Saving don't make wealth - page 8. | Bitcointalksearch.org

Zoomic

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Quote from: Winterfrost on March 13, 2024, 12:22:51 AM

Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

the decision to either save or invest depends solely on how much you have. There are amount you will have that can't go well with investing and might even look foolish if you're trying to do so. You can save to invest later and it might be one of the best way to relate saving and investing. If you have a project of $500 you need to execute within one month and your earning per week is around $200. You can't make investment with your extra income in such scenario. What you need do is to save of an amount that could easily accumulate into the desired $500 at the end of the month. If you invest the money I to Bitcoin hoping to sell back at the end of the month, you can't really tell what will happen at the end month knowing that it could possibly happen that Bitcoin is gaining or loosing and because you wouldn't want to gamble with the reality that awaits you at the end of the month, its only best you save up and shun any form of investment that's short termed and wouldn't give you the desired peace of mind you're looking for.

Making investment should come in at the stage you're looking out for a five to ten year interval of time and that's when you are talking about long term investments that's aimed at creating wealth.

Savings can only be an option when you have a short term project you are pursuing. To get benefits from any investment, you must be willing to wait for a very long period of time, usually a year or more. This is to say, savings is short term while investment is for the future. Many people fail financially because they save when they are supposed to invest and get good returns from their investment and invest when they are supposed to just save to accomplish a specific project at that time.

A person who has an idle $1,000 in FIAT and decides to save that amount for the future will be disappointed later in the future when he gets to realise that the value of that $1,000 has dropped as a result of inflation. It is as better as not saving at all than going home with a devalued $1,000. The best option available was investing.

Same applies to a person who has just $500 in FIAT he intends to use to complete a project at the middle of the year, but decides to invest that amount and withdraw same when he is ready. The investment might not be viable as losses are bound to occur within a short period of investing. Investments need time to grow, so just saving for the project would have been the best option.

Winterfrost

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Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

the decision to either save or invest depends solely on how much you have. There are amount you will have that can't go well with investing and might even look foolish if you're trying to do so. You can save to invest later and it might be one of the best way to relate saving and investing. If you have a project of $500 you need to execute within one month and your earning per week is around $200. You can't make investment with your extra income in such scenario. What you need do is to save of an amount that could easily accumulate into the desired $500 at the end of the month. If you invest the money I to Bitcoin hoping to sell back at the end of the month, you can't really tell what will happen at the end month knowing that it could possibly happen that Bitcoin is gaining or loosing and because you wouldn't want to gamble with the reality that awaits you at the end of the month, its only best you save up and shun any form of investment that's short termed and wouldn't give you the desired peace of mind you're looking for.

Making investment should come in at the stage you're looking out for a five to ten year interval of time and that's when you are talking about long term investments that's aimed at creating wealth.

BD Technical

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Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

Yes, your logic is fine but the service of a cut off person has no idea how to invest his money and what to do in that case they have no way to do anything except their savings. But if you see Bitcoin investors like you or me who understand or understand when investing in Bitcoin will make a profit or when it will lose, those who invest with risk can actually do or save as much profit. If you save, do you have a little capital saved and did you keep some of your savings from your candidate, which will give you some money to your elder sister in the future or help you in future or in danger. In that case, if you invest with your moderation, you will not get any support for your future, or if you are ashamed of the loss, then you will become a fakir.

shinratensei_

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Quote from: moneystery on March 12, 2024, 09:45:06 AM

Quote from: Cookdata on March 11, 2024, 08:49:17 AM

Saving is one world on its own and investment is another world on its own, they don't have much of a relationship, but as much as savings don't make wealth, you need it even while making wealth with investments.

....

that's true, even though saving and investing are two different things, both of them are important even when you have gained wealth from investing. because no matter how rich you want to be, saving is something that is needed by all rich people, because you need fresh money for your urgent needs, whether because of illness or any other urgent need. because you can't always withdraw your money from your account, you need savings that you can use at any time.

rich people left all the urgent things to insurance I presume mainly because they always have all those things covered and it could be like a jackpot I guess to claim some of their belongings that somehow got damaged by the insurance that covers.

but quite honestly you can just save up in form of bitcoin and its liquidity is abundant enough for you to be able to withdraw it at some point when you truly needs it.
that way you can get the benefit of investing that is probably the doubled capital as well as the ease of mind having investment that can liquidated just as easy as liquidating foreign currency.
therefore its not truly a different world with saving, i've seen many people that outright invested their saving and it has given them good returns they are even more relieved that they got something to hold onto for emergency cases and double the amount at that.

