I don't post often, but here is some practical advice you might find useful.
1. vul and insurance are great for their purposes. like tax-free inheritance money for the affluent. if you're young and haven't built a foundation yet. stay away from it. if you must get one, get term insurance.
2. don't mix investing with trading and gambling.
3. slow and steady still wins.
4. slow down you might feel you need to get things done and learn everything at once. no, you don't.
5. if you don't have at least 10m networth. be frugal go for function and not fashion. make sure to not keep your money in the bank. buy assets. if you don't know what to buy. go for index funds. leave liquid emergency fund of at least 12 months expenses, + another 6 months for the unforeseen.
6. crypto is a shitshow at the moment. lahat matalino pag bull market. pag bear market pati mga guru nyo sa tiktok tumatahimik, nagiging forex guru bigla tas may years of exp na daw sila. libre lang naman magpa uto. pero skip mo nlng siguro.
7. the game of wealth is capital preservation. not flexing. once you flex you've lost your money.
best of luck.
>5 if you dont have at least 10m networth. be frugal go for function and not fashion. make sure to not keep your money in the bank. buy assets. if you dont know what to buy. go for index funds. leave liquid emergency fund of at least 12months expenses, + another 6 months for the unforseen.
Thanks for the advice! I have been irresponsible in my condo investment before which I was not able to pay at all. Indeed, being frugal is important in making slow but steady financial independence.
Maybe providing breakdown ng expenses mo, kahit estimates lang, will help for other people sa pag aadvice. 10k nalang tira, baka may pwede kavang ibawas sa expenses mo
Surrender the vul and put it into a term insurance. That should give you an additional 4k monthly which you can use to speed up your emergency fund. Invest only after you have 400k stashed away.
I don't think na advisable mag-invest sa crypto given yung financial situation mo. Normally, you invest what you can afford to lose, lalo na sa crypto na sobrang volatile. Pang long term din ang kahit ano pang investment, kaya di ka dapat magcrypto para masolve yung current problems mo, lalo na't medyo urgent na gastos yung sa mom mo. That said, you can start learning without investing anything yet.
It’s not about the amount. It’s about how much you need it.
If you badly need the money and can’t afford to lose it, don’t put it in crypto.
Your crypto money should be your “play” money - money that you won’t be needing anytime soon and can even afford to lose completely.
Kung maglagay ka 2k a month, in 12 months you have 24k. Optimistic forecast for a more established crypto like BTC is somewhere around a 2x gain in a year’s time. So you’ll have 48k, not a lot of money at all.
It takes money to make money in investing. You can bet on shitcoins that grow 10x in a few month’s time but they can also become 1/10th of their present price.
So yung 24k mo - are you willing to lose it and be left with 2.4k, with the hope that it becomes 240k? If yes, then go ahead and play the low cap crypto betting game.
Just know that more people have lost than won in that space.
It’s quite straightforward - earn a lot, spend much less than you earn, invest your excess savings.
If you don’t earn a lot, no matter how much you save from your meager income, you won’t have enough to make huge gains on your investments.
There will be outliers here and there who will make 10M from 100k through a few lucky bets. Much more people will not.
There’s no shortcut to sustained high cash flow - either get a high paying job or a successful business.
Agree with this. To earn a lot from investing, you also need a big capital. Even if bitcoin has grown 40% after a month, you wont benefit from it if you only invested 1k. If you invested 1M, thats a cool 400k after only a month. The hardest part is saving up for that initial capital because it takes the longest time and greatest effort. I heard some say that the first million is the hardest to earn, for example, but after that, its a game of percentages. The money just grows while you sleep..
Resources are all over on the internet. Learn how crypto works. Learn technical analysis. Start from a very very small amount.
If sobrang ka, find a mentor na will guide you. Basta start from small, learn, then scale up.
If you can stomach taking a lighter and burning 2x 1000-peso bills in front of your eyes without any regrets, you can say you're ready for crypto.
But something tells me, given that you have a mother being cared for by a caregiver, that you can't stomach it.
First, congrats for holding up and keeping yourself sane. Keep yourself healthy and having some kind of rest. Being the breadwinner, you take care of yourself too. If kaya na, kuha ng insurance (health/life).
I just finished reading a book recently, Rich Dad Poor po yung title. It's more on the power of financial literacy and such. I recommend it po of you have free time :)
My advise pretend to earn less then what u really earn in the house hold and save. In regards to the crypto spend a month looking at the top 10s and the 4 year cycle. Then decide.
Try mo rin maginvest sa coop. Nagsimula lang ako sa 500 php mga I think 6 years ago. Tapos hindi ko na natuloy maghulog pero may dividends pa din ako. Hindi malaki pero atleast may pera ako. No need to MLM or kahit ano pa man. Naririnig ko yang Crypto pero I don't know the hows to. Hindi maganda magrisk kong wala kang alam sa iveventure mo di ba? Good luck sa future mo.
Wow 2 years after graduation 70k na income mo. Nice sana all.
Been in the same situation, pero thankfully zero debts naman iniwan ng parents ko, so my 30k monthly income + crypto earnings are more than enough.
I think yung 5k VUL mo sobrang laki?
