Try to save money while you still can, will you ? - page 19.

xSkylarx

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Quote from: Dunamisx on March 13, 2023, 03:11:04 AM

We all needs money to meet up with the daily demands but not everyone can maintain the habit to save from the little they have for the future, the mistake we made most times is that we have expect things to be running as usual for us since we had it all going well as at that time, but things are not permanent sometimes especially when dealing with money, situations changes but what we have save up will always serve our backup whenever we experience the unexpected.

These are the moments that you think it will last forever like if you are earning enough money right now so your mind is thinking that no need to save as you have that money but when a storm hits in your life like losing a job there are emergencies that needed to pay money then that is the time you realize it is better to save even if it's in sunny days and the truth is that it is easy to save money when everything goes well. Though most of the reason people don't save is that their income is one enough but even saving $1 can save you in the future as long as you save no matter how much.

Dunamisx

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We all needs money to meet up with the daily demands but not everyone can maintain the habit to save from the little they have for the future, the mistake we made most times is that we have expect things to be running as usual for us since we had it all going well as at that time, but things are not permanent sometimes especially when dealing with money, situations changes but what we have save up will always serve our backup whenever we experience the unexpected.

FireDAOJackie_Z

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Quote from: Dragonfund on March 12, 2023, 06:02:15 PM

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 ?

Savings won't make a difference because you'll end up spending less once inflation kicks in. I prefer to invest when I have the opportunity to work in a good environment that pays well. I don't intend to work for anyone or any company for an extended period of time. Instead, I plan to put my money into some good assets and, once I have enough, launch my own business. I believe that with the experience I have gained thus far, I will be able to launch a successful business. Don't forget that inflation is forever, to ovvercome it, start a business instead of saving.

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.

Fredomago

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

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.

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.

jossiel

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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.

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.

Dragonfund

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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 ?

Savings won't make a difference because you'll end up spending less once inflation kicks in. I prefer to invest when I have the opportunity to work in a good environment that pays well. I don't intend to work for anyone or any company for an extended period of time. Instead, I plan to put my money into some good assets and, once I have enough, launch my own business. I believe that with the experience I have gained thus far, I will be able to launch a successful business. Don't forget that inflation is forever, to ovvercome it, start a business instead of saving.

Unbunplease

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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.

benalexis12

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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 ?

What happened to your friend is a difficult situation because the only thing he expects is his job to support and help his family. But even so, it is said that if something is lost, there is definitely a replacement, you just have to look for it and choose it. Of course, as a friend, encourage him and make him feel that God does not neglect him. That's why it's really important that you have savings and the same you should have another sideline or part time income at least, just like here in cryptocurrency start it as a part time income that's what I'm doing here via doing crypto trading even if it's small at least I'm coming in now.

_BlackStar

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Quote from: serjent05 on March 11, 2023, 05:54:52 PM

Aside from saving how about investing in insurance company? Saving is good but if we want to make the best out of our money, I believe getting insurance accordingly is another good way of preparing oneself for the future.

Once these insurance matures, not only we can get our initial money but also the generated profit offered by the insurance plan. I also heard that insurance profits are tax free.

Insurance may be considered, but what if you don't have a steady monthly income and how can you withdraw your funds from the insurance company when you are in an urgent situation?

I tend to think it's safe to get my savings budget in gold or maybe at bank account. Gold is an asset that tends to be less big volatile, so it's a good choice if you no longer trust the bank. I know gold also fluctuates, but you can sell it in the amount you need when you need money urgently. Even if the price drops, I don't think your loss will be too big.

serjent05

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Quote from: Lanatsa on March 11, 2023, 04:20:01 PM

Quote from: Flydolphine on March 11, 2023, 01:31:23 PM

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 ?

Well if I get you well.your friend work in a company for a decade and suddenly lost the job and his life is negatively affected.hmm..i guess he lacks good financial intelligence,management plan and prudence.this calls to mind the need for proper management of earnings through savings just in case financial emergency arises as in this pitiable case.one can avoid debts and loans if you are disciplined enough to start saving early.this ultimately will keep you off financial stress,cushion against sudden job loss and give you a firm sense of financial freedom.cultivate the habit of savings,you can fall back on it in situations like this until you pick up again.

He indeed lacks planning and he had made himself that too much confident when it comes to money making or just recieving his salary.He had thought that it might already be that forever and didnt mind off the

possibilities that one day you might able to lose it and it did really happen.There are indeed people who did experience out the worst when it comes to this kind of scenario or situation on which you've been
laid off or they do fire you.

There's no such thing about guarantees in life and this is why you should really save up something which is for emergencies something like this or make out investment
while you are still that financially capabled because if time comes like this then you wont really be finding yourself on trouble.