Ryu_Ar1

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Quote from: Cryptomultiplier on March 11, 2024, 02:40:33 PM

Quote from: Ryu_Ar1 on March 11, 2024, 02:23:59 PM

Hey don't forget the purpose of savings is to make our lives more awake and if our life needs are indeed being constrained then it is not wrong to use the savings we have because that is one of the uses of the savings we have. Because in the end when talking about emergency funds it is universal and daily needs also if it is not fulfilled it has become an emergency for our life support so it is not wrong to use the savings we have as long as we can survive in life even though in the end this is only done when it is very urgent but we do not have to torture ourselves when our daily needs are not met as long as the money in savings is still there then use it because it is one of the functions where we save money.

Clearly, DCA strategy of investment is kind of a savings plan for the duration one intends to DCA.
Savings or not, I think what matters and should matter most is what the purpose of saving is to one.
That is, one can intend to save to purchase an asset or invest in an idea or pay for a trip or pay for health care or for some other reasons that sums up as an achievable long or short term goal in the end.

I don't think the purpose of saving should be for a life time. Afterall, when one does leave this realm for eternity, the money saved will be claimed by a family or the government or anyone lucky enough to know such a person. So why should there be a hard rule about saving?

It's a good discipline though and can help one fulfil goals that could be investments that ensure both present and future generational wealth.

I think this is out of the context of my discussion and @top bitcoin because after all even if what you say makes sense but i didnt discuss investment strategies before and its necessary to understand the purpose of saving is also not only for investment cause saving and investment are 2 different things and it cant be equated . As for when the results of savinga are use as an investment for the future with the DCA scheme that you described it depends on their respective choices if that is indeed an option because in the end, not everyone who saves is thinking about investing for themselves .
Saving is not for life because after all we only save to make our quality of life a little more directed at least, we still have money saved when we are in a difficult condition even though in the end the choice of saving for life or not also depends on people perspectives because there are still many people who are already at retirement age still saving to support their families such as children and grandchildren for the future.

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Quote from: bettercrypto on March 12, 2024, 01:26:08 PM

Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

Saving fiat for the future and saving bitcoin as fiat is a big difference. Because of fiat, if you save it in your house, you won't put it in the bank. The only thing that will be a fight there is a 1:1 ratio. The only advantage is that you can use the savings anytime during emergencies, although the non-it's just nice that we can also use it for useless things because the money is hidden in your house. If you put it in the bank with only a small interest, then you can't just take out all your money.

Unlike with bitcoin, it can happen that the capital in the future can be doubled or more because of the volatility it has. Second, you can also trade it on any exchange in this field of the crypto industry.

Storing up some cash into your own home and wont really be tending to make use of Banks then it would be on someones choice though but its true that when it comes to possible situations is that on the time that you do make your own home as storage with your fiat then risks on spending it would really be high specially into those things which arent supposed to be bought or something that would be needing to deal with.
Even on how much we do hate up banks but when it comes to security that it do gives that kind of assurance at least that your money is safe but of course it would be having its cons too
in comparing when it comes to potential increase or profits overtime.

This is why some people would really be opting on having those kind of savings on crypto form.Why? It is surely because of its income or profit potential on just simply holding it on a period of time
whether going for short term or long term then it would really be that matter for you. It is really just that impossible that someone couldnt be able to determine
on which one is worth and which one it isnt.

bettercrypto

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Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

Saving fiat for the future and saving bitcoin as fiat is a big difference. Because of fiat, if you save it in your house, you won't put it in the bank. The only thing that will be a fight there is a 1:1 ratio. The only advantage is that you can use the savings anytime during emergencies, although the non-it's just nice that we can also use it for useless things because the money is hidden in your house. If you put it in the bank with only a small interest, then you can't just take out all your money.

Unlike with bitcoin, it can happen that the capital in the future can be doubled or more because of the volatility it has. Second, you can also trade it on any exchange in this field of the crypto industry.

Humblevirus

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Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

I totally disagree with these, even though I don’t know your reason, but whatever reason you have, I don’t believe that savings don’t make someone wealthy. Investment is also good, but in times of saving for emergencies and some other stuff, I believe savings are better. However, you can still allocate some amount of money for emergencies, food items, and other necessary things that you need to do for yourself or your family, and then send the remaining money to your savings account.

Anybody who says that savings made them poor is poor because they didn’t have a plan for what they earned; if not, why will you be poor because you saved money? That doesn’t make any sense to me. I think someone should focus on whether investment or saving is a matter of choice, and I think that is what you suppose to say from the first because that is where I think your discussion is heading, but you did not say it openly that everybody will understand.

