Biting more than i can chew. How can i do better?

[dothebeats]

You already know what's happening - that's a good first step. Knowing what's wrong with yourself, or self-reflection, is a good way to know where to attack the problem. You sought for help which is commendable. Not everyone will have the courage to seek help for these kinds of problem. You also have a good background that can land many jobs. While you're still applying for jobs, learn more skills, create some mini side projects showcasing these skills and add it to your portfolio. Afterwards, just do what you're doing and live frugally. Eventually, you'll get the hang of it, and hopefully you stay at it for a long time.

[poodle63]

from the story itself its clear that your financial management is indeed really bad, it definitely one of the thing that causes you to be so fragile financially, just few months in after getting fewer income you're already couldn't afford anything, its not really great for you in the long run.
the only way you can overcome this is to force yourself living frugally, exactly at this time when you are facing hard time, you will know what it means to live frugally take advantage to learn from it, so that when your income is making a come back, when everything is getting better you will find yourself easily manage your financial and become better than before.
even though its not as easy as said but still you still need to try it out honestly.

[passwordnow]

I feel you OP and I have seen a lot of the same experiences and stories like yours. First, you need to accept the fact you're in that situation but sometime in the future, you'll get out of it. That's a fact, you don't dwell on that situation forever because you've got goals, and that's the next step. You need to setup your future goals and what you want to achieve. Avoid the late party nights because based on your experience, they are your friends when you have money and that means, your money is only their friend and not you. Forget about friendships that only matters when you've got wealth but soon you'll find real friends that will be with you, whether you have something or got nothing. Next is to think that jobs don't last forever especially in your niche, you don't get long lasting client and if you do, treasure them and be the best version of your everyday. Next, when you earn money, change that mindset of yours that they need to be spent immediately. That's the whole point of your belief that you need to spend it, immediately. Save for rainy days and think of this current situation of yours as one of the rainy days that might happen in the future so that you're prepared and when you've got less clients, you'll still have savings until you find one. Invest, save and be responsible, read more materials about financial literacy. Good luck and I know that you'll survive this current situation you are dealing with.

[GideonGono]

I am a young man who is not married. I have made some mistakes in how I use money and the resources I obtain. So, I have come to share this problem with everyone in the hope of finding help and changing the way I misuse money. I have a psychological memory from my upbringing that money is earned and should be spent as long as you keep earning. I see money as something that needs to be spent. If I see something I like or desire, I buy it without minding the cost as long as I really like it. Yep. Many years of self-employment with varying monthly income were like a blessing to me since I started designing and building websites. This little money made me a bit proud of myself and where I've come. I made a lot of friends, and whenever they asked me for anything, if I had the money in my possession, I'd disburse it to them. I was happy to receive praise that I was the best friend a person could ever have. I won't forget when I started going to clubs and spending money on luxurious clothes and booking rides from one city to another.

All of a sudden, everything changed. I lost one of my most loyal clients due to a car accident. I started getting fewer job opportunities. My monthly earnings were so low that I could hardly afford anything. All the friends I had left me, with only a few remaining. That's when I realized that I could do better. It's been over five months now, and things are still not completely okay for me. But I want to change and plan for myself.

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability. Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

The problem is your current lifestyle, I think you need to let go of it and start over again. I mean you need to live on what you earn if you couldn't afford it don't buy it, honestly I used to live like you and I am slowly getting better on my own again.
You need to know what you really need and only spend on those things, you could spoil yourself sometimes but make sure that you wouldn't spend most of your savings or money on it.
Look at your downfall as an experience and a blessing, now you know who only used you for your money and those who stay are your true friends who would stick to you no matter what, you already succeeded before believe in yourself and you could do it again, but if the time comes that you are on top again remember those who stay and support you don't be swayed by those who would only show up on your successful time.

[serjent05]

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability. Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

I guess there is nothing more to add here.  @OP you have acknowledged and identified your mistake.  You already know the reason why you suffer such difficulty.  All you can do right now is to change for the better and apply what you have learned and the solution you found.

