Topic: Should you save, when you are wealthy? - page 7. (Read 1992 times)

Everyone wants to achieve financial freedom, how is the process and when will it happen, no one knows, because many factors influence it, such as information obtained, experiences that have been passed, relationships and so on.

I seriously agree with you no matter the amount of money in anyone's possession I always advise them to save I use to make reference to when I was in elementary school having a piggy bank and developed the habit of saving no matter how little it is, this has saved me several times and I think the fixed deposit is also a very good idea since there is interest attached to the whole saving and you won't have free access to it which is the goal you can keep topping it hope then at least at the end of the year you can withdraw your profit and keep the business going.

Saving and investing is what had made many persons we see today rich and wealthy. The market has it own risks and what could make us immune to that is when we have savings that can boost our businesses when the necessity comes onboard. When we have huge amount of money in our portfolio, we are nit going to bother ourselves in bank loan that can be very detrimental if we get the loan from bank and our business still crash out due to lack of funds and market inflation. Since fund is needed for anything we want to do, then there should be a right time for saving.

from the perspective of someone who is living with this kind of country's environment, i can guarantee that this is true. well, to be exact up until recently did our government's decided to start doing campaigns as to how to manage our financial earnings. before no one would care less about where do you put your money or what is your method of saving your money, while some have their own personal savings literally like a piggy bank they kept for years only to find out their money is no longer accepted even on the highest central banks in our country. our ancestors always remind us to save, and yes there are some who followed that advice like i've said earlier only to end up regretting in the end.

Saving keeps a person financially secure to some extent. But I have never seen a man become rich by saving until he starts investing. A man usually sets aside a small portion of his income for saving. Nothing big can ever be done with that money. But those who decide to invest slowly from now on can be known as good entrepreneurs after some time. Again there are some people who are not interested in saving or investing even though they have enough money. According to me when a person is financially sound then he should invest in various financial activities.

It’s my habit to save money,when I had huge income from different resources.It’s recommended one to all of you.Because by saving huge money,you can live the old age with peace and no need to depend on your son for your expenses.You can live like a King when you have enough savings on your bank account.In current world,we are need of more electronic gadgets apart from the basic needs.We need of mobile phone,all the people in a family will have separate phones.So we need to spend huge money to buy mobile phones.We need of motorcycles separately to all the people in the family.So it added another expenses apart from the basic expenses.After all this expenses,one should save some money for their future.

Bro, creating a fortune with no support from parents like in the form of money, support, and property in these severe economic conditions seems almost impossible. And i can genuinely understand your condition because i also do not have any permanent job other than doing work here on BTT, and i haven't used a single penny for personal needs. Like, my laptop is not working due to a fault in the charger, and one of the keys on the keyboard is hard to press even after repair. Pixels on my smartphone are broken from one side that sometimes my phone auto touches itself. These are the severe needs that i know i have to fulfill even though i am wasting my money on many other things. which indicates that you should save your money when you are wealthy but also should fulfill your needs unlike me.

I have some advice for you even i myself don't follow it but i have reasons, and the decision depends on facts and figures so that you will not regret it after. Which is, you should not depend on only BTC to become rich because that could be full of disappointments for you even if you have 2 or 3 BTC. if you have in tens then that's good but i don't think so that you have in tens (no offense). You need to get a job where you can learn skills to start earning daily from clients. you need a progressive mind to become rich, first set a target to achieve then make a plan and strategy and timeframe for it then start it. This will increase the rate of success. You should get ideas from influencers' life or by reading books.

Those latter parts are for real.

The wealthy peole are having no chill with what they currently have. They keep on grinding and working smartly to preserve their wealth because they know that it can be gone too quickly.

All of the wealthy people that I've seen that's into an interview, they have the same words and common tips about making money and being rich. It's all about investing that needs to be highlighted and that's the reason that sent them to riches.

In my own estimation whether you decide to save now or when you are wealthy the crucial thing to keep in mind is that you must have a financial goal and plan. It should be realistic and be backed up by pragmatic action. And do you know one thing with being wealthy is that you have to keep fighting to stay wealthy. To firmly secure your financial future. And this can be achieved not just through saving but also through investing.

