Topic: Saving don't make wealth - page 7. (Read 2592 times)

Choosing to save of course has a slight advantage compared to investing the assets we have, but to be able to invest well of course we need a little savings for urgent needs that we don't know about these needs because if we don't have savings when investing Of course, we have to take out some investments that have not reached the investment target that we have made and we could experience losses, even though they are not large, so having savings is also important so that we can carry out investments until we can reach the profit target that we have set for the investment.

You are right, the sooner we start investing, of course the better we will be in preparing for our future financial matters because if we don't have investments, it will certainly be very difficult if we only rely on the income we have.

It is correct that the profit at savings is a little less. Investment is good but investment has to take a little risk. An easy way to earn more is to take advantage of extra time. The sooner you start your first investment the better. A survey found that most millionaires or the wealthy invest 20 percent of their personal income each year.

You say investment is better than saving since it feeds your bank account. Got it. Investing without saving is like building a fortress on sand. Investment requires strategic planning, market analysis, and acceptance of risk. It requires patience and persistence, not quick prosperity. And saving? The unsung hero of financial stability, it lets you take investment risks without jeopardizing all

I agree that relying entirely on a wage is like treading water - you'll keep afloat but not progress. However, treating saving as a temporary reserve is a huge miscalculation. The investment tower is erected on it. Without it, you're a gambler on an unpredictable economy

Financial management in today's world feels like cultivating a bonsai tree in a hurricane. You meticulously plan, prune, and nurture your tiny financial ecosystem, yet external forces constantly threaten to uproot it all. Inflation, economic instability, and unforeseen circumstances act like unpredictable wind gusts, testing the resilience of your carefully constructed budget.

Despite the challenges, the analogy of the farmer and their crops offers a powerful perspective. Just as a bonsai master wouldn't abandon their miniature orchard during a storm, we can't let financial difficulties deter us from managing our money. The key lies in adaptation. We must be flexible, adjusting our saving and spending strategies based on the ever-changing economic climate.

This financial dance requires a delicate balance. Saving acts as the anchor, providing stability during turbulent times. Investments, like carefully chosen bonsai seeds, hold the potential for significant growth but require constant monitoring and adjustments to weather the storms. Unnecessary expenditures, the "parasites," threaten to drain our financial resources and hinder growth. Our role, then, becomes one of constant vigilance, identifying and eliminating these financial pests.

Savings and investment is a good thing for one to do but I think what op is trying to say is when one saves and have no plan to invest. The reason why saving without having any plan is bad is because sometimes money is unpredictable,  the money you may be having right now can stop coming and what you will look back to survive is the saving, which it is impossible for your money to save you forever because it will definitely finish.  But when one have an investment even if money stops coming in the future the investment is always their save life and to bring money.

Investing little of every amount of money that comes in is a way of becoming wealthy in life but depending in savings, savings will only help to pay bills and to solve immediate problems,  but investment is to help to save life's.

I also quite agree with what you said because someone who has savings and also has an investment in Bitcoin will be much better off than some people who only have one of them. So clearly this is a pretty good idea for everyone. When they have investments they also have to have a little savings so that the development of their investments can be quite smooth for a long time. So implementing these two things should be a very important option even though you have to prioritize one of them first, such as saving and then investing in Bitcoin.

Saving is good but you can only grow your finances  VERY SLOW process and doesn’t give you any significant personal growth by the next 10 years.

A main his   20s made  that mistake of just saving...

At 2020 when the covid is happening, the market crash and he got no money left to participate in the momentum because his job was the only source of  his income.

Having a lot of time alone at home with nothing to do, he thought about it and decided to take action ASAP.

He deep dive into digital marketing and start my online business selling clothes, flowers, real estate, shoes, etc.

To cut the story short, he earn 5 times of the net worth in the recent years he now took most of his earnings and invested in bitcoin after 2021 and the last 3 years today's he has become a millionaire just through investing the bitcoin with the little he had that's power of investment so I urge all of us to cultivate the habit of investment no matter anything........

Aside from that, he also believe that he change a lot as a person by having much more confidence and power to help those in needs around him then till also now...

So I can say that Having a massive income and then investing dilligently to stay rich is the better way to me....

