Developing oneself economically.

[Choicequeen]

Honestly I don't like theory, it's too much blabbing.

People can learn by themselves whenever their money reach some "tier", when they work and they only earn same amount for every month. They will think how to increase their earnings, they either take side gigs or study. After they earn bigger amount and they have a good amount of money that they didn't use, they will think a way to grow their money from their wealth.

It's all about your own condition and it's better to have the money first rather than money management without money.

Hahahaha, well I think this is a very nice topic and he or she made a very good point concerning money management to me,
Money management must not be when you have it in quantum, it starts from the little you have in as much you are not managing the little you have how then will you manage it when you have it in quantum? I think the op wasn't blabbing but making a good topic.

[Smartprofit]

For some, it only takes good courage and smart decisions and strategies in life to make economically successful. You don't have to be well-skilled and highly educated financially and physically, but just clear goals and objectives in life.

Luck is also a big factor. If you don't have that luck and get the best opportunities in life, life will still be seen struggling economically.

Yes, believe me, luck certainly plays a role, even in developing your own business. I personally know people who aren't particularly bright, yet they've managed to start their own businesses that generate quite a substantial profit. If you talk to them, they can barely string together a few coherent sentences. For them, the circumstances have miraculously conspired to create a favorable outcome. From the outside, it seems like some kind of miraculous miracle.

In my opinion, starting your own business doesn't require a high IQ and three college degrees. In my opinion, such things can even hinder your success in business. 🙋

A focus on profit is essential in business. The founding documents of any commercial organization state: "The primary goal of a commercial organization is to make a profit." And a businessman should be literally obsessed with this idea.🦾

 It's also important to create a business system. The system itself shouldn't be overly complex. Systems are usually list-based. A businessman should always have a variety of options to choose from. That is, they should have a list of clients, a list of suppliers, a list of software, a list of potential employees, and so on. This allows them to maintain the functionality of their business system and effectively scale the business. While an employee earns money by acquiring new knowledge and skills, a businessman earns money by creating and improving their business system.

[KiaKia]

Honestly I don't like theory, it's too much blabbing.

People can learn by themselves whenever their money reach some "tier", when they work and they only earn same amount for every month. They will think how to increase their earnings, they either take side gigs or study. After they earn bigger amount and they have a good amount of money that they didn't use, they will think a way to grow their money from their wealth.

It's all about your own condition and it's better to have the money first rather than money management without money.

Hahahaha, well I think this is a very nice topic and he or she made a very good point concerning money management to me,
Money management must not be when you have it in quantum, it starts from the little you have in as much you are not managing the little you have how then will you manage it when you have it in quantum? I think the op wasn't blabbing but making a good topic.

Despairo made a good point, if you don't have money what is there to manage anyway? And there is levels to all amount of money, the highest amount I have ever handled is a little over $35k and I built my disciplinary habit around this amount.

If I ended up with $500k do you think I will be able to manage it? The higher the amount of money you have the harder it becomes to manage, this is why many people who got rich all of a sudden had to go broke again.

Money management starts from little is the same as everyone spends money, but the management of having a lot of money is a different experience entirely.

[junder]

Despairo made a good point, if you don't have money what is there to manage anyway? And there is levels to all amount of money, the highest amount I have ever handled is a little over $35k and I built my disciplinary habit around this amount.

If I ended up with $500k do you think I will be able to manage it? The higher the amount of money you have the harder it becomes to manage, this is why many people who got rich all of a sudden had to go broke again.

Money management starts from little is the same as everyone spends money, but the management of having a lot of money is a different experience entirely.

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

[$anounimus$]

Despairo made a good point, if you don't have money what is there to manage anyway? And there is levels to all amount of money, the highest amount I have ever handled is a little over $35k and I built my disciplinary habit around this amount.

If I ended up with $500k do you think I will be able to manage it? The higher the amount of money you have the harder it becomes to manage, this is why many people who got rich all of a sudden had to go broke again.

Money management starts from little is the same as everyone spends money, but the management of having a lot of money is a different experience entirely.

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

Everyone certainly has different life goals, but the goal is to live happily, meaning to be financially independent. However, to achieve that, everyone must prepare themselves early on by building knowledge and discipline.

It's interesting to think about the opportunity to manage a large amount of money. I think when we have that opportunity, we're naturally already accustomed to how we managed our money, from when it was small to when it grew to large amounts.

Someone with long-term goals will naturally manage their money very well, such as by taking out insurance and hiring a credible and reputable accountant to safeguard their assets.

