Should you save, when you are wealthy? - page 12.

xSkylarx

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Quote from: Twentyonepaylots on April 03, 2023, 06:04:13 AM

Quote from: Raflesia on April 02, 2023, 04:37:02 PM

Wealth and in this case maybe money will run out if it is not managed properly. no matter how much money we actually have, if it is not run properly sooner or later it will shrink and of course one good manager for this apart from investment and business planning is to do so of course saving is something that is certain. it doesn't matter how poor or rich you are i think if people are financially savvy then they will save no matter what.
We already know what the consequences will be and still don't do anything about money management, it's really stupid.

I agree with this since it is true that even though you are wealthy, there are still unexpected events that might happen. It is always important to be ready with those events by making sure that you have wide savings allocations. Emergency fund is one thing since it is really for emergency. Securing your financial status is an achievement and it would really help anyone regardless if you are starting to build your finances or even you are wealthy enough.

Most of those rich people are for sure already doing this because they are rich because they can manage their money well, so probably they already have emergency funds or funds in case they all went down. Though with us poor people, we have problems saving because it is not enough for us. That is why some of us prefer to spend it on food rather than save because our salaries are not enough. But even if I become wealthy, I will continue to save heavily for emergencies.

Seinlocko

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saving is not a matter of being poor and rich, but an awareness to be careful in all circumstances. because the economic situation is always uncertain, so it is only right that you must continue to be on standby to face all eventualities.

do rich people still like to save, in my opinion it is the rich people who save the most and save the most, it doesn't mean that their wealth comes in vain, there must be a reason why rich people become that successful, one of which is from saving. You should be proud and grateful if you can save, because there are many people out there who really want to be able to save and have a reserve fund but can't.

Smack That Ace

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Quote from: Dr.Bitcoin_Strange on April 02, 2023, 03:13:26 PM

Quote from: Farma on April 02, 2023, 02:05:46 AM

some people patiently save their wages to get rich,

It's not a wise act to keep saving for no purpose or just for the sake of becoming rich. No matter how much a person saves, if they stop earning and start spending the money they have already saved, they will definitely go bankrupt again. Money makes more money if it is well utilized, if it goes into good investment plans, if it is used to run good businesses, but money cannot yield any profit when it's just being deposited into the bank or being stacked in your house.

Most people were able to live the wealthy life they wanted because they did not just depend on one stream of income; they saved, they invested, they reinvested, they made money, and they still put the money they made to work to earn them more money. Money should be saved with an aim that is not just to become rich.

I have not seen anyone get rich by saving, but there are still many people who do, they limit their spending for themselves and their loved ones, and they think that way they will become rich. But they don't think that as long as they stop working and start spending money, no matter how much money they have, they will run out, you are right on that point.

Savings should only be used for emergencies, other than that I don't see a second reason to save. If you want to have a rich life besides working hard and earning a high income, then investing is what you need to have.

Twentyonepaylots

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Quote from: Raflesia on April 02, 2023, 04:37:02 PM

Wealth and in this case maybe money will run out if it is not managed properly. no matter how much money we actually have, if it is not run properly sooner or later it will shrink and of course one good manager for this apart from investment and business planning is to do so of course saving is something that is certain. it doesn't matter how poor or rich you are i think if people are financially savvy then they will save no matter what.
We already know what the consequences will be and still don't do anything about money management, it's really stupid.

I agree with this since it is true that even though you are wealthy, there are still unexpected events that might happen. It is always important to be ready with those events by making sure that you have wide savings allocations. Emergency fund is one thing since it is really for emergency. Securing your financial status is an achievement and it would really help anyone regardless if you are starting to build your finances or even you are wealthy enough.

Marcellin9

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Quote from: deathcode on March 31, 2023, 07:18:47 PM

Quote from: juhobtc on March 31, 2023, 02:51:04 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?

In my opinion, there is no definite final limit for saving because of course everyone's opinion will vary according to the conditions, we will stop saving when we die, of course. I think that we really have to do saving even though we are already rich.
Because for me saving is not only to think about my own needs but also to think about the needs of my family and children for them in the future.

