Topic: Should you save, when you are wealthy? - page 3. (Read 1993 times)
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.
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
The benefit of saving is to keep our finances safe, by saving we are not afraid of losing money if we carry money anywhere, it is impossible for us to save money at home because it will always make us worry if it is stolen or robbed, it is better to save money in the bank even though it does not earn interest or money growing.
Rich or poor, one should save money whenever he/she can. Saving only won't be enough though. You should also invest your money so it can grow. Otherwise that money will lose its purchasing power to the inflation. Buying crypto, stocks, gold, real estate... all of those are better than saving FIAT. It is even better if that asset is creating a streaming cash flow. Real Estate is great for that purpose because you can find a tenant and make a passive income. Lots of people self-retired that way. Why go to work when your assets do it for you?
That's right. And in fact, people who have become rich are actually people who have succeeded in managing their finances and they are certainly used to saving and investing. And, of course, saving in fiat is something that is always avoided by people who really understand the centralized financial system, which is always affected by inflation from year to year. So that rich people prefer to save their money in the form of precious metals or gold bullion. And more of their assets will be placed in investments as you mentioned. Because investing in a field that can provide passive income is certainly everyone's dream. and those who are rich have succeeded in doing so. and we must imitate them if we are to improve our lives. The answer is yes because you being wealthy does not mean that your finance can't decline, it very important for everyone to save wether you are reach or poor, that's why the rich is always in search of lucrative investment because of the fear of being poor, the rich look for more money by investing in different things in other to keep their wealth by so doing they are practicing savings in disguise.
There are also instances where those rich people are like addicts to earning money, meaning they want to earn more. As you know, if you are earning a lot, you will now want more, and being rich means you need a lot of things to be paid for, so if you don't find another source of income or your earning keeps slowly declining, then that is a huge problem. Also, regarding saving, if you are rich, you can now easily save as you do have a ton of spare money.
The answer is yes because you being wealthy does not mean that your finance can't decline, it very important for everyone to save wether you are reach or poor, that's why the rich is always in search of lucrative investment because of the fear of being poor, the rich look for more money by investing in different things in other to keep their wealth by so doing they are practicing savings in disguise.
But it's the different way of what the actual rich people does, they also do save but not entirely their wealth on savings but in investments. I still want to save money and that's a yes because having cash ready anytime you want to spend it on anything is always the best guarantee that you can have and it will give you a peace of mind. While it's easy to say that the poor people should also save you, you'll never understand their situation if you have never been into their shoes, they barely save and they barely have investments and everything that they're earning is being allocated to their needs for daily survival and food. 
Savings can be grouped into two. saving to prepare for an unforeseen need, and saving to make that money grow. therefore try to save money used for investing, you should not use savings for daily life or savings funds to guard against sudden needs. logically if we invest without involving daily money it will maintain our psychological stability so that it is not affected by high fluctuations.
Because of the high rate of inflation in my country it would be very unwise to save money for a long term.
I do save money, but I do it to solve short term problems, like pay for house rent, buy a gadget, etc. And it usually within 2 to 4 months. Yea, there should be money kept aside for rainy days. I don't think saving is a bad thing, but saving when you can be investing that money is not prudent. Instead of just leaving the money to be sitting pretty in the bank, we should put the money to work. That money should be able to grow and bring more money for us in the long run.
Also, because investing is good doesn't mean we should just dive to any available investment scheme we see. We have to be careful and research thoroughly before we put our hard earned money into anything.
The answer is yes because you being wealthy does not mean that your finance can't decline, it very important for everyone to save wether you are reach or poor, that's why the rich is always in search of lucrative investment because of the fear of being poor, the rich look for more money by investing in different things in other to keep their wealth by so doing they are practicing savings in disguise.
actually if you can do it simultaneously it's very good, because saving with the aim of securing funds so that it can indeed be safe when needed. if you can do it at the same time as investing, it will obviously be more supportive, even though investing always has a risk compared to saving in a bank, the profits from investing are better than saving, of course. it is not easy and requires seriousness and very high attention if you want both to be done simultaneously.
If you're looking for a lightweight investment with low risk, start considering gold as an excellent long-term potential. In fact, gold remains a solid choice even if you're planning for retirement 40 years from now. Its value is unparalleled, and the risks associated with it are not as significant as those with Bitcoin. Gold has the ability to preserve value and withstand inflation.Even parents who have little knowledge about investments can opt for gold as a better and less risky form of savings. You don't need to delve deep into studying numerous aspects to choose gold. While there may be news about gold, the inflation of fiat currency is far more severe.
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
We must be sure that the needs of life will continue to increase, if we don't save then we will experience difficulties, saving certainly makes the future and old age fun, but we must remember that the best thing besides saving is investing, by investing we can get extra income so that it makes our money increase or passive income.
Rich or poor, one should save money whenever he/she can. Saving only won't be enough though. You should also invest your money so it can grow. Otherwise that money will lose its purchasing power to the inflation. Buying crypto, stocks, gold, real estate... all of those are better than saving FIAT. It is even better if that asset is creating a streaming cash flow. Real Estate is great for that purpose because you can find a tenant and make a passive income. Lots of people self-retired that way. Why go to work when your assets do it for you?
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
We must be sure that the needs of life will continue to increase, if we don't save then we will experience difficulties, saving certainly makes the future and old age fun, but we must remember that the best thing besides saving is investing, by investing we can get extra income so that it makes our money increase or passive income.
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
Saving is certainly the best solution for us, if we can save then we will make the future better, most people spend payday for pleasure so that when there is a problem such as illness or out of work then they do not have money and have to sell assets or debt.