[barisbilgili]

Despairo made a good point, if you don't have money what is there to manage anyway? And there is levels to all amount of money, the highest amount I have ever handled is a little over $35k and I built my disciplinary habit around this amount.

If I ended up with $500k do you think I will be able to manage it? The higher the amount of money you have the harder it becomes to manage, this is why many people who got rich all of a sudden had to go broke again.

Money management starts from little is the same as everyone spends money, but the management of having a lot of money is a different experience entirely.

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

This is usually done by people who have just seen or received a large amount of money, but if they earn it regularly through hard work, I think it can still be controlled.

And while it's certainly not easy to manage finances well, if we have sufficient income, all our needs and desires will be met, and gradually managing our finances will no longer be difficult. I say this based on my personal experience.

[doomloop]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

We do not see that business perspective in a lot of people. They would simply look for ways to spend their money once they get access to bigger funds. They would hardly look forward towards saving and will only look for temporary pleasure while spending their money. These people will always struggle financially and will have to look for ways to earn money. If in case their income stops, they literally have no savings and will have to start from scratch.

Those who make their money work for them are usually playing smart and I'm pretty sure they always have a back-up plan to secure their future finances. Having a high income job is really a good thing but let's be honest, how many are able to land on a high paying job profile? Most people wind up in working where they are underpaid but they still don't see much of a option because they are able to manage their bills at the end of every month.

[Unknown Op]

Despairo made a good point, if you don't have money what is there to manage anyway? And there is levels to all amount of money, the highest amount I have ever handled is a little over $35k and I built my disciplinary habit around this amount.

If I ended up with $500k do you think I will be able to manage it? The higher the amount of money you have the harder it becomes to manage, this is why many people who got rich all of a sudden had to go broke again.

Money management starts from little is the same as everyone spends money, but the management of having a lot of money is a different experience entirely.

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

This is usually done by people who have just seen or received a large amount of money, but if they earn it regularly through hard work, I think it can still be controlled.

And while it's certainly not easy to manage finances well, if we have sufficient income, all our needs and desires will be met, and gradually managing our finances will no longer be difficult. I say this based on my personal experience.

People should save more and more money if they are middle class and they want to make wealth because if you will invest blindly in anything then you will lose your money. People want to be rich by betting and gambling which is not possible because by gambling you will lose more money than what you will get from that . There are people who have no financial knowledge but they want to be successful person in their area by investment in real estate. Real estate is risky if you invested in a project and people will not take interest to buy the land around that And your investment will be at risk because no one will buy your land or plot . Investment is for people who have courage to lose money And have knowledge to invest for 10 years.

[Queen uloma]

Actually building your self economicaàlly is a very big task, and it has to do with total submission either skills or educationally, it is not a day goals to acquire financial stability, there are so many things to look at before standing out as someone who has developed economical.

1. INCOME GENERATION
2. INVESTMENT/WEALTH BUILDING
3. FINANCIAL EDUCATION
4. CAREER AND SKILLS DEVELOPMENT

With the above mentioned categories you can be able to develop economically balance status.
Take for instance the INCOME GENERATION, this is a process of setting series of businesses in other to grow balancing.

INVESTMENT WEALTH BUILDING: this is a process of investing in real estate and crypto, in balancing economically.

I agree with you but developing one self economically doesn't just mean having a skill or going through high institution, but one can only achieve  economy stability through hard work, courage,  consistency, and having a positive mindset, embark on business that will generate more money, spend more time on your business, examine the environment before setting up any business, because most people don't even check the environment if it will move market or not, wealth doesn't just grow but one need consistency and hard work this increase your value over time, rich people don't just become rich, t's due to their steady pushing.

[maknyos]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

Sometimes, when someone holds a lot of money, they feel comfortable and assume they'll be safe, but that's a flawed mindset. No matter how much money we hold, if we don't manage it well, it will quickly disappear.
So, a healthy mindset must be instilled, one that allows the money we hold to attract more money. We see extremely wealthy people who, instead of retiring and doing nothing, expand their businesses. While we might expect them to simply sit back and enjoy their retirement, their mindset isn't like that.

[ringgo96]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

Sometimes, when someone holds a lot of money, they feel comfortable and assume they'll be safe, but that's a flawed mindset. No matter how much money we hold, if we don't manage it well, it will quickly disappear.
So, a healthy mindset must be instilled, one that allows the money we hold to attract more money. We see extremely wealthy people who, instead of retiring and doing nothing, expand their businesses. While we might expect them to simply sit back and enjoy their retirement, their mindset isn't like that.