Aside from saving how about investing in insurance company? Saving is good but if we want to make the best out of our money, I believe getting insurance accordingly is another good way of preparing oneself for the future.

Once these insurance matures, not only we can get our initial money but also the generated profit offered by the insurance plan. I also heard that insurance profits are tax free.

Lanatsa

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Activity: 2856

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Quote from: Flydolphine on March 11, 2023, 01:31:23 PM

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 ?

Well if I get you well.your friend work in a company for a decade and suddenly lost the job and his life is negatively affected.hmm..i guess he lacks good financial intelligence,management plan and prudence.this calls to mind the need for proper management of earnings through savings just in case financial emergency arises as in this pitiable case.one can avoid debts and loans if you are disciplined enough to start saving early.this ultimately will keep you off financial stress,cushion against sudden job loss and give you a firm sense of financial freedom.cultivate the habit of savings,you can fall back on it in situations like this until you pick up again.

He indeed lacks planning and he had made himself that too much confident when it comes to money making or just recieving his salary.He had thought that it might already be that forever and didnt mind off the

possibilities that one day you might able to lose it and it did really happen.There are indeed people who did experience out the worst when it comes to this kind of scenario or situation on which you've been
laid off or they do fire you.

There's no such thing about guarantees in life and this is why you should really save up something which is for emergencies something like this or make out investment
while you are still that financially capabled because if time comes like this then you wont really be finding yourself on trouble.

virasisog

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Quote from: isaac_clarke22 on March 11, 2023, 03:07:58 PM

Quote from: FireDAOJackie_Z on March 11, 2023, 01:49:55 AM

~

Well I hope you already learned your lesson from that, OP. We'll never know what happens until we really experience how does it feel to have literally nothing in backup. I was at that point where I did not have any backup and could not even sleep for weeks properly thinking on how should I be able to still pay my bills. Thankfully my clothing and freelancing business pushed through and that would be now at least my lesson to always still have at least another source of income whenever I have the chance to do so.

In crypto, I do not fully commit all my savings to it anyway so it is perfectly fine for me whatever happens.

I've been in the same situation when the pandemic crisis happened. I also lost my job due to lockdowns and had no source of income. Luckily, I have enough savings because when I was working, I used to save 20% of my salary. My savings saved me and my family and that's when I have realized that saving will surely save us from unexpected occurrences and trials that we might face. The economic crisis right now is hard to deal with and saving is very challenging but as much as possible, we have to focus on it both fiat and crypto because we'll never know what tomorrow may bring.

isaac_clarke22

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Quote from: FireDAOJackie_Z on March 11, 2023, 01:49:55 AM

~

Well I hope you already learned your lesson from that, OP. We'll never know what happens until we really experience how does it feel to have literally nothing in backup. I was at that point where I did not have any backup and could not even sleep for weeks properly thinking on how should I be able to still pay my bills. Thankfully my clothing and freelancing business pushed through and that would be now at least my lesson to always still have at least another source of income whenever I have the chance to do so.

In crypto, I do not fully commit all my savings to it anyway so it is perfectly fine for me whatever happens.

indah rezqi

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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 ?

I'm grateful that I have savings, even if they can't cover all of my living expenses for years to come. But ideally we should have savings so we don't experience a similar case like what your friend experienced.

If you don't have an investment plan, try saving 3x your daily needs, but if you have more income than the average person. If you can't save 3x, then do 2x, or do 1x if you really don't have a decent income. Meaning that's how important saving is, and so far I'm grateful to be able to do it.

To avoid similar cases, I think there must be a solution, here are the points in my opinion:

Set limit spending.
Have savings
Plan investments

The first point should be important because you shouldn't spend more money during very bad economic conditions. Severe inflation rates just make the currency lose value, meaning you shouldn't spend a lot of money on something that isn't of much use. The second point, you also need to consider saving for whatever you want to have in the future. This savings can be used when you are urgent, planning to build a house, buy something valuable or for whatever your future plans are. Finally, the third point, let your money work for you instead of you working hard for money. This mindset really belongs to successful people, so try to apply it.

lixer

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Quote from: Jody.Drummer on March 10, 2023, 11:49:43 PM

Quote from: Fivestar4everMVP on March 10, 2023, 07:05:55 PM

There is a wise saying that we save money, so that money can save us later.
First, it's a shameful thing to work in a company for decades without brig able to save a dime, it's really not a good way to live our lives, even a bachelor needs to have savings, before we begin talking of family men and women.

It is important to save, no matter how small our earning is, is better to save small, than not having a saving at all.