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Quote from: TEBTC on March 12, 2024, 11:43:56 AM

The truth of the matter is that investing is the foundation upon which wealth is created, yes It is true that saving is a good attribute in the life of individuals but you can't go far with such mindset
Those who owns the biggest companies and are wealth creators in the world today didn't get there by saving their monies but they invested it and got returns on their investment

By making investments you can get rich, from this path will lead to its foundation.
Saving money will only feel safe when they need it but saving money will never grow.

Like Bill Gates, Elon Musk and others who own big companies and therefore invest more than saving in fiat, there is no history of saving money to become rich.

People who dare to take risks, then make sure he will become rich in the future because of his investment.

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Quote from: moneystery on March 12, 2024, 09:45:06 AM

that's true, even though saving and investing are two different things, both of them are important even when you have gained wealth from investing. because no matter how rich you want to be, saving is something that is needed by all rich people

Many of the rich don't really save at all but their savings are into their assets and investments as long as they're liquid and easy to get sold. I think that's the new way of saving today but as they believe on what's with the cash, they're telling that it's still king and there's no argument with that because even if we're into crypto and holds Bitcoin, we still need cash for our expenses and that's why some that are putting it into assets and many of them are still saving for whatever they need.

Quote from: moneystery on March 12, 2024, 09:45:06 AM

because you need fresh money for your urgent needs, whether because of illness or any other urgent need. because you can't always withdraw your money from your account, you need savings that you can use at any time.

This is true, and this is the reason why many are saving and it's for emergencies or any important expenses that are unforeseen. That's why many of us should still save like 6-12 months worth of our salary for unexpected things and these are called emergency funds. It may not sound good to hear at all but it's best to always be prepared with these matters because no matter how wealthy you are, you have no control above these unexpected events.

TEBTC

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The truth of the matter is that investing is the foundation upon which wealth is created, yes It is true that saving is a good attribute in the life of individuals but you can't go far with such mindset
Those who owns the biggest companies and are wealth creators in the world today didn't get there by saving their monies but they invested it and got returns on their investment

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Quote from: RockBell on March 03, 2024, 01:07:21 PM

Saving takes a lot of effort and does not work anymore because everything is becoming more expensive. And this demonstrates that while saving is beneficial, it should not be the exclusive focus of any investment. Savings without a purpose is not a plan. That is the disadvantages of relying of savings in the future there will be no increase. Bitcoin is a very good option to consider because you have control over your money and if the price of bitcoin is going up the same way your money will increase. Which will you prefer. Doing comparison won't favour but do your own research so that you can decide what exactly you want to do because if you look at it bitcoin might not favor you. If its bitcoin you will do bitcoin and if it is gold you do gold as far as your money is not laying there dormant. If they want to invest they should build there knowledge first then other thing should come second.

No, it does not take a lot of effort because you only need to put money in your vault or piggy bank. You can also simply leave some of your money untouched in your wallet, and that's it, that act is already called as saving. Saving will always work but it's just that it is now hard to save because like you said things are now becoming more expensive.

Saving and investment are two different things but both are beneficial, especially savings if done right because there are assets that are not good enough and then not all investors have the knowledge, patience, etc... Saving and planning are I think also not the same but when we save we must also have a plan to that money.

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Quote from: darkangel11 on March 07, 2024, 03:58:14 PM

Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

I don't agree. Saving makes a huge difference and I'll prove it to you.

You earn 1k a month (currency of your choice). All the bills and food cost you half of it and you're left with 500 to have some fun, invest, save up, or spend on more expensive fun products, like some better clothes, travels, hobbies. If you put that 500 in the bank and save it all very month, adding to a savings account, you'll have 6k in a year and that 6k will then earn you 5% a year, while you keep adding to the pile.

If on the other hand you spend it on stuff, take your woman to a fancy restaurant, fly to a warm country for the weekend, you will go through that 6k and have nothing left in the end, so it makes a huge difference if you're a saver or a spender.

I don't agree either for most cases, as saving is a more clever strategy than spending, of course, but we should take into account that in some countries inflation is so high that you'd better spend your money before you lose the spending power. Of course, investing in a reserve of value is a better strategy in these cases, but investment also poses risks by definition.

I think we cannot generalize and we would have to analyze case by case depending on the different circumstances.

moneystery

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Quote from: Cookdata on March 11, 2024, 08:49:17 AM

Saving is one world on its own and investment is another world on its own, they don't have much of a relationship, but as much as savings don't make wealth, you need it even while making wealth with investments.

