Saving don't make wealth - page 9. | Bitcointalksearch.org

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Quote from: mirakal on March 11, 2024, 10:47:57 AM

Quote from: arufox on March 09, 2024, 05:10:13 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.

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Quote from: Bravut on March 02, 2024, 06:14:19 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.

You're completely right! Saving money will make you feel like you are on top of the world, but you will not stay there indefinitely. To properly accumulate wealth, you must put on your investor hat and begin making your money contribute to you.

Savings can provide peace of mind and help you deal with crises, but they will not help you reach your financial goals, such as purchasing a home or generating generational wealth. That's where investing comes in, with the potential for larger returns over time provided you pick investments that are suitable and handle them using a long-term perspective. certainly there will be challenges and obstacles along the way, but if you continue with it, you may leave a lasting impression for your loved ones.

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Quote from: arufox on March 09, 2024, 05:10:13 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.

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Quote from: Bravut on March 02, 2024, 06:14:19 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 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. How many billionaires among the forbe 100 richest men we have today are salary earners today and depend on pay checks, they are most entrepreneurs and people with companies that solve real-life problems with credible solutions, even salaries are now difficult for an average man to make a living, you can't survive only on one salary today and have a comfortable lifestyle, you have to combine them together to be able to sort out the basic things of life.

Just know that having a single investment doesn't mean you can't be wealthy as you describe on your second paragraph. We have people that were fortunate to buy Bitcoin when it was less than $30 and today they are still holding on to the investments they have made many years ago, they are super rich with that alone but they chose to live a normal life as if they have nothing and they have never in their lifetime sell any sats from their investment to reinvest in other business and they are living fine.

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Quote from: Ryu_Ar1 on March 09, 2024, 05:09:01 PM

Quote from: niall51 on March 09, 2024, 03:43:58 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

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.

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Quote from: niall51 on March 09, 2024, 03:43:58 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

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.

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Quote from: Bravut on March 02, 2024, 06:14:19 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.

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

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Quote from: arufox on March 09, 2024, 05:10:13 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.

If you wait until you are rich and start saving, then the question is, when will we feel truly rich? Don't get me wrong, everyone has a definition of rich and we have different ideas about the amount of money to feel like we are rich. So in my opinion you don't have to wait to be rich to save.
There is a saying that says, "saving becomes rich", actually I agree that saving will not make us rich, but here it is not just a saying, but there is something that we must understand more deeply. For example, getting into the habit of saving requires us to be more frugal, so that we can set aside money. I think this should no longer be a debate if we want to be rich then we have to work hard and work smart. What I mean by working smart here is that we can produce without having to spend a lot of energy, I'm sure you understand that.

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Quote from: Ben Barubal on March 07, 2024, 03:53:30 PM

Well, this is for my opinion, and it's just an opinion. When you are in crypto and you are a long-term investor, when you accumulate Bitcoin or any of the top crypto in the market for a few years that you don't sell, it is worth it. You are making savings for your future. This is different from our usual savings, which can be x10 up to 100x, and if you are lucky, even x1000.

What if it becomes 0x? We all know that if cryptocurrencies can go up in price, they can go down as well. So if you invest your savings in cryptocurrencies, your savings will have the potential to either gain multiple folds of profit on top or lose complete value if invested in altcoins considering how risky they can be sometimes. So I wouldn't recommend this sort of savings as it isn't savings, it is an investment.

Quote from: Ben Barubal on March 07, 2024, 03:53:30 PM

And when that happens, you suddenly become rich; this is what is called holding a millionaire because you hold potential altcoins that are top-listed in the market.

One should have realistic expectations and shouldn't build skyscrapers in the air. I know that it's possible to earn profits on cryptocurrency investments, but one should only think about getting profits and shouldn't think that they are going to get rich from it because that doesn't happen with everyone.

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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.

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So true. saving will not produce wealth because money saved in savings cannot increase and instead loses its value. Even if there are benefits that can be obtained from annual savings interest, they are not very significant. This is different from investment, although it has a big risk, this is proportional to the profits you will get in the future and of course in making an investment you need knowledge and skills in choosing the coins you want to invest.

However, we need to have both because savings can be used to allocate reserve funds, just in case to meet daily needs. With savings, you will also have easy access when you need it. Meanwhile, investing for long-term needs and investments can also create financial freedom in the future.

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Quote from: oktana on March 08, 2024, 06:20:30 PM

No matter how much you earn as a salary, you can’t save your way to wealth.

It goes with a process that you can save into wealth but as I've said, it goes a process and definitely you have to do something with that. Aside from being frugal, you also need to invest that because it's not just going to grow on its own. Depending on how much the salary is, you also have a lot of expenditures that you need to keep up and your lifestyle will also matter on how much is going to be left on you. But in end, it depends on how the person will fight his own battle through finances.

