Topic: Untouchable Savings: Do you have it? - page 4. (Read 1126 times)
It's everyone desire to have some savings however certain circumstances might deprive some individuals from having a savings, personally I wouldn't allow my myself and family to starve just because I am trying to save or trying to avoid withdrawing from my savings that doesn't make any sense, however after taken care of family basic needs and necessities in term of expenses, the leftover can be saved or I leave my balance from my savings if any opportunity of refilling or depositing more funds arises I will do so, though it's absolutely difficult to save now in my country due to high rate of inflation that lead to high cost of food stuffs and other services.
Until now I have never had savings that are not touched. My dream is that in 5 years I will have income from the cryptocurrencies that I have, apart from bitcoin, I am currently also investing in some altcoins which I hope can skyrocket to 10x or more in 5 years. and in my opinion the opportunity to get big profits from cryptocurrencies is very large compared to other types of investment
Means you are always using the money you turn into more investments. I don't think that kind of thing is wrong for you to do as long as you feel very comfortable doing it, but you also don't need to panic when there are more price drops on the assets you invest because you have very big targets over a long period of time. And actually when someone is making an investment, what really needs to be controlled besides the price is panicking himself when there is a sudden drop in the market. 
only spending money on things you really need is a basic principle of frugality. do not spend money on a pleasure that we do not really need. except within a certain time. because sometimes we need a pleasure to relieve stress in our lives. this pattern can make us to have more savings. and we will have untouched savings. or we have double savings. for the unexpected and also for future investment. and usually what is always left untouched is the savings in the form of investments planned for our future.
and i have it too.
saving does not have to be in large amounts. but little by little much better. because we can still enjoy life properly.
and i have it too.
saving does not have to be in large amounts. but little by little much better. because we can still enjoy life properly.
In trying to save, they're things we shouldn't deprive ourselves and no.1 is our well-being (food). It's different when there's no money to feed than when there's money and you decide to starve only to save up for unforseen circumstances.
For all I know, your decisions might bring about something that the money you have saved up wouldn't even be enough to get rid off.
Nothing beats life, cause that's the only thing in this world that can't and shouldn't be traded for any other thing, so now we have it, make sure you're comfortable and satisfied.
For all I know, your decisions might bring about something that the money you have saved up wouldn't even be enough to get rid off.
Nothing beats life, cause that's the only thing in this world that can't and shouldn't be traded for any other thing, so now we have it, make sure you're comfortable and satisfied.
There are really moments when we need to sacrifice things like food or other things so that we can buy other things or fulfill our dreams, but it is not good that you are already affected mostly by your health just because you want to save. We save money for good, but if there are other circumstances, we should use it. Though I don't have savings right now as we used it earlier this month for an emergency, which is not really intended for that, I touch it as I need it.
Until now I have never had savings that are not touched. My dream is that in 5 years I will have income from the cryptocurrencies that I have, apart from bitcoin, I am currently also investing in some altcoins which I hope can skyrocket to 10x or more in 5 years. and in my opinion the opportunity to get big profits from cryptocurrencies is very large compared to other types of investment
There is a huge difference between untouched savings and untouchable savings.
Rational people will have, if they can afford it (!), some savings they will not touch unless something big and bad happens. Does this means they'll die before spending all their money? Yes, and it's fine. Having a certain peace of mind has its costs.
Untouchable savings is imho stupidly risky. They have their purpose in case of people with certain addictions, but it's something that has to be treated with extreme attention. It's more advisable to allow other (trusted!) person/entity take care of those savings than lock them and make them untouchable, since if a health issue comes up, one may need that money, but may not be able to touch it.
This totally made sense to me. Indeed, untouchable savings is risky based on my own understanding of things. It is like a throw away treasure, not much different from the money you gambled anyway. I've seen lots of influencers claiming to be financial advisers on social media platforms telling the viewers to save and invest as much as possible, and mostly some of them wouldn't clarify the difference between these two. It is somehow related to the thread I created about a week ago that talks about saving too here. Lots of relevant posts there shared different opinions on saving, although both topics had different direction it also leads to which kind of investment, I should chose depending on my situation.Rational people will have, if they can afford it (!), some savings they will not touch unless something big and bad happens. Does this means they'll die before spending all their money? Yes, and it's fine. Having a certain peace of mind has its costs.
Untouchable savings is imho stupidly risky. They have their purpose in case of people with certain addictions, but it's something that has to be treated with extreme attention. It's more advisable to allow other (trusted!) person/entity take care of those savings than lock them and make them untouchable, since if a health issue comes up, one may need that money, but may not be able to touch it.