I highly agree with you, most of those who saved money are now big Bitcoin investors. The ones who found out about Bitcoin started investing money on it after saving a certain amount for sometime. Those are known as DIP buyers, they always looked for good dips and then they accumulated Bitcoin during those dips. They never invested their monthly salaries or followed a DCA method, they just invested the money they have saved for the sake of investing, and trust me most of them are financially stable now.

I personally know someone who saved money and waited for bear market, and when bear market for intensity that person invested the money into some altcoins which have gained more than 2x to 4x value for him even in start of the bull run. So that's why I believe saving is the best way for those who are thinking about investing in crypto currencies, and such people will always get some good profits in the end if they invest their savings in good projects, especially those who invest in Bitcoin will end up with good profits.

Smiling, I don't think there's anything wrong with saving money. Speaking of investing, everyone you see today or who invests today starts with savings. While investing is the best way to protect your money and make a profit, saving is the first step in the investment process. You need to save up some money that will be sufficient for the investment, and if you look at the people who hold coins today, a lot of them invest with their savings funds. Saving money is also another way to invest in bitcoin.

Though there are those who believe that investing yields profits and that savings are simply the money set aside for savings, it's important to recognise that not everyone can save. While some wealthy individuals may have a lot of money, they may not believe in investing because they fear losing it all. In fact, I know many wealthy individuals who would rather save their money at home than in a bank.

Investment is better than saving because with investments you can make more money for yourself. When it comes to saving, saving doesn't add any profits to your banks account, even if it does, the profits won't be a good one.
Moreover,, one can not do investment if he/she does not save little money. As a salary earners that has a lot of responsibilities to care for, if you don't invest part of your money in any thing, it means you aren't ready to make more money. When you only depends on your salary but do not invest in other places you can't make a lot of money from.
Saving only helps you to keep your money for any time you want but investment is far different from savings, the both might work to get but investment is what's important in ones life right now.
When the economy of your country is getting worst you only have to invest in business that's better or that can bring more profits to your bank account, only your salary will help you go feed and save but it will not add anything to your pocket. But when you invest part of the money you will always get the ones you can save.
The easiest way to understand what am saying is, when you don't have a job you can't save money, but when you have a job you can save as much as you can.  So now investment is better than saving because when you invest and make profits you can save a good amount.

It’s definitely not about how much wealth you have, be it in crypto or in fiat or in assets, if not properly managed and the right attitude isn’t exhibited, then such a person will still remain poor.
I don’t know if I got op wrong but personally I think op was speaking more against holding and making it seem, holding bitcoin isn’t even good but deep down it’s one of the best things to do if you can afford it but what really matters is that we should only invest what we’re willing to risk as absolutely nothing is guaranteed in the industry.

One funny thing about life is that, it doesn’t work the way we expect, as I’ve seen people with the best attitude towards money but yet still very broke and I’ve seen people with reckless attitude especially towards money but yet, they’ve been doing extremely well for over a decade, which simply means that we should do what’s best for us.

I see many people having different opinion on this, maybe right or wrong depending from ones perspective but in essence both can be done, investment and saving, it does not stop one from still being wealthy. It's not a bad idea if I hold good portion of Bitcoin and aswell have my savings. Considering that Bitcoin is volatile and we may not get the benefit of investing all savings into Bitcoin, it could be lesser when needed, so quite beneficial to have enough savings separately from the portfolio. Bitcoin investment is good same with having aside savings.

I think you misunderstood him. He's not speaking based on your quote about Bitcoin but the comparison that I can say with that is about no matter how many bitcoins you have but if you don't know how to manage them is that you might still have end up being poor.

Although I highly doubt that but it happens for those people that have high income and yet they don't know how to manage their money. The inflation is real and with their lifestyle too.

So, it's not about the wealth you have but the attitude and by the way you manage your assets and wealth.

Investment and saving all has to do with money, I will not just mention investing without choosing a right asset. The idea of investment should come with a right asset, choosing an asset for investment seems difficult so it's best to choose wisely. From my perspective, saving do actually make wealth with the right choice, let's be specific about saving, I can decide to save half of my wealth by purchasing a land or accumulating bitcoin for future use. Saving can actually serve as investing cause having the ability to save still means investment from my view. Creating wealth has to do with time if possibly it serves as store of wealth for future use.