Indeed. My father can be considered wealthy and he does not need to work to support his and mother's life. They are living comfortably with pretty enough savings and the savings generate passive income every month. However, they still don't spend money excessively. All they have to spend on are daily needs. By being raised in this family, I know the importance of saving and letting money work me in my bones. I started to save my pocket money and I still remember when I was like 12 years old, I had already saved a few hundred. That was over two decades ago. Even to this day, I don't really spend my money on unnecessary things. A few gatherings with friends and occasionally inviting my relatives to dinner are my biggst costs aside from the daily needs. I will continue to save a lot, not only for my retired life but also for my kid.

Lida93

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Quote from: juhobtc on March 31, 2023, 02:51:04 PM

I have just started taking steps towards achieving my well-being and it is still very difficult for me to understand how I can achieve my goal and become a wealthy person. The thought that I will have to save for a long time now seems difficult, will it not tire me, will I be able to go this way. I already have some bitcoin and I like the feeling that I own something of value. When I manage to save some money, I buy again, but this is not permanent because I do not have a permanent job. Sometimes I want to buy new sneakers, and I decide to buy or postpone, sometimes I doubt if I'm doing the right thing, maybe I should provide myself with everything I need and save only what remains, if left.

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.

For people like us building from scratch having no source of wealth/property left for them to kick start from by their ancestors it takes a lot of brain storming from us to try to build on how to start, where to start from and what to start with. In this situation savings is hard to manage with as you have to at same time deal with achieving some other needs and meeting up responsibility from just one source of income that lacks permanence.

Op you just have to deprive yourself of certain enjoyments and weigh your scale of preference to meet with your pressing and most important needs that's in line with your plan for the future you seek, else if you keep wanting this sneakers or that new suit or that brand new car when your savings ain't doing fine then you'll just end up nowhere near your dream life. So put your priorities forward and keep behind needs that don't matter now based on your current means of finance.

gaston castano

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because everyone's level here is different, maybe they will show their thoughts differently too, some might be in the initial phase and just starting to save, on the other hand, some have already gotten a return on their investment and are still continuing to increase their income.
and some are already very well established.
I guess to achieve it takes time and not instantly, even in crypto you need time to get big results

Joshapat

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Saving money is an important thing, this is because we never know the conditions or situations that can occur, for example the covid situation which occurred for almost 2 years and made our income drop, I also felt the impact of covid and made me have to sell my house assets and unfortunately I also lost when I bought about 5 years ago.

fuer44

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Don't wait to be rich, when you're still not rich, we have to saving. The goal is not just to collect more and more, but to cost something unexpected. But in the long term it can also be a valuable asset. Imagine if you never saved and one day you had to repair your damaged vehicle and the payday money was only enough to eat, what would you do? At least if we have savings, we are not worried about such incidents.

Fivestar4everMVP

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Quote from: juhobtc on March 31, 2023, 02:51:04 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.

LOL

I can feel your frustrations from here, indeed, it not easy, and one thing i must tell you is that, savings alone does not make a person become stable and independent financially, you have to save, and as well invest.
Savings is what turns around to save us when we encounter challenges that need financial solutions, while our investments is what give us some level of guarantee for the future, in terms of financial stability.

But then again, you cant just save and invest, you need a steady income to be able to save and invest comfortably, else you gonna be having serious problems with this, so your first step is to work towards getting a job with a stable income, or better still, start up a good business, this is how you can easily save and invest comfortably.

And again, whether you should save if you are wealthy? Yes, A man said, whatever you were doing when success found you, don't stop doing it, if you were doing business, saving and investing, and while doing this things, you become successful/wealthy in life, then don't stop doing business, saving and investing, infact expand your business, also increase the amount you save, and as well increase your investment portfolio.

Kasabus

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Maybe you are feeling this way OP because you felt that you are being deprived from buying your needs or wants because you prioritize saving in the first place. And right now, you may have doubt the essence of saving and you just feel like spending without wanting to save anymore. I understand you OP, but always remember that there’s no permanent in this world and if you are earning profits right now, then it might be in the future that you will experience the opposite way. That’s why always give importance to saving, as it will help you when circumstances suddenly arise and by that time, you have no source of income that will provide for you. So good thing if you have save for that and for your future as well.