Based on what you've advised on allowing a trusted person to take care of that savings, it could also be considered as inheritance money, if it is intended to be untouched or reserved. But in the end, it's just a matter of how you spread your money, and which is which for your own or your family's benefit.
Sometimes in life we are too anxious about what tomorrow may look, fine and good that it's not a bad thing to prepare ahead for the future but too much of everything is bad, we need to have hope for tomorrow and leave well for today to in other to be alive, this also affect how we plan for our financ lives in general, what will it benefit us when all we could do is to save up money for the future by all means at the expenses of denying ourselves the right to live the present life which will apparently be the determinant for that future we are aiming for, we need to think well about the approach we give to live in general at the expense of our live, while trying to secure it but loosing it instead.
right, life now is clearly going to take us where we are going, because everything is determined when we start to be able to prepare ourselves by saving as best we can, so that when we are no longer working and have no productive activities, we still have savings to make further plans so that doesn't make us miserable.saving from some of the work from an early age, when you start working and produce, of course it is something that must be done because it is a commendable action and of course it does not sacrifice our lives.
because this is part of everyday life that we have continued to do so far.
In trying to save, they're things we shouldn't deprive ourselves and no.1 is our well-being (food). It's different when there's no money to feed than when there's money and you decide to starve only to save up for unforseen circumstances.
For all I know, your decisions might bring about something that the money you have saved up wouldn't even be enough to get rid off.
Nothing beats life, cause that's the only thing in this world that can't and shouldn't be traded for any other thing, so now we have it, make sure you're comfortable and satisfied.
Convenience and satisfaction is when someone can eat and not starve just because he is keeping his savings. Because for me things are a little illogical when someone is willing to starve so they don't want their savings to run out, but imagine if they were sick as a result of holding on to that hunger. Wouldn't that also drain more of his savings than would be used to buy food?For all I know, your decisions might bring about something that the money you have saved up wouldn't even be enough to get rid off.
Nothing beats life, cause that's the only thing in this world that can't and shouldn't be traded for any other thing, so now we have it, make sure you're comfortable and satisfied.
So if you can still eat using a little savings, it's better not to hold back hunger because it's really not good for your body's health. That's why it's better to keep eating even if you have to sacrifice a little savings because on another occasion, everyone can still save again to realize their dreams in a healthier condition.
When too much commitment in savings have gone wrong and then an incident for which you can save with your savings isn't being done.
That's why sometimes when you have to realize that the only solution is what you've done for saving. It is the means of why you have been saving up money ever since.
And the same goes with investments, when I was younger I don't want to spend my savings because it's lovely to see those digits goes up but yeah, that was me when I was still young.
Yes, you do have the savings but on the moment on which its crucial on spending it up for good and then unfortunate things happen.Then what would be next? For sure you would reallyThat's why sometimes when you have to realize that the only solution is what you've done for saving. It is the means of why you have been saving up money ever since.
And the same goes with investments, when I was younger I don't want to spend my savings because it's lovely to see those digits goes up but yeah, that was me when I was still young.
be regretting for the rest of your life when you do lose someone just because you have sticked into your plan.It isnt always that you would really be ending up on positive way.
We know on what these savings are really for but there are really moments which you would really be making use of it on the right time and on the right spot.
Savings does do good things but you should know on what are the priorities and responsibilities you do have.
It would be put into waste if you didn't used that savings for that important matter that you or your family needs. Yes, it might be your savings that you've been working for hardly.
But it is something else when there are some important matters for which your savings will be put into good use. And yet, it's a different story when someone who has been abusing you financially because you've been a great help to them and almost don't decline when someone asks you for help.
In trying to save, they're things we shouldn't deprive ourselves and no.1 is our well-being (food). It's different when there's no money to feed than when there's money and you decide to starve only to save up for unforseen circumstances.
For all I know, your decisions might bring about something that the money you have saved up wouldn't even be enough to get rid off.
Nothing beats life, cause that's the only thing in this world that can't and shouldn't be traded for any other thing, so now we have it, make sure you're comfortable and satisfied.
For all I know, your decisions might bring about something that the money you have saved up wouldn't even be enough to get rid off.
Nothing beats life, cause that's the only thing in this world that can't and shouldn't be traded for any other thing, so now we have it, make sure you're comfortable and satisfied.
That's how money is made for, to be used and cater our needs.
If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.
We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.
It was indeed the purpose since from the start on which we are saving for emergency purposes or for investment.If you are on a tight situation or on trouble then you should really be having no doubt on spending on what you do have because this was the sole purpose from the start.You cant just risking up something just because you arent spending on what you had saved.It is really just that bullshit for you to skip outIf the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.
We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.
on helping yourself on solving the problem even if you do know that you do have the money to spend to begin with.Sometimes its not really that bad on to break on what you are trying to
achieve or simply with your goal because there are really moments in life which cant really be avoided.
That's why sometimes when you have to realize that the only solution is what you've done for saving. It is the means of why you have been saving up money ever since.
And the same goes with investments, when I was younger I don't want to spend my savings because it's lovely to see those digits goes up but yeah, that was me when I was still young.
be regretting for the rest of your life when you do lose someone just because you have sticked into your plan.It isnt always that you would really be ending up on positive way.
We know on what these savings are really for but there are really moments which you would really be making use of it on the right time and on the right spot.
Savings does do good things but you should know on what are the priorities and responsibilities you do have.
That's how money is made for, to be used and cater our needs.
If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.
We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.
It was indeed the purpose since from the start on which we are saving for emergency purposes or for investment.If you are on a tight situation or on trouble then you should really be having no doubt on spending on what you do have because this was the sole purpose from the start.You cant just risking up something just because you arent spending on what you had saved.It is really just that bullshit for you to skip outIf the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.
We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.
on helping yourself on solving the problem even if you do know that you do have the money to spend to begin with.Sometimes its not really that bad on to break on what you are trying to
achieve or simply with your goal because there are really moments in life which cant really be avoided.
That's why sometimes when you have to realize that the only solution is what you've done for saving. It is the means of why you have been saving up money ever since.
And the same goes with investments, when I was younger I don't want to spend my savings because it's lovely to see those digits goes up but yeah, that was me when I was still young.
...
...No one knows about things in the future and is always a mystery and we can only predict for the possibility, we don't know whether there will be another pandemic or not, maybe it could even be worse than a pandemic, of course that is a worry for people who feel Future security must also be prepared today, even though it has been several years running and the emergency fund has not yet been used. We can pass it on to our descendants or our wives or whatever it costs when we are old.
I also plan like that, because the original purpose of the funds was for health or misfortune, so when the untouchable saving is still there, even though it has been used a little for health costs or misfortune, I will pass it on to my children, not only the money but also their mindset. fatherly continues to allocate funds to several sections including health and investment.
...
...I think the understanding is more like "if you save enough, would you buy a brand new car?" type of thing, like instead of life, it is more enjoyment or more like assets and I agree that if you say yes to that, then it is not untouchable. Basically if you have a goal to spend that money on something, then it is not untouchable and you should consider keeping it for a longer time.
what you say here is correct, because the purpose of the money is for emergency expenses so when a new bag or new shoes appear, I won't buy all of it using that savings LOL. sometimes it's hard to manage, but I'm sure it's all a process of learning and honing my financial management skills.
That twitter post is funny. I don't actually belive it, but I understand the point they are trying to get across. The way I see it, you should save more than most, but don't be afraid to live your life, at least a little bit. It of course all comes down to whether you're on track for retirement or not...that should then dictate if you need to ramp up saving, or can have a little more fun and life and spend a bit more money, or be a bit more risky with it.
It's all about diversification and being on track for the day you decide to "hang it up". Do you calculations, make a plan and stick to it.
It's all about diversification and being on track for the day you decide to "hang it up". Do you calculations, make a plan and stick to it.
I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.
But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.
Even if we don't like the selling price, it should be done.
Selling is indeed not bad because there are situations and conditions in life on which it could really be resulting for us to sell in no time.Yes, it do really sucks but we do really need for something important.But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.
Even if we don't like the selling price, it should be done.
Money isnt everything but somehow as far as possible then saving up is a must but if you do see the situation becomes getting worst because you arent doing something or do action then its
not bad to give up and make use of on what you had saved.Honestly i've been put through on lots of situations on which it didnt really leave me no choice but to
sell out my assets even when they are still on negative or not on the good side but well i dont have no choice.
If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.
We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.
on helping yourself on solving the problem even if you do know that you do have the money to spend to begin with.Sometimes its not really that bad on to break on what you are trying to
achieve or simply with your goal because there are really moments in life which cant really be avoided.
I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.
But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.
Even if we don't like the selling price, it should be done.
Selling is indeed not bad because there are situations and conditions in life on which it could really be resulting for us to sell in no time.Yes, it do really sucks but we do really need for something important.But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.
Even if we don't like the selling price, it should be done.
Money isnt everything but somehow as far as possible then saving up is a must but if you do see the situation becomes getting worst because you arent doing something or do action then its
not bad to give up and make use of on what you had saved.Honestly i've been put through on lots of situations on which it didnt really leave me no choice but to
sell out my assets even when they are still on negative or not on the good side but well i dont have no choice.
If the time comes that we've got no choice, we really have to do it and I've done it before and realized the importance of saving for the rainy days.
