Money Management Tips

I mentioned many times about the importance of having money, even if for some a world based on trust and sharing where money has no purpose seems appealing, for now, that is just a utopia. We live in a world where living without any money is very hard and even if we like it or not, having some cash always comes in handy making our lives easier.

The widespread belief that some people are promoting that money is evil cannot be further from the truth because money is not evil, but the actions you are doing with those bucks are or are not evil. Changing the world is pretty impossible, but we can take advantage of how the things are, acquire wealth and use the money for the better. If you’re poor, you won’t be able to help that many people or live the life you desire, and I always promote that you should help yourself first so you can later help others.

Maybe some are afraid that if they join the game of money and start becoming wealthy, the game itself will change them, but it doesn’t have to be that way always, even if many people get influenced by money. If you stick to your core values you can still survive regardless the environment you’re in.

I do believe that making more money is important, but regardless of how much you make, you need to know how to manage them better, so you don’t waste them all thus I prepared you a list with tips that I have followed so far that worked out amazingly for me.

No1: Save Money

Regardless of how much you make you should save a certain minimum percentage each month, the “industry standard” is 10% but I say fuck that and go for at least 20% no matter what. I do get that some of you may have a family and that you barely provide for them as it is and that you cannot afford to save up each month but you should still try and if you really can’t, try to focus more on the third tip.

But those of you that have enough to live a decent and carefree life with the income you produce right now should try to tighten the belt a little bit and save up at least 20% each month.

If you think that you can’t, there’s a great imagination experiment that is often used in this industry. Imagine that the government would introduce some new taxes, you would have to pay them, but instead of paying that theoretical tax you can struggle a bit and save up some money.

No2: Cut Down Expenses

This tip goes hand in hand with the first one because you might think that you can’t afford to save up but that is mostly only because you spend too much. You don’t have to buy new things each month; you don’t need another iPhone or another pair of jeans you can just cut off those things and save up the money.

Do you have a TV? Don’t watch the goddamn thing anymore and even better, sell it and this way you save up and produce more money at the same time. Instead of driving your car to work you can always take the tram or the bus even if it might be a bit unpleasant you’ll save up tremendous amounts of money.

There are many things you don’t need and expenses that eat up your hard earned dollars, and you should try to cut some, but you are the only one that can decide what you are willing to sacrifice.

No3: Increase Income

If you drew the line and realized that you’re already living on the minimum and there’s nothing else to be cut or saved then this tip will be essential to you. Even if you can save up money but you’re on a minimum wage or even an average one the amounts you can put aside each month won’t be that big, and it will take you longer to get to a significant figure.

To be able to save up money more effectively you will have to increase your income regardless if that’s by working more hours, taking another job or my favorite, investing your time in Steem. This platform may have a few dysfunctions, but it’s still a great vehicle of acquiring some spare bucks while engaging with amazing people, so I urge you to take full advantage of it and save up most of the money you’re making in here.

No4: Invest Your Savings

If you got here, it means that you have some money saved up somewhere and you can afford to invest them. If you’re producing money on Steem, it means that you’re already investing them in cryptocurrencies even if you want or not.

As in right now, I have around 17 times more money invested in different tokens than I have in fiat and even if I’m planning to cash out some because I have too much on the table once the market recovers a bit more I will still keep most of my money in crypto.

If you want to invest in coins you should choose wisely who’s advice are you going to follow because many people will only try to shove up your throat their coins for different reasons. Some people I recommend you are @crypto-daily, @boxmining and @DougPolkCrypto, you can’t go wrong with them.

Conclusion

The number one cause of divorce, at least in America, is the lack of money, couples always fighting and arguing about money, living a tensioned life until they break up due to all their issues; thus I think the tips I just mentioned are very essential.

You should somehow try to follow the tips I just laid out even if it might be hard in the beginning because it will turn into a healthy behavior with time and you’ll indeed thank me later.

The more money you earn, the more relaxed your life will get and the more lives you’ll be able to change.

The pictures are from Pixabay: 1, 2, 3, 4, 5, 6