Topic: Save while young better than wait - page 16. (Read 3315 times)

Saving is quite an art and passion. If you don't have the interest and the passion to save, despite of the big amount of money that goes in and out of your hands, then you will never really see yourself saving. While saving is vital, regardless of its amount, but I can still see a lot of people are unable to save because they have their life's priorities other than saving. And for that, we can't also blame them.

However, saving without planning to invest is actually not a wise decision. Saving will only grow a small amount of interest but investing on the other hand will attract 5x to 10x profits from the amount of capital. So basically people need to save so they can build opportunities to invest and be in profits, and not to save forever and let them sleep in their bank accounts and only the bank will benefit from it.

The title should be "Be broke while you are young by investing rather than in old age." If you make a financial mistake by investing in anything and lose everything while you are still young, you will have time to recover from that mess. But just think about what will happen if this happens in your old age. your life can be miserable and you won't have the energy or time to clean than mess in most cases. So if I am going to make any financial mistake, I better do it now rather than in my old age.

I mean I take it upon myself to never miss a thing now that I'm still able to work and actually earn money for my investments. And in regards to my investment I make sure to always leave a foot on the door to make sure that I don't miss out on what's the most profitable venture out there. But putting so much pressure upon someone just because they're still young is a little too much yeah?

Picture this my friend, the average lifespan of a regular human being's around 70 rounded up, you have 18 years to spend growing up, and afterwards you're legally an adult in most countries. Do you think that's enough years to pressure someone into becoming rich? I get preparing for retirement and being very prudent with your money is a thing and I mostly do that too, but there are some of us who are young adults down in their luck cause opportunities couldn't come their way even if they wanted to. I personally wouldn't fault them for it cause I've been like that in the past as well and I know just how helpless the situation is.

So for any young adult in here, don't pressure yourself. Find a job that you're comfortable with first, set your finances straight, and only then do I suggest you go out there and invest. Don't fall for motivational retards on the internet pushing you or forcing you into thinking that just cause you couldn't get a lambo at this age you're a fucking failure altogether, you still have years and decades ahead of you. Make the most out of it.

I agree with this point, when we have saved every year or have reached a certain amount then we can convert savings into investing in bitcoin or gold because saving a lot of money in the bank will cause losses due to inflation and other things that have an impact on the low value of the currency, so don't make your savings cause losses but change your mindset to turn savings into an investment that has the potential to be profitable in the future.

When I read that phrase, "you can be old and rich or young and poor, but being old and poor is bad shit." There is something like that in Spanish colloquium that sounds similar to me. Then I saw the OP's nickname and I know that there is some trace in the language.

Indeed, the years pass in a complexly different way for many, I believe, in my experience that life between +18 and 50 years of age, offers us two great opportunities, what in my case I call the crest of the wave. So, You are there for a few seconds or for an indefinite period of time, but, they define that future that you mention.

Now, knowing when they happen is the ability of each person, since one can be so successful that it clouds us in defining what that opportunity is and being the opposite and taking the incorrect, then, my friend is not easy to determine.

But there are certain things like a retirement plan, an investment, the good things that are acquired over the years, and even things like starting a family...

...they are a good plan B to avoid ending up like a decrepit old man, and!  We all want the "robe" and the glass of whiskey (metaphor), ah, yes, the mansion is not necessary, yeah, in reference to HH.

Save whenever you can, regardless of how much you are able to save, the important thing is you started saving early. Because once you start to save early, then you can also invest early on the potential investments around, and might be in huge profits and become financially successful early as well.

I guess this is just a matter of mindset and goal setting. If you have better plans in your future, then you will work on it as early as you can so that if ever you experience failure, you will still have all the chances to get up again and continue working until you achieve your own success.

Agree. If we only rely on savings, it is probably difficult to be rich. Specifically if we save with little amount of money and it can't be done daily but may be weekly or monthly. Not every one in the world has the ability to save money daily, some people even don't get enough money to fulfill their daily necessities. Moreover, it is true that savings doesn't multiply the amount of money, it is just decreasing the money if we save it in banks. Sometimes, we must pay monthly fees.

We don' need to invest and saving at the same time. We can begin it with saving, then we invest the money when it already reaches certain amount of money. If we already have $500, we can invest the money with Bitcoin or other recommended investment. Saving should be just the way to collect the proper capital for our future investment.

Most young people now understand the importance of old age, especially after various conditions that drain the economy such as inflation or indeed the pandemic that attacked globally some time ago made them think more critically that the future is an important thing.

But indeed not a few of them still only spend time relaxing and enjoying life on the grounds that youth is only once and cannot be repeated so there are still many people who do not think that far about what will happen to their lives in the future.
What is certain in this case is that I still feel that those young people who are literate enough about the importance of the future already have a good plan for them at least to change their lives to be better than the generation before them (parents/relatives) it is very good and we have met many young people like this, especially in forums that even though they do not know the overall age but there are still many who claim they are still very young and that is a very good thing.

I fear this is the only alternative. Without investments we can't reach anywhere. By only saving you will just see your money's value being eaten by inflation. I remember those old people who were used to take a big portion of their wages and store it below their mattresses for decades... Once they or their sons decided to finally use that money, it wasn't enough to purchase nothing too expensive, considering how long it has been stored there. By doing this dumb saving, they were wasting money, time and all their labor years working hard for nothing at all in the end. And everything because they weren't educated on financial matters. Imagine how much patrimony their families could have built, if they had received proper guidance along their lives.

Thankfully now with internet and Bitcoin, we have more knowledge and earnings opportunities available for everyone, without being necessary to have been born in a rich family of economists and businessmen to learn about finances and have access to profitable investments. Undeniably, investment opportunities are more widely spread nowadays than in past times, so individuals can start investing since a very early age in order to achieve a more comfortable financial future once their reach on their 40's or 50's.

