Topic: Should you save, when you are wealthy? - page 17. (Read 1991 times)

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.


If you want to be rich, of course you have to try hard to achieve it, there are many ways to get rich, we must be able to take advantage of every opportunity that exists to get wealth, not just doubting yourself and always worrying too much like that, it will make you pessimistic and eventually become lazy.


Remember Bitcoin can indeed help someone financially and even get rich but the most important thing is only if that person can really use it in the right way.


You don't need to think about when you will be able to achieve it, but what you have to do now is try hard to find every opportunity that exists and maybe it's better if you look for a permanent job first to be able to set aside some of your income to buy Bitcoin again and maybe you can set aside some also to open a business with great potential for profit.

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.

Learn how investment works and how passive income works, by this you don't need to save much money because you are able to create a money machine that can give your profit from time to time. Have a good business, or real estate they are the ones who pays good money passively.

Saving can be tiring as well, so in order to get out of that situation, better to invest more than to save. Learn more about crypto market I also believe that this can be a good place to have your investment, in time you can make a lot of profit where you can use to build your own passive income.

You cannot increase your capital by savings.  Bank savings interest only offset the depreciation of money due to inflation, thus it is not worth considering to save in banks just to increase our capital.  We need to invest. setup busines, let money works for us to produce more money.



You cannot become rich by saving money.  More or less that savings will be used either by buying stuff or in an emergency situation.  You need to invest when you have the capability.  Investment is what makes a person rich and gain financial freedom.  So if we are wealthy, we must invest either in creating a business or market investment and let our money works for us.

exactly. There's this destructive notion from back in the day which still persists up until now that if you save, you'll become rich. Which is hardly the case nowadays, back then sure it would've worked stupendously but now? not so much. Saving as of this day and age seems to me as a form of securing your future for emergencies, not as a means for you to get profits from. How you are able to generate money from what you have lying around though is what would make you wealthy in the modern setting, to that I agree with you. Saving up assets is basically investing, so you're telling OP to invest his money on assets, not save them because if you SAVE, you are basically setting the proposition that it's for fiat, and you're doing it so you'll have money for when you need it. INVESTING on the other hand, is in this headspace where you are putting your money to work instead of you, so you EARN.

Saving alone doesn't make you wealthy in a sense where you don't need to worry about the things that you want to obtain or financial restrictions as per your term. You need to find a business or an investment where the money will work for you and generates a growing income stream as time passes by.
No matter how you save, when you retire, all those savings will be spent and those funds you've spent has no way of coming back especially when you spend it to things that the value depreciates over time, like cars and gadgets.
So, as early as now, you should start planning your first step on the investments that will give you unlimited income stream if you want to become wealthy in the next coming years.

I'll give you some advice based on what my parents did. Don't save up in fiat money, save up in real assets. Buy land, bitcoin, collectibles. You can buy comic books, coins, gold, whatever you like. All of this is better than fiat money.
Think of fiat money like a liquid asset that you can exchange at any second for anything because it's accepted everywhere but this feature comes with a tax which is called inflation.
You pay every day for the ability to exchange fast. Other things don't have this tax. Even real estate that is technically taxed is still better than fiat money because property is taxed but gains value with inflation, so as long as the tax is lower per year than inflation, you're gaining value on everything you hold.
My parents were saving money all their lives and they also bought some houses and apartments. 30 years later their other properties are worth more but their savings are worth much less.

also, how i look at this scenario is, as long as you are living decently, without debts and have your own abode- that's more then enough to be grateful with your life. if you will be pushing yourself to be rich in terms of money, that would be a stressful one. ask yourself, why do you want to be wealthy? if you can buy what you need and you can eat what you want, what more can you ask for in this life? being wealthy has a lot of things to take care of.
but if you have the ability to store assets, why not tangible assets?

I believe a person cannot become wealthy without disciplining oneself to cut expenses and save money. The question is “are you saving wisely”. Keeping aside a certain amount every week/month in the bank isn’t going to change your financial situation. The money is just sitting there idle, the banks do not even give reasonable interests on savings account. In my case, I live in Nigeria but I don’t save my money in my local currency instead I save my money in usd. This helps me double my savings faster when the naira falls against the US dollar. I’m saving but at the same time it is an investment.