In my opinion, if our income (salary) is still small, you don't have to push yourself too hard to save. but yes, we still have to save according to the rest of our salary per month. because there is such a thing as emergency spending later. then for investment, it can be for self-development and also for health. these two things are very important for us in the future.
Actually there is a wiser way to do these two things at the same time, for example if someone who works for a small salary in his life wants an investment for the future, then all he has to do is save to have investment capital which is then used when it is sufficient for investment. And thus he will not be so pressured to save because in the end he will also have an investment in his life even though he has to struggle with time in the process of saving.Quote
don't let it be because you want to save a little because of small income, we have to live unhealthy. eating low-nutrition food that in the end all diseases come to us. expenses are even greater.
Consideration of one's own health is also important in living life and work activities, but it is also not an obstacle for those who want to save money and want to invest in their lives through the process of saving. Because the way is certainly there as long as there is a strong desire and will within each one even though it has to go through a slightly longer process. 
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
I think saving is important, but that doesn't guarantee that you will be able to survive in old age by just saving money, you need passive income which can give you money regularly. investment can be the answer to this, because instead of saving money, you save stocks/bonds which can give you passive income or when you need it you can sell it to get fresh funds, and it can give you a bigger return.
or you can try to save on bitcoin assets and when you need it you can sell it quickly which can give you a much bigger return than what regular investments offer and with that money you can enjoy old age in peace.
Saving will not guarantee us in old age. But the investment is risky and can even cause us to lose all our savings, investing is no guarantee we will generate passive income if our investment fails. Why don't we choose both? We have both a savings and an investment for the future. That way, we can limit risks as well as create passive income. That's also my plan for my old age, small savings and a few investments in bitcoin, gold.
For me, diversification has always been the most important thing.
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
In my opinion, if our income (salary) is still small, you don't have to push yourself too hard to save. but yes, we still have to save according to the rest of our salary per month. because there is such a thing as emergency spending later. then for investment, it can be for self-development and also for health. these two things are very important for us in the future.don't let it be because you want to save a little because of small income, we have to live unhealthy. eating low-nutrition food that in the end all diseases come to us. expenses are even greater.
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
I think saving is important, but that doesn't guarantee that you will be able to survive in old age by just saving money, you need passive income which can give you money regularly. investment can be the answer to this, because instead of saving money, you save stocks/bonds which can give you passive income or when you need it you can sell it to get fresh funds, and it can give you a bigger return.
or you can try to save on bitcoin assets and when you need it you can sell it quickly which can give you a much bigger return than what regular investments offer and with that money you can enjoy old age in peace.
Saving won't make you rich, saving is a great strategy to help anticipate unforeseen needs that make it easier for you to access that money in an emergency. In the short term you won't make much money saving, but you also don't risk losing it.
Make money work for you if you want to create wealth, there are many ways you can do one of them by investing. Do with what you have learned because it is very important to your financial situation. Fluctuations in the price of crypto assets are normal, you must be prepared to take risks if you want to create wealth through the investment channel.
Savings can be one of the stages of achieving the goal, but not the goal. If you are able to create a source of passive income from your savings, then you can achieve financial freedom.Make money work for you if you want to create wealth, there are many ways you can do one of them by investing. Do with what you have learned because it is very important to your financial situation. Fluctuations in the price of crypto assets are normal, you must be prepared to take risks if you want to create wealth through the investment channel.
How long it will take, it will depend on each person individually, on his ability to earn, on his ability to create sources of passive income, on his desire, but I am sure that if you follow this, then everyone will be able to become wealthy at some point.
The one who earns well, but does not save anything, or does not create sources of income, in the end will only squander everything he has earned and be left with nothing.
You arent wealthy unless you save, however you cant save plain cash as its losing value often. But to have savings is generally going to include stocks and bonds beyond plain cash I think is fair. Some say their house is their savings I dont disagree with that though variety is required, a few would say a house is a liability not savings but depends how you play it as you can improve a house which is a form of self improvement I think in the same category as savings imo.
A house can go two way, it can be a liability or an asset, it all depends on the purpose of the house, a house where you live with your family is likely more of a liability because you would have to continue overtime spend money to keep the house in a good shape, as well fix many parts that's are dilapidating due to aging..But on the other hand, an apartment used solely for business, like a shopping complex, a shopping mall, apartments leased out/rented out for monthly or yearly income, is no doubt an asset because it is a major source of income to its owner..
This is what I think concerning a house either being an asset or a liability.
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.
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?
Make money work for you if you want to create wealth, there are many ways you can do one of them by investing. Do with what you have learned because it is very important to your financial situation. Fluctuations in the price of crypto assets are normal, you must be prepared to take risks if you want to create wealth through the investment channel.
Yes for me it is important to save even if we are already wealthy. Saving money can provide financial security and help us achieve our long term financial goals. It is important to have a plan for your money and consider how you can use your wealth to support future needs. One way to save is to create a budget and stick to it. This can help you identify areas where you may be overspending and find ways to cut back. Another way to save is to invest money in assets that can grow over time such as stocks and real estate. It is also to consider the potential risks associated with your wealth. Unexpected events such as job loss or medical emergency, can quickly deplete your savings. Having an emergency fund can help you with this kind of situations.
Savings can be grouped into two. saving to prepare for an unforeseen need, and saving to make that money grow. therefore try to save money used for investing, you should not use savings for daily life or savings funds to guard against sudden needs. logically if we invest without involving daily money it will maintain our psychological stability so that it is not affected by high fluctuations. Jump to: