Should you save, when you are wealthy?

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Quote from: safar1980 on July 26, 2023, 08:58:12 AM

Everyone says that you need to save, but it depends on the income of a rich person. If he earns much more than he spends, then he will not have financial problems in the future. You don't have to be very frugal, but you also don't have to spend a lot of money in order not to attract attention.

That is not necessarily true because when you have a higher income, you will also spend on luxuries and more expensive, your money also spends faster so you also need to have a savings plan. even the rich, the billionaires always have their savings in the bank, so it's silly if someone thinks their income is high that they won't have to save. Life is always full of surprises and no one knows what to expect, so never be subjective. saving and always having a backup plan is never superfluous.

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Quote from: safar1980 on July 26, 2023, 08:58:12 AM

Everyone says that you need to save, but it depends on the income of a rich person. If he earns much more than he spends, then he will not have financial problems in the future. You don't have to be very frugal, but you also don't have to spend a lot of money in order not to attract attention.

In the beginning someone becomes a rich person maybe also because of their habit of being good at saving and also good at managing their finances. And this will definitely become a habit that they do until they become rich people though. And when we have become wealthy and we have more income than we spend, we will still put the remaining money in savings or investment.

In essence, the rich have even greater and easier opportunities to keep saving more. In contrast to people who are not financially capable. For them it is not even easy to spare money. Because usually the amount of income and the amount of needs are always balanced and sometimes even less. So we choose to have side jobs as well because we struggle to be able to have money left over that we can save or invest.

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Everyone says that you need to save, but it depends on the income of a rich person. If he earns much more than he spends, then he will not have financial problems in the future. You don't have to be very frugal, but you also don't have to spend a lot of money in order not to attract attention.

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It’s always a good idea to save even if you earn a good salary. Saving money is essential for building financial security & achieving financial goals. Regardless of income level unexpected expenses, emergencies & future needs can arise. Saving allows you to create a safety net, invest for the future & have a sense of financial stability. It is always wise to prioritize saving regardless of how much you earn.

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Quote from: Uruhara on June 19, 2023, 05:03:56 AM

Well I think what you said (the word I underlined) is the most appropriate thing if it talks about how they value time. They are always more appreciative of time and they try to make the most of every moment they spend very well and effectively. So that no time is wasted. I think I just realized this. And well it seems I also have to start appreciating every time I live. Sometimes I don't use my time effectively. when I'm on holiday I prefer to be lazy even though I can use that time to do useful things. And yes they also know the value of money. So they only use it for things that are useful and can bring more profit.

But we also need to rest, we cannot work all the time. We need to work more efficiently, during working hours, but during the holidays I would like to take time for myself, spend time with my family. Rich people value their time, it's true, but it seems to me that they have much more opportunities for this.

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Quote from: Raceonsucced on June 23, 2023, 08:43:34 AM

It's normal if when you have money you want to buy something. But because things are now rather expensive, it's rather difficult to save. And save it in my opinion is very useful. Even if you only have a small amount set aside to save, that's very good.

I personaly see, When a person becomes rich, the needs of his expenses also a lot. It seems to me that saving for the rich may not be their top priority. they prefer to diversify assets and invest their wealth in business or other assets that can provide higher returns than ordinary savings interest even though it is initially quite large and if successful it provides greater financial benefits than saving.

Quote from: Raceonsucced on June 23, 2023, 08:43:34 AM

And if when you're rich, I think you should save. Because when you are rich you have to have spare money to use when there is an emergency. Don't waste too much money even though you are already rich, because saving is important. I mean, don't overdo it.

For this I may agree that excessive spending within reasonable limits greatly impacts one's finances

Raceonsucced

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It's normal if when you have money you want to buy something. But because things are now rather expensive, it's rather difficult to save. And save it in my opinion is very useful. Even if you only have a small amount set aside to save, that's very good.

And if when you're rich, I think you should save. Because when you are rich you have to have spare money to use when there is an emergency. Don't waste too much money even though you are already rich, because saving is important. I mean, don't overdo it.

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Regardless of one's level of wealth it is advisable to save. saving can help to ensure financial stability and security, as well as provide safety net in case of unexpected expenses or emergencies. Saving can help to build wealth over time through compound interest and investment returns. The specific amount that one should save will depend on their individual financial situation and goals. If someone with a high income and low expenses may be able to save a larger percentage of their income than someone with a lower income and higher expenses. It is depend on individuals the decision on how much to save.

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Saving money is important for anyone, nowadays almost everyone uses the services of banks to save money, and what we have to understand is that saving money will not make us rich because bank interest is currently very low, so that makes us have to think realistically that saving money will not make us rich.

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Quote from: irhact on June 18, 2023, 07:47:45 AM

Quote from: purinZ14 on June 17, 2023, 10:51:59 PM

I think it’s important to always save money in case of emergencies. Especially if you’re not really looking to purchase something huge like a house or a car so it’s pointless to save half of your earnings and not treat yourself to something you want. When you’ve reached a comfortable lifestyle, rather than saving, you should start thinking of ways to let that money grow either from business or investments. As someone who grew up tight with money, I also struggle with spending even if I do have money. Just remember you deserve something once in a while.

