Changpeng Zhao, the founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume, shared his personal advice on how to deal with financial difficulties on Twitter.
Binance CEO Emphasizes the Importance of Cutting Spending
Zhao said in a tweet on May 20 that when people run out of money, they have three choices: work harder to earn more, borrow more, or cut back on spending.
He added that he rarely sees anyone mention the third option these days, implying that people are overspending or living beyond their means.
“Typically, when you run out of money, you can: 1. Work harder and earn more, 2. Borrow more, 3. Cut spending.
Actually people think of 3 first but I don't see anyone talking about it these days.
Because I have a limited brain, I think in simple concepts.”
Zhao also modestly said that he thinks in simple terms due to his limited brain and apologized to his followers. But despite his humility, Zhao is considered one of the most influential and successful names in the crypto industry, making Binance a global powerhouse in just a few years.
*Not investment advice.