Should you save, when you are wealthy? - page 16.

juhobtc

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Quote from: Husires on March 31, 2023, 02:13:22 PM

Bitcoin is one of the shortest paths if you are planning a long-term investment for more than 10 years.

I understand that it will be a long way, more than 10 years for sure, but I have time, while I am young, I want to start it as early as possible.

Quote from: btc_angela on March 31, 2023, 02:56:08 PM

So start investing at a young age, and if you missed the boat then maybe with your experience and knowledge make the right decision to increase your wealth overtime, whether thru investing or putting a business.

So far, it will be difficult with work, because I will have to combine my studies with work and I may have to hire housing soon, so I think about having enough money for all this, I’m not even sure that I will be able to save something, or it won't be stable.

Quote from: lizarder on March 31, 2023, 03:02:41 PM

Three points are enough to formulate why everyone should consider investing in bitcoin, instead of trying to invest in other forms. The presence of bitcoin can be used by anyone without exception, both the middle class and certain groups at different financial levels?

Bitcoin is my only investment at the moment, I hope that in the future it will help me create some kind of capital for further development.

Quote from: irhact on April 01, 2023, 12:56:05 AM

In the past you could have saved your way to wealth since back then money still had value and was used as store it value but that can't be possible today again. Savings is now a waste of time, instead of saving what you should be doing is investing. Investing is the fastest path to having a financially free future that you won't have to work for your money anymore.

This is what I'm trying to do now, every time I manage to save some money I buy some bitcoin. So far, this is a very small investment, but it's all I can do now.

kaseygriffin

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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?

I see this happen like this, when we have all the life issues in balance, but things like living expenses,... and it will come when you can afford the money and are satisfied with it. they. Not necessarily rich, as we hit personal financial milestones and look to new challenges it will come naturally.
A good financial habit and regardless of one's wealth level. Whether you have a high or low income, saving helps you create a savings fund and accumulate long-term assets. If you're wealthy, saving is still important and can help you secure your finances in the future. You can invest in savings, mutual funds, or other financial products to generate profits and increase the value of your assets. In addition, saving also helps you to spend sensibly, avoid waste and help you have a reserve fund for emergency expenses or larger shopping plans in the future.

siniminomorocomunisakito

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Quote from: woez on April 01, 2023, 04:05:17 AM

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 rich people have to keep saving?? Well, let me ask you this: if you want to stay rich, doesn't it make sense to keep saving? After all, the more money you save, the more you can invest, and the more your wealth can grow. It's like a snowball effect. And who knows what will happen in the future? Financial setbacks can happen to anyone, even the rich. So, I say keep saving, keep investing, and keep building your wealth. You never know when you might need it.

Absolutely! Just because someone is wealthy doesn't mean they can stop saving Grin

. In fact, many wealthy individuals became that way because of their commitment to saving and investing. By continuing to save, they can ensure that their wealth continues to grow and provide financial security for the future. Plus, unexpected financial setbacks can happen to anyone, so it's always a good idea to have a financial safety net in place.

Wealthy individuals understand that the key to maintaining their wealth is to continue saving and investing. They know that their financial situation is not guaranteed and that they must plan for unexpected events, such as market crashes, recessions, or other financial setbacks. Therefore, even if they have reached a significant level of wealth, they will continue to save and invest to protect their financial future.

woez

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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.

Do rich people have to keep saving?? Well, let me ask you this: if you want to stay rich, doesn't it make sense to keep saving? After all, the more money you save, the more you can invest, and the more your wealth can grow. It's like a snowball effect. And who knows what will happen in the future? Financial setbacks can happen to anyone, even the rich. So, I say keep saving, keep investing, and keep building your wealth. You never know when you might need it.

speedy963

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Quote from: boyptc on April 01, 2023, 03:33:38 AM

Quote from: huu78 on April 01, 2023, 03:25:23 AM

I think in the end saving is not good if done for the long term, you can see that the amount of money is not limited, so instead of increasing but every year our money continues to decrease because its value continues to fall, unfortunately I am also not rich yet, so I share my knowledge have here.