Quote from: oktana on March 08, 2024, 06:20:30 PM

You need to first understand that there’s a difference between being wealthy and being rich. If you save, you may be rich but you’ll start growing wealth when you start investing that money or find something that solidly and consistently prints you money. You can get fired from your job. But the source of a wealthy man is usually connected to things that can’t fail, and that’s why they become wealthy.

I agree, that's one thing for having a job. Another pandemic comes, your company will drop in sales and lay offs are going to happen. That's not a permanent thing in life but if you're able to save a lot of assets which will make you wealthy, you don't have to be dependent with these companies but you know, it takes time and a lot of effort to be in that part because if you're not a keeper or a saver then definitely you won't be an investor as these characters are tied up to each other and that makes sense why someone who's wealthy is also a good saver and investor.

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Quote from: poodle63 on March 08, 2024, 12:22:16 AM

Quote from: oktana on March 07, 2024, 06:46:48 PM

You are right. You cannot save yourself to wealth and no body has ever done that. If you want to be wealthy, you have to take on risks (investments). You can start off with one thing and eventually diversify so you can grow your knowledge and know more things to invest in. However, it’s okay to save (as long as you’re not hoping you’ll be rich by doing so).

Holding Bitcoin is an investment. Imagine if you invested when it was cheaper, you’d have own private jets. Cheesy

honestly saving could still allows us to accumulate wealth good enough if our income is good in the first place like basically with salary of $200k definitely viable way to save living frugally could get us to become a millionaire within few years at least thats how it should be from theory.
but i agree though had the money saved also being reinvested even compounding investment on top of that it will become millions in no time we all know investing is a way to grow wealth now accumulate meanwhile saving is just accumulating in literal means, basically doesn't add additional wealth it just accumulate of what we should be having into one place.
meanwhile with investment we all know if we have invested in bitcoin from long ago, we probably already grow our capital to another level.

No matter how much you earn as a salary, you can’t save your way to wealth. You need to first understand that there’s a difference between being wealthy and being rich. If you save, you may be rich but you’ll start growing wealth when you start investing that money or find something that solidly and consistently prints you money. You can get fired from your job. But the source of a wealthy man is usually connected to things that can’t fail, and that’s why they become wealthy.

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Quote from: oktana on March 07, 2024, 06:46:48 PM

You are right. You cannot save yourself to wealth and no body has ever done that. If you want to be wealthy, you have to take on risks (investments). You can start off with one thing and eventually diversify so you can grow your knowledge and know more things to invest in. However, it’s okay to save (as long as you’re not hoping you’ll be rich by doing so).

Holding Bitcoin is an investment. Imagine if you invested when it was cheaper, you’d have own private jets. Cheesy

honestly saving could still allows us to accumulate wealth good enough if our income is good in the first place like basically with salary of $200k definitely viable way to save living frugally could get us to become a millionaire within few years at least thats how it should be from theory.
but i agree though had the money saved also being reinvested even compounding investment on top of that it will become millions in no time we all know investing is a way to grow wealth now accumulate meanwhile saving is just accumulating in literal means, basically doesn't add additional wealth it just accumulate of what we should be having into one place.
meanwhile with investment we all know if we have invested in bitcoin from long ago, we probably already grow our capital to another level.

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Quote from: Bravut on March 02, 2024, 06:14:19 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 can still be useful if it is only done for the short term, such as to prepare an emergency fund which must always be ready to be used in emergency situations. But saving is not suitable for building financial strength or for developing one's economy if you want to have a better future. Because saving will only increase the amount of money we have but are not sure of its value. Because every year we also need to realize that more currency or fiat experiences a decrease in value due to inflation. So saving is not a tool to build our wealth. But it is only suitable to be done in the short term, such as to collect capital before we invest. So in essence, everything has its own benefits, but they must be in accordance with their respective functions and uses.

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Quote from: arimamib on March 07, 2024, 07:34:10 PM

Quote from: Dewi Aries on March 07, 2024, 07:09:29 PM

I think saving is a must, even though it is saved in the bank, of course there will be deductions every month, where if we keep money in the bank for a long period of time then there will definitely be deductions. If you really want to save for the long term, it's better to save it yourself as long as you have a clear goal in mind. but it all comes down to each individual's choice.

That is the a valid point about the potential drawbacks of saving money in a bank, particularly due to deductions over time. Saving in a bank offers security and convenience, but it needs alternative methods for long-term savings, especially if you have a clear goal in mind. Saving money outside of a traditional bank account provides more control over your finances and potentially higher returns on investment.