How can someone struggle with spending, if you have so much money and you don't know what to do with them, give it away to charity. Give back to the community either through charity donations or doing something for your community and you'll keep getting more favours from both God and humans. Don't do it with the intentions of receiving something back instead because you care about the community.

Saving should be done in all financial stages because it'll save you in future. Money don't keep on coming to any individual unless they make sources to keep the money coming and using your saved money for investment is a good way to keep the flow of money coming.

The idea that affluent people should donate to worthy causes is wonderful. It is beyond dispute that giving to others and supporting the community have numerous benefits. It is oversimplifying a difficult issue to say that this is the cure for spendthrifts.

Money issues frequently result from a lack of financial awareness rather than having too much of it. Being wealthy does not guarantee that one is an adept money manager. If they haven't mastered the fundamentals of budgeting, investing, and financial planning, your suggestion on "saving" can go unheard.

Additionally, generosity should not be limited to those with money. Everyone can make a unique contribution to society, regardless of the size of their wallet.

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Quote from: juhobtc on March 31, 2023, 01:51:04 PM

I'm wondering how long we'll need to do the savings? Who has already reached any significant level, are you still saving, or you can afford to live without any financial restrictions?

Saving money is crucial for everyone, rich or poor, and even the world's richest men, in my opinion, continue to do so in order to pursue additional goals. And I believe that wealthy individuals today achieved success through saving; therefore, there is no need to inquire more because it is obvious that these people are constantly coming up with new ways to make money through their investments and savings. Given that you cannot stop hustling for money until you are no longer in the earth, and given that you can see that they continually look for more money, I'm not convinced they will have financial limits.

Quote from: juhobtc on March 31, 2023, 01:51:04 PM

Probably now I am thinking that I would not like to save all the time, I would like to reach the level at which I would be a wealthy person and I would not have to worry about money, but I have no idea when I can achieve this.

Do you imply that after you are affluent, you won't need money anymore? If that's what you mean, I think it's a bad idea and I didn't believe with that because even the wealthiest people in the world today are still looking for many ways to get more money, which is why you'll see them making more investments and starting new businesses. I don't know if you've ever seen a wealthy man that's not more worrying about again, which I believe it is impossible, because money is part of us mate, and someone can not stop looking for more money until he/she dies.

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Quote from: juhobtc on March 31, 2023, 01:51:04 PM

Probably now I am thinking that I would not like to save all the time, I would like to reach the level at which I would be a wealthy person and I would not have to worry about money, but I have no idea when I can achieve this.

Someone can only become wealthy through investment. Investors have faith that the investment they made will make them wealthy at some point, even when they are unsure of when exactly this will happen. Attempt to keep that in mind.

Even the rich worried about money. They continue to invest in escalating-value assets like bitcoin, gold, stocks, etc. Even though they have unlimited resources, they can't just waste their life earnings without making an effort to recoup them. Therefore, they should never stop investing.

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Quote from: Cryptmuster on June 18, 2023, 05:03:25 AM

Quote from: Uruhara on June 17, 2023, 10:20:15 PM

you are right in our local language the two words that are written the same in English actually have different meanings in our country (indo language : berhemat dan menabung). I also have quite a hard time conveying the meaning of the other word because I haven't found a suitable vocabulary in English.

well you are right that they probably do have the same mindset as you describe. they work for money. but money also works for them. the point is they can take advantage of both sides. And it's no wonder the rich are getting richer. because their mindset is sometimes more advanced than ordinary people. and the way they manage their finances is also very neatly organized and planned. so that evaluation and observation becomes easier to do.

In many cases, the result is achieved by the one who acts, sometimes a quick but not the most correct decision may be better than a slow and balanced decision. But wealth can be achieved by people with different characters and types of thinking. The most common trait among the rich is thrift, they all know the value of money and know how to value their time, they work hard to create cash flow, so you are right, they do everything to make money work for them.

Well I think what you said (the word I underlined) is the most appropriate thing if it talks about how they value time. They are always more appreciative of time and they try to make the most of every moment they spend very well and effectively. So that no time is wasted. I think I just realized this. And well it seems I also have to start appreciating every time I live. Sometimes I don't use my time effectively. when I'm on holiday I prefer to be lazy even though I can use that time to do useful things. And yes they also know the value of money. So they only use it for things that are useful and can bring more profit.

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Quote from: purinZ14 on June 17, 2023, 10:51:59 PM

I think it’s important to always save money in case of emergencies. Especially if you’re not really looking to purchase something huge like a house or a car so it’s pointless to save half of your earnings and not treat yourself to something you want. When you’ve reached a comfortable lifestyle, rather than saving, you should start thinking of ways to let that money grow either from business or investments. As someone who grew up tight with money, I also struggle with spending even if I do have money. Just remember you deserve something once in a while.

How can someone struggle with spending, if you have so much money and you don't know what to do with them, give it away to charity. Give back to the community either through charity donations or doing something for your community and you'll keep getting more favours from both God and humans. Don't do it with the intentions of receiving something back instead because you care about the community.