Fatunad

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Quote from: Raflesia on April 02, 2023, 04:37:02 PM

Wealth and in this case maybe money will run out if it is not managed properly. no matter how much money we actually have, if it is not run properly sooner or later it will shrink and of course one good manager for this apart from investment and business planning is to do so of course saving is something that is certain. it doesn't matter how poor or rich you are i think if people are financially savvy then they will save no matter what.
We already know what the consequences will be and still don't do anything about money management, it's really stupid.

There's no such thing about infinite money which means that it would really be just that bad on having that kind of confidence in mind about spending without having those limits and considerations and not even minding
for you to save up for future purposes.We do know that we dont actually know on what would happen in the future which these savings thing would really save our ass up on certain conditions or situations.
Well, if you are really that wealthy, you would definitely be not minding on savings since you do know that you do have lots in your bank if we do speak about money or finance.
This is why people wouldnt really be having no time on minding whether they would be saving or not.

STT

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For lots of reasons yes always save income as one day your outgoings will certainly be higher then your income. Just from the health perspective make savings, you may not always be able to do the same job not just for personal reasons but some sectors are more risky then others.

boyptc

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Quote from: speedy963 on April 01, 2023, 04:51:31 AM

Quote from: boyptc on April 01, 2023, 04:33:38 AM

That has a point, our money which has been printed a lot of times and added a lot in the circulating supply in the economy gives that feature of depreciation and that's acceptable because that's what will happen if money has been printed unlimitedly.

Now, we're understanding the concept of having a limited supply and unlimited supply which we've also learned in projects that we've seen in the market.

Long term, saving is a good practice because it develops you as a person to be conscious of the importance of having something in your pocket and in preparation for the rainy days.

The most worrying part is that, everyday the prices of all the goods and necessities are increasing specially those what we basically needed the most, and what makes it worst is that the daily wages are not even increasing while your needs are almost impossible to buy. This is what basically some of the analysts saying that "the cost of living is almost killing the living". Right now is the literal meaning of survival of the fittest, and having a job right now is no longer enough to sustain your family not unless you are working above the minimum wage which you can barely survive. Inflation isn't the only thing that causes a lot of problems in the economy, also the lack of job opportunities results into so many jobless people living in every country. The government can only support a few people but the there are thousands if not there are millions of people who doesn't have a job and still trying to find one.

It is the reality and happening in many parts of the world. While the minimum wage aren't really increasing a lot to help deal with the inflation and high prices of goods.

That's also hard on the side of the private companies that they can't just easily increase the wages. In tackling this problem, one job isn't enough these days.

One has to work two or three more jobs just to feel convenient living while dealing all these problems and could also be the way to have some spare and do some saving.

Fortify

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Quote from: juhobtc on March 31, 2023, 02:51:04 PM

Everyone who wants to create a fortune has a long way to go, first we need to learn how to earn, save and then learn how to make money work for us. Someone creates a business for this, someone is looking for investments, but the essence remains the same, we earn, save and increase our capital.

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?

I have just started taking steps towards achieving my well-being and it is still very difficult for me to understand how I can achieve my goal and become a wealthy person. The thought that I will have to save for a long time now seems difficult, will it not tire me, will I be able to go this way. I already have some bitcoin and I like the feeling that I own something of value. When I manage to save some money, I buy again, but this is not permanent because I do not have a permanent job. Sometimes I want to buy new sneakers, and I decide to buy or postpone, sometimes I doubt if I'm doing the right thing, maybe I should provide myself with everything I need and save only what remains, if left.

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.

Investments can act as a form of savings, but there is nothing like having a spare "emergency" fund of readily available cash in a bank account. Some people feel like they can get by with spare capacity on their credit card, as a back up source of funds if needed. Others might invest a portion of their money in low risk investments - like bonds to help it earn money instead of simply standing still. In the current climate, banks are actually starting to offer reasonable interest rates again, which makes it somewhat worthwhile to start holding money in bank accounts. Even the richest will have a small portion of their money available in easily accessible accounts, but they're the people who have to worry about money the least.

