Quote from: JayJuanGee on Today at 04:56:23 AM

Quote from: SuperBitMan on April 05, 2025, 10:42:51 PM

Quote from: JayJuanGee on April 05, 2025, 09:08:00 PM

Quote from: New Judgement on April 05, 2025, 08:19:42 PM

Quote from: Gost ms on April 05, 2025, 05:01:37 PM

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But I thought you said before you invest you have to deduct all your expenses and invest with what is left? Your children educational needs will have to come under the expenses you are deducting from your salary before making investment with what's left. Your children children education and welfare should be taken very serious, so we don't mortgage their future in the name of investment. Make adequate provisions for them, as you are also planning your investment.

Education expenses for kids can be considered as current expenses or future expenses. Of course, if they are current expenses, then they would be deducted prior to determining discretionary income, yet if they are 4-10 years or more into the future, then some folks will create investment funds for the education of their kids.. so their kids' educational fund could be part of their bitcoin investment. Of course, kid education fund is more likely a discretionary expense rather than a mandatory expense, so people will not necessarily think the same about those kinds of expenses. A kids food and lodging would likely be a mandatory expense, although there would be discretion in regards to what kind of food and what kind of lodging would be reasonable and/or prudent. It might not be reasonable or prudent to put a kind in a palace and with the best of food, and it might not be reasonable/prudent to underly provide for them either, ..so there may well be a need for some level of balance of mandatory and discretionary in regards to the level of their food/lodging/clothing.

Sir JayJuanGee don't you think when it comes to this aspect it depends on the person it self what you may see as important may not be to another person.
When it comes to mandatory and discretionary expense I think a person will determine what is mandatory and discretionary expense to him.

We might have differing definitions in regards to what is mandatory and what is discretionary. Many times we might want to live similar lifestyles as our neighbors, yet there still may be things that we have discretion over, whether we buy beans, hotdogs, chicken, pork or steak. I doubt we will necessarily agree which expenses are mandatory and which are discretionary, even though surely guys might even lie to themselves if they consider certain kinds of expenses to be mandatory when they are discretionary.. yet let's say that a person wants to have a flower business, and maybe there is delivery involved in the business, he might have discretion regarding how to deliver and whether he owns a vehicle, rents it or contracts it out and he might even have discretion whether to have a bicycle, or a motorcycle or a car or a van..and he might even have discretion whether to buy the 2002 model, or the 2012 model or the 2025 model.

You are right, for me I think In other to fine out the expenses that are mandatory and discretionary in our daily life is by checking our income just like the example you gave one may become confuse as which to buy but your income will help you determine that, like the example you gave if your income can only get you a bicycle I don't think you will be contemplating again on buying a car or a motorcycle however the only time you may be contemplating is when your income can afford you all that you have mentioned and at this point one can get confuse on which expenses are mandatory and which are discretionary so meaning the more richer you become the more confuse you will be in knowing which expenses that are mandatory and are discretionary.
I think making decisions on this are some times difficult but what ever expenses you feel is mandatory should be essential for your basic survival.