Saving should be done in all financial stages because it'll save you in future. Money don't keep on coming to any individual unless they make sources to keep the money coming and using your saved money for investment is a good way to keep the flow of money coming.

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Quote from: Uruhara on June 17, 2023, 10:20:15 PM

you are right in our local language the two words that are written the same in English actually have different meanings in our country (indo language : berhemat dan menabung). I also have quite a hard time conveying the meaning of the other word because I haven't found a suitable vocabulary in English.

well you are right that they probably do have the same mindset as you describe. they work for money. but money also works for them. the point is they can take advantage of both sides. And it's no wonder the rich are getting richer. because their mindset is sometimes more advanced than ordinary people. and the way they manage their finances is also very neatly organized and planned. so that evaluation and observation becomes easier to do.

In many cases, the result is achieved by the one who acts, sometimes a quick but not the most correct decision may be better than a slow and balanced decision. But wealth can be achieved by people with different characters and types of thinking. The most common trait among the rich is thrift, they all know the value of money and know how to value their time, they work hard to create cash flow, so you are right, they do everything to make money work for them.

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Quote from: SmartCharpa on June 18, 2023, 01:54:41 AM

You're correct It is very difficult to save money these days; the more you try, the more problems you have. In addition, we cannot have everything we want in life at once when we are not that wealthy; instead, everything comes to us gradually when we take small steps. The best thing to do is to keep investing since you don't have a personal job; whenever you sell your profit you made from your investment, you will be able to buy whatever you wish gradually.

It is very difficult to save money these days and you think that since it is difficult,we should not strive to make some savings for what the future might bring? We don't even need to bother ourselves of getting some savings since there is money available for us to spend. Do save, let's keep spending the money and enjoy the fund now the is enough for us to spend. Those who are saving are never serious and maybe they are wasting there time? Hahaha, just been sarcastic in writing for those that do not get the gist.

There are some persons now that are poor as a result of not keep for reserve when they are getting enough money. Since they never bothered having some savings, they ended up becoming broke because the money is not coming like it used to be before. We need to take the step of saving our funds for the time when we might needed the money or become broke.

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Quote from: freedomgo on June 17, 2023, 04:36:16 PM

Quote from: Dimitri94 on June 14, 2023, 12:58:14 PM

Quote from: BRINIRHA on June 14, 2023, 08:35:08 AM

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

Everyone should plan saving according to his position. A wealthy person thinks about how he become more wealthy and go ahead according to the plan. A man can never succeed without a plan. Especially if some one is not financially planned then his future can be under big threat. If one is able to maintain both investments and savings normally he can be financially sound in a short period of time. Agree with you that both rich and poor should keep both savings and investment as much as they can according to their ability.

Besides, most of the wealthy person in the world knows the reality of the world more than we probably do.

We should still save and invest accordingly because if we don't, there will be a time that our wealth will go down the drain as we don't have any passive income that will support our lifestyle and we should always think that what we have is not unlimited too. I agree, there must be a plan for everything and a plan after that as a back-up because we never know what might happen down the road.

Exactly right. And rich people sometimes they have information that they get a lot faster. They have informants everywhere. This will make them always one step further ahead of us. Their insight into the world of business and all things that make their opportunities for profit much greater than the average person.

But still, we as ordinary people can also take wise steps in finance and in planning to grow our finances. with the internet, now we can use it to get information faster than anyone as long as we are proficient and active in searching for it. To save maybe we do not need any information. but to invest it is very clear that we will need fast and accurate information.

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Quote from: purinZ14 on June 17, 2023, 10:51:59 PM

I think it’s important to always save money in case of emergencies. Especially if you’re not really looking to purchase something huge like a house or a car so it’s pointless to save half of your earnings and not treat yourself to something you want. When you’ve reached a comfortable lifestyle, rather than saving, you should start thinking of ways to let that money grow either from business or investments. As someone who grew up tight with money, I also struggle with spending even if I do have money. Just remember you deserve something once in a while.

Not only in emergency conditions or circumstances if it is to save money in our respective lives. Because saving money will always be useful when someone wants to open a business with their own capital so they must be able to save and save money on unnecessary things so that the business can quickly run according to plan.

And the savings that are kept from our own work or monthly income can also be used as capital to build a house and buy a car when these two things are really needed for life. So nothing is wasted or neglected when it comes to saving and saving with the intention of arranging a better future because everyone will not know until what age they can be able to work as they are now.

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You're correct It is very difficult to save money these days; the more you try, the more problems you have. In addition, we cannot have everything we want in life at once when we are not that wealthy; instead, everything comes to us gradually when we take small steps. The best thing to do is to keep investing since you don't have a personal job; whenever you sell your profit you made from your investment, you will be able to buy whatever you wish gradually.

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I think it’s important to always save money in case of emergencies. Especially if you’re not really looking to purchase something huge like a house or a car so it’s pointless to save half of your earnings and not treat yourself to something you want. When you’ve reached a comfortable lifestyle, rather than saving, you should start thinking of ways to let that money grow either from business or investments. As someone who grew up tight with money, I also struggle with spending even if I do have money. Just remember you deserve something once in a while.

Topic: Should you save, when you are wealthy? (Read 1991 times)