Raflesia

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Wealth and in this case maybe money will run out if it is not managed properly. no matter how much money we actually have, if it is not run properly sooner or later it will shrink and of course one good manager for this apart from investment and business planning is to do so of course saving is something that is certain. it doesn't matter how poor or rich you are i think if people are financially savvy then they will save no matter what.
We already know what the consequences will be and still don't do anything about money management, it's really stupid.

Distinctin

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Quote from: xSkylarx on April 02, 2023, 05:38:53 AM

You have a goal, and that is why you are saving. If you are just saving because of nothing, then that is what you are feeling right now; you don't have direction and keep just doing the cycle. I know that sneakers are wants, but you can make them a goal, just like investing in bitcoin: set a goal to save, then invest in it. Also, your title is misleading, but I will answer it: yes, you still save even if you have a lot of money in the world because you will not know what you will need in the future and you will lose all of your fortune.

Certainly, OP find it not wanting to save anymore because he just want to become instant rich and wealthy so he won’t worry anymore of his expenses. But that is not going to happen unless you are not going to save from your earnings and invest. Maybe you just lack the goal and determination OP, and you even don’t know why there is a need for people to save. Even those wealthiest men in the world have big savings account in their banks, because they do have certain goals to achieve in their lives. Set a certain goal OP, so you will be motivated to save more.

Dr.Bitcoin_Strange

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Quote from: Farma on April 02, 2023, 02:05:46 AM

some people patiently save their wages to get rich,

It's not a wise act to keep saving for no purpose or just for the sake of becoming rich. No matter how much a person saves, if they stop earning and start spending the money they have already saved, they will definitely go bankrupt again. Money makes more money if it is well utilized, if it goes into good investment plans, if it is used to run good businesses, but money cannot yield any profit when it's just being deposited into the bank or being stacked in your house.

Most people were able to live the wealthy life they wanted because they did not just depend on one stream of income; they saved, they invested, they reinvested, they made money, and they still put the money they made to work to earn them more money. Money should be saved with an aim that is not just to become rich.

wahyuagung26

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Quote from: juhobtc on March 31, 2023, 02:51:04 PM

I'm wondering how long we'll need to do the savings?

We can say this really depends on each individual/person in managing their finances or in general we can say this goes back to a person's principles and including their management, of course everyone has different needs, these savings need to be covered how the needs you in life, although not all of them are the same, and I think this savings occurs when there is a goal that someone is definitely going to achieve.

Quote from: juhobtc on March 31, 2023, 02:51:04 PM

Who has already reached any significant level,

Back to what I said earlier, this significant level will be determined by someone when they have targeted how far they will continue to do this work, I will say a little even though they have reached the significant level and I think they will continue to roll back their assets.

Quote from: juhobtc on March 31, 2023, 02:51:04 PM

are you still saving

And of course, we are still doing it to this day, saving is already one of the important aspects for us, it seems I will still be consistent with this decision in improving the future because I still think that this will be a provision and good savings for our future, just as we are consistent in investing in our assets, I am still very consistent in saving and investing until now.

Jody.Drummer

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Quote from: erep on April 01, 2023, 04:35:23 PM

Quote from: Jody.Drummer on April 01, 2023, 04:06:09 PM

As I said about money, it can run out in an instant, indeed, unexpected possibilities like this must be kept in mind and minimized, but this does not mean that we will not prepare because of course this is something we must be aware of, so the hope is to keep saving. there is and of course we can also do something else to be safer, of course, such as by investing in several sectors that are indeed feasible, it is worth thinking about.

Every use of money must determine the limit of each need so you will not be greedy to buy expensive things without thinking about the need for savings for the future, we must be aware of excessive use of money before we lose everything because money is easy to spend but difficult to increase, so while we have money is better to be diverted to investing in gold, real estate and partly for crypto because we must have investment items to improve financially for the future.

Yes, that's how it should be, maybe we already have an idea when it comes to fulfilling our basic daily needs because we are used to doing that, we can calculate it within a month. Saving really doesn't have to be much as long as we never miss it after our basic needs are met. There is nothing wrong with buying things that may not be too important as long as they are within reasonable limits, as a form of appreciation for ourselves.
But don't let because we focus on saving we neglect obligations that must be fulfilled (especially for those who already have a wife and children).

Topic: Should you save, when you are wealthy? - page 12. (Read 1980 times)