Topic: Saving one third what you earn monthly is not that hard, isn't it ? - page 21. (Read 3131 times)

It depend the country you live, that will determine if you will be able to save such amount of money monthly to have a good plan in the future, because this inflation is affecting all the countries in the world which many governments are struggling to ensure they end it on time so that it will allow citizens to grow well in their investment. You can save such amount of money in my country, because things are not too expensive compared to other countries were citizens find it difficult to use such amount of money to settle their bills in the country because of the high cost of commodities in the land.

It depends on many factor: what asset you're having right now, where do you live, how much money you make every month etc etc.

Let's say you don't have house, you need to rent a house that will cost one four or one five from your monthly payment. It's different with a people who live on their parents house, so they don't need to pay rent cost.

If you live in a poor country, you wouldn't make much money and the living cost is high since the country is suffer high inflation. It's different with a one world countries where the living cost is high, but the payment is way higher even you're just a part time job or washing a plate.

If you work become a blockchain analyst, you can get well payment from rich people, but if you only work become a waitress on small coffee shop, you wouldn't make much money since it's only enough for your living cost.

Financial theory certainly looks easy, there will be many obstacles that we will encounter, first after graduating and working I also tried to make the expenses that I have specified, but the fact is very difficult and can be said to fail, in the life of many unexpected things that make expenses We can increase, for example if you use a car and then damaged and there is no damage.

I agree with you, just like medicine is not good for everyone. First of all, everyone's income is different, and everyone's family situation is also different. Just as the President of Argentina has to lease Messi's plane.

What is difficult is getting used to starting to save after receiving income. I once read a book (I forgot the title) saying, "pay yourself before you use the money for other purposes." It means every time you receive a payment or a salary or whatever, take some money for yourself and save it. If you can start, even if it's tough, you'll see how much money you've saved a year later and you might be surprised.

It would be better if you used that money to be stored in bitcoins. And fortunately, we still have time to do that. After a year, you can calculate how much money you used to save bitcoins and how many bitcoins you already have and at that point, you have to see how high the bitcoin price is so you can decide when to sell it.

On the place i do live then having that $3000 per month is too much.It is really something that 10x on what the basic salary here on my country which is playing around $200-300 for basic workers and maximum for
$400-600 on higher tier jobs which is something you could say that you would really be able to save up much even half of your salary.Considering the price of goods and house rentals arent really that
much expensive if you do look on  something which is livable then saving up on that target wont really be that hard.Well, we do know thats not how reality works because
earning that monthly income you had mentioned isnt something possible on some countries.

If someone earns regularly every month, of course they can save from the amount of money they get. Or invest in Bitcoin for the long term. However, if the income is not fixed, they will sell their investment results little by little. This can make them lose in terms of investment. Earning $3000 per month is a big number for me. Of course I can save more than the amount you mentioned. But for certain people, earning $3k in a month is not enough for their daily needs. Actually the investment can be made for those who have an interest in investing.

Some struggle with impulse buying on credit and have difficulty saving funds.

Then there's a difficult question to answer about what to do with funds, once they're saved. Generally people search for a container to put their wealth in that will multiply its value, to create greater value. Or they hoard it over the long term, without expectations of appreciating gains.

Generally having a more "boring" lifestyle, makes it easier to save. Doing things everyday that are fun, which don't cost money. Not subscribing to the culture that encourages rampant consumer spending. There is a trend in society where those who follow the more boring path, can often wind up in a better position financially. In contrast to those who go out in a spending blaze of glory.

But the difficult problem is what to do with saved funds. How to take value and multiply it into greater value. I think most get caught up in thinking it has to be something complicated, big spending and high tech. But investment doesn't have to be any of those things. It only has to return greater value to whatever is invested. Which means things as simple and fundamental as moving lawns and cutting down trees can qualify. While it may not be the glamorous CEO thing most envision leading to wealth. There are people who transform their lawn business into a multi million dollar operation. It may not be the high tech thing, but for most of us it could be a good business option.

€600 per month minimum wage is very low, $3000 per month is quite substantial.
The monthly minimum wage in my country is approximately €1750.

Taking a second job would be necessary in order to live and save or buy Bitcoin,
it's not an easy step and can be very demanding but if the person is focussed on Bitcoin
the second job may only have to be temporary.

Each location of residence has a different level of life needs, I can also save $ 2000 from the amount of salary because $1000 is appropriate for any purposes for 30 days, but if we live in an elite urban country then at least we can save $ 500 to invest, there is no reason you can't save $3000 salary income unless you are greedy to buy anything without consideration for the need for saving investments and emergency funds.

