Should you save, when you are wealthy? - page 8.

Mr. Magkaisa

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Quote from: Haunebu on April 18, 2023, 10:29:49 AM

It all comes down to how much money is enough for you at the end of the day. Most people in this world are greedy as hell which is why they are never satisfied with what they have and keep wanting more.

The minority which includes me can control their greed by trying to reach a specific target and being satisfied with it. Reaching that target takes hard work, luck, dedication etc which is why reaching it is usually not easy.

This logic applies to everyone irrespective of how wealthy they are.

- If a person becomes really greedy, he will have no savings for the future, because the only ones who can save or save are those who have the qualities you mentioned such as hard work, self-discipline and self-control. do it correctly and properly.

But if you don't have these good qualities, for sure, even if you're rich, you'll end up just like those people who struggle to get money in life.

xSkylarx

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Quote from: uswa56 on April 19, 2023, 03:25:33 AM

Quote from: Obari on April 18, 2023, 10:15:00 AM

It is as a results of your savings that will make you wealthy I believe all wealthy men in this life had to make sacrifices by saving
Our income are put into place that will yield so that there will be enough tomorrow. Our main essence of ma King money is to be rich and always remain wealthy and this can be achieved by saving while we have the money
Your savings can be of help tomorrow when challenges like payment of school fees or hospital bills arises

rich people have gone through many processes so that they can become rich and it is closely related to saving, someone will not become rich if he has a wasteful nature.

Unless he just got rich because he won the lottery, which is probably the case, he will still lose it all as he has no knowledge of how to manage his finances. For sure, all rich people are able to become rich unless it was inherited that they will save and invest in something; it is really in their minds that they should always save; it doesn't mean that they are rich; they will become lazy in saving mostly if they have more money coming in than coming out.

uswa56

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Quote from: Obari on April 18, 2023, 10:15:00 AM

It is as a results of your savings that will make you wealthy I believe all wealthy men in this life had to make sacrifices by saving
Our income are put into place that will yield so that there will be enough tomorrow. Our main essence of ma King money is to be rich and always remain wealthy and this can be achieved by saving while we have the money
Your savings can be of help tomorrow when challenges like payment of school fees or hospital bills arises

rich people have gone through many processes so that they can become rich and it is closely related to saving, someone will not become rich if he has a wasteful nature.
and as you said, of course someone who is used to saving will continue to do so, especially if rich people are people who know how to manage their finances well.
and the statement that people who already have a lot of money (rich people) don't need to save money anymore because they have a lot of money all the time, I think that's wrong because everything is very likely to happen in the future so it's required for someone to prepare bad things that will occur.

Myleschetty

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Quote from: Obari on April 18, 2023, 10:15:00 AM

It is as a results of your savings that will make you wealthy I believe all wealthy men in this life had to make sacrifices by saving

Nah. You are wealthy as a result of your investment in reputable assets with good liquidity, particularly Bitcoin. The idea of saving to be wealthy was years ago when the government haven't printed an excess of fiat currency.

Quote from: Obari on April 18, 2023, 10:15:00 AM

Our income are put into place that will yield so that there will be enough tomorrow.

Yes, income putting in place or investment that will yield is a nice one.

ChiBitCTy

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As I've written a million times over on this forum, especially in the Economics sub board, please only take advice from someone who's licensed to give it. I'm not saying you have to be a financial advisor to be very good at finance, or giving financial advice, however unless one's licensed, how are you going to know if they know what they are doing or full of shit? Also, someone having a lot of money or hitting big on an investment or two does NOT qualify them as knowing what the fuck they're doing..so let's just make this clear to start.

Now to your questions, there's a million counter questions. You're kind of all over the place with what you're saying but yes, you should be saving even if you're worth hundreds of millions...(saving can also mean investing). Money can run out quick, and plenty of multi-millionaire have gone broke very easily..you never stop investing/saving!

Smartprofit

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In my opinion, saving money (denying yourself the pleasure of buying a comfortable and beautiful thing) is a very dangerous life strategy.

Money is made to be spent, that is its main function. Everything in our life is regulated by the law of equilibrium (in the science of cybernetics this is called negative feedback).

