Topic: Try to save money while you still can, will you ? - page 16. (Read 2662 times)
It's painful to lose your work, especially if you have a family to support. Don't just focus on conserving money, as other members have said, but also broaden your income sources by taking on more side jobs or starting a business you enjoy. We can no longer rely on having a single job because we will eventually be replaced.
Saving money is very important while you are still working because of things like this we might not see coming. We have seen situations like this severely and it becomes difficult to cope when you no longer have monthly or weekly earnings coming in and you didn't have any savings. there is this popular rule, 50/30/20 rule so you can have something to fall back on while you search for another job.
Saving money becomes a problem when you earn as much as you have to pay for necessary expenses (clothing, food, shelter, medicine). Most of the population, unfortunately, lives from paycheck to paycheck. Here is how to save any amount of money in this case...
a person can only save money when he has a way and opportunities to get money because without job you cannot save money. Some people are wealthy through inherited wealth so they can easily make investemnt and can engage in some other business which will enhance their money. If he decided to leave his job then surely he has make his mind to do some other work, there are so many other people who work for their family in far area so its not good thing to leave the job for such reason.
Sudden changes occurs in life but it does not mean that we should leave all thing behind but we should take firm decision through thinking about each and everything. Getting job is very difficult these days so whenever you find some difficulties then try to tolerate them and do not loss hope. Patience will save you from making bad decision and one day you will be able to get for what you work hard.
Sudden changes occurs in life but it does not mean that we should leave all thing behind but we should take firm decision through thinking about each and everything. Getting job is very difficult these days so whenever you find some difficulties then try to tolerate them and do not loss hope. Patience will save you from making bad decision and one day you will be able to get for what you work hard.
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Regardless of whether or not there is a high inflation, we should always have savings for emergency purposes, may it be for sudden unemployment or health related cases or even sudden death.
We can have an insurance for this instances but it's also better if we could also put portion of our money in an investment like Bitcoin to avoid your money from depreciating too much due to the rapid inflation.
Saving is something that's really hard to do especially when you're materialistic, but one could never appreciate how much saving can save you from financial depression when a person is not in such situation. So, saving must have been the basic initiative most especially when you're already building your own family.
You need to ask him if he has a savings and what type of business does he thinks he can venture into for a start, if the capital is not enough you can support him with it or you help him look for a better job if he doesn't want to do business.
It is really difficult to venture to business if you just lost your job mostly if you dont have savings at all because you dont have capital to start but I dont know if we are the same but it would be better to help him find another job than do a business because for sure he was shocked that he lost a job so for sure he wasn't prepared at all. Just motivate him and if ever you found like job openings tell him or if you are currently working and there are openings in your company then it is better to recommend him
Savings is an old practice that has today evolved into investment by a lot of people this is so because money saved in the bank is definitely used by the bank to trade and do some transactions with it so it's better to always invest instead of savings the money
In my country currently only get 5% interest per year, while the government reports that inflation is more than 5%, of course we save money in the bank but don't get anything, a few days ago I got an offer to add to the bank's balance and then held by the bank for up to a year and rewarded with suitcases, bags, bicycles and so on depending on the value we will keep and hold in banks for up to a year.
5% interest per year is really good compared to cases in many countries, which can offset the inflation of 5% more or less. I never compare savings with investment because savings needs to be safe and provides a sense of psychological security. I don't really mind the term deposit for a year or two, as long as it is safely deposited in a reliable bank.
You need to ask him if he has a savings and what type of business does he thinks he can venture into for a start, if the capital is not enough you can support him with it or you help him look for a better job if he doesn't want to do business.
Saving money is very important while you are still working because of things like this we might not see coming. We have seen situations like this severely and it becomes difficult to cope when you no longer have monthly or weekly earnings coming in and you didn't have any savings. there is this popular rule, 50/30/20 rule so you can have something to fall back on while you search for another job.
Saving money becomes a problem when you earn as much as you have to pay for necessary expenses (clothing, food, shelter, medicine). Most of the population, unfortunately, lives from paycheck to paycheck. Here is how to save any amount of money in this case...
It is always wise to save money, we need to save while we can because we don't know when we can face an emergency, saving is good but if we save our money we need a lot of time before it will become big savings, i suggest to use the saving if there any, make a small business that don't need a big capital or invest in crypto, etc., There a lot of ways to earn not only saving.
Now it is very difficult to find a business that requires little investment. Most of the market is occupied by monopolies, which simply do not let new players in. And you can't keep money either, because due to inflation, money is constantly depreciating
There are some that require a little investment but obviously, you can't observe huge profits. If you are really serious about setting up a business with a small investment, you can try to be a street vendor, where you sell street foods or other items that can catch the attention of passer by. Street food vendors that often stations themselves on the school gates only need a small investment but I heard many are able to save money and improve or upgrade their business.
A good way for stable income, though it's very challenging and you will need to spare more of your time to estbalish your business and for people to get familiar with you, street vendor can be started with small amount of initial capital, there's no actual guarantee that it will click right away but if you manage to find the right product for the right venue, the chance of making good money is very possible to happen.