This is possible in the particular scenario that you are bringing forward, but for those that are earning barely enough to survive then it is obvious this is not possible, however in this day and age the majority of the people on the west have lost the habit of saving, so not only they spend all the money they earn, they even spend more money than that thanks to the use of credit cards and other credits they can get to buy what they want, and as such not only they save no money each month but instead they get more and more indebted.

I read in the comments about record rates of poetic salaries that people receive on average in some countries.  I live in a country in North Africa.  I can assure you that in most countries the minimum salary does not exceed $100 or $130 at most. These percentages do not enable employees to even achieve their most basic daily life needs. The only solution to saving is for the employee to run a small project in parallel with his original work, which is usually an agricultural project or investments in assets.

This is very possible where I live, and you can even save more if you want. In comparison to some of the country's larger cities, the cost of living is low where I am now. If I can earn that much in my twenties, I should have my own house and car by my thirties. In comparison to other parts of the country, you can still earn this amount in my country's big cities and not have enough to save till your 30s, but I believe it all depends on how you plan your life for the future. One important aspect of life today is to save as much as you spend, or better still, invest in something profitable.

If you have the motivation to hold and are very concerned about the future, this is not impossible. But if you never think about preparing for the future, never expect saving can be one of the priorities. It certainly depends on the person who has been looking for a better future and very unfortunate that many people wanted to do but also fail because they never look it was important until such time they need money on time.

If saving 1/3 of the salary per month is difficult, maybe saving 10% is not hard. It was pretty small but at least we save something.

It is very easy for a person with 50% extra for monthly needs but for those people who hardly go through the day, saving 1/3 of what they earns is pretty much too much let alone 10%.  How can a person save if his earnings are not enough to meet his every day's end?  It is quiet to say things when everything is alright on your side but it won't be that easy if you are hardly getting enough money for your family's expenses.  Citing an example, a person with a family of 5 having a budget of $500 per month cannot put 30% of his savings if his earnings is only $400, he even ends up borrowing money to fill up his family's need.  Even if the guy is earning $600, he can't save 30% of his earnings because the statistics said so.

The thing you said is only possible if a person, as I said, is earning more than 50% of his monthly needs.

Setting a specific amount to save will be hard because we usually have unexpected expenses and necessities. However, having a higher salary if you are still single will be an advantage for you will be able to prepare for your future easily. You can save a portion and invest in the others. You're luckier if you're still living with your family. Saving as early as possible will save you from the financial struggle in the future, you only have to manage your finances wisely.

It is not correct to determine the amount that we will save in this way, it is necessary to determine the amount which to cover all our monthly expenses, and only after that we will be able to determine the amount of possible savings that is comfortable for us. If you are still young and living with parents, then this is the perfect time to start saving, because your expense column will be negligible. But as you get older, you will have to rent your house, pay for community services, and this will probably reduce the amount you can save, but you can also find a better paying job and this will increase your ability to accumulate capital for investments.

Savings doesn't have to do with the amount been saved instead the attitude been developed. It doesn't really matter how much you're earning now but always look for a way to save some. If you're earnings just $10 at the end of the month, look for a way to saved atleast 10% of that income which is $1. Many people don't have this habit and neither did they develop it when they started receiving income which Is why it's hard for them to save.

Saving can be done in many ways and you can use Bitcoin for your savings as well, you can decide to put that money you're meant to set aside into Bitcoin at the end of each month frequently and be disciplined not to touch it until the specific time you set for yourself to make use of your savings for something useful.

The greater the income, the greater the expenses for needs. However, this does not rule out the possibility of a small income, the fact is a person's persistence in educating himself to be a person who is diligent in saving. So it's not based on a large nominal income but a great desire to achieve your goals. But every state has a different standard of living costs where I live $1000 per month is definitely above the average income. Because based on the monthly income it is generally only about $ 300 to $ 400. It all comes back to a person's personality and depends on the lifestyle of each.

The problem, in my view, is the number of years required for saving to be sufficient for you to achieve financial freedom. This freedom includes buying a comfortable home with an income exactly equal to your expenditures, something that differs between countries but is almost the same for the world, for example:

 - In those countries where young people earn less than a thousand dollars a month, an amount like two hundred thousand dollars is enough to buy a house and an amount like a quarter of a million dollars is enough to achieve financial freedom.
 - The same is true in countries where the average is three thousand dollars. You will find that the average land is seventy-five thousand dollars, and about one million and a half dollars is sufficient for financial freedom.

Thus, for this generation, it is difficult to reach financial freedom before thirty using traditional investment tools.