Topic: Should you save, when you are wealthy? - page 4. (Read 1991 times)
Savings is a very good idea because noone know tomorrow. Some people survive in their old age because they have save earlier
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.
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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?
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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.
No matter how rich someone is, he / she should keep save their money or assets. It can do by investing their money into stable assets like gold or anything else. So, although you are rich you should have idle and saving / investment proportional portion of your money. 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?
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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.
People are mostly talking about "even if you are wealthy, if you spend a lot then it will end so you need to save" but that has nothing to do with saving, that has only to do with spending, so the logic is "do not spend more than you can afford to" applies to someone with 100 bucks on their account, and 100 billion elon musk type of person too. If Elon Musk bankrupts twitter, sells Tesla shares and get out, and blows up a ton of spaces rockets, then he will be eventually poor too, yeah he will still do better than us, but he won't be who he is. Saving is different, I think you shouldn't save when you are wealthy, in fact you should be in minus, because when you are wealty, you could have 100 million in cash, and 150 million in debt, they will give you that as long as you spend that on something logical, I would rather see that a lot more.
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.
If you want to achieve your life's dream of financial success, you can't merely concentrate on achieving it by taking various investment risks that may result in rewards without understanding how to save money for rainy days in case your investment fails. People do not simply store money in the hopes of becoming wealthy in that way. They saved because, in the event of an emergency, they would rather utilize the money to tackle the problem right away than risk damaging their investment. 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.
As for me, I do both invest and save simultaneously due to the unknown variables that can arise in both investing and personal life.
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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.
You aren't 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 don't 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.
Saving money is not a fast means of getting rich, when we have the opportunity to invest wisely our money. Most wealthy men live from the returns of their investment. Just like you pointed out a house. A man who rented out his house, yields more wealth while the other person that saved money to build a house to reside, is not getting any dime from the house he's built. So, if we spend our money wisely, we'll earn more money. Think about some websites that earn more money than a rented house, and the website owner didn't spend much money near to what the house owner spent in building his house. What do we gain to watch money stay idle in the bank, as if it was made to sleep in the bank. Investing money is like taking control gradually over our money. That doesn't mean we should spend everything investing money, no. But it's wrong to believe in saving money until we become weathy, that's risky for our offsprings.
Wealth is not a function of savings but of investment. Investing your wealth is a class of its kind. If someone decides to save their wealth then I see no issues with it as there are lots of ways in which one can save but creation of wealth at such stance is what is expected to generate more wealth. I can attest that the wealthy people are always ready to invest if the opportunity avails itself rather than savings, they are always at the helms of affairs looking for the latest investment to get involved with so as to generate more wealth rather than saving it.
Op the topic should be "Shall you save, when you are wealthy?" And not Should. Now in "should " probability, you are asking if the person saved when he was Wealthy. But by using the "Shall" is futuristic. If the person will save when he becomes wealthy. Op when you are wealthy, there is no need for you to save because you have already saved enough that is why you are among the wealthy. So planning to save when you have already gotten enough as wealthy man is an irony. It is only rich people save and not wealthy people.
Saving is the hope of being able to make our future better, unfortunately many people don't care about saving so they spend money on things they don't need, apart from saving of course the most important thing is investing so that we have the opportunity to get big profits in the future.
Almost everyone actually realizes that saving is important to do. It's just that the majority of them are still many who haven't been able to get out of the habit of living extravagantly and buying things they don't really need.A thrifty lifestyle is sometimes not easy to do when you are used to an extravagant lifestyle. It's just that it can't be allowed. And getting used to living frugally can be done slowly. that is, starting with getting used to setting aside money for savings, even if only in small amounts. but done consistently.
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.
You are rich if you save. As if it doesn't make sense if by saving you can become rich. Saving is very important in case there is a sudden need in the future. And it's true that if you keep regular cash, it often drops in value sometimes. The mistake that almost everyone makes is to save their wealth in the form of movable goods such as vehicles whose value will drop dramatically at any time. And that can happen because they cannot distinguish between needs and savings, so keep in mind that a vehicle is a need and buy a vehicle appropriately according to your needs. If you want to save and the value continues to increase, you can store it in the form of immovable assets, such as several sections of land whose value continues to increase.Perhaps the true saying is that you are rich if you invest. if you invest and understand the knowledge then your wealth will continue to grow, so start investing like buying bitcoin, crypto and so on. Without forgetting to keep saving.