Financial management is the key, and you already pinpoint it.  Learning and applying the right financial management to your daily activities will solve your financial problems and if you can, you may also find another source of income if your current source is not enough.  Aside from that, people are indeed often exposed to unnecessary experience to learn.  So, just move on and be a better person that values money for future needs.  Forget about those friends who left you and treasure those who stayed .

[bettercrypto]

I am a young man who is not married. I have made some mistakes in how I use money and the resources I obtain. So, I have come to share this problem with everyone in the hope of finding help and changing the way I misuse money. I have a psychological memory from my upbringing that money is earned and should be spent as long as you keep earning. I see money as something that needs to be spent. If I see something I like or desire, I buy it without minding the cost as long as I really like it. Yep. Many years of self-employment with varying monthly income were like a blessing to me since I started designing and building websites. This little money made me a bit proud of myself and where I've come. I made a lot of friends, and whenever they asked me for anything, if I had the money in my possession, I'd disburse it to them. I was happy to receive praise that I was the best friend a person could ever have. I won't forget when I started going to clubs and spending money on luxurious clothes and booking rides from one city to another.

All of a sudden, everything changed. I lost one of my most loyal clients due to a car accident. I started getting fewer job opportunities. My monthly earnings were so low that I could hardly afford anything. All the friends I had left me, with only a few remaining. That's when I realized that I could do better. It's been over five months now, and things are still not completely okay for me. But I want to change and plan for myself.

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability. Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

Whatever you're going through, there's definitely a good reason why. You probably won't be able to pass it if God knows you can't pass it, that means it's just a test. Because God knows what your capacity is. The important thing is that you realize what mistakes you have made that should not be repeated or made again.

Let go of the mistakes you made so that you can do what you should do right and achieve whatever you want based on the needs of life that you are facing now that you are here in the crypto business industry.

[franky1]

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability. Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

now you have lived a bit of life. you can start taking notes on it.
no one should turn into a hermit and squander every penny and never spend it. but be more practical..
learn your happiness's.

think of money as a tool of life.
look back at your previous experiences and think about which experiences you paid for that actually still make you happy thinking about today that bring long term happiness without regrets

EG
did donating money to friends give you more then a days happiness, or regret now
did that nightclub life make you happy a year later having fond memories or did the thrill dissipate the next morning with the hangover

do exotic vacations give lasting memory, or going to a local sports event

hobbies?.. the list goes on. just plan one really good experience you still want to have in life

never give up on things that make you truly happy but prioritise that happy experience.
you know. the anticipation feeling of looking forward to christmas/vacation, that kids have months before the day.
ignore the short term moments that get forgotten, regretful soon after

set a goal of one vacation a year or 2 sports events a year (whatever your happy moment is, whatever it is).. break down that cost to a daily amount/monthly amount you can put aside. it becomes something to look forward to, something you can watch your account accumilate to show progress towards it, rather then avoiding doing anything this year and thinking and regretting never getting to experience anything again..

again dont plan on going sporting events each week or nightclubs each friday night or vacations each month. make it a 1-2 times a year thing to build up excitement, anticipation and doing it within your budget. EG if it is nightclubs. plan it for your birthday or special event.. rather than weekly

once you realise you can still plan to enjoy your money on life experience. then budget your income
this may be cutting down on non essentials. buying cheaper brands. and even downsizing your housing costs

put some money aside not just for the anticipated experience but also as a rainy-day fund incase one month you have no income at all
make these money put aside payments as automated deductions from your spending account.

next is where to store that put aside money.
some invest in the stockmarket, some invest in bitcoin.

for the anticipated events this year just keep in a second account. for the long term rainy day fund invest

think of things you want to do this year(experiences) and allot the budget for that as just explained
think of things you want to do in next 5-10 years (house/family) and allot the budget for that and invest it
think of things you want to do for retirement and allot the budget for that and invest it

think smart with your money
EG do you really need to spend £$## a month on netflix or gym.. or can you use other streaming sites to watch movies for free and use a local park for free fitness
im not saying give up on fitness or movies but can you find money savvi ways around your daily life thats cheaper or free

all those little monthly spend amounts add up. so be frugal on the petty stuff and dedicate your money into the positive directions you want to experience

then when setting up automated payments to split your money into those pots of savings. and cutting out the dead wood of wasteful spending, then concentrate on finding new clients and expand your income

