Try to save money while you still can, will you ? - page 18.

bitgolden

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Quote from: FireDAOJackie_Z on March 10, 2023, 01:52:58 AM

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 ?

I started doing this again this month, I haven't done it in a while because I was fighting against debt and some life troubles but thankfully it looks like I finally have everything under control. Nearly no debt (just a small amount) and hopefully life troubles are behind unless some new one comes up.

But the realty is that saving money doesn't seem like an easy thing, not like I remember at least, it looks like a troubling thing in the end. I feel like we are talking about something that goes against humans mind, because having money but not spending it and living a worse life than you could if you spent it is always a hard thing in our brains.

Mario Yamasaki

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If we have clear goals then the best thing is to always maintain that commitment, always focus and never be tempted to spend money on unnecessary things such as changing gadgets, changing cars, and so on, remember that the future of the economy is unpredictable so we must always Make saving and investment a priority.

blockman

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Quote from: milewilda on March 13, 2023, 04:11:39 PM

Quote from: blockman on March 13, 2023, 03:55:41 PM

I am saving a little bit from what's left of me but mostly, I keep everything in my investments like bitcoin. But we've got the same reason, as you save for your future, I do invest for my future as well. I have the discipline in investing but whenever is cash in my hand, I have no idea how it's so quick to be gone. Cheesy

That's why the only way is to put that into investments so that I won't touch it anymore. We have to save and invest from now on, as we've seen the world's economy is unstable and we don't know what might happen soon. There's a reason why we should do that so whenever a turnover comes into our lives, we've got something that we can use in times of need. Whether it's from your investments or savings, you've come prepared to deal with it.

Savings is a must thing but not fully be put up in fiat form but rather it should really be put up on some investment like crypto or other assets like real estate or other investment which arent on fiat form which you do know that it could really be able to provide out some potential earning or income which you could really make use of on the time that you do really need it or simply that could generate more income.
We are really that prioritizing on things which we do really like specially on making money and able to survive into those hard time specially if its needing up some funds
considering that we are living on a world where inflation and recession is inevitable.

Yeah, inflation will be taking a big portion of its current value and that's why it's best to be placed into any investment that we understand. In my case, it's mostly with bitcoin and that's my savings that I'm treating right now. It may not be in the form of fiat but we know that fiat's printing during the intense height of the pandemic made its value lower due to its supply. Whilst for bitcoin, we're all aware that it's got a supply limit and its transparent on how many were in there in the economy circulating but we just don't know how many have been lost forever and that makes it worthier because it adds value to the current bitcoin in circulation now. I just don't know if I'll be selling if I want some or if I'd remain firm waiting for the next bull run and with the another bull after it. Hopefully that all of us meet for those next bull runs.

youdacapt

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Quote from: FireDAOJackie_Z on March 10, 2023, 01:52:58 AM

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 ?

While growing up, my grandfather used to define savings as a "lifesaver", as an individual if we face a difficult phase in life and theres not many people to help out. Our first and most important savior is our savings. My humble advice is that irrespective of how little or how much funds we are earn as individual, it is important to delegate little of it for savings either weekly, or monthly, or quarterly. It will always come in handy

milewilda

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Quote from: blockman on March 13, 2023, 03:55:41 PM

I am saving a little bit from what's left of me but mostly, I keep everything in my investments like bitcoin. But we've got the same reason, as you save for your future, I do invest for my future as well. I have the discipline in investing but whenever is cash in my hand, I have no idea how it's so quick to be gone. Cheesy

That's why the only way is to put that into investments so that I won't touch it anymore. We have to save and invest from now on, as we've seen the world's economy is unstable and we don't know what might happen soon. There's a reason why we should do that so whenever a turnover comes into our lives, we've got something that we can use in times of need. Whether it's from your investments or savings, you've come prepared to deal with it.

