Topic: The savings problem - page 4. (Read 1932 times)

Even the tech industry is kind of in a position right now that had to fire hundreds of thousands of workers. So it's not a sector where job growth is currently increasing. Many young people that were hopeful to a career got fired and have to start over in a market where ghost jobs are a thing now... All this happening while everything becomee more expensive and salaries remain stagnant. This has contributed to even so called "middle class" incomes from a decade ago not being able to save much if anything in the last few years.

Definitely. If you're not working in an industry where salaries get increasingly better over time like in tech, you'd be hard-pressed to even find the time to save up even a bit for emergencies, let alone save up for anything big like cars, houses, etc. It's not impossible to live yes, but getting beyond that would be the hard part.

Well, that's for the people at the bottom anyway. Some people who can't save up simply can't because of all the subscription-based payments that they have every month and might seem small at a glance, but it takes up a pretty sizeable chunk especially if you're living close to minimum wage. And because of the idea I pointed out before where it's hard to go beyond just basic living e.g. save up for a car, or house, people seem to just accept the idea and indulge in said subscriptions since it's for their enjoyment. That, or they take big loans so they're always under debt.

People who don't have the mindset of saving because it is very possible that since childhood they have never gained knowledge about it so that from childhood whatever money they get will be spent on many things that are important but usually more on things that are not important.
The fact is that saving won't help us beat inflation, but usually, people who can't save for whatever reason won't be able to invest either, because if we can't save money that we can use it at any time, what's more, investing which we can't use at any time, takes time until the investment gives us a profit, so if you want to be successful as an investor, start by saving because that is how we are disciplined with finances.

I've observed a common trend among people around me prioritizing spending over saving. They often spend their income on immediate wants, like frequent cafe visits, leaving them with little to nothing for saving at the end of the month. This suggests that the issue might not be an inability to save, but rather a choice to prioritize immediate gratification. Unfortunately, this can sometimes lead to lifestyle-related debt.

I agree that our purchasing power has been declining, making home ownership a distant dream for many on minimum wages. However, renting isn't without its benefits, offering flexibility and potentially lower upfront costs.

While I'm unsure if radical changes are necessary, I believe our generation can still achieve a fulfilling life by prioritizing needs over wants. By focusing on essential expenses and mindful spending, we can build a more secure financial foundation and create a future aligned with our values.

Also, Inflation makes the rich become even more richer. Those who are below the social stratification will always be the ones who's going to suffer when there are financial crisis and rapid inflation rate. People will need to be wise in how to save their money these days, otherwise even the savings are not safe from inflation. It's really hard to see your hard-earned money that's being saved and gradually losses a portion of it's purchasing power.
Yeah, this has been happening all the time and every year the inflation has become even more greater that the wage increase can't catch up with it. 


Banks will depreciate all savings over time, regardless of the annual interest of your total savings. Bitcoin for sure is one of the safest asset where you can put some of your savings into to prevent it from losing a portion of it's purchasing power.

Its not actually hard to save but it all depends on how the mindset of every individual works. If you are fond of spending your salary even to those unnecessary things, and think that taking a loan could save your financial problems, then you can hardly save that way. You will never start to make initial steps in saving if you never stop borrowing money. While taking a loan can also be helpful, but most of the time it can be destructive to our finances and deprived us from saving our spare money.

that's true, even though we have a job that generates a large income, if we can't manage our finances well then I think the money we earn can run out without knowing where it's going, this happened to my friend, he has an income every month that he can use. said it was big, but he couldn't manage his finances well so when chatting he asked about his money which always ran out somewhere, and I advised him to record every expense, because I think this helps him if the money he uses is clear. used for anything.

and also with that, I think we have to avoid spending that is not necessary or that is not very important, because I think there are people who buy things because they want to, not based on their needs, so the things they buy are only used for a short period of time. , this includes unnecessary expenses. In my opinion, by recording expenses, we can divide which part is for basic needs and for saving, because saving is not just for the future, of course this can help us overcome something that happens suddenly. such as an accident that requires medical costs, the savings we have can help with many things.

there are many layers as to why people find it difficult to save

a. they dont see how even saving $1 helps so they dont bother saving anything
b. they have never felt "bottom" and too used to their level of lifestyle and dont want to change
c. their ambitions are too high to see direction to achieve even a step closer to ambition
d. their upbringing, (social/cultural/schooling) never taught them about budgeting/economics
e. consumerism is taught, DIY/homecooking/self repair is not taught

alot of kids were raised to just expect to ask parents for money for no chores done, no work. thus grow up expecting things to just be handed to them without effort. expect new clothes/gadgets on demand, expect funds to appear in their hands

when people do work. they set that as their "survival" amount. they always want more. they dont imagine going back to real basics of living on less and saving.