[philipma1957]

The mistakes you make in your twenties may be costly. Therefore, as long as you are still young and do not have obligations such as starting a family, supporting your family, or any obligations such as real estate debts, student debts, etc. it is better to think seriously about your financial future. Always try to reduce your expenses and control your expenses. Your instincts are to pay yourself first by investing and leave the surplus to pay the bills. If there is anything left, you can buy what you need and do not do the opposite, meaning that you do not start buying unnecessary things, then necessities, then investing. If it is difficult, look for a mentor, whether it be a psychological counselor or an economic expert.

At op listen to this guy.

You made mistakes in your 20’s you seem to still be jn your 20’s.

This means unlike me at 66 time is on your side.

if we both live to 80. I have 14 years
you likely have over 50 years.

So make some long term plans.

Dca some cash every payday. hodl it
Dca some Btc every payday. hodl it

Come back to this thread and report how well you hodled the DCA in cash and in BTC.

If you can dca some cash and some btc every payday for a year in a row and hodl it you will be on your way.

I dca btc every week.
I also mine coins.

I let them stack long times years and years.

I did not do this with Btc back in 2012.

I did do it with doge and turned 2000 into 85000.  Could of been more but my hands weakened and I sold too soon. Still making the 85 k was nice.

[Gozie51]

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability. Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

The good thing for you is that you already know what your problem is because it would have been bad if you couldn't trace where it all started for you, so now that you already know it is half solved.

My advise therefore is continue with your work and soon another big client will locate you and when you get back on your feet be wiser. Invest more and keep away friends that won't contribute meaningfully to your life. Be prudent with your finance this time around.

[mindrust]

What you experienced happens to big companies too. Imagine a big company doing great, sells lots of stuff every year but it only has one big customer. What happens to the company if that customer finds a better supplier? That’s pretty much what happened to you. (In your case it is a car accident) You depended on that customer too much. Now you should find new customers and upwork is a great place to start. Beware the scammers though. If you spend enough time there you will notice them from a mile away. You are a loser when you give up. Till then the fight to survive will never end.

[slapper]

~snip~

The problem is your current lifestyle, I think you need to let go of it and start over again. I mean you need to live on what you earn if you couldn't afford it don't buy it, honestly I used to live like you and I am slowly getting better on my own again.
You need to know what you really need and only spend on those things, you could spoil yourself sometimes but make sure that you wouldn't spend most of your savings or money on it.
Look at your downfall as an experience and a blessing, now you know who only used you for your money and those who stay are your true friends who would stick to you no matter what, you already succeeded before believe in yourself and you could do it again, but if the time comes that you are on top again remember those who stay and support you don't be swayed by those who would only show up on your successful time.

Today's economy necessitates careful financial management and pragmatism. Living within your means is a reflection of understanding the state of the economy as well as a personal financial philosophy. Even though it is erratic, Bitcoin is proof of creative solutions for asset preservation

Thinking back on your experiences as life lessons is priceless. Since financial history frequently repeats itself, it's critical to identify true allegiances. It's important to keep an eye out for things when you are financially successful. It is necessary to exercise caution when it comes to fleeting relationships that arise in times of prosperity. Financial savvy and pragmatism are essential in today's world

[naira]

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability. Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

There is no longer time to mourn what has happened, and basically many people have stories like this but to varying degrees. It's just that the essence and flow of spending money is to have fun. Personally, I also have almost the same story and managed to overcome this. I mean overcoming wasteful lifestyles and having more goals to live a more useful life. A person must reach the lowest point so that he knows how valuable it is when life is still sufficient.

