Topic: How to save money on a long-term period - page 21. (Read 4089 times)
How does the hoarding of ferrous metals like Steel, Carbon Steel, Alloy Steel, Cast Iron, Wrought Iron, Aluminum, Copper and Lead have anything to do with Bitcoin? You know Bitcoin cannot rust and it takes no physical storage space and you do not have to bother with rodents being attracted to your storage facility, because you have large amounts of items that are stored over a long period.
You are also restricted, based on the size of this storage facility. There are no limit to the amount of bitcoins and the value of these bitcoins that you can hoard on a single piece of paper.
You are also restricted, based on the size of this storage facility. There are no limit to the amount of bitcoins and the value of these bitcoins that you can hoard on a single piece of paper.
Agree, that's harder than expected, but storing millions of dollars bitcoin securely is very easy and I think in terms of investment, bitcoin is clearly better asset now.
Well, I will not define it as an asset, even though Wikipedia says in financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset.
I tell you, if you approach most people on the street and you ask them if they would rather store 1 million dollar worth of bitcoins in a paper wallet or a whole warehouse full of metals, then most might say that they would opt for the paper wallet.
It is much less trouble and effort to store a paper wallet. Getting people to understand bitcoin in general can be difficult especially those
who are already skeptical and who dont want to move away from conventional
FIAT saving.
Long term FIAT saving is counter productive because in the long
term the value is falling due to inflation, $100 in 20 years time will buy less than
today. There is the option to invest in special saving schemes for fixed terms in
banks these have good returns but come with risk which means placing a degree
of trust in the banks - something which goes against the idea of bitcoin.
There are other assets which can be good for a long term saving, books, numismatics,
Vinyl records or anything with a supply and demand feature. These can all be
included in a long term saving plan portfolio including bitcoin.
And they are not coing to take up massive amounts of space
Biggest spending I have found I was making was the luxury foods. By luxury I do not mean just ordering in a pizza (which is still more expensive than just eating at home in my country) but I mean going out to dinner somewhere. You can basically spend 4 days food worth of money on just one dinner somewhere. Hence, if I stay at home and not go out to dinner frequent I could save a lot more than I used to. You can still go out to have fun but just get a cup of coffee instead of eating out. That plus spending money on junk like chips and chocolate bars or whatever combined creates a huge cost for me.
But, if you have the chance to save, in my opinion, you should put money into tangible ones such as property (real estate), businesses, precious metals (jewelry) and others, in which, their value increase thru time.
I think if your investing money only in precious metals only for the purpose of making a profit then don't buy jewellery instead go for gold coins because your resell price will go down for jewellery. If your selling pure gold coin then you may get almost market price or slightly lower but for jewellery, they will cut a lot.
Thanks for the advice, but for the long term I think it's worth investing in precious metals.
Do you have any proof for this? Why invest in precious metals?How long you're talking?
Look at this chart - https://goldprice.org/gold-price-history.html
If your talking about the last few years then your not making a profit but if you go longer like 10 years or more then you're still in a profit.
Thanks for the advice, but for the long term I think it's worth investing in precious metals.
Do you have any proof for this? Why invest in precious metals? 
Saving is the essential one in our life now.Better choose of one best asset and keep your saving on it.It will gives you some profit for your savings.If you keep your savings in bank,you will get minimum of interest.If you had choose the bitcoin to inverse your money,you will get double or triple of the interest from the bank.And you should secure your wallet with some security setup such as 2FA.I think 2 factor Authentication is the best one.
Well, savings I guess is one of the most essential thing when regards to financial stability, and when it comes to long term savings I think one of the thing we must practice is that don't buy unnecessary things that you don't really need, AND you have to make your money grow, if it dont, eventually you will lose your money which we dont want to happen and to keep your self on balance make a certain goal that you want to achieve since goal is one of the things that make us straight way to the path that we want to reach.
Every body is investing on bitcoin to make money and it is better to invest the bitcoin on a long term period.The investor should find a good entry level for the long term investment and wait patiently and monitor regularly until its price to achieved to the investors target.The on line trading is little bit tedious and so the better option is the long term investment to make money .Bitcoin is a modern economy and found suitable to the modern era.
Thanks for the advice, but for the long term I think it's worth investing in precious metals.
Saving is hard especially for those who are living paycheck to paycheck.
But, if you have the chance to save, in my opinion, you should put money into tangible ones such as property (real estate), businesses, precious metals (jewelry) and others, in which, their value increase thru time.
The OP already discussed so much advantages of those investments.
And it's up to your current situation where and how you will invest your money.
If you are not that well off, just live below your means. Even if you have small salary compared to others, you can still save something for yourself.
But, if you have the chance to save, in my opinion, you should put money into tangible ones such as property (real estate), businesses, precious metals (jewelry) and others, in which, their value increase thru time.
The OP already discussed so much advantages of those investments.
And it's up to your current situation where and how you will invest your money.
If you are not that well off, just live below your means. Even if you have small salary compared to others, you can still save something for yourself.
The people I know that claim to live "paycheck to paycheck" are usually the ones that buy unnecessary items, brand name clothing, overpriced cars, etc.
Most people just consume mindlessly, it's the culture we have built. It's really not that difficult to slowly save up and accumulate wealth but most people don't have the patience and they want the instant gratification that consuming provides.
Exactly, I really don't understand people trying to lived lavishly by buying lots of useless stuff just for bragging purposes only, expensive clothes, mobile phones and cars. But at the end of the day you will see that they have nothing left but pride.
