Topic: Saving don't make wealth - page 2. (Read 2591 times)

saving plain cash, I don't know of any way one can be rich by doing that. Especially in countries that have their currency depreciating day by day. for example; Nigeria, this country's currency is depreciating day by day significantly, making things worse and harder for the citizens. And when it comes to appreciation it appreciate with just negligible figure.
some one in this country that is having a naira saved, is he losing or gaining?
so like you said, saving a plain cash can not make some one to become rich.

There are people who are really that afraid to take up some risks and they would rather be sticking into that play safe kind of method on which we know that it isnt really that bad on having that kind of confidence or security but we do know that its not something that we can be able to see ourselves in speaking about having that progress in life. It all matters about contentment on which we know that there are people who cant really be that contented on what they do have now.This is why they would really be deciding on taking up some risk because they do know that there's an opportunity or chance that they could make themselves that more
better in terms of financial matter.

Savings doesnt really give out that kind of wealth as long it would really be just that simply stored or keep on bank on which we know that inflation could really give out that kind of less purchasing power
as years goes by which is that it would be better that you do put up on a business or investment on which you could really be able to make yourself that having such progress.

It's true that savings are very important, but it can't help anyone who accumulates savings, to be honest. If your savings are small and only for emergency purposes, it will not really give you enough to say that you will be rich. But if you have saved money that reaches $1 million, you can say that you are rich because you have millions of dollars.

So, whether you get rich from your savings or not, we should still have it. Now, if you are here in the bitcoin or crypto space, the crypto or bitcoin that you collect is for sure that it can also make you rich in the long run if the coins that you hold for the long term are right.

Saving don't make wealth ? Yes if you saving on plain cash with no interest in it.

This rich vs. poor mentality towards investing... it's a whole different world. You got folks with cash to burn, dropping money into stocks like it's nothing, not even sweating if it tanks. For them, 'saving money' is a foreign concept. But the thing is, investing ain't just about having a fat bank account, it's about knowing the game. Then you've got the everyday people, grinding, saving every cent. For them, it's not fancy investing, it's about building a future, brick by brick. There's a different kind of power in that, a hustle you can't buy

And what about those scared of taking any risk? They grip their cash tight, terrified of losing a dollar. Yeah, safety's nice, but without risk, there's no reward. Stagnation is a slow death, man. You're right, taking a hit now can be the smarter play in the long run. It forces you to learn, to adapt. That's growth, not just in your wallet, but in who you are. That's the kind of investment that pays off forever

A person's attitude in making decisions towards financial wealth must have the criteria that must be carried out and if people do not dare to take risks and nothing is at stake then never expect to reach the desired wealth stage. Investing or saving has a different meaning and investment must be done responsibly so as not to lose money because of the decision error taken.

There are many investments that do not produce because people do not master the way and that is why when people undergo investment have considered their decisions well. But without betting and not daring to take risks there will be no results we can get. Especially if someone does not have a financial resource in carrying out investment then to achieve financial success will be much more difficult.

That's a very good example, Lambo is a shrinking asset that every year the price will continue to slowly disappear. Investing or saving is a wise step to increase wealth or become a financially free person. It's true, we have to be active learner to be wise in managing the money we have, and the learning process will not be easy. Even though I get a small profit, I think there's no harm in starting now.

Being able to safe is an important step in the direction of wealth.
Most people grew with saving and investing wisely, no lambo played a role in the making of wealth.

Sincerely the concept of savings has made some persons poor,but many won't realize the fact that saving don't make the difference but investing does.
 Am not saying saving isn't good, but my point is saving doesn't make one wealthy, the worst advice we recieve is  'save for tomorrow' but only few lay emphasis on the need to 'invest for tomorrow'.
So I would greatly say we invest some of our profits from bitcoin in to other stuff, than just holding it or using it for pleasure. The rare truth is how we believe bitcoin can change the game, so other systems are developing so we shouldn't be blindfolded.
Invest because savings doesn't increase or builds, investing is what gives you the life you want.
   Let discuss this guys..
  No matter how many bitcoin you hold you can still misuse the money, so we should understand the concept of Richness and Wealth.
 