This is not the same but various experiences, firstly, when we are in a stable financial condition, we have to look in all directions, meaning we have to compare our conditions more with those of people who are much more difficult because that way we can be more grateful for what we have achieved so far. Secondly, you have to remember that age continues to increase, sometimes every day you get sick and the older you get, the more demands you have on family life and ensuring that your children will not have difficulties in the future. Developing a leadership mentality, especially becoming a family leader who will set an exemplary example.

It's normal to have fun every once in a while, but there needs to be limits, because you're not married, you don't feel like that's an obstacle, so don't think twice. But there are people closest to us who we can trust to give advice, even good friends will definitely give good advice too. It depends on how you get along with the people closest to you. Actually, nothing changes you other than yourself, because in the end you will be faced with the demands of maturity. No one's path in life is smooth, everyone has their own bitter story, and different paths in life will continue. You just need to reflect for a moment to see neighbors who live below you but seem to enjoy their lives even with minimal income.

If other people can enjoy life so much, those of you who have everything should be happier. In fact, no, it means that the measure of happiness is not just about having money. Life is too short to define it like that. You need to be grateful a lot when the economy is stable and have goals for the future, be it investing, giving charity, supporting your living parents or those closest to you who play an important role in your success. So the point is to live like the soil and learn from it because we will eventually return to the soil.

[Poker Player]

make some long term plans.

Dca some cash every payday. hodl it
Dca some Btc every payday. hodl it

Come back to this thread and report how well you hodled the DCA in cash and in BTC.

If you can dca some cash and some btc every payday for a year in a row and hodl it you will be on your way.

I kind of agree with this but I only see sense in accumulating cash until:

1) you complete an emergency fund of a maximum of 6 months of expenses.
2) you complete sinkings fund of foreseeable expenses.

Beyond that, I see no sense in accumulating cash, the rest should be accumulated in financial assets, mainly bitcoin but it is not bad to have an index fund or any other financial asset of your choice to diversify.

[Fiatless]

The main reason I'm sharing this topic is to get your own opinions and advice so that I can do better. I believe it's because of poor financial management that I've fallen to this level. I've been doing things that I now realize were not the right things to do because I don't have any financial stability.

Your story is similar to the general experience of many youths today. They are more concerned with pleasures than securing the future. But the best part of your story is that you have realized your mistake and are willing to change from your unprofitable ways. Saving and investing is the best decision to take now that you are young because it might be difficult when you start having dependants. Some people think that it is when they have a lump sum that they would invest but they don't understand that little can make one a millionaire in the future.

Last week, I felt ashamed when people see how frustrated i am because I had bitten off more than I could chew. I'm open to opinions and helpful insights to start again, but this time in a more stable and responsible manner.

There is no shame in failing and raising. You need to put yourself together, control your expenses, and save more. Designer clothing, clubs, and other luxury will always be there to enjoy. But it is wrong to lavish money on them when you don't have any investment. If you have businesses or investment that brings good returns, spending on these things will not have adverse effects on your finances. So the slogan now should be invest and enjoy in the future.

[Oasisman]

All of a sudden, everything changed. I lost one of my most loyal clients due to a car accident. I started getting fewer job opportunities. My monthly earnings were so low that I could hardly afford anything. All the friends I had left me, with only a few remaining. That's when I realized that I could do better. It's been over five months now, and things are still not completely okay for me. But I want to change and plan for myself.

See, this is the most important thing that really needs to happen at least once in your lifetime. Don't regret what you've done before. Those money you have spent and the time you have spent enjoying the things you like is a memory of a lifetime and it's gonna be priceless.
However, you have to always remember from now on that everything that goes up must come down at a certain period of time. You've just learned a valuable lessons and experienced the highest time of your life, now you need to fix everything up and I bet you know what you need to do to avoid struggling when times like these happens again. At least now you're more ready than not.

[AprilioMP]

-snip-

We can be friends with anyone without choosing, what we need to do is know the limits of friendship, it is true that we need to test them before giving them more trust, but in my opinion, even without testing them, if they really have evil intentions towards us then they will visible by itself without us needing to test them. You are right that there are some friends who we cannot give full trust to because they don't deserve it from us and there are also some who we can give full trust to, because we have spent a lot of time with them, both happy and unhappy.