Self made people that I know did live this way, not until they have accumulated so much wealth in years. They can afford those expensive material things, and I think they deserved them.
If you want to protect your own capital I am pretty sure that the best asset for you is government bonds. I would recommend you namely US government bonds where you can choose a special bond depending on your tasks and a period of time (2, 5, 10, 30 years). I do not like giving away any advice but your case is unique because you do not want to get incredible profit like most part of investors but you just want to protect and save your capital. I think your stance is very sensible. So, you may invest some part of your savings in gold but you have to understand that investing in gold is not a guarantee of safeguard. Look at silver this asset goes down last several years. What about industrial metals. it is obviously not because there is the strong downtrend in industrial metals.
you need business to maintain your have you have also you need a bank account if you have business surely you can take some profits
Saving is hard especially for those who are living paycheck to paycheck.
But, if you have the chance to save, in my opinion, you should put money into tangible ones such as property (real estate), businesses, precious metals (jewelry) and others, in which, their value increase thru time.
The OP already discussed so much advantages of those investments.
And it's up to your current situation where and how you will invest your money.
If you are not that well off, just live below your means. Even if you have small salary compared to others, you can still save something for yourself.
But, if you have the chance to save, in my opinion, you should put money into tangible ones such as property (real estate), businesses, precious metals (jewelry) and others, in which, their value increase thru time.
The OP already discussed so much advantages of those investments.
And it's up to your current situation where and how you will invest your money.
If you are not that well off, just live below your means. Even if you have small salary compared to others, you can still save something for yourself.
The people I know that claim to live "paycheck to paycheck" are usually the ones that buy unnecessary items, brand name clothing, overpriced cars, etc.
Most people just consume mindlessly, it's the culture we have built. It's really not that difficult to slowly save up and accumulate wealth but most people don't have the patience and they want the instant gratification that consuming provides.
People can talk, they can offer many different solutions for savings, and how to save, where and in what.
I believe only in one way, keep the track of your income, expenses, and always try to have higher income than
expenses, it`s the only way to put something on a side.
In what to save, some traditional currency with interest, in gold, or you will choose crypto-currencies is individual
decision. Each of them has it`s own risks, and depending on risk you will make profit.
I chose to save in crypto-currencies in a long-term. I know the risks, but I`m aware of possible gains. That holds
me in bad times, it`s my choice.
I believe only in one way, keep the track of your income, expenses, and always try to have higher income than
expenses, it`s the only way to put something on a side.
In what to save, some traditional currency with interest, in gold, or you will choose crypto-currencies is individual
decision. Each of them has it`s own risks, and depending on risk you will make profit.
I chose to save in crypto-currencies in a long-term. I know the risks, but I`m aware of possible gains. That holds
me in bad times, it`s my choice.
Crypto currency or the bitcoin is a good investment tool ,a good media for the transactions,Since the bitcoin is volatile in the market it is good for the day trading.bitcoin can be used for shopping local and international and also for the service bill payments.Bitcoin investment it will be better for the long term investment and keep monitoring the market till it is reaching to his projected target to redeem it and book profit.
I suggest learning to live a simple life and being grateful for what you have today, and yeah saving is a way to save money for a long time, do not be tempted to buy something that has no benefits, and don't forget to help people who have difficulty life , because helping people who are in trouble is a commendable act
I think I may agree with your comments on how your money is properly save for a longer period. In my opinion, I think I would rather place in the bank and have it deposited into time deposit at least the interest is much better than the ordinary interest from a savings deposit. Another way that I consider saving money is to invest in lifetime insurance where you are guaranteed of a good return of investment.
I approve of what you have said. Storing your money in the bank is a quite good strategy. Even if you want to withdraw them, you will get lazy to go to the bank. On the other hand, sometimes getting the urge to withdraw money happens because we, people, need money in our daily lives. With that said, withdrawing is the only option. But I salute the ones who have strong determinations and willpower. They deprive themselves of many things in order to save for future purposes.
I think I may agree with your comments on how your money is properly save for a longer period. In my opinion, I think I would rather place in the bank and have it deposited into time deposit at least the interest is much better than the ordinary interest from a savings deposit. Another way that I consider saving money is to invest in lifetime insurance where you are guaranteed of a good return of investment.
How does the hoarding of ferrous metals like Steel, Carbon Steel, Alloy Steel, Cast Iron, Wrought Iron, Aluminum, Copper and Lead have anything to do with Bitcoin? You know Bitcoin cannot rust and it takes no physical storage space and you do not have to bother with rodents being attracted to your storage facility, because you have large amounts of items that are stored over a long period.
You are also restricted, based on the size of this storage facility. There are no limit to the amount of bitcoins and the value of these bitcoins that you can hoard on a single piece of paper.
You are also restricted, based on the size of this storage facility. There are no limit to the amount of bitcoins and the value of these bitcoins that you can hoard on a single piece of paper.
Agree, that's harder than expected, but storing millions of dollars bitcoin securely is very easy and I think in terms of investment, bitcoin is clearly better asset now.
Well, I will not define it as an asset, even though Wikipedia says in financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value and that is held by a company to produce positive economic value is an asset.
I tell you, if you approach most people on the street and you ask them if they would rather store 1 million dollar worth of bitcoins in a paper wallet or a whole warehouse full of metals, then most might say that they would opt for the paper wallet.
It is much less trouble and effort to store a paper wallet. Jump to: