Try to save money while you still can, will you ? - page 21.

Fatunad

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Quote from: serjent05 on March 10, 2023, 06:49:37 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 ?

In a high-inflation environment, I think it isn't wise to save in form of money since the value of money will depreciate as time goes by. I think if you have money it is better be stored in a stable asset that does not depreciate as fast as money. I wouldn't advise keeping it in cryptocurrency because of the possibility of the time when you need the fund, your crypto is in a bear market and is 99% less in value. Bitcoin can be an option but still, it is highly volatile unless you start saving during the Bitcoin bear market.

Save 50% in cash form and Invest 50% on multiple investment which you should really that diversify as much as you can.Its true that inflation is inevitable and this is why you should really be wise on where you should be putting up your focus on making out investment which isnt really that much be touched up with inflation which is through investment which could give out multiple source of income.
On the time where shit happens then you would be able to make yourself sustain and survive even if you dont have the work and this is why its really that relevant that you should
really save up yourself for those unexpected events.

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Unfortunately, since the world is moving towards a multipolar axis, the balances on the global scale are changing and this situation is reflected to us as an economic difficulty. I don't think anything will be better. That's why I've been trying to save money for a long time. So, I've been in this mode for a long time...

However, saving money is actually a very good thing, because the formation of capital is not possible otherwise. We can use the money we save as capital in a new business, or it can provide us with a quality retirement life. Saving money and protecting it from inflation is an absolute benefit to us...

serjent05

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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 ?

In a high-inflation environment, I think it isn't wise to save in form of money since the value of money will depreciate as time goes by. I think if you have money it is better be stored in a stable asset that does not depreciate as fast as money. I wouldn't advise keeping it in cryptocurrency because of the possibility of the time when you need the fund, your crypto is in a bear market and is 99% less in value. Bitcoin can be an option but still, it is highly volatile unless you start saving during the Bitcoin bear market.

BRINIRHA

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It is very important for us to understand and apply proper financial management. and this must be done with careful planning. adjusting the income and expenses that we have so that we can keep saving and investing and also prepare a reserve fund for unexpected things.

while we still have income then we are obliged to always set aside money for future plans. don't make every salary you receive always run out every month. because the current uncertain economic situation is indeed very dire. so we must always be ready with all possibilities.

stomachgrowls

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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 ?

This is one of the risks when you are really that having that dayjob on which you do really believe that it would really last out for a lifetime which its never been a guarantee to be on that way.This is why its really always

been that recommended that you should really be minding on having a savings or making out some investment as much as you could because you dont know on what the things that would happen on tommorow.
Whether you would be still having the job or not.Just like on what happened into your friend into other people as well on similar conditions then you would be finding yourself that get fucked up
on the time that the work you are depending on would be gone.

This is why savings is really a crucial thing to be have and just dont make yourself spending all of those money on monthly basis without having those emergency allocations.

livingfree

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Quote from: erep on March 10, 2023, 05:30:19 PM

You have to save since you get income from your job even though your salary is low, you don't have to wait until you have a business so you just save but there's no guarantee we can become a successful businessman, so take advantage of the time you have to work extra to get other income to be able to save for future needs.

There are folks for business and there are those that are for employment and there goes the folks that are both of them.

I agree to you that even if the salary is low, it's not about the amount that you can save but it's the practice that you're building up and discipline of saving.

Because while your salary is low and you're not saving, how much more if you're earning well already and that will boost your spending habits because you've got more money then?

While you're employed or while your business is thriving, always save for the rainy days as they say.

erep

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Quote from: Issa56 on March 10, 2023, 03:44:08 PM

Immediately you secure a job, I believe we should start saving money immediately, I don't really know for other countries, but in my country company job is not really a reliable job, anything can happen at any time so you should be ready for anything at any moment, you might get a job and after one month you might be sacked. You should start saving after you have been employed then start up a business later, incase if anything happens, then you will have back up.

You have to save since you get income from your job even though your salary is low, you don't have to wait until you have a business so you just save but there's no guarantee we can become a successful businessman, so take advantage of the time you have to work extra to get other income to be able to save for future needs.

ancafe

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

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 ?

As a friend, encouraging him is an obligation, but there is no other way for your friend than to work hard elsewhere even though the job is not permanent. It is necessary to maintain cash flow when our financial condition is not too bad, investing and saving are not only done during normal conditions, but as much as possible these two things are done regularly even in small amounts.

Imagine that this condition happened to us, without even preparing any savings when we lose our job, then something difficult will put us in a worse condition. Preparing savings when we have a job is an obligation, while investing is an ability if someone is able to balance between income and expenses, normal life needs to be prepared because it will not come by itself and no one can predict how our future will be

teosanru

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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 think it's really sad. We all have our commitments each month in form of some or the other EMIs and other expenses so losing a job is obviously a life altering event. It obviously is difficult to find another job and on top of that extremely difficult to find one with almost similar payscale. This always reminds me of the fact that how one should always keep more than one sources of income for them and shouldn't rely merely on their jobs for providing finances.

Issa56

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Immediately you secure a job, I believe we should start saving money immediately, I don't really know for other countries, but in my country company job is not really a reliable job, anything can happen at any time so you should be ready for anything at any moment, you might get a job and after one month you might be sacked. You should start saving after you have been employed then start up a business later, incase if anything happens, then you will have back up.

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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'll take a rest, mentally, he needs to take that moment for him to at least charge before he proceeds in finding in a new job. Yeah, it's tough at these times and things have became more expensive and harder. It's sad to see that these lay offs happen and there's nothing a normal employee can do. And by the time that he gets employed, that should be the time that he start saving and if he can make a side hustle which he can pursue whenever he gets laid off again then it won't be painful to him because he knows that he's got a backup, not just a savings but also investments and businesses as much as possible.

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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 the inflation in your country is not high then the country's economy would have been normal. Every country is control by the national resources and national resources are from the national economy, so why things are still difficult for the citizens. If the price of goods and services are in the increasing side then the inflation in the country is also very high. The inflation of a country determine the prices of things.

If your friend lost his job because of the inflation then the government policy is the one affecting the various sectors of the Economy. But that will also depends on the sector. It is a private or public sector? Or the both as PPP. Public Private Partnership?

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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 have been on a job that the monthly pay hardly covers my two weeks expenses. The salary was too poor that I have to buy things on credit to survive. In this my situation, my sole aim for the month is not to save but to survive. I don't expect everybody to have savings because our incomes are different and we live in different parts of the world. In an ideal situation your friend was suppose to be given a lump sum of money by the company to enable him start something profitable. But in most countries employers can sack their staff without notice or compensation.

Planning and saving for the future is very important. But people prefer to use their money for luxuries instead of savings. Some of them prefer to pay high house rent in highbrow areas instead of buying a cheaper one in the outskirt of the city. Some also prefer to send their children to very expensive schools, instead of moderate schools that will help them save for the future. No matter how small, it is important to set aside funds maybe weekly or monthly for the future.

isaac_clarke22

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

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For starters, I would immediately look for job obviously. That is where savings and/or our emergency funds come into place. Also consider filing for an unemployment since there are also unemployment benefits (depending on where he resides) and that might at least help him and his family.

For me, I would just keep on saving and just avoid spending on unnecessary stuff when I know that I am going to be lower than my tolerable saving amount. It is just a matter of having a peace of mind ya know and no, I am not going to sign up for credit cards for my wants.

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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 ?

Hmm i think in a country like what we have saving money is not enough, everyone should learn to increase their savings by investment or businesses, but the thing is financial literacy in here is not well practiced. Inflation is hitting us each day given that recession is not yet happen but still it is too painful to work with only 1 job now, me myself decrease my sleep so that I can still have part time job to do.

tjtonmoy

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It is always a good decision to save for your future. No one knows what to come in the future, and a situation like this could come at any moment. So we need to prepare ourselves. Make a plan and stick to it no matter what. This should do just fine as we are going to be prepared if anything bad ever happens.
For me, I try to save just what I think I need for my future. Not much, not less. That way I can live my daily life in peace and also won't have to worry about the future either.

Bollexz1

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Quite sorry for your friend but how can an employee work for a decade and not have a proper way of money management? From my philosophy, savings only won't help in this era we live in but rather having the mind to invest.

Bestdss

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Saving money should be an integral part of everyone. Saving helps alot and people needs discipline to be able to save money. No matter how small you make from business or job, you should be able to reserve a little. Many people find it difficult to save because they don't have saving patterns, you can decide to save with co-operative institutions, banks, social clubs or any financial institutions paying the agreed amount of ur savings either weekly, monthly or daily to be accumulated for a period of time, that way when it's time to take back your savings, you can use it to achieve something tangible.

fadhilz123

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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 also save for myself and also for the survival of my family in this very difficult time, because there really is no other choice but to continue working and earn income which I then set aside a little to save in preparation for facing difficult times. Because someone who doesn't work in conditions like today will be very complicated to live his life, so if you want to help your friend to get out of the difficulties he is facing now, try to give him a more decent job so he can live with enthusiasm like before Again.

alastantiger

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Preparing for the future as a man is one of the best plan you can think of. Someone who is earning a daily, weekly or monthly salary should have it in mind to save for the future because anything can happen at any point in time. To avoid being stranded you need to save. And one of the best way to secure your future is by investing. Bitcoin investment is one good way of preparing for the future. Some people may want to buy shares in bank, some would want to just save it in bank, while some will invest while they are still earning salary. To me, i will rather invest in bitcoin because in years to come, the profit will be massive.
There is an adage that says "Make hays while sun shine". Anyone who fails to plan his or her future is automatically planning to fail. I will and am already saving for the future by investing a portion of my earnings in bitcoin.
I would advice that anybody that has the opportunity to save either by investing should not hesitate.

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