Topic: Take care of your money and learn to save. - page 5. (Read 2856 times)

Actually, this doesn't only apply to money, but to all the assets we own. We have to take care of everything we have, including money and even health. The reason is that when we have a lot of money but we are sick, sooner or later the money we have will run out because we have to go for treatment, while the money we have may not turn over if we are the head of the household.
I see a lot of rich people who have certain illnesses and they don't even enjoy their wealth. They can't even eat like healthy people because they have to avoid certain foods and can only eat certain foods. So in my opinion we have to take care of everything very well.

Parents who have high knowledge will also tell their children to invest because saving under certain conditions will not be able to change anything and will not be able to bring wealth forever. Just a small example, when we want to open a business that can provide us with an active income, of course the amount of capital required at this time is very different from the amount of capital required by previous people who had not experienced inflation or increases in the price of goods. So apart from saving, everyone should also be able to invest because it is also a way to move towards a better direction and can also bring wealth.

This is the importance of sufficient research and knowledge before making decisions or choosing investments haphazardly, because it is also the same as saving where each person does not have to rely on just one of their savings. But you also have to rely on savings in the form of assets so that it is easier to get the wealth you want, as well as investments which generally need to be researched first before actually being chosen as something we will rely on. Because after all, investing has become an important thing for everyone to do.

Indeed, saving is an important thing in life, everyone generally has to work hard to be able to achieve the desired wealth, because of course everyone definitely wants wealth. And to achieve wealth or live comfortably they have to work hard including by saving money. Because saving is also one of the aspects related to wealth. If with investment not everyone understands it, but with saving I think parents also teach their children from an early age to save.

Investment is important, but if you want to invest, you must have good knowledge and understanding, don't just invest, especially now that there are many fraudulent investments that only take advantage of one party.

No one expects anyone to earn profits from savings but people used to think that when you have enough savings, you will have enough money to buy a house, a car and other thing you'd want and in a way they are correct. Saving is as important as investing, imo.

But people should really look at the bigger picture. Investing will not just make you be able to afford things but can actually make you richer than you have ever thought of.
I don't think any country is safe from inflation, but some countries have indeed low percentage of inflation due to a relatively stable economy.

I do not understand why people focus only on saving instead of investing. Investments are capable of giving us high returns but expecting profits from savings is absolutely foolish. Again depending on the country and the economic condition of the country the value of money from savings decreases a lot but if the economic condition is stable even if the value of money does not decrease no money production or growth is possible from money.
As the population of the world is constantly increasing, investing in land property today will provide good returns and is one and surely profitable sector. Moreover those who are currently involved in cryptocurrency can get better profits with less risk by investing in Bitcoin.

That is something that is absolutely necessary for anyone to look after because as long as the money can still be used in good places and also for more useful work, of course we have to look after it very well. Because money that is used wisely can definitely take its owner in a better direction and can also provide quite good dignity if the owner is successful enough in the business field that he is doing with that amount of money. So you yourself will never lose if you continue to look after your money very well and use it very wisely.

Money doesn't allow to be insulted, if you don't respect it, it will punish you. I learn too that I shouldn't have to permit myself to lose earned money, one time that some money make a part of any of my accounts, that money is mine, so I have to give it the suited importance.

Debt is something that will complicate life, it is certain that in their daily lives they will definitely feel pressure and tension for fear of not making money that day to pay various bills, although some things cannot always be tolerated such as paying installments for something they really need in life such as electricity, or water, but sometimes mindsets and lifestyles often trap people in various pressures, it is the same as they create problems for themselves. Spending money or getting into debt for something that is really needed in life is indeed a natural action if you cannot or do not have the ability to buy it in cash without leaving debt, but often most people these days prioritize prestige by buying various things or items that they don't really need, meaning that many people prioritize wants over needs, which makes it difficult for them to move forward and maybe their daily lives will only work to pay various installments, meaning that when your expenses exceed your income that you do on purpose then obviously it will only cause various pressures.

Later on, these people will understand that it is better to live your life without debt, even if your life is so simple without luxury. Rising everyday to work just to pay for your debts. That's not a life that you will want for you for the rest of your life. This is why it is understandable that some people will sell all what they have and move to a countryside and just live within their means, not worrying about mortgage and other monthly bills. Some go off grid and just buy a trailer truck. You are freeing yourself from other material things that you don't need in life.

Right, you mentioned the advantages of investing which is one of the simple ideas that we can get an increase in the value of our money over time, while saving obviously has the risk of being affected by inflation that can occur at any time, meaning that if our goal is to accumulate money in the long run then it is better to invest in whatever assets we know and that we trust. And on the other hand it's actually not a problem to save as long as you don't save for the long term, or the intention is for something we are aiming for in the future, because of course inflation will continue to reduce the value of our money, so if you really want to save then it's better to use the goal for the short term or for example for an emergency fund for the next month just in case of some unwanted things such as for example you or anyone in your family experiencing illness where the savings can be useful to fund hospital costs without having to interfere with the usual living needs of you and your family for one not the next before you receive new income.