Currently those of us who do not have a high income certainly have a lot of money which is something we dream of, but if we get the money for nothing without any hard work, then the money we have, no matter how much, will not last long, like business people who already have a lot of wealth but until retirement they still think about their money turnover, so when we have a lot of money, we must master business insight so that our finances continue to flow.

[Fakhrulenclix]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

Sometimes, when someone holds a lot of money, they feel comfortable and assume they'll be safe, but that's a flawed mindset. No matter how much money we hold, if we don't manage it well, it will quickly disappear.
So, a healthy mindset must be instilled, one that allows the money we hold to attract more money. We see extremely wealthy people who, instead of retiring and doing nothing, expand their businesses. While we might expect them to simply sit back and enjoy their retirement, their mindset isn't like that.

Currently those of us who do not have a high income certainly have a lot of money which is something we dream of, but if we get the money for nothing without any hard work, then the money we have, no matter how much, will not last long, like business people who already have a lot of wealth but until retirement they still think about their money turnover, so when we have a lot of money, we must master business insight so that our finances continue to flow.

No matter how much money we have, it will be wasted if we don't manage it properly.
So, the most important thing is to have a steady, substantial income, This can be achieved through skills, Furthermore good money management is essential for continued growth, Having this knowledge and sufficient funds will enable us to manage our finances effectively, both for future investments and other purposes, ensuring long-term economic security.

[edy_58]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

Sometimes, when someone holds a lot of money, they feel comfortable and assume they'll be safe, but that's a flawed mindset. No matter how much money we hold, if we don't manage it well, it will quickly disappear.
So, a healthy mindset must be instilled, one that allows the money we hold to attract more money. We see extremely wealthy people who, instead of retiring and doing nothing, expand their businesses. While we might expect them to simply sit back and enjoy their retirement, their mindset isn't like that.

If holding a lot of money makes them think they're financially secure, that's certainly a flawed mindset. What you've said is absolutely correct: the money we have must be managed well and we must also generate returns from it. This way, we're well prepared for our future retirement. You are right, most of those who have become rich certainly continue to develop their businesses, even though we only see them sitting back and relaxing, but the money they have has been used to run their businesses and just enjoy the results of the hard work they have done in the past, so it is very important for anyone to continue to develop themselves so that they can enjoy their old age later by relaxing.

[M47AK16]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

This is usually done by people who have just seen or received a large amount of money, but if they earn it regularly through hard work, I think it can still be controlled.

And while it's certainly not easy to manage finances well, if we have sufficient income, all our needs and desires will be met, and gradually managing our finances will no longer be difficult. I say this based on my personal experience.

Even I have personal experience with similar situation. If we have a stable job than managing finances is much easier because at the end of the month, we always get paid and can at least pay our bills and save some money for expenses. If we do not have a job than it might really get challenging to manage our finances because we will have to struggle every once in a while to get paid and also our bills might remain unattended.

I will never prefer losing my job because that at least makes me financially stable even if the pay might not be up to mark. I will prefer having some side hustle so I can make some extra money along with my job which will only make me financially stronger and I can pay for luxuries or even take my family on a nice vacation every 2 or 3 months.

[obuoma]

Investing in Bitcoin covers most of the things you outlined here because Bitcoin requires the least expertise among them and can be done from anywhere irrespective of income level. If an individual is able to figure out the starting capital, they can comfortably start investing in Bitcoin and holding which is safer than even real estate. In this modern time, we can do better financially if embrace Bitcoin and not rely entirely on conventional investment.

[Bitcoin.com97]

Actually building your self economicaàlly is a very big task, and it has to do with total submission either skills or educationally, it is not a day goals to acquire financial stability, there are so many things to look at before standing out as someone who has developed economical.

1. INCOME GENERATION
2. INVESTMENT/WEALTH BUILDING
3. FINANCIAL EDUCATION
4. CAREER AND SKILLS DEVELOPMENT

With the above mentioned categories you can be able to develop economically balance status.
Take for instance the INCOME GENERATION, this is a process of setting series of businesses in other to grow balancing.

INVESTMENT WEALTH BUILDING: this is a process of investing in real estate and crypto, in balancing economically.

You are very correct with all you have listed above , but I feel the most important one is career and skills development ,  with the way the world is right now , skill is very important even with some professional courses, some companies can’t even hire you if you don’t have a good skill or working experience, even business if you are not skillful you may not be able to handle business well , but when you have a good skill it can enable you know how to manage the income generated , so to be able to achieve economic stability you need skill , you need to be consistent in whatever you do , you also need a right mindset with a good strategy and place value on yourself, I believe this can help one develop economically .