You did great with your writing but it seems you’re really against bitcoin and I want to also remind you that, no matter how much investment you have, you can also still misuse it and stop limiting all these stuffs to just bitcoin and cryptocurrency in general.
I think you’re actually the one getting the concept of savings wrong especially with bitcoin and one funny thing about savings, is the fact that it doesn’t rise but just stay there for you which isn’t the case with bitcoin and I think anyone holding bitcoin is already investing since the concept of investment involves risk and uncertainty which holding bitcoin does possesses as it might rise to profit or fall to loss.

I understand the principle and idealogy of diversification but speaking ill of bitcoin isn’t the right approach to preaching diversification.

 
 It depends on how much money you save each month, it is completely possible, but it will take a very long time, assuming by the time you are 70 years old, the amount of money you have saved is enough to make you rich, now you are no longer healthy enough to enjoy the pleasures of that money. Saving cash is a sound strategy, but if you want more in your golden years, you occasionally need to step outside your comfort zone and take chances. So I recommend you to invest in stocks or real estate, you decide whether or not to do it. It's not always easy to get wealthy through investing; you need to have practical knowledge, experience, and be willing to take significant risks. As a result, many people struggle and lose out on possibilities enrich. If you have no experience with investing, don't panic; there are plenty of materials and courses that can assist you. Don't hesitate to educate yourself so that you won't regret missing the chance. Prior to investing in the things that provide revenue, invest in yourself.
 Savings alone are unlikely to make you rich in just one year. Getting rich usually means accumulating wealth through a combination of savings, investments, and income over a period of time. Savings are an important part of building wealth, but how much you can save each year depends on your income, expenses, and financial goals. Even if you save a good chunk of your income, it can take years to accumulate enough wealth to be considered "rich." In order to increase the chances of wealth building, it is important not only to save money but also to invest wisely. Investing is risky, but you can grow your money faster than you can save it. Additionally, increasing your income through extra work, entrepreneurship, or other means can help accelerate your wealth-building efforts.

I'll state that saving money can definitely help someone become wealthy because some people actually do save money on their homes or in their bank accounts. People who enjoy saving money are individuals who, more often than not, have other enterprises that provide them with additional income. They ensure that, each time they return from the market, they set aside a certain amount for their savings kits, which help them in their daily lives. What do you think this person will ultimately come up with at end of day?

That is why some people do not understand how certain people get wealthy, they are unaware that conserving a small portion of one's earnings can lead to prosperity. Some people dislike investing because there will come a moment when they will invest all of their money only to regret it when they need it. Wherever you invest, things will not move as usual, as if everything is built up so that selling it may result in a loss of money, which is why so many people avoid investing and prefer to preserve their money in their account.

that's true, saving and investing certainly have different meanings, in my opinion most parents must educate their children when they are young to save, because in my opinion saving is not a bad thing, although saving doesn't make you rich because it's the money you save. will not increase by itself, unlike investment. but in my opinion saving is also a necessity in life, of course we live in a reality that has its ups and downs, so there may be problems or disasters that have to be handled with money that may be large. and if that happens but we don't have any money saved then the next step is likely to take out a loan which obviously could have interest over time.

and also in my opinion, to make an investment, it feels like we have to save a lot of money, because it is impossible to invest with the money we have. I agree with you that a good step is to invest, but of course not everyone can do it, saving is also only done by people who have good money management, if they don't have good money management then chances are they won't save and Saving is also possible for people who have stable finances.

Yes this will always be a debate where everyone considers his statement to always be true. I see the concept of saving or investing it clearly has a different meaning and is carried out by different people in thought. If someone has enough money and he is a businessman then he tends to return to a round of money on the business and seems difficult for others who do not have a passion for the business.

As for an employee and he can only work for others, he prefers to save and for him it is the best way to secure his money. But if we judge which is better, it is very clear that investment is the right step that must be taken, but it also depends on the character of the person who wants to carry it out.

Yeah, that's right. Savings are only for short-term needs like monthly expenses and some emergency funds where we can easily get the money we have saved, but when it comes to savings, don't expect the money you save to grow because if it is in your bank deposited, the earned interest they give is very low.  it's not like an investment that has a short or long term called, wherein your money will grow but you can't just get it because mostly with investments, there is time period when you can get your money or what they called "dividends".