Free Advice to IM about money.

8 replies
I was making money online starting 2005.
Since then, I earned and used up all the money I get.

Before 2008, I never came across this magical quote, "Money save, money earn".

I don't save my money. One day, my parents asked me, "how much money do you have in your saving?"

I said nothing. It's because I had almost ZERO in my saving.

Yes, I made money, but I don't make living.

Yes, some days, I make good money. When good time, I spend a lot, went to holiday, it at rotary restaurant above the sky, high class clothes etc.

But, another days, when I don't get good money, I broke.

After the incident, I search about personal financial management.
The six jar method by T Harv Eker taught me a very sound money management.

Since then, I learn more, including how to make money working for me.

This is my little advice,
"money save, money earn"

Don't be too stingy to use the money, but at the same time, use money wisely.

All the best.

Raja Kamil
#advice #free #money
  • Profile picture of the author JPaston
    You're right.

    Two lessons to learn:

    1. It takes money to make money. To that you can assume that the more money you have the more you will make. Wealthy people know this and use it to become more wealthy.

    2. When you have money use it wisely. Financial management becomes more necessary the more money you have. Keep track of your spending (there's plenty of software to help you do this) and use it to avoid ever getting into debt.
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    • Profile picture of the author John J M
      I definitely agree. Saving is one great way to use it wisely. Another great way is to invest it into something with guaranteed return. That's even better than just saving in my opinion - if you know how to do it right.

      Originally Posted by JPaston View Post

      2. When you have money use it wisely. Financial management becomes more necessary the more money you have. Keep track of your spending (there's plenty of software to help you do this) and use it to avoid ever getting into debt.
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      • Profile picture of the author honestim
        Could not agree with you more. I myself was guilty of that. When I was earning some good money back in 2007, everything happened too quick. I took the income for granted and thought it was goanna stay with me forever - a perennial income source. One fine day I woke up to a zero income report and that was the end of it. A difficult time it was, but it taught me the lessons that are so very important to succeed in life.

        Thank you so much for pulling this thread together.

        Cheers
        HonestIM
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  • Profile picture of the author jfalxr
    Nice post. Thanks for the share..
    Recently, i try to saving my money wisely and spend it more wisely..

    One thing for sure, if you are new in IM, start a single project and focused on it. Should be a good one.. That's why every single project you made you should review it and make some research. If you're ready to go, be sure it's a worth one. So you can tell to yourself 'I believe in my project because it is awesome, so i am willing to invest my money wisely'
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  • Profile picture of the author he_august
    That's a good share, Raja... :>

    Don't forget that even we already have a lot of money maybe now or maybe later on, remember also when you struggling to reach that part of life... so that we understand the value of the hard work we've done... and thus... not makes us cocky :>

    sorry for the messy english, by the way... lol... not a native english

    Warm regards,
    Hendy AUgust
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  • Profile picture of the author JRJWrites
    Originally Posted by Raja Kamil View Post

    "Money save, money earn".
    Great advice. Few can do better.

    With some bank, a penny saved is one that earns 1.5% compounded interest per annum.
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    • Profile picture of the author Raja Kamil
      Originally Posted by jrjohn View Post

      Great advice. Few can do better.

      With some bank, a penny saved is one that earns 1.5% compounded interest per annum.
      Hehe, actually, I'm lucky to stay at my country who given 5% to 10% guaranteed interest by government

      I like compounded interest.
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    • Profile picture of the author samkadya
      Everybody needs to have savings for the rainy days. Let's face it, no matter hw careful we are investing our resources things can once in a while go wrong and we need something to fall back on.

      Even if there are no mishaps we may discover urgent opportunities that cannot wakt for our funds stuck in other investments.
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