Quote from: Ultegra134 on July 17, 2021, 04:29:04 PM

Quote from: teosanru on July 15, 2021, 08:07:28 PM

Quote from: Hamphser on July 14, 2021, 07:50:41 PM

Quote from: teosanru on July 14, 2021, 07:01:44 PM

Quote from: paxmao on July 08, 2021, 09:53:19 AM

~snip~

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

~snip~

~snip~

Quote from: Ultegra134 on July 14, 2021, 08:34:13 PM

Quote from: teosanru on July 14, 2021, 07:01:44 PM

Quote from: paxmao on July 08, 2021, 09:53:19 AM

It is fairly obvious, but there are people out there that have written 200 pages self-help books and made a fortune out of them by simply stating this simple fact of life: "you can invest your savings. If you ain´t got any, you ain´t gonna invest". (I admit you could argue that you can borrow but still nobody ain´t lending ya if you ain´t gonna givvet baksh).

The basic concepts that will save you a 15 bucks book:

- you invest so that your money works for you. Even if you cannot drop your job, you can still live a bit better with extra income.
- Investing is sacrificing something today to get something tomorrow. This is just a definition. You save x today because you want 2x tomorrow or in year or whenever.
- The first step to invest is saving part of your income. No savings, no future.
- If you have credits unpaid (other than mortgages or other asset backed credits), you pay those first because they charge you a lot.

And from here we could start speaking on how are you going to save regularly, if it is going to be 10% of your income, or 5% or 50%, how are you going to learn about investing, etc...

I would like to change the perspective, I would suggest rather than investing what you save, invest what you earn, I mean a set percentage should every month go to your investments and the remaining should be used as expenses for living, adopting this kind of culture in your life you will see you are able to invest much more money than the previous scenario, it's because when you have money with you, you will end up spending it some manner or the other, but if you throw it into your investment on the day you receive your earning, you would have just enough money to cover your expenses.

I've also thought about this, but never dared to implement it. Likewise, I'm working an 8-hour job, and I'm currently able to live pretty comfortable, setting money aside each month. When I invested into DeFi/Yield mining, I thought that it would be a good idea to invest a couple of hundred dollars each month into other projects.

I've actually done it once, in order to boost my investment, but I never proceeded to do it again, rather than invest my salary, I decided that it's safer to reinvest any money I earn through my main investment, without involving any external funds.

I think your problem is diversification. Don't just invest in new project, create a mixed portfolio of cryptocurrencies, stocks even some bonds to hedge your portfolio, see the truth is even with cryptos taking over the stock market isn't going anywhere and is much less volatile than cryptos, so a certain set of investment should go there to make sure that you don't burn a lot of your money in new projects because those are really risky and you might never even get your investment back from them. In such projects, a person should not invest beyond 10% of his total assets. It's highly risky, you are taking a big risk for the return involved.

I've also found it wrong that when investing into DeFi projects, I placed all my money in one specific vault. Looking back now, it was risky and inconsiderate, since algorithmic stablecoins weren't 100% safe, of course. After their crash, I was extremely cautious and would only invest in lower risk vaults, (with a lower reward of course too).

On the other hand, DeFi and crypto is my only investing experience, I never had anything to do with bonds or stocks in the past.

This is also a big mistake which many users make, never store all your assets on one crypto exchange. These exchanges are shady and can turn into a scam any day, especially until there is any regulation on them one should keep all their money in one exchange. Keeping them in unpopular wallets is even more risky.