..
so heres a challenge for everyone reading this.
look at your local governments very basic unemployment social security payment amount. and set yourself a challenge to pretend you are this month unemployed and having to live on that low low income.
see what you need to do to make that low budget work for you. see how your grocery shopping habits change. see which entertainment costs/subscriptions suddenly feel less important. see if you start caring about lighting/heating being on 24/7. see if you branded clothing really mean that much to you
and then see if you really can save money/live within your means

The big evil wolf in your financial fairy tale, inflation, is an economic reality caused by government actions and market forces. It's hard and incomes struggle, but that's only part of the picture

Great idea on savings and investment as inflation protection. However, don't simplify. Ways to make money work are just as important. Diversification, risk assessment, and strategy are essential. Jumping on the latest investment fad won't work. It involves market, economy, and human behaviour knowledge

Everyone's affected by inflation. It can be mitigated by knowledge, strategy, and action. Let's not rush to victimisation. Educate yourself and make decisions. This is how you defend

Inflation is a tool that is used to prevent ordinary people from achieving a comfortable life. Goods and services are constantly becoming more expensive, this happens all the time, but their incomes are growing comparatively slower, so the standard of living is gradually declining.

You need to save, without this you will not be able to create capital, but you must make sure that your savings work and are protected from inflation, this is the only way to save and increase your funds. If you only save and keep your savings in a safe for a long time, they will only depreciate over time.

Everything have increase in ×3 or 4 and the income of people still remains the same,  it is not even easy to meet up with daily demands. With the terrible economy now and increasing inflation from time to time I don't think savings is the best because currency is losing value constantly.  This is the time to invest atleast to bring more profit instead of living it in the bank.  Saving to invest is very important for the future because know one can tell what the economy can be like after now, if it will get better or worse. This time the best thing to do is to look for a way to increase the income to meet up with the needs and to invest some for the future.

This is something that isn't being talked about enough today. I just hope people can find some way to adopt accepting bitcoin as a payment so the ones that can't afford to accumulate and save or HODL can at least have some type of strategy for BTC accumulation. I am definitely feeling the pressure from the increase in prices in bidenomics aka make america shitty lmao MAS.... he is catholic right? Lets make the slogan MASS like you're attending a church service and he has a religious obligation to completely screw America lmao. Anyhow, we wouldn't be in this terrible savings situation if it wasn't for good ole' Brandon!  LETS GO BRANDON!

This may be the wake-up call you needed. Dependent on parents? It's simple and comfortable. Independence isn't just a buzzword. The true test of adulthood. Are you planning to live under their wing forever? Wrong. It's about preparing for the harsh reality of life

Not rocket science, saving. It's discipline. Instead of that extra luxury today, it's choosing stability tomorrow. Yes, they're watching you while you study, but that's no reason to relax. Now is the time to study and grow. Financial literacy? It's essential. Investing? Start young, profit later. Never wait for a crisis to understand your unpreparedness. The future? You have it; use it. Being proactive, not reactive. Not only making money, but sensible choices

By having a job, it is not certain that someone can achieve their financial freedom, because if someone has an income and they cannot manage it well then it is very unlikely that they can have financial freedom and for those who are still in school and have parents who can afford to send them to school, of course they haven't thought about how to find a job that gives them an income because they still have parents who give them money for them to go to school, but for those who want to start a family of course they have to look for a job and manage their income well so they can save for the family's future. so they can meet their family's needs.

In my opinion, yes, we should not depend on our parents forever, because as we live, of course we will have our own family and that will be our own responsibility, and if we are married, in my opinion, that is not the time to still depend on our parents, because we have to can do everything responsibly. in my neighborhood there is a family that has just married but the man is still dependent on his parents, and in this way many people talk about him that he is a man who is not responsible properly, also the man's partner too felt embarrassed by the fact that her husband was still dependent on his parents.

In my opinion, if you continue to depend on your parents, even until you get married, it will bring conflict between your own family and even with other people. That's why I myself think not to depend on my parents when I grow up, as much as possible I should be able to earn my own money so that I can help my parents more or less and not be my burden on them.

Lack of savings is a serious problem that requires attention and action today. Factors such as increased spending on education, housing, and healthcare, along with consumer culture, play a role in people's difficulty in saving.

I'm referring to the stage where individuals are already financially independent, meaning they are already working. I agree that if they are still studying, they can still rely on their parents until they finish their studies. However, if it is about having a job or planning to start a family, they should strive to build their own life independently without the financial support of their parents.

Just let them be, why wont you be that depending into your parents? on which even if you do say that you are already capable but once you are still studying then you are really that still under their care and everything that you do need is really that their responsibility. Its not bad to have some advanced thinking about on something like this though on which the earlier you have become matured when it comes to investment and savings then the more better on which you could really be able to make yourself at least be able to handle yourself on situations on which it would be needed up later on.
Its not really that hard to save if you do really mean on doing so. If you are someone whose really that serious on achieving it then you could really be able to find ways.

There are really just those people who are just not mindful when it comes to future aspect on which they are really just that too confident that there would be no financial problems that they would be able
to encounter or they would really be able to face on later on which it is really that a very wrong mindset to have or thinking because sooner or later you would
really be on such condition or situation.

I believe that the lack of savings today is a serious issue that requires attention and action. Many factors, such as increasing expenses for education, housing, and healthcare, as well as consumer culture, contribute to people's inability to save money for the future.

However, at the same time, I am convinced that having financial savings is essential for ensuring stability and security in the future. It allows for solving financial problems, planning for retirement, and achieving dreams and goals.

That's right, relying on your parents, even if you're capable of supporting yourself, is not a healthy habit. Just because their parents are wealthy doesn't mean they should depend on them forever. Eventually, they will realize that it's not worth it. It's not just about what other people think of them, but also about their own ability to survive without their parents' financial support.