....

that's true, even though saving and investing are two different things, both of them are important even when you have gained wealth from investing. because no matter how rich you want to be, saving is something that is needed by all rich people, because you need fresh money for your urgent needs, whether because of illness or any other urgent need. because you can't always withdraw your money from your account, you need savings that you can use at any time.

CageMabok

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Quote from: niall51 on March 09, 2024, 02:43:58 PM

It's true that saving makes us poorer. The concept that all this time it's wrong to save from being rich is wrong. If we keep saving, our money will slowly be eaten up by what is called inflation, indeed the nominal value will increase, but the exchange rate of money won't be very different because fiat has no maximum limit. print continuously

However, that doesn't mean everyone has to forget about it by spending all their money every day on anything. Because every person who wants to achieve success by becoming rich in the future, of course must know how to allocate his money and determine how to use it in several important things that can produce more than the amount he saves.

You can see several examples that are closest to everyone's life, such as investing in several aspects and saving spare money for your life journey so that all the investments you make can be maintained very well without any interference from anything. So don't think that saving is not important as long as you can still use it for more important things because from this everyone can also get capital to do more good things in their life with goals for the future.

God bless u

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Yeah it's a better talk but only to an extent. For investing you have to save something for sure otherwise what you'll invest. But saving larger amounts in the banks is something to think about. Saving larger amounts doesn't make you richer that's a fact but you need to learn the skill of investments. You can't just go down the market and invest your savings and say that it'll be a good profit now rather than keeping them in a bank I have made the right decision to invest. If your investment fails you'll get into a worse situation even more than the previous one.

So do the research and invest in the right direction. Once you are completely satisfied that you'll make profit into something then only invest. You should only invest the amount of money you don't need in the near future so that if the need for a long hold arises you should be able to do that to make profits.

SmartCharpa

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Quote from: Bravut on March 02, 2024, 05:14:19 PM

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.

In the present economic situation, saving money is not a good idea. Instead of saving it in a bank account for a year, it would be better for us to invest it in a safer option such as bitcoin, because many people are out there who can saved money for a year. Even though we decide to save for a year, we cannot see the exact amount we saved because the bank will removed their monthly fees. Then what is the value of money that is saved in the bank? I've always believed that saving money is something better suited for olden times, not for the current one, as everyone is searching for ways to increase their income. We cannot just save for a few months without making no profit. Investing in quality assets will help us build ourselves. If we earn from bitcoin, we should be patient and purchase more of it.

Cryptomultiplier

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Quote from: Ryu_Ar1 on March 11, 2024, 02:23:59 PM

Quote from: topbitcoin on March 11, 2024, 08:10:04 AM

Quote from: Ryu_Ar1 on March 09, 2024, 04:09:01 PM

Even though what you said isnt wrong about the concept of saving especially when we save in a bank, we still have to put aside our money in our savings to cover the needs of life that we have every day.

Regardless of whether saving money will only make us poor or not in the end we also have to see the positive side in the matter of saving money.
At least in this case with the savings we can anticipate the needs that come unexpectedly.Indeed in terms of value it will definitely be greatly reduced especially when inflation and recession are happening everywhere, so we already know that the value of money will continue to be eroded by the times, but in the end, we also have to have savings in this case because it is a financial management that must be done .

When talking about saving and investing most people who are here will choose investment as their initial target but need to realize that investment is a condition that requires us to be in a period that is sometimes longer so that to compensate for the needs we have then there must be savings that we have to support our life needs to continue to survive.

Well, thoughts and behavior like this are what keep someone in trouble. Where he uses his savings to meet his daily needs, and instead of increasing his savings, his savings decrease day by day. And quite a few people behave like that, where they use their savings to meet their needs for the next few days, while the basic salary they earn is used to pay installments and bills. And in the end, savings become increasingly low and even run out, so when faced with an emergency situation the final choice is to take out a loan and pile up bills. This can make you experience difficulties in the long term and worse, it can result in you being in debt.

And talking about savings should be in line with what you said in the second paragraph, that the purpose of saving is to use it as an emergency fund if you are faced with an urgent situation that must be hastened. and it's true what you said, that saving is no less important than investing. Because by having savings, this can help keep our investments safe.

Hey don't forget the purpose of savings is to make our lives more awake and if our life needs are indeed being constrained then it is not wrong to use the savings we have because that is one of the uses of the savings we have. Because in the end when talking about emergency funds it is universal and daily needs also if it is not fulfilled it has become an emergency for our life support so it is not wrong to use the savings we have as long as we can survive in life even though in the end this is only done when it is very urgent but we do not have to torture ourselves when our daily needs are not met as long as the money in savings is still there then use it because it is one of the functions where we save money.