Not all wealth is good for us. Sometimes avoiding the crowd allows us to progress further. Not when the atmosphere is busy, but when we are alone, we can find the answer.
We don't need to extend it because we have a view on how to maintain a friendly relationship with a view on how to manage finances in living life.

Expenditures must be limited and minimized as best as possible. Not to make yourself stingy in giving, but because there are other things that need to be prepared. Maybe preparations for starting a family or other preparations that we need. For those of us who are still decades old, OP's story is an interesting thing to experience.

Bite off as much as you can chew.

[EluguHcman]

Well. I can say the Friends that has left you since you have no more finances to offer them are not your success attractions neither the remainders that stayed.
Not even their fault that you got broken at this point. You were not rebelled rather they lived a dependent in you which you singularly on your own danced to the tunes.
You tends to live a celebrity and flamboyant life without diversification of your sources of income so that you can implement a financial expenditures as a manner of financial management.

However, since your success is not tied to any other your above friends, I will ask you to keep grinding, keep pushing, keep hustling and you will be on your fitness again and hope when the time comes you would learn from the pasts with the endivoirs to diversify your source of income.

Otherwise, phases of businesses are sometimes Seasonal which may either be effects of the economy which your patronages have plans to patronise you but due to the hard earning economy everyone is cutting its coat according to its size and not as you who never thought of what tomorrow would be because there was an overflow of finances on your side.
Also could be an effect of environment where there could be more competitive or relocation of your customers. So you can as well insight a survey of change of environment would have a successful change to you.

Do not feel depressed over any of the circumstances rather each and every of the circumstances should be an energymatic aspirations to inspire your ability to gear up to more effectiveness and never give up to your hustles.
Once a payday had a payoff and there still come opportunities for a rollover.

[bitzizzix]

OP's experience is the same as most other people's experiences after being young and having an income that makes us generous in everything and also able to fulfill what we want. Because it is a moment where a young person is given an unexpected income to be able to learn, share and enjoy, which is actually only for a moment and will be a lesson for the future after the moment begins to fade.
There's no need to worry because everything will be fine, but this moment should be used as a valuable lesson and make you more mature.
And the most important thing is that you have done good and can also help your friends even though they are far away because of your changes, just ignore them. And there is no need to ask for opinions in this incident, because it has become a life journey that everyone goes through and learns from, which will make us more mature, better and also know better what is good and what is not. What is good and what is not, and what is important and what is not important and all of this is a process of life's journey to reach a level that we have to go through and face and make it a life lesson.

[LittleBitFunny]

from the story itself its clear that your financial management is indeed really bad, it definitely one of the thing that causes you to be so fragile financially, just few months in after getting fewer income you're already couldn't afford anything, its not really great for you in the long run.
the only way you can overcome this is to force yourself living frugally, exactly at this time when you are facing hard time, you will know what it means to live frugally take advantage to learn from it, so that when your income is making a come back, when everything is getting better you will find yourself easily manage your financial and become better than before.
even though its not as easy as said but still you still need to try it out honestly.

I think saving is enough, we don't need to live too frugally. Living frugally and being too strict with ourselves will make life more difficult and affect our health. The hardest thing is that we don't realize our problem, but in OP's case, he recognized his problem and it became easier to fix it. It's only when he doesn't recognize the problem that it's very difficult to fix.
Financial management is actually not too difficult, we just don't really want to do it, if we really want to save, there is nothing we cannot do.

[Bananington]

It was an experience you had to learn from OP. Be thankful for those friends who still stick around in these hard times and for health and a good mindset to even think of starting afresh.
Life has happened and the way it happened to you is just to make you take a pause and reaccess the choices you have made so far.

Am glad you belong to this Bitcoin community where you are among the ambassadors of cryptocurrencies and am sure in no time, you would be able to get your life back with earnings or bounties or the best trading practice or the best way to save that would put more funds in your pocket, rather than take it away.