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Savings is an old practice that has today evolved into investment by a lot of people this is so because money saved in the bank is definitely used by the bank to trade and do some transactions with it so it's better to always invest instead of savings the money
In my country currently only get 5% interest per year, while the government reports that inflation is more than 5%, of course we save money in the bank but don't get anything, a few days ago I got an offer to add to the bank's balance and then held by the bank for up to a year and rewarded with suitcases, bags, bicycles and so on depending on the value we will keep and hold in banks for up to a year.
Savings is an old practice that has today evolved into investment by a lot of people this is so because money saved in the bank is definitely used by the bank to trade and do some transactions with it so it's better to always invest instead of savings the money
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
Hired work always contains risks that you can be fired, and you need to be prepared for this. It's always unpleasant, but that's the reality. Right now your friend would need savings while he looks for a new job.
My friend and his wife were in business and now they are forced to close their business, because the crisis has affected their activities too much. But I know that they have savings and therefore they feel calm while they think about what they will do next.
It is always wise to save money, we need to save while we can because we don't know when we can face an emergency, saving is good but if we save our money we need a lot of time before it will become big savings, i suggest to use the saving if there any, make a small business that don't need a big capital or invest in crypto, etc., There a lot of ways to earn not only saving.
Now it is very difficult to find a business that requires little investment. Most of the market is occupied by monopolies, which simply do not let new players in. And you can't keep money either, because due to inflation, money is constantly depreciating
There are some that require a little investment but obviously, you can't observe huge profits. If you are really serious about setting up a business with a small investment, you can try to be a street vendor, where you sell street foods or other items that can catch the attention of passer by. Street food vendors that often stations themselves on the school gates only need a small investment but I heard many are able to save money and improve or upgrade their business.
Like what happened to one of my friends who started this kind of business, we were shocked to learn that the rent of that place was soaring high. Later we found out that it was reserved to someone and the price was 2 times lower when that someone rented.
It is always wise to save money, we need to save while we can because we don't know when we can face an emergency, saving is good but if we save our money we need a lot of time before it will become big savings, i suggest to use the saving if there any, make a small business that don't need a big capital or invest in crypto, etc., There a lot of ways to earn not only saving.
Now it is very difficult to find a business that requires little investment. Most of the market is occupied by monopolies, which simply do not let new players in. And you can't keep money either, because due to inflation, money is constantly depreciating
it up.Its true that in todays world where monopoly turns out to be default on which it do make things even more harder for you to penetrate in, when you are tending to build some investment or business.
If you are really that have the plans then it is really that better.Savings is one priority since we dont really know on what would happen in the future.
There are really moments or situations which we would really be on a scenario on where we do really need funds or finances.
It is always wise to save money, we need to save while we can because we don't know when we can face an emergency, saving is good but if we save our money we need a lot of time before it will become big savings, i suggest to use the saving if there any, make a small business that don't need a big capital or invest in crypto, etc., There a lot of ways to earn not only saving.
Now it is very difficult to find a business that requires little investment. Most of the market is occupied by monopolies, which simply do not let new players in. And you can't keep money either, because due to inflation, money is constantly depreciating
There are some that require a little investment but obviously, you can't observe huge profits. If you are really serious about setting up a business with a small investment, you can try to be a street vendor, where you sell street foods or other items that can catch the attention of passer by. Street food vendors that often stations themselves on the school gates only need a small investment but I heard many are able to save money and improve or upgrade their business.
Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?
a decade is a long time for an employee in a company, your friend should get a large severance pay or compensation money for his loyalty to work in that company.
but sometimes some companies have never thought of giving appropriate compensation in accordance with the employee's dedication. I hope your friend can find another job soon or maybe try to start their own business.
Yes, that's right, regardless of whether we are an employee or have a business venture, we must be smart and wise in managing our money properly by saving expenses and trying to set aside all of our income for emergency funds, savings and investments. and we must not live with high prestige, we must live according to our means.
It is always wise to save money, we need to save while we can because we don't know when we can face an emergency, saving is good but if we save our money we need a lot of time before it will become big savings, i suggest to use the saving if there any, make a small business that don't need a big capital or invest in crypto, etc., There a lot of ways to earn not only saving.
Now it is very difficult to find a business that requires little investment. Most of the market is occupied by monopolies, which simply do not let new players in. And you can't keep money either, because due to inflation, money is constantly depreciating
Saving out of ones earn may not be easy in some countries. Imagine someone earning #25,000 in Nigeria and he's with 3 children. How do you think savings will be easy in such country.
For a lot of countries getting laid off isn't as hard as it could possibly be, especially if they don't have other mouths to feed, courtesy of unemployment checks, I suggest he look into a couple of other options for earning like what I did at the height of the pandemic back in 2020. I got laid off like all of you guys, and it was one of the worst times to lose a job too considering it's the pandemic. What I did instead of moping around and complaining about how hard life is is to not look for friends to borrow money from, but to look for opportunities in freelancing or whatnot. Fast forward to today, I have a pretty strong portfolio and have been serving a couple of clients consistently, and have been able to provide for myself and my family through freelancing.
I'm not saying everybody should go freelance because it has its own ups and downs, what I'm saying is that well if another door closes for you, you should go looking for another. The first step into solving your problem is to actually dust yourself up and do something about it.
I'm not saying everybody should go freelance because it has its own ups and downs, what I'm saying is that well if another door closes for you, you should go looking for another. The first step into solving your problem is to actually dust yourself up and do something about it.
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