Topic: Should you save, when you are wealthy? - page 2. (Read 1993 times)

In principle, it has a certain strategy pattern in managing money, people who work for money they have financial rotation on income and needs and for satisfaction in enjoying their lives, but different rich people who have a certain level to get money, they also save but their language is holding cash for emergency funds that are determined for a certain period of time, and then the rich have another income strategy from the management of money, SSay thinks the rich also work for money, but they have money that works for them too so that they have many sources of income that can be on The accumulation is stronger in financial fundamentals.

The term rich person is not saving, but an emergency fund or cash fund to anticipate unexpected things in business or other things.
But I am wrong with this discussion, saving and saving (buying things that are needed only) in English have the same language.

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.

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.

Even rich people has their own savings, it is allocated in different forms that's why their younger family members tend to inherit what they are already been working and the amount of money that they got throughout the years in their business. I knew some still working as ceo in their company but having a very work life balance. Everyone needs to have a savings and everyone needs to know that emergency funds is much needed.

there is indeed a difference in mindset between ordinary people and rich people. Rich people prefer to make their money produce more for them. So their type of savings is not saving and left exposed to inflation. they don't do that. they prefer to save in an investment that has the potential to bring them more income without them having to work too hard. they make money work for them. different from ordinary people who work for money.

Only wealthy people Can save or invest depending upon their priorities in life ,poor or middle class ant do these things they hardly cover their expenses with their income.
Saving is good but investing is better to increase your wealth. 

there is indeed a difference in mindset between ordinary people and rich people. Rich people prefer to make their money produce more for them. So their type of savings is not saving and left exposed to inflation. they don't do that. they prefer to save in an investment that has the potential to bring them more income without them having to work too hard. they make money work for them. different from ordinary people who work for money.

I believe we should everyone have some money set up for unanticipated expenses. I believe that you should strive to invest more than just save your money at some time.

Having emergency funds on hand is one thing; saving without a specific goal or plan is quite another. When you put extra money in the bank, it simply implies you don't know what to do with it (invest in), and this is where the rich and investors come in. They take your accumulated savings and go out and play with them in the hopes of making more...so they exploit your combined savings to make themselves richer because you don't know what to do with your money.

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.

Even rich people can go bankrupt if they are not able to manage their finances well enough in life. That means saving money in life has become a very important thing for everyone, especially for those who are still poor, so they really have to be able to carry out extra savings in their lives because those who are still poor will not be able to have something they want if they their life they still use money more extravagantly without remembering to save it for the future.

Yes, I also think that if a person can save something from his monthly salary then he can do something good for the future. There are some people who can't calculate anything for which they are good in life.  Can't but to live well in our life we ​​need to do some calculations and save some money.

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.

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.

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 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.

It is wise that one invest their wealth in something meaningful to generate more wealth or income if you may like and to talk of using a house as a means of savings, I would agree with you that it can go in two ways just as you have stated.

If one builds a house and calls it a savings then u would not argue with the fact that one built a living house because some people sees that as evidence of their wealth and therefore would want something to show for it which a house is not a bad option and in the long run, the house can still be sold out to get money from it which might likely not be same figure one used in building it to finish together with the maintenance costs but the truth is that the house saved for you some cash which was recovered through the sales.

Another is building a house for commercial purpose which I see as a direct investment to generate income or wealth if you may like. This could be in form of hotels, estates, apartments etc which one can use to generate income annually which is not a bad idea to go with.

So therefore, your idea of a house being a liability or an asset can be justified.

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.