If you deny yourself the bare necessities, seeking to accumulate the treasured tidy sum of money, then in fact you begin to struggle with the law of balance. And it is very dangerous to fight fundamental laws. There is a high probability that in this fight you will suffer a crushing defeat. You may even get sick or depressed.

Instead, you need to allow yourself the small joys of life (vacation in other countries, beautiful clothes, delicious food, a brand new smartphone).

This encourages you to look for new sources of income. And most likely, after a while your income will grow.

tjtonmoy

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Quote from: juhobtc on March 31, 2023, 01:51:04 PM

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 depends on your situation. And saving is not a bad thing, and it doesn't require same amount of money every time, and also it doesn't have any particular time period in which you would put that money in your savings account. Save as much as you can, but also do not hold back when you really need something. We never know when we will die, and also don't know when any emergency situation will occur.
Keeping those two situations in mind, keep spending and also keep saving,at the same time. So that you can be prepared for any situations. Also, die without regrets.
Even when you are rich and wealthy, you need to have something for the emergency situation too. It is always the best choice to save no matter what.

Fortify

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Quote from: juhobtc on March 31, 2023, 01:51:04 PM

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.

The headline of the thread is a bit of a weird thought. The majority of those who might be considered wealthy have worked their way up and earned it, at least you would hope, so they've learned the true value of money along that journey. They will definitely have a small pot of savings, readily accessible and "liquid" cash, available to them - or at the very least they know they'll be able to sell off some assets quickly, whether that be gold or stocks. The vast majority of wealthy will have their money invested in the most reliable generating asset around, the stock market, which for centuries has been putting money to work inside companies and paying out the owners (shareholders) when the profits roll in.

Cryptomultiplier

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I think the wealthy would quite agree that one would have cultivated a good savings habit inorder to have amassed such wealth. Even when the reality that one is wealthy strucks, the habit of saving would become like a second nature.
Most bank apps and exchanges have come up with good savings program these days to aid its customers cultivate the savings habit, like Opay.
Opay is a banking application used to facilitate payment transactions including withdrawal and transfers and helps its users save a fraction upon completion of transaction.

mvdheuvel1983

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Saving is good but saving to be rich doesn't get you rich.
Rather saving for investment is what gets you wealthy. It is called - using money to make more money. This is what the rich do.
Proper budgeting will help you to have a proper balance between your savings and your expenses. You will be able to spend without worrying about overspending and you will be able to save without worrying about underspending. Besides, if you have your budget and still there is no balance between your savings and expenses, then it may be that you have an income problem. Another source of income could be the solution.

Wiwo

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Quote from: Husires on March 31, 2023, 02:13:22 PM

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 invest 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.

I agree with you Bitcoin is the truly the shortest and less inflated route to becoming financially successful in the short term and both long term just as you rightly said take Bitcoin as a sole investment and in the next 10/years from now you will be in a financial state that only you can understand but to others is maybe extraordinary.

Take those who lay down a few bucks 10 years ago, they are currently in a free financial state right now, with the number of gains they have made from that little investment, inflation could affect any other class of investment, but Bitcoin will remain an edge over such inflation.

Jody.Drummer

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Quote from: Pierre 2 on April 18, 2023, 01:24:34 PM

If you wanna generate easy money, you should keep saving even if you feel rich. Every penny/cent you save will return you more money in future if you use it in smart investment options. Bitcoin, Gold, Silver, other stock market options etc. I always say that I wish I had more money when I was younger. I was very poor. I needed to save a lot to become lower middle class. In other words, I owe anything I own to saving money and my investments. I suggest all people around me to spend your money wisely.

Now there are many options for saving, one of which is in the form of investing in bitcoin for example. But the problem is when we are young we don't really realize this. For example, I didn't realize that I had to start saving at that time, and I preferred to enjoy money and even used it for useless things. But at one point I was having a hard time financially, at that time I thought maybe if I save money when I have money, then I won't have a hard time. Indeed, sometimes we need to feel difficult things that make us aware.

BVeyron

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Quote from: juhobtc on March 31, 2023, 01:51:04 PM

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.

Some people are born rich, so they never experience any need, I think many of them will never spend all the money they have. As for people collecting money and goods throughout the life, they are eager to have some money, since most of their goods are bought after collecting some small sums. They collect, then buy, then collect at a higher rate because of higher income and so on... The other problem is the currency to collect, since now most currencies including dollar are not reliable enough, especially in long-term savings... So I assume now the property and items of high quality are real values which are worth collecting.

