Topic: Saving don't make wealth - page 12. (Read 2592 times)

What do you think investing is?
Isn't investing simply having money or an asset somewhere with the hope that it grows over some time? If that is an investment, why do you believe Bitcoin is not an investment?
I bought Bitcoin when it was $28k, and I also bought it when it was $50k, today Bitcoin is on $65k and rising. I have made X2 of my investment within a year and there's a very big chance that I'll make X2 of my other investments this year or next year,  if that's not the definition of an investment, I wonder what else is. Or do you see an investment as something that will give you X10 of your investment in a month?

Also, I agree that savings don't make wealth. You can't get wealthy if your money is just the way it is without growing. But you can save to start a business and the business can generate wealth.

This is also another reason why Bitcoin is above all else. With Bitcoin, your savings can also be an investment. You have savings you can easily liquidate in 10 minutes in case of emergency and you also have an investment.

Yes, as long as you don't invest in coins that are not good otherwise a lot of bad things will happen in the investment journey, especially for shittoken or meme coins that haven't been measured and analyzed, it's best not to because we will lose money, especially when the market is crashing.

Well, in conditions like this only big coins and projects that have useful products can survive in the market and this is relevant if we think about it because traders and investors prefer to hold big coins, this will give them certainty and That is also wrong one strategy for investing in crypto that the OP also needs to pay attention if invest.

Investing seems to me better and acceptable than saving. Because I have found that when money is stored for a long period of time, it eventually leads to inflation, whereby money depreciates greatly in its own value. Through this, instead of gaining the money saved, we lose more. On the other hand, if you can invest in a good place. Be it Bitcoin investing or investing in building wealth somewhere it's much better than saving it. Because I have seen the price of house car or land never decreases it keeps increasing day by day. So investing seems to me to be better than saving for long term. Let's say if you deposit money in a bank you won't earn much profit. But at the same time if you invest your money in a good field then after a long period of time you will get huge profit. I have always preferred investing more than saving money.

It is even sound incorrect «saving = wealth». What people usually save or try to save? The money they earn as a salary. So if you dont earn much or isnt a wealthy from the beginning, all you can safe is a part of what you have earned. If we use simple math it isnt impossible. Suppose X is your salary. You save for example 0.5x and expect it to turn into 100x with time while doing nothing? We all know that «money must work». That is the only way to make even more money. Saving means putting them on the pause. Pause is never good.

but we can see people who save and don't save, at least they have more thoughts for the future, even though it doesn't actually make more money, they just need to be taught/learn about investing, so they will change their ways by investing every month, and not save more every month.

Yes, given the present situation in our country, it's not ideal to save up money. The best way to retain whatever one's trying to save is to invest it and face the risk of either it making profit or going into loss. If it's kept as savings, it has only one direction to go and that's loss because it's definitely going to be swept off by the forces of inflation that's ravaging the country now.

Like user franky1 said, – "savings is not about wealth creation..." I believe them on that.

you were making sense from the beginning but this statement contradict what you're saying big time. What you're basically doing when you buy Bitcoin and hold is investment and not saving. When you save, the amount you kept aside remains the same regardless of how long you leave it Thier which places you at a serious disadvantage because the purchasing power of the money after five to ten years dropyps so low that it can't afford half of those things the money could buy at the year you saved it.  Investing into Bitcoin with that money on the other hand for same period of time of say ten years would have given you 3 to 4x of your initial investment which after selling would have yielded a substantial amount of profit.

Generally, savings for a short term isn't bad because Thier are times you will need up to a certain amount of money before buying a certain asset you might need and that's just the time when saving is good but when it comes to long term bases, invest your fiat into a good asset and you will have good returns whenever you want to get back your money. It's not compulsory that you must save it into crypto but the reason why saving into Bitcoin is preferable is because Bitcoin has proven to be reliable and and regardless of how much you're able to accumulate you won't be bothered about tax payment or get bullied by financial institutions that would want to querry the the source of your holding or stuff like that.

That is why if someone wants to save, he must think about it first before deciding. He must also be able to calculate how much interest he can get from saving and compare it with the interest he can get from investing.
If someone can invest in bitcoin, it will provide more benefits than just saving. But the person needs to learn how to start investing.
The important thing is that before someone starts his plan to save or invest, he must do research first so that he understands everything. He can make a decision which is good for him.

Have you heard what Albert Einstein had to say about "Compound Interest"? He said, "Compound interest is the 8th wonder of this world. He who understands it, earns it... he who doesn't.... pays it."

So, no matter if you invest in Bitcoin or even if you just save some extra money every month, you will still be the winner at the end of the day. Just keep doing it.

Savings can be a sure sign that you are on your way to wealth accumulation, rather than sitting in debt which is surprisingly common out there. However once you reach that part of your financial journey, you should definitely start to do more research and you'll find that investing long term will be much more profitable. We are in a weird time where bank savings rates are especially high, because inflation indirectly drove them up, but with inflation coming back down again you will start to see them fall and investing will be much wiser again.