So there are three things you should prepare for in this case, first is obviously saving money for all the costs of needs that have been calculated for the next month for example, and second is saving in the short term to solve unexpected problems, and third is investing some other amounts in assets that you trust in the long term with the aim of achieving financial freedom in the future as you said.

QFT

100% Correct.  Government and society encourage financial illiteracy.  Debt (student loans, car loans, credit cards) will keep most people in debt slavery and poor for their entire lives.

A high credit score is not a measure of success, it is a measure of how good a debtor you are.   Your goal should be to be totally debt free and build your investments and other appreciable assets.

What you want is a high net worth (net worth = assets - liabilities)  that's easier when your liabilities are zero and not actively working against your wealth building.   

Some middle to lower class people will of course prioritize their daily needs compared to saving because the income they get from the work they do is not enough to be able to think about saving and investing and they can survive on the income they get, however if they have enough income, of course they will be able to try to set aside part of the income they earn to save and even invest, and some of the upper middle class will of course be able to use some of the income they have on things that can benefit them as you have mentioned, but if they are not good at managing the income they have, of course they will spend more on their lifestyle and not think about their future.

By buying a plot of land, of course this will benefit us, but we have to have a lot of money because the current price of land requires a lot of money to be able to buy it and if we really want it, of course we have to be patient in saving so we can own land.

Just as not all fingers are the same, we cannot all be wealthy, but we should do everything possible, not to fall in the lower class because it is not a good experience at all, the economy is no longer friendly, and the more we are making money, the more we are speeding it, and what this is telling us is that we need to do more, one source of income is no longer enough, and we need to have ideas on how to be able to generate more income. That is what we have gotten into because food prices are going up. and one way or another, we must eat. and anyone who is spending money on lifestyle now should be talked to and advised, especially a lower or middle class person. i see contributions on savings as better than even investing the money, no matter how little it might be, Investment will always go the same way the economy is going and it will fetch you more money Just think of a business where the demand is moderate, and that way everything will go well, Instead of saving money without usage, the only money I keep in my bank is to be used.

That is very true My dear Mate, most times we Dont take Care of our money And also we Dont realize what It means To save because of the nature of people that surrounds us just like you have called them here fake friends. In life there are virtually people who are very close to you because of financial benefits and they will keep on forming friends till the money finished while there are a set of people who are also closed to you whether there is no money or there is money. But the hallmark of this is that we should learn to save money when we have the opportunity of having enough money in our possession instead of throwing it around with friends just to impress them. And It is better you Dont have money At all than To have money And finished It entitely because you must virtually regret It So savings is the only sure measure To ensure a better tomorrow .

Indeed, the tradition and culture of saving is taught from an early age, it is the basis of success, we can take the example of how China invests and saves for their children from childhood to adulthood.

I remember a wise saying someone said.

Here it has meaning, savings or investment money really has a deep meaning for someone, to determine their future, remembering means good luck, not remembering means bad luck.

Investing is indeed better than saving. Because investment can increase the value of the money we invest. But saving us only accumulates money. But money itself will not increase in value. In fact, the opposite. That is, currencies tend to experience inflation either slowly or quickly. So saving is not recommended in cases that could be affected by inflation. Unless our savings are in other forms such as gold bars and the like.
I also prefer to invest rather than accumulate money in savings. Because from investment we can expect financial freedom in the future. But the most important thing is that we have to invest in several things. And don't invest in just one thing.

Yes, bro, when our economy starts to stabilize, the thing we have to think about is how our money can move to generate profits with a decent turnover, however, a lot of money will run out by itself if we can't manage it well, it will run out in vain. , so we have to put in various investments so that our money keeps moving and generates profits, and we can also, as you said just now, by buying a plot of land in various places, because that is also for future investment, also buying gold will make We have savings for the future, because every year the price of gold continues to rise without having to worry about inflation, so be smart about saving money so that it doesn't go to waste.

Yes it is different if you keep your money in cash while saving, but due to economic downturns many times if you keep the money in the bank you will lose some value of your money due to inflation. In order to invest properly and get a good profit you must first select the investment projects be it bitcoin, land, gold like precious assets. As I said about these three investment projects here three are quite suitable for investment but there are risks. Bitcoin price always goes up and down so investing here requires a long process from which a good profit can be made. If you buy land or gold, it may take 4-5 years to make a good profit. All investments have risks, the rest depends on you how much risk you are willing to take.

From my experience seeing the condition of society, there are lower, middle and upper economic classes. The middle to lower class will find it difficult to save because money is always used for necessities. For the middle to upper class it is also divided into 3, spending money on lifestyle, business and investment.

And if what we are going to discuss here is how to take care and save money, then the most appropriate choice is to buy a plot of land. It will always be profitable even forever. We also don't need to bother paying administration every month, and only pay annual taxes.

Definitely investing is better than saving.

In saving, your money will not grow but instead it will actually decrease in value due to inflation. But investing has the potential to give you double, triple, or even quadruple your money if done right. There are risks of course but we can manage them well if we just study these risks and try to manage them the best that we can.