Save while young better than wait - page 17.

MFahad

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

Look, you can be old and rich or young an poor, but being old and poor is bad shit.

A surefire way of doing the wrong kind of things is to spend your money early or try to live a good life quickly without thinking about the future. Or if you have an ok job or income to think that is enough, even if you cannot save.

All young people, understand that time an money are linked. It is not the same to invest early than late, it is not the same to invest more early that try to invest more later. 100 is worth 100 today, but 800 in 20 years if you play it safe but well. Make no mistake, you will need to start creating your wealth.

There is nothing wrong with living a good life but only if you can afford to do that along with savings and other necessary stuff. Most people make the mistake of spending all their earnings on materialistic things to enjoy their life instead of building assets, making investments, or even increasing their savings and all these things should be the priority for someone who is earning more than what they need to spend in a month. If your monthly expenses are taking 50% or less of your total earnings, you should use the remaining 50% in the best way possible.
Most people spend their remaining funds on themselves instead of building their future and when they get older, they start regretting their decisions because now they can't work and they don't have money nor any assets that can earn them money without much work.

mrust_mobile

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

Look, you can be old and rich or young an poor, but being old and poor is bad shit.

A surefire way of doing the wrong kind of things is to spend your money early or try to live a good life quickly without thinking about the future. Or if you have an ok job or income to think that is enough, even if you cannot save.

All young people, understand that time an money are linked. It is not the same to invest early than late, it is not the same to invest more early that try to invest more later. 100 is worth 100 today, but 800 in 20 years if you play it safe but well. Make no mistake, you will need to start creating your wealth.

Investing is a great idea but you should also do it the right way. That's the most important information in life they don't teach you in schools because they don't want you to be financially literate. How are they going to raise them white collar wage cucks otherwise? If people were able to manage their own money, their kids wouldn't be wage slaves. Those kids would be as wise as their families financially and soon, the employers would run out of employees to hire.

Don't get the stupid idea that you can find this information reading only this forum or you can acquire that wisdom by doing nothing. You need to read lots of books and take some real education. Managing money is a serious business.

stomachgrowls

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

Look, you can be old and rich or young an poor, but being old and poor is bad shit.

A surefire way of doing the wrong kind of things is to spend your money early or try to live a good life quickly without thinking about the future. Or if you have an ok job or income to think that is enough, even if you cannot save.

All young people, understand that time an money are linked. It is not the same to invest early than late, it is not the same to invest more early that try to invest more later. 100 is worth 100 today, but 800 in 20 years if you play it safe but well. Make no mistake, you will need to start creating your wealth.

Easy to say but it would really be that hard to be done by someone specially when we are young on which we are still depending into our parents or we havent finished yet our education or simply not really that just mature enough on thinking about those things when they arent still on such shit condition but its true that while we are still young then it would really be that best that we should really be that early on trying to
deal up with things such as this on which started up to save and having those potential investment or business that we could be slowly be starting up because on the time that you would really be having those kind of
behavior then you might have the chance on progressing or become successful on later years but of course it isnt a guaranteed thing.

It would really be that a better start up or mindset to have while you are young rather than on spending on something useless and not something beneficial for the future but
well you cant be able to be affected by these things since you are still that depending from your parents but on the time that you would be earning on your own
and making use of your own money then this is where these realization would kick in.

AnonBitCoiner

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Everyone can save and invest but in the young age people think that their salaries are enough for them and they will continue their life with such salary but they forget that they will get old and will not be able to work so for that time saved and invested amount will be helpful. If you save money now then the value of your money will be increased as the time goes because early you invest more you will be profitable. Investment is a better way for making your future satisfied because no one knows that how long he will be able to do job so try to make planning for your future also as present is known but future is unknown.

moneystery

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saving alone is not enough to be rich when you are old, young people must also be able to save and invest the money they get from their salary. because when someone just saves without thinking about investment, their savings may decrease in value due to inflation every year and they won't get any interest from it. whereas when they invest, it means they invest their money in assets that can give them returns that can increase their assets.

even though it is quite difficult to save and invest at the same time, if young people can reduce their lifestyle and start using their salary wisely, they should do this. because after all, saving and investing is one of the best ways that young people can achieve prosperity in their old age.

jrrsparkles

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

Look, you can be old and rich or young an poor, but being old and poor is bad shit.

A surefire way of doing the wrong kind of things is to spend your money early or try to live a good life quickly without thinking about the future. Or if you have an ok job or income to think that is enough, even if you cannot save.

All young people, understand that time an money are linked. It is not the same to invest early than late, it is not the same to invest more early that try to invest more later. 100 is worth 100 today, but 800 in 20 years if you play it safe but well. Make no mistake, you will need to start creating your wealth.

The earlier we start the longer we will have the long road of investment, someone with a worth of $1 million at the age of 60 isn't great to compare with someone who is having net worth of 200K in his 20's.

GenZ people forget the concept of saving and they propagate live the moment which is so wrong because it put the future at uncertain situation.

Save to invest to make money then invest and keep repeating it is the best way to make wealth in this current era.

umbara ardian

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Investing isn't just about hoarding money for some distant old age. It's about building a foundation for a future you actually want. It's about having the freedom to pursue your dreams, whether it's starting a business, traveling the world, or simply living comfortably without constant financial worry.

And that's where education comes in. We need to ditch the dusty old image of investing as a boring, suit-and-tie affair. We need to reframe it as a tool for empowerment, a way to take control of your financial future and make it work for you.

Think of it like learning a new skill, like cooking or playing an instrument. The more you learn about investing, the more confident you'll be to make informed decisions, whether it's saving for a house, starting a family, or simply weathering life's unexpected storms.

Education doesn't have to be stuffy lectures or dry textbooks. It can be fun, engaging, and even interactive. Imagine workshops on budgeting with friends, online games that teach you about financial concepts, or even influencer content that breaks down complex topics in a relatable way.

Kelward

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The main essence of depriving ourselves of some luxuries in our youthful age to focus on investments is so we can rely on the ROI in our older years, so we can retire and enjoy the fruit of our labor. A person that does not plan for retirement will end up being a liability to people that planned their future well, it's not a rocket science, I've seen older people who are living in poverty now, that were living luxury lifestyles in their youthful age. Although people think that you have to be rich before you can save money or have an investment, but it's not true, you can be spending bellow your income and save, it's not easy but it'll be worth it in the future. Bitcoin is a good valued asset that a person be doing DCA method, till retirement, be selling gradually then and enjoy old age.

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

~

The earlier you invest, the more profits you can get.

Some people think that they can still get more if they invest more money in the older stages of their lives, but the reality is, that it isn't. The younger you invest, the more profits you can get because of the term "dividends". If you're the type of person who reinvests the dividends that they're getting, your money will surely be more compared to a person who invested at a later stage of his life.

Being old, poor, and having no investment at all is the shittiest thing that a person can be in their whole lives. You will end up as a beggar if you have all 3 of those, or worse, you might just die while lying because you don't have any money.

itorai

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Quote from: southerngentuk on January 27, 2024, 10:14:08 AM

-snip-

This is where financial education comes in, and it's crucial to start early. We need to equip young people with the tools and knowledge to make informed financial decisions. It's not about depriving them of fun or experiences, but about teaching them to prioritize and budget effectively.

I think it should be like that, learning finance from an early age is important to maintain a better future and a beautiful old age, it is good for us as the current generation to direct youth who prioritize things that will be useful for a brighter future such as managing the right finances maybe it will help them in the future because, if not it will be very detrimental to it, as a simple example if we have any amount of money (inheritance) will run out if we cannot manage it. So I think managing finances from an early age will definitely make us calm in old age.

Solosanz

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Many young people don't want to invest their money and wait for the next 10-20 years because they don't like to delay their own gratification.

I can't say it's a problem because it's their own choice and their own life, as long as they didn't affect our life, I don't care with their choice.

Right now people who keep accumulating every penny and invest for long term will be bullied, but they're already old, those people will realize the importance of investing.