Clearly, DCA strategy of investment is kind of a savings plan for the duration one intends to DCA.
Savings or not, I think what matters and should matter most is what the purpose of saving is to one.
That is, one can intend to save to purchase an asset or invest in an idea or pay for a trip or pay for health care or for some other reasons that sums up as an achievable long or short term goal in the end.

I don't think the purpose of saving should be for a life time. Afterall, when one does leave this realm for eternity, the money saved will be claimed by a family or the government or anyone lucky enough to know such a person. So why should there be a hard rule about saving?

It's a good discipline though and can help one fulfil goals that could be investments that ensure both present and future generational wealth.

Ryu_Ar1

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Quote from: topbitcoin on March 11, 2024, 08:10:04 AM

Quote from: Ryu_Ar1 on March 09, 2024, 04:09:01 PM

Even though what you said isnt wrong about the concept of saving especially when we save in a bank, we still have to put aside our money in our savings to cover the needs of life that we have every day.

Regardless of whether saving money will only make us poor or not in the end we also have to see the positive side in the matter of saving money.
At least in this case with the savings we can anticipate the needs that come unexpectedly.Indeed in terms of value it will definitely be greatly reduced especially when inflation and recession are happening everywhere, so we already know that the value of money will continue to be eroded by the times, but in the end, we also have to have savings in this case because it is a financial management that must be done .

When talking about saving and investing most people who are here will choose investment as their initial target but need to realize that investment is a condition that requires us to be in a period that is sometimes longer so that to compensate for the needs we have then there must be savings that we have to support our life needs to continue to survive.

Well, thoughts and behavior like this are what keep someone in trouble. Where he uses his savings to meet his daily needs, and instead of increasing his savings, his savings decrease day by day. And quite a few people behave like that, where they use their savings to meet their needs for the next few days, while the basic salary they earn is used to pay installments and bills. And in the end, savings become increasingly low and even run out, so when faced with an emergency situation the final choice is to take out a loan and pile up bills. This can make you experience difficulties in the long term and worse, it can result in you being in debt.

And talking about savings should be in line with what you said in the second paragraph, that the purpose of saving is to use it as an emergency fund if you are faced with an urgent situation that must be hastened. and it's true what you said, that saving is no less important than investing. Because by having savings, this can help keep our investments safe.

Hey don't forget the purpose of savings is to make our lives more awake and if our life needs are indeed being constrained then it is not wrong to use the savings we have because that is one of the uses of the savings we have. Because in the end when talking about emergency funds it is universal and daily needs also if it is not fulfilled it has become an emergency for our life support so it is not wrong to use the savings we have as long as we can survive in life even though in the end this is only done when it is very urgent but we do not have to torture ourselves when our daily needs are not met as long as the money in savings is still there then use it because it is one of the functions where we save money.

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Quote from: mirakal on March 11, 2024, 09:47:57 AM

Quote from: arufox on March 09, 2024, 04:10:13 AM

In my opinion, saving will not make us rich because saving is basically just the remaining income that has not been used and saved. To become rich we must try to increase our income, either by working, investing, adjusting expenses, and learning to manage finances carefully and wisely. Therefore, a good mindset is to get rich first and then save, not to save to become rich.

I have to disagree when you say one has to be rich first and then start saving. Note that there is no minimum in saving, so even a beggar can save if he’s really determined to. But saving alone cannot be reliable enough if our goal is to become rich. We need to save and invest, and once profits are established, reinvest again but probably to other investments as well.

Financial management is also a must. One is not destined to become rich if he is not a good saver, and makes a wise budgeting that won’t compromised his basic wants and needs. And most importantly, one should know the value of every centavo so that he won’t waste any opportunity when it comes to investing most especially in promising investments like bitcoin and crypto as a whole.

Indeed, everyone can save and should start doing this as soon as possible on their lives, so as consequence, they will be also able to start investing the saved sums of money sooner. Unfortunatelly, we can't choose being born rich, so we have to do the best we can with the tools and opportunities we have under our disposal.

It's true a rich individual will be able to grow his savings into profitable investments much quicker than an average citizen who has a limited income to invest. However, it doesn't mean average citizens should give up on savings and investments for that reason. Even if return is low, they have to persue it, anyway. Step by step they can achieve something better in the future if they are persistant on it.

I believe in life we have to keep trying to overcome challenges and to fulfill goals. That is what moves life further. And even if we fail after all, at least we failed trying, instead of resigning ourselves to a mediocre life of stagnancy and conformism.

Topic: Saving don't make wealth - page 8. (Read 2590 times)