Yes, you are right, if you look at the past I also feel ashamed where when I worked a few years ago I didn't have a penny saved, and when I quit the company I really didn't have anything. But I don't regret it, because I got a very valuable lesson from that experience. Yes now I live a better life again, I save, I invest too.
It's true what many people say, that experience will make us even better and I really feel it myself. Maybe it depends on the person too, because there are people who don't learn from experience, and I think that's really stupid.

No don't feel bad for your self because there must be a reason on why you can't save. Sometimes our job is paying low and then we have lots of expenses to pay. What was the nature of job before? Was it a job outside? Now that you are here in the forum and you have applied for a sig campaign, it should give you an extra money alongside with the salary that you earn on your job.

This must be the time that you can save up. Not all experiences are bad. If some people can't seem to learn and grow, maybe they are already contented with what they currently have? But for others who think something is not right, they need to correct their life.

Flydolphine

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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 ?

Well if I get you well.your friend work in a company for a decade and suddenly lost the job and his life is negatively affected.hmm..i guess he lacks good financial intelligence,management plan and prudence.this calls to mind the need for proper management of earnings through savings just in case financial emergency arises as in this pitiable case.one can avoid debts and loans if you are disciplined enough to start saving early.this ultimately will keep you off financial stress,cushion against sudden job loss and give you a firm sense of financial freedom.cultivate the habit of savings,you can fall back on it in situations like this until you pick up again.

Jody.Drummer

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Quote from: Ngewex Yuk on March 11, 2023, 01:03:52 AM

Quote from: Jody.Drummer on March 10, 2023, 11:49:43 PM

Quote from: Fivestar4everMVP on March 10, 2023, 07:05:55 PM

There is a wise saying that we save money, so that money can save us later.
First, it's a shameful thing to work in a company for decades without brig able to save a dime, it's really not a good way to live our lives, even a bachelor needs to have savings, before we begin talking of family men and women.

It is important to save, no matter how small our earning is, is better to save small, than not having a saving at all.

Yes, you are right, if you look at the past I also feel ashamed where when I worked a few years ago I didn't have a penny saved, and when I quit the company I really didn't have anything. But I don't regret it, because I got a very valuable lesson from that experience. Yes now I live a better life again, I save, I invest too.
It's true what many people say, that experience will make us even better and I really feel it myself. Maybe it depends on the person too, because there are people who don't learn from experience, and I think that's really stupid.

Sometimes we have to experience the bad things ourselves, of course we often hear about many things but as long as we have never experienced them, we will not learn or take lessons, the life experiences we have gone through become teachers for us to face the future, never be pessimistic about circumstances whatever, I also feel like quitting my job but I'll wait for the right time, right now I'm investing in bitcoin and altcoins which I hope can change my life for the better.

That's right, because indeed the saying about "experience is the best teacher" really happens and indeed we have to feel something like this so that we become strong even though we don't have to expect to fail but when we feel that at least we become more understanding that sometimes the expectations we have will not always go well for reality.
On the other hand, regretting things that are over also seems useless, so it's better for us to start again from the beginning with new enthusiasm and of course with the experiences we have experienced before to minimize the failures that have been experienced before so that we don't do that again.

_BlackStar

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That is why saving is an important variable in financial management. Regardless of whether you want to save for the short term or the long term, it is the most important thing to consider.

We never know when you will lose your job, how your and your family's health will be, and how you can achieve your many desires when you are not thrifty. Of course it's impossible to do all of that without problems if you don't have enough money saved, unless you are the heir to your parents' large fortune. So don't ignore the importance of having savings, they are definitely needed regardless of how the world's economy is currently. You have to realize what is the point of financial management while you are earning, so do it while you can and consider some investments.

Renampun

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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 ?

if I were you then I would only help as much as I could, I also have a close friend who is experiencing economic difficulties because her husband was fired and he was the only one working, but I can only help her a little, like giving a little rice - sometimes oil or other basic needs. why don't I help my friend too much because I have my own life too and if she continues to receive help then she and her husband will not find a way out of the life problems they experience.

Yatsan

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Saving is a good thing to learn, always. It will help you be prepared in the future, in general. But what makes this confusing to some is profit vs assurance of fund. Saving will allow you to be sustainbale with unexpected expenses but investment will give you profit over time, problem is the risk involved from doing so. Since investment has risks, it is not suitable for everyone. Likewise with saving wherein to some people they would prefer taking the risk than to jist rest their funds sleeping for years. We just have our own preferences on handling our money as in line with our intentions. And eitherway, or any way you would want to utilize your money.

Topic: Try to save money while you still can, will you ? - page 19. (Read 2428 times)