Dunamisx

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As we know clear well that most children are likely not to like take along with us the pattern of making savings because they never understand the reason for doing that, all they think is for receiving provisions whenever a need arises that they are in need of money, but a grown up adult cannot behave in such a way because he knows the consequences, but we can start by teaching our young ones the way to make savings for the future in preparing them ahead.

southerngentuk

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Early adulthood is like laying the foundation for your future financial fortress. While teenagers might be tempted by immediate gratification and flashy lifestyles, the truth is, delayed gratification and building a solid financial base now is what paves the way for a secure and comfortable future.

But the problem isn't just a lack of knowledge. It's also about the allure of instant gratification. Social media bombards young people with images of luxury and excess, creating a warped sense of what "success" looks like. It's easy to get caught up in the pressure to keep up, leading to impulsive spending and a disregard for long-term financial planning.

This is where financial education comes in, and it's crucial to start early. We need to equip young people with the tools and knowledge to make informed financial decisions. It's not about depriving them of fun or experiences, but about teaching them to prioritize and budget effectively.

xSkylarx

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

Look, you can be old and rich or young an poor, but being old and poor is bad shit.

A surefire way of doing the wrong kind of things is to spend your money early or try to live a good life quickly without thinking about the future. Or if you have an ok job or income to think that is enough, even if you cannot save.

All young people, understand that time an money are linked. It is not the same to invest early than late, it is not the same to invest more early that try to invest more later. 100 is worth 100 today, but 800 in 20 years if you play it safe but well. Make no mistake, you will need to start creating your wealth.

It is easy to say to save, but it is difficult in the current situation right now. I get your point that saving instead of spending your money on partying and useless stuff is good, but right now not all have the opportunity to save because of the low salary, and even not all of us have a chance to have a business. So if we do have a chance to save or spare money, then that is the time to save it instead of spending it.

Gaza13

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Quote from: ScamViruS on January 26, 2024, 02:54:11 PM

Saving in young age is important for thinking about a good life in old age, but a person needs more things in young age than in old age which needs money, more money is needed in young age. As a result, people overspend when they are young, and struggle when they are old. So as per your advice it is important to control the expenses and also look at our savings so that we can live a secure life in the future. We can predict that the coming days will be more difficult. Because the way inflation is going up now, it makes me think more and more that the government is devaluing the value of our money so we really have to keep in mind when saving money that we will lose the value of our money several times before we reach old age.

Yes, someone in their youth certainly has desires for what they want, namely a cellphone or a motorbike. I agree with you. We have to be good at managing our expenses or live frugally and restrain ourselves for a moment in our youth from being extravagant. Usually the role of parents from an early age is very important in directing their children not to waste their money on buying things that are not useful, it is better to save their money. Indeed, the concept of saving has been taught from generation to generation, in families or schools. This is the role of parents or fathers, if they know the concept of money, teach children from an early age to invest how money works for us in the next 20 years, we will enjoy it in our old age.

nara1892

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Quote from: angrybirdy on January 27, 2024, 08:24:20 AM

Quote from: bittraffic on January 26, 2024, 11:05:20 AM

After learning inflation can devalue your cash, I wouldn't really recommend saving in this untimely situation where the inflation keeps rising. Today, what a person should do is become a prepper and spend his money on what he can afford for now because he may not afford it later. And if a person can afford to invest instead, then it's a better choice than saving.

exactly! Nowadays, it is not advisable to keep our money in the bank. it really depends on a person's situation but if you have extra money, it would be better if you invest it in things that can grow your money, just like investing in crypto, but when it comes to investment, it's better to know everything about it before you start investing because it's not a joke if you're going to take out money and then you don't know what you need to do.

It's true, a situation like this really depends on how each individual's finances are, if indeed they have good enough finances then of course it is highly recommended for them to allocate some of the money they have to other things, as you said, one of which is investing in some assets that they believe in, essentially somewhere that has the potential to grow the amount of money, but perhaps the problem is that not every individual has knowledge about the world of investment and perhaps this is the biggest problem for them and is also the reason why they prefer to save the money in the bank.