Savings is a must thing but not fully be put up in fiat form but rather it should really be put up on some investment like crypto or other assets like real estate or other investment which arent on fiat form which you do know that it could really be able to provide out some potential earning or income which you could really make use of on the time that you do really need it or simply that could generate more income.
We are really that prioritizing on things which we do really like specially on making money and able to survive into those hard time specially if its needing up some funds
considering that we are living on a world where inflation and recession is inevitable.

blockman

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Activity: 2940

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Vave.com - Crypto Casino

I am saving a little bit from what's left of me but mostly, I keep everything in my investments like bitcoin. But we've got the same reason, as you save for your future, I do invest for my future as well. I have the discipline in investing but whenever is cash in my hand, I have no idea how it's so quick to be gone. Cheesy

That's why the only way is to put that into investments so that I won't touch it anymore. We have to save and invest from now on, as we've seen the world's economy is unstable and we don't know what might happen soon. There's a reason why we should do that so whenever a turnover comes into our lives, we've got something that we can use in times of need. Whether it's from your investments or savings, you've come prepared to deal with it.

panganib999

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Hardship or not it's always best to save up and divvy your savings into different types. nowadays you can't just make a super savings account that would handle all your needs like emergency or investments, that's a death wish and would almost always spell failure for your savings. Either create one for conventional savings, and another for emergency, or basically everything else but make sure you have a separate savings account you can use for when shit hits the fan. That would almost always ensure that rain or shine, and even if you deplete your savings to its last penny, you still have a few other savings and you will not be zeroed out.

Little_Sister

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Quote from: jossiel on March 13, 2023, 02:56:56 PM

They know that inflation will kill the value of their wealth eventually so instead of saving all of their money in the bank, they set aside what's for savings and what's more for investing.

That's the reason why many of them becomes richer every time there's an opportunity to invest and they do it without any doubt.

They only take time to assess the risk if it's okay for them and that's it, as long as they know what they invest in, there's no other call for it and they spread it as much as they do to lessen its risks.

Saving at a bank will not provide benefits other than the interest offered by the bank, but when the impact of inflation causes the value of the currency to drop and we have to buy anything at a higher price. So it's better that most of your funds are diverted to gold and crypto investments, I have both for future assets and the impact when the two increase, we will see satisfactory asset values because the value of our assets will continue to increase.

jossiel

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Quote from: Fredomago on March 13, 2023, 05:36:55 AM

Quote from: jossiel on March 13, 2023, 03:56:31 AM

All rich people are aware of that thing and that's one of the reasons why they're financially free and good with handling money.

They know not just to save but also to invest and how to manage their stuff that relates to finances. Majority of the rich people didn't become rich through their luck but all with hard work and because they're also smart.

Learning from them will also give us the tip on how we should make ourselves from point A to point B as if we've got nothing into having something.

Majority indeed, they put their focus and time to find the best way to increase and grow their savings, not just an ordinary savings but they find the best way to invest and to make sure that they are working with the right investment, success depends from how they seriously take it and how they look for the right patterns.

If they put their money into business, they are not just put it without doing research and they really taking their time to make sure that they are executing their plans.

They know that inflation will kill the value of their wealth eventually so instead of saving all of their money in the bank, they set aside what's for savings and what's more for investing.

That's the reason why many of them becomes richer every time there's an opportunity to invest and they do it without any doubt.

They only take time to assess the risk if it's okay for them and that's it, as long as they know what they invest in, there's no other call for it and they spread it as much as they do to lessen its risks.

molsewid

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Quote from: huu78 on March 13, 2023, 11:41:00 AM

yes, we should understand and learn if a situation like this happens again, like your friend who lost his job and then he can't support his family, that's why if he has savings maybe he can survive for a while while looking for work or income from other sources.

Yes, we should learn to save and have some different allocation depending on its purpose. We should learn to separate savings for investment, savings for gambling if you are playing for fun, savings for emergency funds, better to have a different plan for health related so that allocation for emergency will not be used, it is really hard to save nowadays for people like me but I know soon I will have those, that's why I am working very hard and smarter now.

huu78

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yes, we should understand and learn if a situation like this happens again, like your friend who lost his job and then he can't support his family, that's why if he has savings maybe he can survive for a while while looking for work or income from other sources.

visionE2

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Quote from: iamsange on March 13, 2023, 04:55:44 AM

Quote from: FireDAOJackie_Z on March 12, 2023, 10:25:48 PM

With all due respect, I think what you said are basic theories that are suitable on paper. Savings is always a backup whether you do it for emergency funds or for big expensive purchases. Your preference on investment is good in general but can be very situational and individual. I don't believe anyone is meant for starting a business and to be honest, the chances of having a successful business for most people are too slim. Reality teaches us to be realistic and be prepared for the unforeseen challenges ahead. If you don't have any savings to fall back on, you are more likely to be in my friend's situation.

Savings in life is very important for everyone, although everyone has different preferences for this. But for me savings in life can only function for three things, the first is to buy luxury goods that are not cheap and the second is to get back up when someone goes bankrupt from the business he is running and the last is when someone is sick where he does not have to sacrifice his business to do medical treatment or health healing for himself.

And because these three things are things that very often happen in human life, that's why I say that saving is a very good thing for everyone to do to maintain the stability of their life which cannot be predicted with common sense. Your friend is one example that he immediately finds it difficult when he no longer works at a place and that indicates that he did not save money while he was still working and maybe he never thought about how his condition would be if one day he was fired from his job, so he was feeling the consequences of that neglect for now.

If you are good at saving, don't just save money, if the money has been collected, buy an asset that can grow, at least buy gold. Now is the time to invest money to work, not just save it. Money must be kept in circulation to make a profit. If you just keep it as a display and its value drops due to inflation.

RockBell

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Inflation has really eaten deep into the global economy, so with this, it has become a global issue. The standard of living is increasing seriously everywhere, and your earning can't even keep up with your bills anymore, especially for those who have families to feed and care for. For this reason, you shouldn't put all of your eggs in one basket instead, you should look for different ways to boost your earnings at least it will be of helps you and have at least some savings for emergency purposes.

Sarah Azhari

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Quote from: FireDAOJackie_Z on March 10, 2023, 01:52:58 AM

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 ?

Sorry about your friend, if i were him i will get headaches and don't know what you will do next. But, as today i have a side job like signature campaign, of corse it will not make me too surprise, my week salary $60 is enouh save me, but i don't want to just give up just like that. I will look for a new job and try to recovered my life as much as i can.

Fredomago

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Quote from: jossiel on March 13, 2023, 03:56:31 AM

Quote from: Fredomago on March 12, 2023, 08:19:10 PM

Quote from: jossiel on March 12, 2023, 06:40:39 PM

We can replace calculating risk with assumed calculation and estimation. If we think that our money will be taking a lesser risk with an investment then we should take that path and that little risk is worth to take than our money will be affected by the unmovable inflation which is unstoppable.

The rich does it and despite having a lot of valuation for themselves, they all speak for their assets and portfolio. There could be a lot of cash on them but that's just an excess from the huge assets that they've got.

Rich people understand the situation, especially those who are active with financial orientations. They know what they are doing and most of them are doing diversion to protect their interest, they are aiming for other alternatives like investment or any form that will give them the chance to increase the value of their wealth.

You need to work on with your knowledge and find what's fit for you. Inflation is something that you need to fully understand and make your move whenever you already know what will be your next plan.

All rich people are aware of that thing and that's one of the reasons why they're financially free and good with handling money.

They know not just to save but also to invest and how to manage their stuff that relates to finances. Majority of the rich people didn't become rich through their luck but all with hard work and because they're also smart.

Learning from them will also give us the tip on how we should make ourselves from point A to point B as if we've got nothing into having something.

Majority indeed, they put their focus and time to find the best way to increase and grow their savings, not just an ordinary savings but they find the best way to invest and to make sure that they are working with the right investment, success depends from how they seriously take it and how they look for the right patterns.

If they put their money into business, they are not just put it without doing research and they really taking their time to make sure that they are executing their plans.

S A KHAIR

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Quote from: Unbunplease on March 12, 2023, 05:58:10 PM

with ever-increasing inflation, money cannot remain unmoving because it is depreciating. So it is wise to find an option to make money work for you. Unfortunately, it is impossible to calculate all risks, so the risk of unsuccessful investment is quite high.

And then do you get rid of inflation? Do you have financial freedom of your choice? Or are still struggling with the thought of how to make more money because there is no savings. Investment is a solution to increase wealth but it is not simply an investment and profits will always come, investment risks are unpredictable. So saving is necessary as it helps you to have money to invest as well as for emergencies.

slashz9

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The point is if you are working now you have to save savings for life for at least the next 6 months, so when there is an urgent emergency then you can survive for that time first then think about the next step.
So I will also do the same because it really helps later.

iamsange

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Quote from: FireDAOJackie_Z on March 12, 2023, 10:25:48 PM

With all due respect, I think what you said are basic theories that are suitable on paper. Savings is always a backup whether you do it for emergency funds or for big expensive purchases. Your preference on investment is good in general but can be very situational and individual. I don't believe anyone is meant for starting a business and to be honest, the chances of having a successful business for most people are too slim. Reality teaches us to be realistic and be prepared for the unforeseen challenges ahead. If you don't have any savings to fall back on, you are more likely to be in my friend's situation.

Savings in life is very important for everyone, although everyone has different preferences for this. But for me savings in life can only function for three things, the first is to buy luxury goods that are not cheap and the second is to get back up when someone goes bankrupt from the business he is running and the last is when someone is sick where he does not have to sacrifice his business to do medical treatment or health healing for himself.

And because these three things are things that very often happen in human life, that's why I say that saving is a very good thing for everyone to do to maintain the stability of their life which cannot be predicted with common sense. Your friend is one example that he immediately finds it difficult when he no longer works at a place and that indicates that he did not save money while he was still working and maybe he never thought about how his condition would be if one day he was fired from his job, so he was feeling the consequences of that neglect for now.

Mauser

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Quote from: FireDAOJackie_Z on March 10, 2023, 01:52:58 AM

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 ?

Saving is the best option we have at the moment, times are rough and things could be getting worse this year. The main problem in my country is that inflation is already high and is not going to come down any time soon. That's why it makes no sense at all to save money in a bank account that pays 2% interest, compared to a 10% inflation. The only real option is to invest in stocks or crypto currencies. Losing our job is the worst case scenario and I would try to get government assistance as fast as possible. In my country there are financial schemes to help pay for rent and give other benefits if we can find a new job in 6-12 months. If that isn't an option I would ask my family for financial help.

jossiel

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Quote from: Fredomago on March 12, 2023, 08:19:10 PM

Quote from: jossiel on March 12, 2023, 06:40:39 PM

We can replace calculating risk with assumed calculation and estimation. If we think that our money will be taking a lesser risk with an investment then we should take that path and that little risk is worth to take than our money will be affected by the unmovable inflation which is unstoppable.

The rich does it and despite having a lot of valuation for themselves, they all speak for their assets and portfolio. There could be a lot of cash on them but that's just an excess from the huge assets that they've got.

Rich people understand the situation, especially those who are active with financial orientations. They know what they are doing and most of them are doing diversion to protect their interest, they are aiming for other alternatives like investment or any form that will give them the chance to increase the value of their wealth.

You need to work on with your knowledge and find what's fit for you. Inflation is something that you need to fully understand and make your move whenever you already know what will be your next plan.

All rich people are aware of that thing and that's one of the reasons why they're financially free and good with handling money.

They know not just to save but also to invest and how to manage their stuff that relates to finances. Majority of the rich people didn't become rich through their luck but all with hard work and because they're also smart.

Learning from them will also give us the tip on how we should make ourselves from point A to point B as if we've got nothing into having something.

Topic: Try to save money while you still can, will you ? - page 18. (Read 2428 times)