Whatever works for them if they invest without the need to save because they've got probably huge amounts already to invest is normal. While those that are starters and like minimum wage earners, they have to save so that the amount of they have ready to invest will be enough for any investment they choose.

Those that chooses to hold their fiat money and does nothing with it as they don't want to invest. They are the conservative ones and they don't want to take any risk and don't want to get into trouble of seeing the value of their money lose.

Well, that's fine because for us we can take losses now and be better and easy in the future than to suffer.

Are you trying to prove that saving is what builds the future and dream life of a man?
Your point isn't  clearly expressed, as you don't have a base about what you're saying.
If you understand the point, you will know that saving for tomorrow is over-emphasised, am not saying you shouldn't save but to let you understand that saving fait is degenerating and also as  a young man you should look at the future with a investing mindset as saving doesn't increase the money and will not get you the dream life you want.

I see some persons comment saying if you stack up a $1m you are rich, no doubt but that's still the money you didn't have intention of using which you stack but the money didn't do any work for you, you're still with your money. Alright what's gonna be your plan after having such money will you continue saving, NO. You are gong to spend it on other stuff and still repeat that same cycle again. Why not view in the context of money working for you (investing).
How will you judge someone who is saving up $10k with a goal of reaching $500k to purchase something and another investing same $10k in Real Estate what is both fate?

We should understand the clear distinct between Richness and  Wealth so as to know what road we are on.

As a young individual saving for tomorrow is a bad logic that one should abide by, you can save but all your finances shouldn't be centred on saving, but rather investing for tomorrow .

Saving first before investing, is a normal thing people do. But some smart people invest first before saving. No, they keep investing rather than saving money because inflation will beat it. Well, anyway, the point here is what matters to us the most and we choose the way we think that we are safe. Because some people choose to just HOLD rather than invest because they don't have time and knowledge about this. There is nothing wrong with this because they just assure the safety of their funds. In fact, I was been into that situation when I invested in something that I'd never known how to work on it. Sadly, it ended in nothing, and lost my capital.

Those that understand how important it is to have both. When they're done saving their money, they'd choose to have some investments as well.

And while the others are saving, you have to ask them what they're saving for. Because what I know with many, they're saving for a few things and that's to invest and for emergencies.

Otherwise, those that don't have any reason why they're saving is because that they just want to and like to see their bank accounts grow in number but they don't know that they're the ones losing its value in the long run if they don't put it in appreciating assets and investments.

Yes, I think you're actually right, when someone already has enough money then it's far better to go with investing then saving. The people of your area who are investing in gold are doing the right thing because fiat can lose value overtime but gold is known to gain value and thus it's much better to purchase gold or invest fiat into gold to protect the value of it and also gain some profits.

Yes, that is true, if someone already has enough money then saving is not the right solution but rather investing. For example, in the case of several people in my area, when the harvest season arrives, the money they collect is immediately transferred to gold, this is certainly a good action to maintain the value so that it will not decline.

Yes, that is true, if someone already has enough money then saving is not the right solution but rather investing. For example, in the case of several people in my area, when the harvest season arrives, the money they collect is immediately transferred to gold, this is certainly a good action to maintain the value so that it will not decline.

Yes, that is true, if someone already has enough money then saving is not the right solution but rather investing. For example, in the case of several people in my area, when the harvest season arrives, the money they collect is immediately transferred to gold, this is certainly a good action to maintain the value so that it will not decline.

To be clearer about this savings that doesn't bring wealth Op, I hope you mean saving on sector that doesn't bring profit returns such as saving in fiats just accumulating for the future use and not saving on bitcoin which has the potentials to bring profit returns?

The old paradigm is that by saving we will be rich, but that is wrong because the mathematical concept of saving means we have lost or are left behind because saving is actually only a temporary concept for at least a month or at most three months. If you want to progress then whatever type of investment you invest, because investment will continue. there is a movement of at least 2 percent per year, we can imagine if our investment takes a long time. There are various types of investment, from land to gold, but we also have to be careful when investing, so we don't get cheated