The concept of "enough" is really subjective and varies from person to person. It is true that some individuals are motivated by excessive greed and are never satisfied with what they have, constantly seeking wealth and material possessions. However, not everyone falls into this category. Many people have specific goals and financial goals that they want to achieve, and once they achieve those goals, they feel fulfilled and satisfied. This does not necessarily indicate greed but a desire for financial security, comfort, and the ability to fulfill their aspirations. So the pursuit of wealth and financial success should be accompanied by self-reflection and a clear understanding of what really matters to you.
The wealthiest men on the planet somehow couldn't get enough. You can observe it from what they do because after having billions and countless properties, they desire power after. Look at the richest guy up there like Elon. Although he is rich, he is now beginning to turn to politics. Its never enough.
For people who starts now, I guess you just have to do what you gotta do. You'll reach up there if saving makes it but maybe also avoid over spending.
The concept of "enough" is really subjective and varies from person to person. It is true that some individuals are motivated by excessive greed and are never satisfied with what they have, constantly seeking wealth and material possessions. However, not everyone falls into this category. Many people have specific goals and financial goals that they want to achieve, and once they achieve those goals, they feel fulfilled and satisfied. This does not necessarily indicate greed but a desire for financial security, comfort, and the ability to fulfill their aspirations. So the pursuit of wealth and financial success should be accompanied by self-reflection and a clear understanding of what really matters to you.
Let's say if you managed to have a billion dollar then it's more than enough for living the luxury lifestyle for all the remaining days of your life but money making is a habit so one who is doing it well can't stop doing it further. We saw rich donated all their earnings to charity like Warren Buffett or they keep investing on new things to make the world better like Elon.
So it's like no matter how much we make its going to be not enough which means we are going to keep doing what we have done successfully.
So it's like no matter how much we make its going to be not enough which means we are going to keep doing what we have done successfully.
Having a money-saving strategy can be thought of as a form of storing and allocating money. Without a proper reserve strategy, setting aside money for future use becomes difficult. Financial management skills play an important role in this process, as people who are well trained in managing their money are more likely to reserve and save in different situations. It is true that some people may lack proper financial management skills, which can make it difficult for them to save or earn money effectively. Financial literacy and the ability to make informed decisions about money management are critical to saving and earning money successfully.
Saving is the hope of being able to make our future better, unfortunately many people don't care about saving so they spend money on things they don't need, apart from saving of course the most important thing is investing so that we have the opportunity to get big profits in the future.
All of us want to be free from financial problems, and nowadays there are many ways to do so that we can enjoy life without any burden for finances that we face today, before knowing bitcoin saving is indeed one way to prepare us so that later in the future we can be free from financial problems, but now I am more sure to invest in bitcoin because bitcoin can indeed give us a surprise in the future Ahead, so now never hesitate to continue to collect Bitcoin, so that later we can enjoy life without thinking about the problem of our hudup costs that are always not met properly, rich people must have investments so that the assets owned continue to grow until old age later.
I am also like that, I chose bitcoin as a saving or investment option for a very long time. But I don't just put it in one pocket, but I also have savings besides bitcoin. For example, when I want to save 30% of my income, 20% I set aside to buy bitcoins and another 10% I keep as reserve money. Because for me, when I put all my money in bitcoin it will also be a risk, because I don't know what will happen if at any time I need money. It is an advantage if when you need bitcoin money the market is in a bull market, but when it is a bear market, there will be a dilemma too, whether to sell or not. That's why I divided the place for my savings, so that I can avoid that risk.Saving is good but investing is better to increase your wealth.