The old saying goes like this, 1,000 USD starts with 1 USD. Willingness or not depends on intention. Actions begin with what is thought. It is difficult to run something simultaneously depending on economic capabilities/money obtained from income.
Living for today and thinking about the future is something necessary. If you are able to illustrate how the future starts from youth, you will be happy.

Not a few people who are now in their old age reflect on how stupid they were for wasting their youth not on proper activities. Not a few also feel comfortable with their old age now because their youth was used to organize their income for things that are useful for them.
You can do two things at once, but it depends on who and how.

It is normal to make mistakes sometime, and that's essential for you to learn. Investing indeed is good to become a habit on your younger years however, if it is forced upon and not due to your initiative and interest, you'll just end up with burn out. Everyone has a choice to invest but why aren't we all doing so? Some people became successful on their jobs as well. Point here is to be responsible of your future but still seek for passion. Being passionated of something you engage yourself with, wil not be a burden but an inspiration for your future. Your passion to a particular thing will be your fuel in the long run. Let things come naturally. It is never wrong to enjoy things while you're young given that life is short, just do it with awareness and be cautious of things that will drag you down or will make your future miserable. Enjoying is different from destroying it.
Planning is indeed necessary for a better future. Being aware of the things around you and being able to anticiate your future is already something to look forward with. There's always a better way to do things and I agree with taking small steps just to begin with. It is also important to not rush things in order to avoid exhaustion along the way. Everyone dreams to have an investment  someday but not everyone is able to do so. One is assumption since there are people who prefers large scale investment right off the start which buffers their initiative 'coz they are being intimidated by their own expectations.

Couldn't agree more, a drop of water makes a mighty ocean, a little savings from what we make as a young one can go a long way to assist us in the time of old age.
A small investment can make a big difference in the future depending on the type of investment it is. It is always good to make plans for the future, especially in the years when it is difficult to do hard work. I think planning for the future should be a priority for everyone.  

It's true what you say, just having savings will not make us rich when we are old, of course the savings we have will remain the same when we reach old age, while the necessities we need will of course have changed in price since we were young and the savings we have. If we save it, it will easily run out if we use it when we are old. By investing, of course this will be able to increase the assets we have from the results we have invested.

Yes, it is very difficult to save and invest at the same time, but if we can do it, of course this will be very good when we have retired from work and we can still get income from what we invested when we were young.

Sving fiat currencies in countries that did not have strong economy is a waste of time and effort. Saving money generally is not a good idea and at the same time is not a good plan to be rich in future. If you only save money, after some years the money you save will not have the same value it use to have, therefore investing the money at early stage is better, but let the investment be in a something very profitable lie real estate, or bitcoin.

Sometimes, this lifestyle of a thing is due to peer pressure. If at a very young age you are able to understand the benefit of saving money, you will not be influenced by you fellow friends, you will focus on investment because it is the best.

I will be honest- I am somehow guilty of this. I tend to think of only the short-term satisfaction (even knowing that the long-term planning would give me a better outcome) rather than maximizing the opportunity that I have currently with my BTCs.

For example, majority of my BTCs have been spent in paying my monthly bills as a graduate student. Sure, I can set aside some of my savings in order to answer for these obligations but I tend to rely on my BTCs for it even that I know that the price of the latter would increase in the near future.


I just hope that I would be able to manage my resources wisely. I am fully aware that the fork is happening soon and we all know what happens in the price of BTC when the former happens. Instead of using my BTCs, I will definitely try my best to save it for the future in order to take advantage of the fork.

What the OP said is very good. However, in my opinion, saving is a waste of money, especially in fiat form. In my opinion, if we want to be rich in the future, from an early age we need to be more productive and financially literate, which I mean turn the money we have by selling goods, services or so on. With the internet, we can do anything with the money we have, even just $10. We can buy goods or something and then resell it, or create something with selling value or trade even on the exchange or crypto trading or investing.

There is a quote, if you want to be rich then trade.

Pension money becomes an empty hope as security for old age. Most young people are willing to work full time with a fixed income that has been set every month and will receive a salary. The most basic assumption that people think about when they are willing to work in government is old age security.

Workers who are willing to work full time in a company may have similarities with workers as government employees.
All of this is useless if he doesn't have accurate planning during his journey to work. Instead of living a good life, it turns out that pension money is just empty talk in old age.
Without practical skills gained while working to get out of your comfort zone, old age will be in vain.

What’s the point of getting rich in old age what will I use the money to do, at my young age I should be able to save up manage my finances and pend some careless spending that will bring me nothing aside from fulfilling my wants desire.

The best time for one to leave his life and make things right is during his youthful age and the old age is when they are suppose to relax and enjoy what they have worked for over the past years but that does not mean I should not be rich why young and enjoy the riches when am old.

Thrift is a sign of good people.  Everyone should spend with the future in mind.  We cannot think of a high luxury life without saving enough money.  Don't save a handsome amount of money and don't overspend.  Because it is impossible to tell when the problem will come in people's life.  So maybe you have $500 and you end up spending $450 on a lavish lifestyle. And within a few days you get fired. Then what?  Even if you think about it, you should save money.

Regret always comes at the end, in this case regret will always come when a person is old and only realizes after he wasted the opportunity when he was young to invest or manage finances and build wealth as early as possible. Things like this happen a lot, therefore financial literacy needs to be taught to children so that children can manage their finances from a young age so that when they are old they will have financial freedom.

And those of us who are still young must learn from other people's experiences and mistakes to motivate us to continue investing our income to invest in the long term. Of course, to prepare money for investment we need to look for additional income, so when you are young you have to get used to looking for productive things and don't be lazy.