You cant blame them on having this kind of approach specially if they do know that they do have lots of income sources on which they are really that not minding on what money that they would have tomorrow because they do know that there's something that they could harvest or expect on.

Its true that savings does plays a great role when it comes to financial back ups and conditions on which we might really be able to make use of it but when you are that wealthy
then its unlikely you would really be having  your own savings which same as you said.They could buy things all they want on spot, they could cash and dont take up loans whenever
they are interested on something.

When it comes to saving when you're making money, I once read that when you make money and invest it, you're putting it to work; when you make money and save it, you're putting it to rest.

This alone causes me to rethink how I'll spend and save my money when I get some. Everyone wants to save for the future, but when you save money, it will remain that amount for many years, with the only change being inflation. However, putting it to work could earn you more money, but it could also be risky because you could lose it all while putting it to work again.

These are, in my opinion facts, and are too good to be false. So just do what will be the best and hope for the best.

If ever i would come into a point on which i did able to make money and reach out on a condition on which im that rich or financially free, then i wont really still that be skipping out on making up savings because

we know that no matter how rich you are and if some shitty situations and scenarios that could happen which would be affecting your overall finances then you would be fucked up if you dont have that kind of savings just because you are confident enough not to have one because you do have in mind that you could really still able to survive and sustain even if you dont have the money.This is why
its up to you if you do look on this way or not but of course if you are really that rich then it wont be shocking that most people would be having this kind of mindset.

Being able to afford what you want is what is called wealth to me. I don’t go with the ideology of just saving and not saving on ones selves. There are people that invest or save at the detriment of even their health. As long as there’s death lurking around no matter what one saves he might have to leave some around. Some of these left over funds are sometimes not even used by ones kins.

It is hard to reach a certain age where feels comfortable of not getting more money. So you can’t be that wealthy because even those wealthy people worried about accumulating more either to top the list wealthiest individuals.

Nonetheless it is important to save at our youthful age just to have a comfortable old age

You are no longer saving but doing business if you already have a level of wealth. For people who have reached this level, saving is no longer important to them, because what they are after when they get to that level are investments and business. Savings are widely used by middle-income people, because doing business or investing requires large capital to start, at least that's what happened in the previous perspective?

1. Take chances in bitcoin and you will see the results.
2. Aspects of purchase can be set in any amount.
3. Can maintain investment value in the long term.

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?

I guess the most important thing that will go against us is time. If we will have the knowledge that we have right now as far as generating wealth, they we could be rich when we are young. But the thing is that it takes some time and understanding to do it, so it's hard to achieved it. Unless when we got our first job and learn to save, then maybe there will be a point in time that the money that we save throughout the years might be enough for us. 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.

You have a point if we are still strong we need to save money so that if we become weak we can have the money to pay our expenses, there are big advantages when we do savings because if there is an emergency and we need funds we don't need to get a loan to pay the expenses because we have our own savings, getting a loan for an emergency is a very worst part or option  because loan has an interest and you need to pay it, while if you have saving you can you can avoid it.

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.

Saving is like a training that you should be responsible and have a discipline with how you handle your money. You won't be wealthy by just saving because that will be defeated by inflation.

But instead, start investing or create a business that will give you stable income and that's how you can enjoy being wealthy. As you save, your money is in the bank and what's next? You'll spend it for those wants that you won't necessarily need eventually.

It's okay to treat yourself but make a principle that it's not going to be that much for you like buy those sneakers that you want.

Copy what the rich people do, they use money to make another money. That's why investing is going to make you wealthier and will give you a lot of freedom.

The speed of converting what you save into money generates for you what makes you rich. Saving alone without financial knowledge is not enough, especially if you are from a country with a government that does not manage financial policies well, which will cause excessive inflation and an increase in real estate prices that make investment a dangerous thing.

• If you have a commercial background, with a little risk, you can make a quick profit.
• Bitcoin is one of the shortest paths if you are planning a long-term investment for more than 10 years.

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.