This means that of course insight and understanding are the problem, in terms of investment there is a lot that is needed and that must be prepared, this can indeed be a good alternative and recently the majority of people who have an understanding of the world of investment prefer to save your money there, but on the other hand it is not as easy as turning the palm of your hand because of course investment has the potential to grow your money but also has the possibility of risks that can lose your money, therefore consideration is really needed before you finally allocate your money, all of this come back to yourself because it depends on your readiness too.

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Quote from: paxmao on January 26, 2024, 10:41:39 AM

Look, you can be old and rich or young an poor, but being old and poor is bad shit.

A surefire way of doing the wrong kind of things is to spend your money early or try to live a good life quickly without thinking about the future. Or if you have an ok job or income to think that is enough, even if you cannot save.

All young people, understand that time an money are linked. It is not the same to invest early than late, it is not the same to invest more early that try to invest more later. 100 is worth 100 today, but 800 in 20 years if you play it safe but well. Make no mistake, you will need to start creating your wealth.

I have always seen people talk down on saving as against investment. That is why I always appreciate any post that encourage or teaches saving. To save is a virtue and should not be discarded on the platter of ignorance. I am not speaking this against investment, rather against lavishing. It is very much important to save for the rainy days. Personally, I've also been a victim and in my own case, my savings saved me. I had been an offline worker, but at a time I decided to migrate and become a freelancer. But because of my poor knowledge of how they internet works, I was scammed. I trusted random online people like real life people and they dealt with me seriously. At a point I lost all I had but then my savings came for me and rescued me. I had decided that I would never spend from that fund no matter what happened either for investment of any other purpose. So, when I literally lost all I bounced back from that saving. From henceforth I do not joke with saving. No matter the investment of project that I am embarking, I would always serve a portion of my money no matter how small.

The only place we should come in is the means of saving. Do not save in fiat because its value reduces. Bitcoin is your friend.

batang_bitcoin

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It's true that 100 is worth today but what will be its worth after several years? The purchasing power of it whether it's in the form of dollars or any fiat currencies out there, one thing is significant and the same is that it will be lessened due to inflation. As for saving while young, it's also best to teach them to invest while they're young. Anything that's going to help them be wise on how they handle money is a win for most of the young ones.

angrybirdy

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Quote from: bittraffic on January 26, 2024, 11:05:20 AM

After learning inflation can devalue your cash, I wouldn't really recommend saving in this untimely situation where the inflation keeps rising. Today, what a person should do is become a prepper and spend his money on what he can afford for now because he may not afford it later. And if a person can afford to invest instead, then it's a better choice than saving.

exactly! Nowadays, it is not advisable to keep our money in the bank. it really depends on a person's situation but if you have extra money, it would be better if you invest it in things that can grow your money, just like investing in crypto, but when it comes to investment, it's better to know everything about it before you start investing because it's not a joke if you're going to take out money and then you don't know what you need to do.

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Quote from: Lucius on January 26, 2024, 11:39:44 AM

I would rather be rich in my youth, or rather in my best years, even at the cost of having much less or being poor in my old age. When you're young, you have far more needs and things you need to accomplish, and for that you need a lot of money - and when you get older, your needs decrease more and more and the only thing that matters is your health.

Therefore, I would emphasize that we should be more careful in our youth about the way we live, because alcohol, cigarettes and fast food will only come to pay in old age. I have a saying that says "old age will ask you where your youth was" and there is some truth in that.

I completely agree. They say that “youth wants but cannot, but old age can but no longer wants.” This expression can be applied to many actions. While we are young, our desires are enormous, and we are very impulsive; we cannot slow down our desires, wasting our health and having a hallucination of immortality.
There are many regrets about not having enough financial knowledge, let alone opportunities, when you are young. Therefore, as parents, having gained some experience, we can better convey to our children how important it is to take care of their health so that, in old age, we do not spend everything we earn on treatment.

Topic: Save while young better than wait - page 17. (Read 3315 times)