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Thread: How do you make financial decisions?

  1. #11
    Diamond Member Justloadit's Avatar
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    The questionnaire in my opinion, relates to a middle class base typical first world economy, it does not include the base living below or just above poverty line, as noted in third world economy.
    Never the less it may yield some interesting results.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

  2. #12
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    I started the survey ... however stopped after the 5th question.

    I am self employed ... I would take the R3k or R30k right now ... invest it in my business ... the beuty about being self employed is you determine the growth.

    I must be the worse self employed person when it come to financial decisions ... I dont follow any of the rules of business ... yet 30 years later I am still sitting here in my office.

    The part which confuses me ... all the expert advice out there ... you must draw up a business plan ... you must this and you must that ... yet the fail rate is 75 % in the first 5 years and less than 2 % are still operating after 10 years ... throw in a bit of BBEEE ... covid ... looting ... hectic crime rate ... hijackings ... house invasions and all the other joys of living in SA ... yet 30 years later I cannot keep up with the work flow.

    The bank manager at Nedbank told me that I wouldnt last 5 years ... yet within 5 years I already had million rand contracts and was growing faster than any other company ... and something else to point out ... I hear and read comments about how you should specialise in a product or service ... maybe that is half the problem ... maybe you should open your mind get out the little box you live in ... take off the blinkers and experience life ... who cares if you fail 1 twice or 10 times ... I would rather have an interesting story to tell than some boring same ol same ol story as everyone else.
    Comments are based on opinion...not always facts....that's why people use an alias.

  3. #13
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    By the way I have experienced some of the most difficult challenges in life and still keeping my head above water.

    One thing I have noted with people experiencing difficulty in life ... they dont know when to step down ... which results in total crash or dangling from a piece of rope.
    Comments are based on opinion...not always facts....that's why people use an alias.

  4. #14
    Diamond Member Justloadit's Avatar
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    Its called tenacity.
    The thought of having a self serving egotist telling me what to do all day every day just makes sure that I make my business work!
    Been at it since 91. I also have closed 2 business over time. One I took very long to close, and cost me a packet, but it did teach me what to look for. The second business closed was done pretty early, as I already had noted the same symptoms as the first business I closed. In the end I came out square the second time. Also got done in by a couple of partners, again real life lessons has made me very aware and sharp. I can pick up the B..l Sh....s as they walk in to my office.

    There is no better schooling than real life experiences.

    Beware of the statement "This project is going to maker us Rich!", its just another statement that means that i am going to screw you big time
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

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    Life is unpredictable. I woke up early this morning to sirens is the street. The guy across the road passed away in his sleep from an apparent heart attack. I don't think his death was Covid related. He was pottering around the garden, shirtless, the entire afternoon yesterday. I didn't know him well, he seemed to be overweight and unhealthy.

    Anyway, one never knows what the future brings!

  6. #16
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by ians View Post
    I started the survey ... however stopped after the 5th question.

    I am self employed ... I would take the R3k or R30k right now ... invest it in my business ... the beuty about being self employed is you determine the growth.
    So if you get an extra R3k cash into your business today, you will turn it into an extra R30k cash in a year's time that would not have been made anyway if you had not put in that extra R3k?

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    Diamond Member Blurock's Avatar
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    @ian
    I am self employed ... I would take the R3k or R30k right now ... invest it in my business ... the beuty about being self employed is you determine the growth.
    Exactly my answer! I can buy and sell 10 times and reap the profits by the time I get the increased amount promised at the end of the period.
    Many similar studies have been done with children and dogs where they have to not eat the yummy, because it will double when the lady comes back.

    I still don't have an answer for my booze account that keeps on growing despite the increasing cash back from empties.
    Excellence is not a skill; its an attitude...

  8. #18
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    I will take the higher figure in the future - I don't have to do anything whatsoever to get that cash - Anything free is a bonus thus a bigger bonus later is worth more.

    This is all provided that I am not dead broke and need money just to get by!

  9. #19
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    Quote Originally Posted by Dave A View Post
    So if you get an extra R3k cash into your business today, you will turn it into an extra R30k cash in a year's time that would not have been made anyway if you had not put in that extra R3k?
    It all talk ... like the insurance company that I invested in at 16 years old ... everyone said buy insurance ... buy life policies ... yeah right ... all it took was one crooked salesman to take a multimillion rand policy shuffle a few things around ... add a bit of life cover ... a motor vehicle accident a few years later and man did all that money disappear faster that I could say Jack Frost.

    Come on Dave you of all people should know there is no such thing as a free ride.

    By the way if I put R3000 fuel into my vehicle I make a lot more than R30k profit in a month
    Last edited by ians; 05-Aug-21 at 07:21 AM.
    Comments are based on opinion...not always facts....that's why people use an alias.

  10. #20
    Diamond Member Justloadit's Avatar
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    Also thought about the same thing about R3K now or later, and investing in my business. Been doing this for years, but one bad decision in the business burnt holes in the stock pile.
    At some stage in life, when the bones start to creak a little, one has to start throttling back on working hard to get cash.
    This is when this type of income then becomes attractive. Do nothing and there is a return. Similar to buying shares in a decent company who pays dividends every year, why work hard to get a return which is more than ample to maintain your lifestyle.
    Of course everything is relative, how you invested from an early age, to how you managed your income and what investments you made, and of course little loses in your ventures over time, will yield you a decent income in your retirement years.

    With inflation so low in the 1st world countries, and interest rates close to 0%, one has to look around at a safe returns on investment , as a loss could be catastrophic, because there is no time left to recoup a severe loss.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

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