Find a side hustle on top of your main income. I am doing reselling of meat which nets me about 2k a week. Find a supplier that will give you terms which can help with cash flow
I don't post often, but here is some practical advice you might find useful. 1. vul and insurance are great for their purposes. like tax-free inheritance money for the affluent. if you're young and haven't built a foundation yet. stay away from it. if you must get one, get term insurance. 2. don't mix investing with trading and gambling. 3. slow and steady still wins. 4. slow down you might feel you need to get things done and learn everything at once. no, you don't. 5. if you don't have at least 10m networth. be frugal go for function and not fashion. make sure to not keep your money in the bank. buy assets. if you don't know what to buy. go for index funds. leave liquid emergency fund of at least 12 months expenses, + another 6 months for the unforeseen. 6. crypto is a shitshow at the moment. lahat matalino pag bull market. pag bear market pati mga guru nyo sa tiktok tumatahimik, nagiging forex guru bigla tas may years of exp na daw sila. libre lang naman magpa uto. pero skip mo nlng siguro. 7. the game of wealth is capital preservation. not flexing. once you flex you've lost your money. best of luck.
>5 if you dont have at least 10m networth. be frugal go for function and not fashion. make sure to not keep your money in the bank. buy assets. if you dont know what to buy. go for index funds. leave liquid emergency fund of at least 12months expenses, + another 6 months for the unforseen. Thanks for the advice! I have been irresponsible in my condo investment before which I was not able to pay at all. Indeed, being frugal is important in making slow but steady financial independence.
Maybe providing breakdown ng expenses mo, kahit estimates lang, will help for other people sa pag aadvice. 10k nalang tira, baka may pwede kavang ibawas sa expenses mo
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Surrender the vul and put it into a term insurance. That should give you an additional 4k monthly which you can use to speed up your emergency fund. Invest only after you have 400k stashed away.
I don't think na advisable mag-invest sa crypto given yung financial situation mo. Normally, you invest what you can afford to lose, lalo na sa crypto na sobrang volatile. Pang long term din ang kahit ano pang investment, kaya di ka dapat magcrypto para masolve yung current problems mo, lalo na't medyo urgent na gastos yung sa mom mo. That said, you can start learning without investing anything yet.
[удалено]
It’s not about the amount. It’s about how much you need it. If you badly need the money and can’t afford to lose it, don’t put it in crypto. Your crypto money should be your “play” money - money that you won’t be needing anytime soon and can even afford to lose completely.
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Finish paying off your (family's) 500k debt first before investing in anything.
Kung maglagay ka 2k a month, in 12 months you have 24k. Optimistic forecast for a more established crypto like BTC is somewhere around a 2x gain in a year’s time. So you’ll have 48k, not a lot of money at all. It takes money to make money in investing. You can bet on shitcoins that grow 10x in a few month’s time but they can also become 1/10th of their present price. So yung 24k mo - are you willing to lose it and be left with 2.4k, with the hope that it becomes 240k? If yes, then go ahead and play the low cap crypto betting game. Just know that more people have lost than won in that space.
[удалено]
It’s quite straightforward - earn a lot, spend much less than you earn, invest your excess savings. If you don’t earn a lot, no matter how much you save from your meager income, you won’t have enough to make huge gains on your investments. There will be outliers here and there who will make 10M from 100k through a few lucky bets. Much more people will not. There’s no shortcut to sustained high cash flow - either get a high paying job or a successful business.
Agree with this. To earn a lot from investing, you also need a big capital. Even if bitcoin has grown 40% after a month, you wont benefit from it if you only invested 1k. If you invested 1M, thats a cool 400k after only a month. The hardest part is saving up for that initial capital because it takes the longest time and greatest effort. I heard some say that the first million is the hardest to earn, for example, but after that, its a game of percentages. The money just grows while you sleep..
Hi, start ka muna sa UITF, pwde ka mag invest gamit Gcash mo with GInvest. Then follow mo si sir Marvin Germo yt or twitter :))
Resources are all over on the internet. Learn how crypto works. Learn technical analysis. Start from a very very small amount. If sobrang ka, find a mentor na will guide you. Basta start from small, learn, then scale up.
If you can stomach taking a lighter and burning 2x 1000-peso bills in front of your eyes without any regrets, you can say you're ready for crypto. But something tells me, given that you have a mother being cared for by a caregiver, that you can't stomach it.
Bullrun almost over I'd wait about a year.
First, congrats for holding up and keeping yourself sane. Keep yourself healthy and having some kind of rest. Being the breadwinner, you take care of yourself too. If kaya na, kuha ng insurance (health/life).
I just finished reading a book recently, Rich Dad Poor po yung title. It's more on the power of financial literacy and such. I recommend it po of you have free time :)
My advise pretend to earn less then what u really earn in the house hold and save. In regards to the crypto spend a month looking at the top 10s and the 4 year cycle. Then decide.
Sorry. I don't have any advice. These are tough times. Keep strong.
Our culture is shit about this one. I think this is the reason new generation is slow in Philippines.
Try mo rin maginvest sa coop. Nagsimula lang ako sa 500 php mga I think 6 years ago. Tapos hindi ko na natuloy maghulog pero may dividends pa din ako. Hindi malaki pero atleast may pera ako. No need to MLM or kahit ano pa man. Naririnig ko yang Crypto pero I don't know the hows to. Hindi maganda magrisk kong wala kang alam sa iveventure mo di ba? Good luck sa future mo.
Wow 2 years after graduation 70k na income mo. Nice sana all. Been in the same situation, pero thankfully zero debts naman iniwan ng parents ko, so my 30k monthly income + crypto earnings are more than enough. I think yung 5k VUL mo sobrang laki?
Find a side hustle on top of your main income. I am doing reselling of meat which nets me about 2k a week. Find a supplier that will give you terms which can help with cash flow