Money management I call it one of the most important skills that a man should have. And he should have it as soon as possible. To maximize their own potential. First of all the question remains, ‘what is money management?’. Many people think money management is something for people who actually earn money but that is not actually the case. Money management is simply knowing how to spend wisely and not overspending in a single place so that you have to be stingy in all the other places. And my personal experience of money management comes from an unlikely source. But maybe it's likely for a lot of people.
The truth is when growing up we didn't have much money so whenever I got money to spend it was a meager amount. And I had to make the most of it. So whenever I had it I immediately try to think of the whole scenario in my head. That, okay, I want to buy this and they'll cost me this much money so I still have that much and maybe I can use it for something later or I can add it up with my next bit of money so I can maybe get something better. Or I could just save the whole thing if I want to buy something that's a bit expensive. Because obviously I didn't have any income back when I was a kid and my parents wouldn't just say yes to whatever I wanted to buy so I had to resort to stingy tactics. So from back then I actually learned how to regulate money in a proper way so I don't end up entirely broke. And that would have helped me. It actually did a lot. Now by the grace of Almighty I have some income. And fortunately I haven't entirely spent all of it away on silly things and being broke at the end of the month. I have the ability to actually regulate my spending and save money when it is required. All at the same time seeing people around me struggling struggling with their paycheck while trying to make ends meet. But that doesn't mean that they're not getting paid enough. I can sometimes judge that I could live on that paycheck but they are unable to do that. Because sometimes they just want to indulge themselves in different activities or some nice food now and then. That is all okay, but we should also remember that we have a limit of how much we can spend. Indulging yourself every now and then is okay but it should be within that limit to do that. Or else you will struggle at the end of the month.
The same can be said for crypto. Whenever we make a substantial profit, we somehow forget that all of it can easily go away. In trading, this is quite important. I should think more about how much profit you want to secure rather than how much the coin can go high in value. Simply changing this perspective can save you a lot of money because you sell when you've secured a certain amount of profit instead of always looking for that peak from which a dip starts. And in terms of buying instead of always looking for the reversal, choose a certain area at which you want to buy.