[junder]

Everyone certainly has different life goals, but the goal is to live happily, meaning to be financially independent. However, to achieve that, everyone must prepare themselves early on by building knowledge and discipline.

It's interesting to think about the opportunity to manage a large amount of money. I think when we have that opportunity, we're naturally already accustomed to how we managed our money, from when it was small to when it grew to large amounts.

Someone with long-term goals will naturally manage their money very well, such as by taking out insurance and hiring a credible and reputable accountant to safeguard their assets.

Well, that makes sense. If we're accustomed to managing money properly and responsibly, even in small amounts, it can be a good foundation when we have a larger income. Someone who has been disciplined since birth, including in managing their money, will likely be able, and even easier, to manage a significant amount of money.
If someone is thinking about their future or has long-term goals, they will certainly try to prepare for it well in advance. Although there may be some surprise or unfamiliarity with a larger income, having previously developed habits of managing money well will serve as capital and can help make managing it easier.

[rangga28]

I'm sure everyone wants a high income in life because it allows them to fulfill their needs and desires. However, managing large sums of money isn't easy. Because mindsets differ, some people aren't used to seeing large sums of money in front of them.

Perhaps when they have a lot of money, I think most people can't manage it; they tend to spend it on their own needs. Only a few people think about how that money can generate more money.
Of course, the mindset of wanting to turn money around only occurs in people with a business perspective.

Sometimes, when someone holds a lot of money, they feel comfortable and assume they'll be safe, but that's a flawed mindset. No matter how much money we hold, if we don't manage it well, it will quickly disappear.
So, a healthy mindset must be instilled, one that allows the money we hold to attract more money. We see extremely wealthy people who, instead of retiring and doing nothing, expand their businesses. While we might expect them to simply sit back and enjoy their retirement, their mindset isn't like that.

If holding a lot of money makes them think they're financially secure, that's certainly a flawed mindset. What you've said is absolutely correct: the money we have must be managed well and we must also generate returns from it. This way, we're well prepared for our future retirement. You are right, most of those who have become rich certainly continue to develop their businesses, even though we only see them sitting back and relaxing, but the money they have has been used to run their businesses and just enjoy the results of the hard work they have done in the past, so it is very important for anyone to continue to develop themselves so that they can enjoy their old age later by relaxing.

People who are wealthy and have a considerable amount of money have certainly gone through a process and developed a mature mindset. It's impossible for someone who is wealthy and has amassed a large amount of money to be unable to manage it well unless they inherited it.

In essence, wealthy people are born from a long business process; they possess a different mindset, ready to weather any storm. This differs from the mindset of an employee who relies solely on their salary and then sets aside money to start their life after retirement.

[Kagaru]

......
With the above mentioned categories you can be able to develop economically balance status.
Take for instance the INCOME GENERATION, this is a process of setting series of businesses in other to grow balancing.

The financial stability is not only connected with the income growth or investing but has a rather profound psychological dimension. Most of them end up being financially incompetent despite the increment in their earnings due to a lack of control in their actions. As such, in my view mental discipline is the key to financial progress.
Money making is essential, and not all people can become business starters at the start. To others, the initial move is to realise what they incur and do away with what they do not need. It is also a type of financial advancement. Likewise, all do not invest in the same location. There are those who favour real estate, others favour bonds and yet others simply count on the formation of an emergency fund as the initial step. All these are components of wealth creation.

Financial stability does not seem like a formula to me, but it is a process that is developed within the frames of a specific life of a person. The four points are therefore useful but it is the application of the points that will entirely depend on the situation of the individual.

[maknyos]

Sometimes, when someone holds a lot of money, they feel comfortable and assume they'll be safe, but that's a flawed mindset. No matter how much money we hold, if we don't manage it well, it will quickly disappear.
So, a healthy mindset must be instilled, one that allows the money we hold to attract more money. We see extremely wealthy people who, instead of retiring and doing nothing, expand their businesses. While we might expect them to simply sit back and enjoy their retirement, their mindset isn't like that.

Currently those of us who do not have a high income certainly have a lot of money which is something we dream of, but if we get the money for nothing without any hard work, then the money we have, no matter how much, will not last long, like business people who already have a lot of wealth but until retirement they still think about their money turnover, so when we have a lot of money, we must master business insight so that our finances continue to flow.

So, we have a lot to learn, and the money we have should make it easier for us to learn, because we can attend seminars and similar things, and perhaps learn directly from experts by finding a mentor. Instead of feeling comfortable, we should be thinking, "When we have money, we can do anything." So, we should be worried when we no longer have it.
We also need a healthy environment, because it can influence our mindset. We can learn from businesspeople who have a business environment.