Pierre 2

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If you wanna generate easy money, you should keep saving even if you feel rich. Every penny/cent you save will return you more money in future if you use it in smart investment options. Bitcoin, Gold, Silver, other stock market options etc. I always say that I wish I had more money when I was younger. I was very poor. I needed to save a lot to become lower middle class. In other words, I owe anything I own to saving money and my investments. I suggest all people around me to spend your money wisely.

Altryist

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Quote from: Fesatmas on April 18, 2023, 01:05:16 PM

Yes, I agree with what you convey, that the rich will always save and definitely save for their wealth to live long and as a form of maintaining wealth, regardless of greed and/or not being enough as human beings, everyone definitely wants to pass on their wealth to their offspring so that they live properly, that's what makes rich people keep saving and maybe the threat of rich people is bigger than people usually when they lose money or assets that are owned or businesses that may need more funds to cover losses and that requires a savings fund for that kind of thing However, it is necessary to realize that saving for the rich and ordinary people is different.

I wrote about this before, it should become a habit, no matter what level of wealth you are now. When your level of wealth is low, it is understandable that you will find it difficult to save any significant amount, but you will be able to develop a habit. For the rich, this will be easier because they are likely to have significantly more income and have more money left over, so they will need to deal with the issue of investing funds, but they will also use this habit so as not to spend everything they earn.

Flexystar

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There could be many thoughts to this. Primarily one can assume we are so rich that we can keep spending all the time. However, there would be someone else who might put the money at work and keep multiplying but at the same time keep enjoying the life by spending it.

Now, there could be another thinker who would use money wisely. He may not spend it vigorously but smartly. For example they may think about their generations ti come. The family which is prospering under their roof. They might make plan to leave handsome amount of money behind so that their children’s and their children’s and may be further gen can enjoy it as well.

It’s up to you how you wanna use the wealth you have. You got all the options. Also don’t forget, you can spend as much as you want but money is something that never makes you stop spending it.

Fesatmas

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Quote from: Aanuoluwatofunmi on April 18, 2023, 11:56:54 AM

What keep the rich people wealthy is their savings culture and their versatile business orientation that they work with time to time, it's very easy to get rich but maintaining it is very difficult because if you were once poor and becomes rich, you wouldn't want to taste any bit of poverty again and what you must do is to ensure you make the best utilization of every opportunity placed ahead of you for being rich and manage those resources, save up and make divers investments.

Yes, I agree with what you convey, that the rich will always save and definitely save for their wealth to live long and as a form of maintaining wealth, regardless of greed and/or not being enough as human beings, everyone definitely wants to pass on their wealth to their offspring so that they live properly, that's what makes rich people keep saving and maybe the threat of rich people is bigger than people usually when they lose money or assets that are owned or businesses that may need more funds to cover losses and that requires a savings fund for that kind of thing However, it is necessary to realize that saving for the rich and ordinary people is different.

Aanuoluwatofunmi

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What keep the rich people wealthy is their savings culture and their versatile business orientation that they work with time to time, it's very easy to get rich but maintaining it is very difficult because if you were once poor and becomes rich, you wouldn't want to taste any bit of poverty again and what you must do is to ensure you make the best utilization of every opportunity placed ahead of you for being rich and manage those resources, save up and make divers investments.

Haunebu

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It all comes down to how much money is enough for you at the end of the day. Most people in this world are greedy as hell which is why they are never satisfied with what they have and keep wanting more.

The minority which includes me can control their greed by trying to reach a specific target and being satisfied with it. Reaching that target takes hard work, luck, dedication etc which is why reaching it is usually not easy.

This logic applies to everyone irrespective of how wealthy they are.

Obari

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It is as a results of your savings that will make you wealthy I believe all wealthy men in this life had to make sacrifices by saving
Our income are put into place that will yield so that there will be enough tomorrow. Our main essence of ma King money is to be rich and always remain wealthy and this can be achieved by saving while we have the money
Your savings can be of help tomorrow when challenges like payment of school fees or hospital bills arises

Topic: Should you save, when you are wealthy? - page 8. (Read 2000 times)