Even the poor can save, no matter how small it is, or like cents, it is still savings because you are putting it aside for the future. But talking about who is going to accumulate big savings, that is very different. Yes, the poor or middle class have a hard time saving because of our expenses, but even with a small amount, even those who are jobless can still save, as long as the amount does not matter. But the problem is that if your goal for that saving is huge, like, let's say, buying stuff to start a business, it will take time or be difficult to reach because you are just saving a few cents, unlike if you really have a high income or spare money, then you can accumulate it in a short period of time.
Being wealthy doesnt mean that you wouldnt be saving up because we know that we cant really be having that funds forever or something that called unlimited funds.There would really be a time
on which we would really be having those lack of funds because of certain circumstances on which it would really be just that right where saved funds would do its job or its purpose.
This is why whether we are poor or rich then savings or money that would or should be kept is really that important for some future purposes or usage.
But wait, there's this cooler phenomenon I gotta share: 'micro-investing', the new Internet sensation. Picture it as the swankier, much-buzzed-about cousin of micro-saving. Micro-investing platforms let you put your small stacks into the game that would otherwise have just been lounging in a savings account, gathering minimal interest. With micro-investing, even the smallest bits of cash can land a spot in the financial market, providing an opportunity to grow.
Yeah, saving's a crucial part of the money game, can't deny that. But I reckon it's time we warmed up to these contemporary financial moves that open up the market to everybody, irrespective of the size of their bank balance.
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.
If we are referring to a house as a property, it can indeed hold value as a form of savings depending on one's purpose for purchasing the property. The current rise in property prices is influenced by factors such as monetary inflation and the surrounding environment. This means that we can consider property as a means of preserving our wealth, and people often refer to it as an investment.Every person needs at least one home for shelter. Additional homes can be purchased for savings purposes, or perhaps even for inheritance.
Saving money when you are rich, help you to build a standard foundation that will make your wealth not to reduce than to keep improving because you have made a good decision to save on Bitcoin which is the best way to maintain a wealthy life. As long am still alive, I will continue saving my money on a potential coins that will make me feel better when am getting old so that I will not find anything difficult to get when I want it in the community. Both poor and rich men is good to save in Bitcoin so that whenever there is a massive inflation in the country they can fallback to their savings to get something good.
All of us want to be free from financial problems, and nowadays there are many ways to do so that we can enjoy life without any burden for finances that we face today, before knowing bitcoin saving is indeed one way to prepare us so that later in the future we can be free from financial problems, but now I am more sure to invest in bitcoin because bitcoin can indeed give us a surprise in the future Ahead, so now never hesitate to continue to collect Bitcoin, so that later we can enjoy life without thinking about the problem of our hudup costs that are always not met properly, rich people must have investments so that the assets owned continue to grow until old age later.
I am also like that, I chose bitcoin as a saving or investment option for a very long time. But I don't just put it in one pocket, but I also have savings besides bitcoin. For example, when I want to save 30% of my income, 20% I set aside to buy bitcoins and another 10% I keep as reserve money. Because for me, when I put all my money in bitcoin it will also be a risk, because I don't know what will happen if at any time I need money. It is an advantage if when you need bitcoin money the market is in a bull market, but when it is a bear market, there will be a dilemma too, whether to sell or not. That's why I divided the place for my savings, so that I can avoid that risk.Saving is good but investing is better to increase your wealth.
Even the poor can save, no matter how small it is, or like cents, it is still savings because you are putting it aside for the future. But talking about who is going to accumulate big savings, that is very different. Yes, the poor or middle class have a hard time saving because of our expenses, but even with a small amount, even those who are jobless can still save, as long as the amount does not matter. But the problem is that if your goal for that saving is huge, like, let's say, buying stuff to start a business, it will take time or be difficult to reach because you are just saving a few cents, unlike if you really have a high income or spare money, then you can accumulate it in a short period of time.
Being wealthy doesnt mean that you wouldnt be saving up because we know that we cant really be having that funds forever or something that called unlimited funds.There would really be a time
on which we would really be having those lack of funds because of certain circumstances on which it would really be just that right where saved funds would do its job or its purpose.
This is why whether we are poor or rich then savings or money that would or should be kept is really that important for some future purposes or usage.
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