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.

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Quote from: huu78 on April 01, 2023, 03:25:23 AM

I think in the end saving is not good if done for the long term, you can see that the amount of money is not limited, so instead of increasing but every year our money continues to decrease because its value continues to fall, unfortunately I am also not rich yet, so I share my knowledge have here.

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.

huu78

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I think in the end saving is not good if done for the long term, you can see that the amount of money is not limited, so instead of increasing but every year our money continues to decrease because its value continues to fall, unfortunately I am also not rich yet, so I share my knowledge have here.

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Quote from: irhact on April 01, 2023, 12:56:05 AM

In the past you could have saved your way to wealth since back then money still had value and was used as store it value but that can't be possible today again. Savings is now a waste of time, instead of saving what you should be doing is investing. Investing is the fastest path to having a financially free future that you won't have to work for your money anymore.

What will you invest if you haven't saved anything? Investing is very good, but before you invest something you need to save something. If I understand correctly, the OP was asking if the rich continue to save in the same way or live without it. I think that rich people have very high incomes and they have assets that generate constant sources of income that allow them to save no more, but their wealth does not decrease.

ethereumhunter

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You have to keep saving even though you are already rich so that your wealth will increase. And when you're rich, you have to be able to find something that can make money work for you so that's where you can feel real passive income. You don't need to work anymore; the money will go straight into your account, and you just have to enjoy it.

If you already have some bitcoins, you can sell them at the next highest price. Set aside some amount to buy more bitcoins as the price corrects after reaching the next peak. And use the other money from the profits from selling those bitcoins to open a new business. But it all depends on your plans because we have different plans.

Hypnosis00

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

Sadly, the majority had only know how to earn money and spend them. Might savings is on their plan but never happen in real life? Until this is what really happens in our life, it all just remains as an imagination. But if we aim for financial freedom, savings should not be done instead, we use our money for investment and grow them.

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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?

If you really be doing this, do it until you can, until the time comes that you will realize that investment or running a business is more important than savings. I actually do some savings but yes, I spend more on investing.

Despairo

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It's seems like you're not enjoying your life, when you're already wealthy, you should try to find a way where you're no need to work and you keep making money. It can be an investment, autopilot business, or anything. This make you can enjoy the life without need to work, you can also save your money without doing anything. This is called as financial freedom, if you've reach this point, you can take a vacation everyday and don't need to think about money.

Oceat

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Just like what they said, saving alone won't get you anywhere because of the unending inflation. The secret is you have to build a business where your money won't stay in one place like what you think is saving. You need to have a good cash flow and the more business you have the more cash flow in your banking activity but in order to achieve this you need a bigger bag of money and since you are just starting it will be too hard.

Plus you have to had a knowledge of financial management in order for you to withstand the upcoming difficulties in the future if ever you have a business. And the quickest way to make a good profit with your investment is through Bitcoin since I don't think you can start and gain a good profit with your financial knowledge today if you ever start your own business.

You might wanna ask someone who has a business already on what are the challenges they faces with their business.

irhact

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

In the past you could have saved your way to wealth since back then money still had value and was used as store it value but that can't be possible today again. Savings is now a waste of time, instead of saving what you should be doing is investing. Investing is the fastest path to having a financially free future that you won't have to work for your money anymore.

When you get wealthier, you should invest more as more opportunities will come your way compared to when you were broke. Wealth attract opportunity and this will come from people of the same class. You could save for the raining days but don't ever think you can ever save your way to wealth.

Gallar

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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?

if at the point of average I am still at the stage of having to save and keep on saving. because I think if there are continued opportunities to make money, then saving will also continue. I don't want to waste every opportunity that comes my way, because having a job and income is a very good opportunity to build a future.

if asked about whether I'm already rich?
the answer is very relative. Everyone has a different view of the meaning of being rich.

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The definition of rich according to Robert T Kiyosaki
According to Robert, the definition of rich is having a person's passive income or other income besides the main income. So, even without working, he still has a steady flow of cash and can still live a life with a decent standard.