We're not just there to save and not touching it but to save and then find the purpose of what we're doing for us to see the betterment of the situation that we might get in in the nearest future.
Savings are supposed to be spent especially after our retirement so it really depends on what kind of financial backup we have in our family and ourselves to have such savings. I am not that old to think about it but I do save and I will spend it for sure whenever it is necessary for me to spend money. BTW don't let that paper to become waste so just convert it into something which gives returns forever.
I stumbled upon this interesting tweet days ago.
snip
Many of the comments are equally interesting. They apply the idea to all kinds of things including the game Resident Evil. And then I thought perhaps this is also true in the economic aspect of life. Perhaps this aptly applies to those whose economic lives are like the desert and whose little money they have they keep tightly for the hardest of days.
When I was studying in the university far from family and relatives or even family friends, I had a difficult time. Money is extremely scarce. Early mornings are usually for hot drinks-- coffee, chocolate, milk, tea, or whatever. I realized that what made those drinks important is that they are hot. So I learned to drink only a hot cup of water which I could easily ask for free from the eatery in front of where I stayed.
Come meal time, I would also request that the serving be made in half. That's to save money. But I had the money. I always made sure I have some. Emergencies and unforeseen expenses may arise anytime. So I need to have money all the time, but I won't touch it. Ironically, it also gave me hunger, inconvenience, discomfort at times.
My story is rather uninteresting, but let me know yours. Does this idea also apply to you? You could have the money to buy a new car to replace your old and broken one but you prefer not to touch it. Do you hold yourself from spending what you have to the point of depriving yourself of what you deserve? Do you keep significant savings for occasions that might only happen in your imagination? Or at what point would you allow yourself to be drained of your last penny?
I remember reading something similar to this long ago and it is part of our psychology, for example it is known that if you buy your groceries when you are hungry you will not only buy more than what you need but you will buy food with higher calories, so it would not surprise me if what you mention also applied to money, however in my opinion the only instance in which you can allow yourself to use all your savings is when you buy a house, as they are very expensive, but other than that we need to always keep some cash in hand in the case of an emergency. snip
Many of the comments are equally interesting. They apply the idea to all kinds of things including the game Resident Evil. And then I thought perhaps this is also true in the economic aspect of life. Perhaps this aptly applies to those whose economic lives are like the desert and whose little money they have they keep tightly for the hardest of days.
When I was studying in the university far from family and relatives or even family friends, I had a difficult time. Money is extremely scarce. Early mornings are usually for hot drinks-- coffee, chocolate, milk, tea, or whatever. I realized that what made those drinks important is that they are hot. So I learned to drink only a hot cup of water which I could easily ask for free from the eatery in front of where I stayed.
Come meal time, I would also request that the serving be made in half. That's to save money. But I had the money. I always made sure I have some. Emergencies and unforeseen expenses may arise anytime. So I need to have money all the time, but I won't touch it. Ironically, it also gave me hunger, inconvenience, discomfort at times.
My story is rather uninteresting, but let me know yours. Does this idea also apply to you? You could have the money to buy a new car to replace your old and broken one but you prefer not to touch it. Do you hold yourself from spending what you have to the point of depriving yourself of what you deserve? Do you keep significant savings for occasions that might only happen in your imagination? Or at what point would you allow yourself to be drained of your last penny?
Sometimes in life we are too anxious about what tomorrow may look, fine and good that it's not a bad thing to prepare ahead for the future but too much of everything is bad, we need to have hope for tomorrow and leave well for today to in other to be alive, this also affect how we plan for our financ lives in general, what will it benefit us when all we could do is to save up money for the future by all means at the expenses of denying ourselves the right to live the present life which will apparently be the determinant for that future we are aiming for, we need to think well about the approach we give to live in general at the expense of our live, while trying to secure it but loosing it instead.
I can say that I have it but it's in the form of bitcoin. I'm sure that everybody feels like that when we don't really want to spend bitcoin because we have a common goal and that's to hold long term.
But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.
Even if we don't like the selling price, it should be done.
Selling is indeed not bad because there are situations and conditions in life on which it could really be resulting for us to sell in no time.Yes, it do really sucks but we do really need for something important.But time shall come that even if we're solid with that decision of holding and untouching it, we will have to spend and use it to something that's very important.
Even if we don't like the selling price, it should be done.
Money isnt everything but somehow as far as possible then saving up is a must but if you do see the situation becomes getting worst because you arent doing something or do action then its
not bad to give up and make use of on what you had saved.Honestly i've been put through on lots of situations on which it didnt really leave me no choice but to
sell out my assets even when they are still on negative or not on the good side but well i dont have no choice.
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