So true. The bigger the money we hold, the more opportunities we can enter with that money. and the opportunity to earn more income is also higher. that's why the rich get richer. And they also sometimes have ambitions that are much higher than the habits of ordinary people. And somehow but sometimes the hobbies they run also make them earn more income. but what is clear is that the rich are more diligent in saving but they are also good at turning their money around.

The concept might be how ready are you to spend capital to do business or investment and the question is where do we get big capital for it all? to people who want to start a business or investment.

It is impossible for a low-income level of society to build a much better financial level, unless you try hard to use old savings for business or investment. Not against it, but it's hard to achieve a strong level of financial returns, when so many people are faced with the problems of economic turmoil like now.

Yeh mate, your question is very funny because I know that everybody who is very affluent should save money because saving is just another way of protecting oneself, if you save money today money might save you tomorrow.
In my observation, both rich and poor people are trying to build more assert for themselves self and their families so their children will not stay poor, and talk more of the poor ones.

to become a rich person and have everything, of course, has a tiring struggle and many processes to go through. and not as easy as turning the palm of the hand.
people who have more finances, of course, still use a frugal lifestyle, that is, they still save or continue to invest so that their financial value continues to grow. and it is done by people who think clearly .

I know that most wealthy people in the world have savings, but what the savings is meant for differs according to their scale of preference. What distinguishes them is their investment plans and action

No matter how rich a person is, they must think about their future and I'm sure that rich people are wise people in managing their money, regardless of the choice of investment or savings that they use and want, of course everyone wants to have savings and that's very important.
and for me personally, even before I was rich I had prepared small investments and savings for urgent needs in life, it's all about thinking in the future.

Even if you have enough money to buy anything you desire, you should still set aside even a small portion of your wealth for the future. If you still want your money to work for you, you may always keep it in time-deposit accounts or on accounts that build interest over time (certain government-backed investment programs do this). Better to be safe than sorry because you never know when all of your money will be spent or when your investments will suffer. Furthermore, when contrasted to what you are actively investing in and increasing your money on, what do a few hundred thousand or even a few million dollars tucked away really mean? I believe it won't harm you if you keep it for security reasons.

The rich will always diversify their funds from other investment that means savings isn't an issue to them infact interest earned from various fixed deposit in banks is enough to serve as savings, while the poor saves for the future not necessarily to become rich afterall how much is their monthly income to even have extra funds for savings? The poor can only save little of their income and accumulation of the funds wouldn't make them rich. It's take extra effort in term of establishment of business and  expanding to thrive thereafter the owner will become rich or other form of massive investment.

Saving is a necessary step when your monthly income exceeds the calculated returns from your investments. Of course, the bigger your paycheck, the quicker you may cease saving. When all your assets can generate more income than your salary, it's time to invest.

Suppose you aim to invest in a company that guarantees a 7% monthly return. Currently, you're earning $2000 per month working for a company, and you have $10k in savings.
If you choose to invest your $10k savings, you'll only earn $700 each month. This is significantly insufficient to sustain your life (in a big country's average standard).
You need to have at least $30k in assets to generate a $2100 income without working, which is the investment target to aim for.

Save until your assets are ready to be invested.

Savings can be not only boring, if you will thank yourself for achieving your goal, with some kind of gift, than what you longed for. It should always bring some positive results, otherwise it will become boring and quickly get bored.

The richer we are, the more opportunities the money that we save from our income can give us, because this will create even more cash flow. The more money you have, the more you can earn.

For me it is very unwise if people who feel they are already rich no longer need to save, because any money or assets that have been saved will always be used up if used repeatedly even though it takes a long time to spend it all. But I think everyone still has to save even though they are considered rich by others or considered rich by themselves.

Because the goal of saving for the rich is usually slightly different from the goal of saving for the poor, because the poor are clearly saving to get rich, while the rich are saving to open a new business in some places they like. This means that saving is part of a good process with each goal setting and every good process will never be in vain if it is done repeatedly.