Topic: Save while young better than wait - page 20. (Read 3290 times)

This is the fate of all those who relied on pension funds imposed by local governments (with the caveat that this is not the case in all countries).

Do all young people really understand this? But the value of money and time are completely unequal. If money can always be earned (and depreciated over time), then time only decreases (it can't be increased in any way). In general, money is converted time (more or less depending on the success of that conversion).

Mistakes are inevitable. Creating wealth is not easy. I also understand that I need to start this, but no one tells me how to do it. Can you give me some advice? You created this topic for a reason and clearly know something.

saving is not anymore a good thing these days because you only allow the government to steal the value from you. you save cash while they keep printing. investing nowadays is easy because even the unbanked can already try investing in cryptocurrency.

our bank apps are already allowing people to try cryptocurrency so there are now options to just dive into what is trending.  putting your money into cryptocurrency is a better way of saving while it also provides a chance to make a profit.

This is what many youths and teenagers find hard to understand. Because whatever you invest at an early age is really what will give you the chance of getting a better life in the future, if most of them understand this, they won’t be suffering when they start getting to their last years of life. Youths and teenagers tend to be broke in their middle adulthood due to what they did in their early adulthood, which was engage in spending more than their income.

That is exactly a paved way to poverty, but they think that is the best for them, which is very wrong because it will definitely affect them in the future, but they don’t know, and it is a duty bestowed upon those that know the truth and those that have already made the same mistake in their lives to enlighten and educate the youth and teenagers that are finding it hard to understand reality.

Living an expensive or luxurious life is of no use to them because what they need to do in early adulthood is to construct a better life for themselves and their families in the future. I take early adulthood as a stage of constructing the foundation of your future, which is the same as in building construction, which means the taller the building, the deeper the foundation. People need to be more financially educated, especially youth and teenagers.

With what you're saying here, we should spend less and invest while we are young. Thats very thoughtful to bring up this topic.

Many believe that life is too short, so they have this mentality of enjoy the life while you're still young. Yes, it is good to enjoy your life with the money you work for, but it is very responsible that while making all this expenses you should keep an eye for the future. I have never seen anyone who regret that they were able to save up or invest some money for two to five years. The experience has aways been worth it. It will be so exciting seeing the amount you have accumulated all these years.

Life experiences can be very tragic or fortunate. This is why we shouldn't let our desires take the best of us. We may be very earning bountifully and could broke any day same thing goes to being very broke and one day you become very rich. This is just life. We need to take opportunities that comes when we have the money to start a business, save in emergency funds and also try to invest wisely. Money can be spent in seconds without any difficulties but when you want to make money it is difficult and require some level of input. My experience i have share in this forum before has taught me a good lesson. So, i can't make that mistake of not putting my money to good use.

 The bottom line is to have something you can fall back on when your bones are too weak to do anything else. For the unskilled, it's going to be a bit of a challenge to keep up, especially if they've got a job which is not paying much and  there's a lot of bills to pay. Where I come from, the prices of food are constantly increasing and this forces the average individual to double up his grind and before you can save up, it means you must have two or three other jobs to support the one you are doing else you'd find that at the end of the day, you've got nothing to hold on to.

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.

Well, what tends to happen is that when you are young you earn less money and the little you do earn you want to spend it. As you get older, you earn more and tend to save more for retirement, for example.

But someone with a vision for the future who starts saving very early and takes advantage of compound interest can have a significant advantage for the rest of his or her life.

Here's how much more money you'd have for retirement if you saved $100 a month starting at 25 instead of 35

The problem with that is that you don't know when you're going to die either. And if you knew you were going to die soon, you wouldn't save. Saving even if you are not expected to live long only makes sense when you are older, as long as you have heirs who will receive the wealth you accumulate when you die.

Cannot agree more! I have personally seen it's impact to some certain extent. Now I regret sometime why I didn't save more while I was young and I had a good amount of income every month. Just to give you a background, in 2007, I had opened my first stock purchase account and I hack purchased 15 shares of a coal mining company. I had purchased more but those 15 shares I never sold. Now fast forward to 2024, that 15 shares have now became 350 through stock split and bonus issues. I did not count how much return it is giving me, but it is in tune of few thousand percentage. I wish I did buy more.

Unfortunately in my country, schools do not teach about financials at early age. So it becomes the responsibility of the family to teach you the importance of saving early. I wish I had invested more when I was in my early 20 s.

Wealth creation is not an easy tax for most people at a young age, it is very rare for you to see young people that are extremely wealthy. wealth comes after so many years of impute and the resultant effect of that input is what we see as wealth on the outside either in your late 40s or in your early 50s, so saving at your young age too is a good way of creating wealth for the future but as a young person it is most appropriate you channel your energy to productive activities because at they young age, most people are always in spending and youthful exuberance.
But the best time to enjoy wealth is at a young age, when you are vibrant and full of enthusiasm, but the societal structure does not give more privilege to young people because of structural deficits that makes it hard to gather wealth at young age.

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.

Although I understand what you mean but your English is weak and seems a little bit hard to comprehend fast.

It's has been the topic of everyday that one should make sure in life that your rich, don't live for today and suffer in future while you plan for today also look into your future.

There is one thing I know too well, that it's not my fault I'm from a poor background but it will be my fault if I remain in that background. At the very young age of men it's meant to be spent wisely knowing too well that in less than no time nature will take it's part in your life and you will be left no chance of changing the past.
Make haste while the sun shine.

I totally agree.

If I can go back in time, I would lead much more modest life and try to earn and save as much as possible in order to secure my future and preferably retire much younger than the legal age here which is 67 years old. Since I spent way too much money in my youth, my next chance for an early retirement is bitcoin.

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.