Saving independently allows for greater flexibility and customization in terms of financial planning. You have the freedom to explore various investment opportunities that may offer higher returns compared to traditional savings accounts. But saving money independently also comes with its own set of risks and responsibilities. Without the safety net provided by a bank, there's a heightened need for disciplined financial management and risk assessment.

When it comes to security then there's no doubt that banks could really give out that kind of thing on which this is something that you cant be able to get on other services on which potential hack and loss of funds could happen but of course it would really be just that depending on how well you do really keep those security things in regarding into your wallet. Savings up on crypto in stable coins? You are in risks on depegging
and this is something that could really happen on crypto space and this is something you should look. If you could be able to bare up with the risks then go for it specially if you do hate Banks.

In overall it would really be something worth and viable if we do make use of those savings into investment so that we could potentially be able to make it big.
Something worth for long term? Yes, but you should be wary about on the risks involved because not everything would really be coming or going smoothly.
There's always that accompanied risks of course.

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Quote from: Dewi Aries on March 07, 2024, 07:09:29 PM

I think saving is a must, even though it is saved in the bank, of course there will be deductions every month, where if we keep money in the bank for a long period of time then there will definitely be deductions. If you really want to save for the long term, it's better to save it yourself as long as you have a clear goal in mind. but it all comes down to each individual's choice.

That is the a valid point about the potential drawbacks of saving money in a bank, particularly due to deductions over time. Saving in a bank offers security and convenience, but it needs alternative methods for long-term savings, especially if you have a clear goal in mind. Saving money outside of a traditional bank account provides more control over your finances and potentially higher returns on investment.

Saving independently allows for greater flexibility and customization in terms of financial planning. You have the freedom to explore various investment opportunities that may offer higher returns compared to traditional savings accounts. But saving money independently also comes with its own set of risks and responsibilities. Without the safety net provided by a bank, there's a heightened need for disciplined financial management and risk assessment.

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Quote from: Rockstarguy on March 07, 2024, 06:00:40 PM

Quote from: Bravut on March 02, 2024, 06:14:19 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.

If you don't save how are you going to invest? The money you will use to invest will it just come like that and start investing. Their are plans for investing , one of the first plans for investing is planning how to save .one needs to save to get a capital for investing. I believe in saving to invest, this is a method most people can use to meet up their plans with investment. Savings is only wrong when people save money and not having any good plans to invest this is when saving can be consider as a wrong financial plan.

As far as fiat is concerned it depreciate always and leaving it in the bank all in the name of saving is not a good idea. Money is not supposed in the bank for a longtime. After saving for sometime the money is supposed to be used for investment and this will bring a better value than saving it for a longtime and not having any plans how the money can be used.

I agree with you, after all investments of course have to wait for the right time to be able to make a profit, whereas we live our daily lives where there is a possibility that we could have serious problems that we have to use money to overcome, and if we don't have savings but we have investment, perhaps the investment that is being carried out is one way to overcome the problems that occur. Even though saving can't make you rich because money doesn't grow by itself, that doesn't mean it's a bad thing. I think saving is good. In fact, not everyone can do it well. In my area, every school always provides savings services for students. his students.

I think saving is a must, even though it is saved in the bank, of course there will be deductions every month, where if we keep money in the bank for a long period of time then there will definitely be deductions. If you really want to save for the long term, it's better to save it yourself as long as you have a clear goal in mind. but it all comes down to each individual's choice.

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You are right. You cannot save yourself to wealth and no body has ever done that. If you want to be wealthy, you have to take on risks (investments). You can start off with one thing and eventually diversify so you can grow your knowledge and know more things to invest in. However, it’s okay to save (as long as you’re not hoping you’ll be rich by doing so).

Holding Bitcoin is an investment. Imagine if you invested when it was cheaper, you’d have own private jets. Cheesy

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Quote from: Bravut on March 02, 2024, 06:14:19 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.

If you don't save how are you going to invest? The money you will use to invest will it just come like that and start investing. Their are plans for investing , one of the first plans for investing is planning how to save .one needs to save to get a capital for investing. I believe in saving to invest, this is a method most people can use to meet up their plans with investment. Savings is only wrong when people save money and not having any good plans to invest this is when saving can be consider as a wrong financial plan.

As far as fiat is concerned it depreciate always and leaving it in the bank all in the name of saving is not a good idea. Money is not supposed in the bank for a longtime. After saving for sometime the money is supposed to be used for investment and this will bring a better value than saving it for a longtime and not having any plans how the money can be used.

Topic: Saving don't make wealth - page 9. (Read 2433 times)