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The definition of rich in Islam

Islam encourages its followers to become wealthy people. In the sense that the material obtained comes from clear sources and of course halal. Rasulullah SAW is of the opinion that the measurement of wealth is not only assessed by wealth, but by essential things such as the wealth of the soul.

source : https://www.google.com/amp/s/www.gramedia.com/best-seller/cara-jadi-orang-kaya/amp/

There are many measures of wealth, and everyone responds differently to them.
and if you read the opinions above, I can be categorized as rich if you read quote number 2. because if you read quote number 1, I haven't reached that stage yet.

Lorence.xD

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Quote from: crypticj on March 31, 2023, 09:21:31 PM

Of course. You should always save money even if you are wealthy already. Don't forget that there never be enough money. And the more you have, the more you spend, so it's a good idea to keep saving in case all your money sources will go away one day for some reason.

And you can also use this money to give them to your kids when they will be older, which is good too.

Having a savings is always a good thing especially if you know that you spend too much money to unnecessary things. But if you're wealthy that you can live with a extra money I would invest it since you can live enough without thinking of your budget. If you're planning to have a long term savings I recommend it to invest it where everything of the prices goes up with the inflation might as well your investment. For a long time those investment will boom which you can give to your kids. There's no guarantee that you'll make a profit but as long you can balance your money, it wouldn't be a problem. Since the money in the line is you can afford to lose you can win or lose. However always do your own research before investing.

adaseb

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With what is going on lately with inflation it seems many savers are losers pretty much. Look how much value the dollar has lost in the past 2-3 years. Many were saving to buy a home. But the prices doubled and interest rates tripled that their savings did nothing pretty much.

Sure you say to invest in the markets or bitcoin. However the markets won't always go up. And even if they do go up, might be 5 years before some investments finally turn a profit, what if you need the money in 1 year. Do you sell at a -20% loss.

Right now bonds are good investments however, if inflation doesn't go away those are risky also since the value of the bonds can go down also and you can lose money that way.

crypticj

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Of course. You should always save money even if you are wealthy already. Don't forget that there never be enough money. And the more you have, the more you spend, so it's a good idea to keep saving in case all your money sources will go away one day for some reason.

And you can also use this money to give them to your kids when they will be older, which is good too.

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Quote from: nimogsm on March 31, 2023, 05:19:56 PM

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.

I had different moments in my life when the financial condition was both stable and not.One thing I can say for sure, it just doesn’t make sense to save money,it’s important to make it work for you.As for saving,this is a good habit,but it is also important that it does not go to extremes and cut your income in everything.It is important to set yourself a financial plan and clearly plan all future purchases,then you will have to save much less.

At all situations savings give hands, which is the best part of savings. With investment we've got the risk of losing as well as making big profit out of it. When we're in need if the investment we've made is at loss, this surely hurts us and we won't be able to do anything better. Even at such situations savings will help. Whether one is wealthy or managing to live a life with what he/she have, having atleast a very small portion as savings regularly surely helps in need.

bastian466

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

In my view, you are already better than me, while I have a steady job but it's hard to save. Financial restrictions have been tried and the results are many unexpected things so that the savings run out. By not being burdened with installments, my life is even more extravagant because I don't feel any financial pressure, so the feeling of saving is getting smaller. try to better change your mindset and lifestyle so that in old age it is better not to worry about financial problems

Mame89

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Quote from: rhodelmabanal on March 31, 2023, 02:43:26 PM

saving is very important because not all the time that our body is strong sometimes we got sick and it needs medication and medication needs money we need to save for emergency reason because we dint know when we can face the emergency situation saving money is not only for wealthy person we can also save even if we are in the middle class or even we are poor we can still save if we wanted to save.

Yes, I agree that saving is also necessary for emergency savings and meeting daily financial needs. But if the goal is to prepare finances in the future or in the long term. Bitcoin investment has the potential to provide greater benefits compared to saving in a bank. Because I think investing doesn't have to wait to be rich, to be rich we have to invest.

Both of these are actually equally important in managing finances. Saving helps us build emergency savings and meet short-term financial needs, while investing helps you prepare your finances for a more distant future.

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