Topic: Should you save, when you are wealthy? - page 13. (Read 1991 times)

Yes so in essences investment is the key to prosperity, after haven planned well for it, sometimes we don't always plan well and we think getting wealth is just as simple as magic, no this is not true because we must learn to control ourselves concerning our savings and investment. If our savings are much given attention than our investment then there might be a financial problems in the future, so investment should be given much concern before talking of savings.

Actually, people don't become wealthy from saving their money. They become wealthy through investments; and that's even when such investments become profitable. This is the simple reason billionaires always look for ways to reinvest whatever that's left of their earnings after setting aside what's for their daily running cost. The fact remains that only those without investment plans let their money lie idle without putting it to use. Savers who don't have any investments is meaningless.

They are rich because they are businesses minded and they always focus on enlarging their territories and assets so no wonder why they are billionaires which is actually inspiring. Wise spending is very important and saving must be a part of our practice. We shouldn't aim for buying material things but focus on how to maximize our savings. It should be saving over spending all the time for us to manage our funds properly.

Saving cannot make a person wealthy but invested your money into a field that will give you monthly profit is beneficial. There are lots of people who wants to become rich but it does not happens early and quickly but you have to work hard first for it and then you will get a fruitful results.

If you have bitcoin then it's mean you are wealthy because a common man cannot buy a bitcoin. Other thing is that you should keep it holding until the price become so higher to give you much profit.

It does not mean that if a person set a business then he should not save money but saving money is important for everyone because sometime there appears a sudden harsh condition where this saved money will solve our issues.

You may be right, I recently read that the wealth of billionaires has only increased in recent years. This may be due to the fact that their investments bring in a lot of money, much more than they are able to spend. Also, their businesses bring a steady income, but of course this is possible only if it is skillfully managed, otherwise there may be losses.

Agree, even the wealthiest man in the world also have saving. Thats the best way to do with the excess money that we have because its a preparation for the future. Not because you are rich you dont have to save, just imagine what if you hit a bankruptcy status unexpected what will happen to you then? Saving helps us all to become prepare for the unexpected things that we dont want to happen in our life. For me its a must to do cause I dont want to think more about my financial when I reach retirement age.

Save until we can save. I believe that saving would be helpful for every person. However don't save for the sake of saving. Save because you have a different reason. I just watched a video a few days ago telling that there are 3 reasons why a person needs to save. For me, there is no such thing as "significant level" because you don't know what can happen, or what you can do in the future.

1. A person needs to save for emergency funds. At least 3-6 months of emergency funds will be fine. The more, the better.
2. A person needs to save money because he needs to buy something that's expensive. A car, a house and lot. Something that will be helpful for the person.
3. A person needs to save money so that they have money to be used on investments.

You are saying that because you didn't experienced anything that would cost you a lot of money. Trust me, if you experienced something that will cost you a very expensive amount, you will change your mind with that. Just pick on the 3 reasons that I shared above, and just continue saving. Don't stop. A wealthy person doesn't stop saving. They are saving because they either want to buy something that will help them, or they want to invest into something like into a business or something.

People who have earned their fortune treat the product of their labor - always carefully.
As practice shows, "quality" rich people do not squander money to show, to demonstrate their fortune and wealth, they have something to show it anyway.
But the people about whom the folk saying "from rags to riches" speaks, they just like to flaunt their "wealth". They are characterized by an unreasonable waste of money, and on the most primitive methods of "showing wealth." It is enough to look at the appearance of the really rich and wealthy people and the "rich". The second ones really catch the eye and shine in the sun, from the amount of gold and shiny jewelry they are wearing It looks comedic. We had a local example of "brothers from the 90s" - a mix of bad taste, greed, primitivism and a medieval view of "wealth". A suit with a red jacket, a 500-gram gold chain around the neck, huge gold rings on the fingers, which were called "nuts", a mobile phone is a must, and in such a way that everyone can see it

And modern businessmen who now earn millions, for example, on technologies - jeans, a T-shirt No gold, no glitter, pragmatism and calculation. But at the same time - your own business, a good education, knowledge of several languages, real estate in several countries, the ability to have a good rest, ...


What am I for? Spending wisely is important!

I've never heard of rich people prioritizing savings before investment, and I've never heard them took savings seriously. As what I can see from those people, they only treat savings as an emergency cash or spare money just in case something happens to them in real life or even on their investments. In the end it is all for their investments again.

Our perspective of savings are different, just for example, me that came from a poor family, of course I'll save enough money for my investment or to buy important things or my priorities. I need to save money and calculate even the smallest cents so that it wont go to waste. However, rich people will just invest almost 70% of their money while the rest goes to savings.

Please don't quote me wrongly, savings doesn't yield any increase in my opinion but what keeps you afloat whenever the hard time is there is the kind of investment you have established for yourself long ago, now from those investment you may starts making savings and as well thinking of other resourceful business you could invest again to keep expanding your earnings and savings or better still reinvesting in the previous business also create additional wealth. 

I want you to understand that Theirs no wealthy person that doesn't have saves and investment, the primary obligations of someone who is wealthy is to be continue increasing on a higher frequency with the little it earn. The reasons while people downgrade or falls during the time having chunks money, is lack of investment, so many people who earn monthly or who is under government always make doubl options of their growth.

From your title savings doesn't only mean when you are wealthy, as a matter of facts wealthy people doesn't think of savings they think of investment where to channel those money whenever they are wealthy because one thing i believe is that, rich people talks of what will generate money for them while poor people think of work to keep them earning. The rich people think of wealth creation what will keep them afloat whenever its too tough for them to scale through life.  In summary think of what will keep generating money for you than savings because i know too well that those money might got finished whenever you stop working to keep filling your saving account.

We are all human and we deserved a better life for ourselves not because we can't afford those lives but its lack of structuring and planning, at first we should understand the basic needs of life before going further creating more things for ourselves all in the name of making savings. Please don't get it twisted but what i am trying derived is that ' savings are for future usage, meaning whenever there's an emergency then you have to use that money to fixed out all issues among your household'.

But that notwithstanding, if you have a good job at hand presently you can make savings but note one thing about savings, savings doesn't make you Rich but your money are being stored in the bank just in a case of urgency.
What make us Rich or wealthy as we think is investment, which includes getting the right business to engaged ourselves with, investment doesn't mean investing in digital currency alone but can be anything out of digital money which you think can be worth investing without the fear to lose it time soon or closest.

Note that i won't advised anyone out there to put their eggs in one backest because to make wealth you have to undergo many procedure of life that comes with investment, not only in business but have to diversify., you have to deprived yourself some certain things like clubbing, drinking and many more. Any man who is determined to make wealth doesn't engage himself with an unfruitful engagement or activities which might let to waste of resources; you can engage yourself with those activities whenever you think you're financially stable.

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.

You first need to understand the meaning and purpose of saving itself before going deeper. Savings means an amount of money out of what you earn that you keep and don't spend for your future so that when you are not earning anymore or in case you need more than what you earn like in an emergency situation, you can use the money you have saved.

You don't need to separate any money and call it savings if you are already earning way more than what you spend, and the money that remains is already what you can consider savings, and that is the case with wealthy people. Wealth makes wealth, so what they do is make investments and start new businesses that generate more wealth for them, and with that, they don't need to have savings since they already have it in the name of wealth.

Saving money is something we have to do, especially if we have a family then it's impossible for us to produce today and then there will be no more tomorrow, good saving money will train us to be disciplined and not wasteful, of course saving money will not increase because Bank interest given at this time is very small.

This is a personal determination of any individual, earning come with strategies or plans while saving is ability to cut down your expenses, so someone is on salary have a plans where the money it earn is been channel's, so I believe saving of money can be call strategies of reserve and if don't have strategies of reserve you cannot be ability to make out reservations. Sometimes theirs some people who not well trained of managing of funds and theirs some people who also well trained of management, and those categories of people that's well trained of management of funds in any situation they found themselves they most be a reservations of funds, so in summary saving and earning is basically a human strategies and anyone who lacks the temerity and courage can't save or either earn.

In general, many people state that saving can save or secure financial assets. Although not giving benefits, there are many reasons why people still like to save cash in savings in their financial planning. The biggest reason is of course easy to access and the value does not change. For example, for the Emergency Fund, of course saving money in the bank is the best step that can be done and can access the money at any time.

But there's a flip side to this. Because the risk is very small, the flowers are not much. There are at least two losses you face. First, the value of your money continues to decrease every year due to inflation. Second, you don't get benefits from compound interest from time to time.

If you have been saving a long time, you might have realized that the money you save does not provide large amounts of interest. Yeah, your money is not growing. Here’s The Thing. Because the cost of living continues to increase, your money naturally needs to continue to grow. At least, your money must be able to survive the inflation rate, because if not then you will lose every year and this will affect your future financial planning.

The solution? Investment!
When you invest your money, the value of your money can increase (or decrease) depending on the form of investment you make. Some investments still have a high risk. But indeed the higher the risk, the greater the profit (or loss) that you can get.

Many people think that investment means spending money to "buy" digital shares or assets like Bitcoin. In fact, investment is more appropriate to be said to save money than buying. Indeed, SiH calls her not to equalize investment with savings, where you can use savings to buy sneakers or target bags whenever you want. However, you can sell your investment and return it to cash even though it takes a few days for the process, and after tax deduction and other costs.
source: pina.id

like you said, everyone has their own way to get rich. some people patiently save their wages to get rich, some try to run a business, some invest, and so on. However, you can run it all together by dividing your salary into parts. however, what you need to remember is, you don't need to invest 100% of your income in bitcoin or your investment place. you need to insert a few percent for your needs. like you want to buy shoes, you can use the money you prepared for your needs.
Currently, I am also trying to get rich. I try to invest, while running a business. however, I was never able to get rich by saving because of my insufficient income. So, I'm trying to find alternatives to increase my income first while investing and running a business.

I don't think the idea of saving money all the time is going to make you, OP, happy. Being smart with your money is not the same as saving. In addition, rich people did not become rich when they deprived themselves of something they needed. You need some free money, which you could either invest in a successful project or organize your own business from which you could make a profit and reinvest it in the business again.
I don’t think that rich people spend their money thoughtlessly; everyone has the amount that they allow themselves to spend. Otherwise, illiterate financial management will lead anyone to bankruptcy.