This way he will learn how to spend his finances wisely.

[Dr.Bitcoin_Strange]

Normally, people have a choice for how they want to spend their money, but IMO, It's more wise if someone has already had a better asset (Bitcoin or whatever) that they have invested a huge sum of money into before they can think of putting such a huge amount of money into the iPhone 15. It's very unwise for someone to have worked for several months and have managed to make some money, but they end up buying a phone that will surely get outdated in the future, while they would have bought an asset that can yield a profit for them in the future. Although let's not forget that we have some rich dudes who can even buy several pieces of this iPhone, the money they have spent to buy those phones will not affect their financial well because it steadily get replenish through their already existing investments. I think those are the kind of people who should get the phone, not just a person who is still trying to build their financial well.

[deathcode]

Isn't it depend on the person?

I'm a typical person who will save as much as I can and invest in an asset that I trust, which is Bitcoin.

But I have a friend who like to spend most of his salary to buy anything to fulfill his desire e.g. buy a coffee every morning, hangout every week, going to concert every month etc.

I did ask my friend, "Don't you think such money is better for saving to prevent from worst situation could happen?"

Then my friend answer my question, "I'm happy with that (living by paycheck to paycheck) because we only live in this world once and when we die we won't able to bring our money in heaven."

Honestly I can argue with him because I don't agree with such thought, but if I win, what I get? nothing and it just make my friend become worse because he's not happy to follow my lifestyle.

Yes you are right, everyone has their own thoughts, there are those who want to develop their finances by saving and investing like you do and if I may judge that is a wise action. Because everyone who sets aside their money to save and invest, I think they have a more mature and less selfish mindset.
In fact, it is their right to use the money they have, but for some reason I don't like the way of thinking of people like your friend, because in the name of living only once they spend their income just to always have fun and only fulfill their desires without can think about the increasing cost of living in the future and think that the future will be fine.
I think your friend doesn't have a family and has never experienced significant difficulties in his life, such as headaches thinking about all the bills we have to pay, such as electricity bills, water bills, vehicle tax, children's school fees which are getting higher and higher every day and other basic daily needs. Sometimes the prices of all current needs are not commensurate with the income we have.
Yes you are right arguing with people like your friend will not be beneficial for us, I think let the conditions or difficulties teach them to understand the true meaning of "life is only once" and we should not waste our money just to have fun without thinking about the family and our children we might leave behind when we die.

[oktana]

Also, Bitcoin halving in 2024,

Bitcoin halving doesn’t directly mean an increase in price. So, I’ll say you count this out.

I suggested buying bitcoins instead of buying iPhones in my local thread.

It depends. Buying an iPhone too could be equally profitable. It’s not a bad thing to do. I’m just reflecting on how you sound about buying an iPhone. Also, I don’t even think Bitcoin and iPhone is comparable. You can still suggest to someone to buy Bitcoin even as they buy their iPhone (after all there’s no minimum amount to purchase).

Overall, I think you’re a good friend as you’ve shown to have your friends’ best interest at heart. 👏

[Casdinyard]

Back then I also used to scoff at people who pay for stuff like these and not use that money to invest and earn dividends, until I realize that my opinion was unsolicited, and I probably look like a pompous asshole to them by making it as if my decisions are right and what they do is wrong. When I got the money to buy stuff I want I also acted a little lavish, I spend and spend knowing that I'd gain the money back anyway, what's to say that these people who have the capabilities to buy an iPhone 15 or whatever, aren't able to do the same thing that I could investment-wise?

That's when I realize I should keep things to myself and just focus on my shit until my opinion is asked. Most of the time I'd even be thanked for the great suggestion, instead of shoving my ideas into their faces when they didn't ask for it in the first place.

[Blitzboy]

Your friend's story is sweet; a simple act of putting off immediate satisfaction (that shiny iPhone 15) in order to possibly have a better financial future; but its also filled with uncertainty, isnt it? Bitcoin is like a pirate ship on rough seas, even though its been a fun ride. It goes up and down, and it makes you smile and not smile sometimes.

What if the iPhone (or something similar in goods or experiences) your friend bought today brought them a lot of happiness, pleasure, or even chances to meet new people? Spending money on things you need (or want) right now can have benefits you didnt expect. So, it might be worth thinking about whether telling someone they should invest in Bitcoin should also come with a small warning: "Get ready for an exciting but possibly rough journey!"