I quite agree with what you say that saving alone will not make you rich, but it must also be accompanied by investment which can be in the form of shares, bonds, or bitcoin. Because the concept of saving itself is an effort made by someone to set aside their money to be used in the future for their various needs - so the value of the money will be fixed and may decrease due to inflation. However, if someone invests, it means they will be able to potentially gain increased value from the instruments they invest in and this can provide them with added value to their economy.

That's what I said too, Bitcoin is an investment, not a saving that is the same as saving in fiat or any asset that is considered a store of value and doesn't have volatility in its value. In comparison, bitcoin is a good investment though it comes under risk so I won't categorize it under store of value.

Financial management is a very important skill that everyone needs to have if they want to upscale their financial freedom but a majority of people are used to consumerism and living their life from pay check to pay check.

I think that if we keep bitcoins for a while, we can become a great asset. For example, now the price of BTC has exceeded $63,400 and it is expected that its price will increase much more in the future. It was below $20,000 a few days ago. So if someone has been saving Bitcoin then he must have been able to make a good profit from it and it is his wealth. But yes we should invest in something other than BTC as part of investment to avoid risk. That is why we should keep an eye on the previous statistics of investment analysis and then invest in a profitable place.

Practically holding bitcoin is also investment and holding any other assets is likewise an investment to me where you should have been more concerned about could be about security, yes it is true we can have any amount of bitcoin we have in our wallet today as investment but if we don't really go down and pipeline low about our security aspect you would see that in no time we might lost all our investment either to scammers or misplaced our keys.
From my understanding so far bitcoin is still new on earth despite it has spent decades over now but we should know that bitcoin has passed the level of being collapse immediately without any proper reason and if bitcoin collapse today believe me there is no other coin that could survive the heat because their originator is gone.

Saving cannot increase the wealth we have, but if it is just to maintain the wealth we have then saving is the solution. However, by noting that this wealth is stored in the form of gold or currency that is considered stable, so its value will remain maintained. And on the other hand, saving can help someone when faced with a very urgent need.

Meanwhile, when talking about an investment in bitcoin or wherever, investing can provide opportunities that can increase the finances we have, but all of this must be based on good and qualified skills and knowledge, because otherwise, the investment will be If we do that, it will only cause losses. And therefore, while we are still young, take advantage of the free time we have to learn about how to manage finances well and also about investment. because no matter how much income we have, if for example we are not able to manage it well, then this money will have no meaning at all. And on the one hand, we will not be able to keep working forever, because there will be times when we will get sick or retire, and therefore start investing, so that when the time to retire comes, that money will work to make money for us through an investment that we make.

Bitcoin is an investment not only a way to save your money, and when you have invested in one of the best and most profitable asset that has appeared during the last decades, then why bother investing in something else? Also saving is nowhere near useless as it can allow you to have the money to overcome many different crisis, and without any savings you cannot become an investor either, meaning the advice giving is good enough, it is just lacking a little bit as it should also encourage people to invest.

Saving is important but we should prioritize to have an investment (not only limited to Bitcoin) to secure our future. Because let's say you decided to put your money in banks as your savings, even years have passed, the interest is not worth it to just let it sleep there. It's like nothing happened and yes you have money but did it gain?

Investing in Bitcoin is good choice especially if you engage yourself during bearish season. Although not all investors can see the importance of investing while the price is not expensive. However, it's not too late so don't just save, it's more crucial to have an investment because this is very useful in times you already want to retire. But of course always DYOR because investing is associated with risk thus be certain that you know what you're getting into.

before I knew about crypto I was just an ordinary worker from 9 to 5, but I found out about this in 2017 and started participating in several campaigns at first collecting a number of tokens from there, and didn't put in my money because my salary was only enough for my daily needs, after that I know more things like trading and other things. which has made me survive until now and understand the meaning of investment and other things that bring in more money.

Yeah not much have been said about the saving for tomorrow because quite a number of people accepted it that way and also tried to save that way. In fact back then you are valued according to how much you have in a bank but not anymore. I think the phrase should be invest for the future because every thing is now on the fast lane especially the value of fiat which is no longer having average profit when you keep it in the bank because of inflation.

The bet is to let your money stay in cryptocurrency because it is has that increasing value from time to time and yet retain your number of unit in the coin. For example currently the price of bitcoin is rising and that means whoever is having whatever quantity in his wallet, it will be experiencing a lot of increase at the moment until this season comes and go. This is the experience with having to convert your savings into crypto and hodl rather than leaving it with the bank that uses the money for business and don't pay customers better percentage as they make use of their funds.

So currently, keeping money in cryptocurrency is more profiting than leaving it in fiat as savings.

People should know they won't be able to make wealth just by saving because that is not the purpose behind saving money. You save money because you want to have some security for your future in case you face an emergency, some people even save so that they can do a certain thing or buy something that they can't afford in one go for which they keep saving a portion of their earnings and then plan to buy it once they have enough funds for it.

If someone wants to have wealth, they will need to work on building assets such as making investments, starting businesses even if they are small, they can always be scaled up in the future, but when you save, you won't have wealth, you will only have some funds that you can use for a certain purpose no matter what it is.