Topic: Untouchable Savings: Do you have it? - page 6. (Read 1126 times)
I always believe that there is no such thing as untouchable savings. Even when you are saving in banks, your money is being used by someone elsewhere. We may set our savings to be untouched is some span of time but it would be a lie if it is untouchable. Remember, you have the access to it, if it is in the bank, other people have access to it. It is also the same thing even if it is Bitcoin in another currency. As long as we have access to savings, we can never say that savings are untouchable.
Ironically, I have the concept of “ Untouchable Savings”, which is the savings that I have to pay off my home loan each term. In addition to a salary fund with a control over spending, living the model of a family man, I already have. Lol, Most talk about the need to make and save. The more money you earn, the more work you need, the more you spend, and vice versa. As a result, “ Untouchable Savings” are often hard to come by.
Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.
But there are things in life which we could potentially be able to experience that last resort thing and would be snipping out of those saved funds specially for your kids future but of course as much as we can then we would be still finding ways and methods to solve up the current problem and would really be doing our best not to touch up those allocated savings for a specific purpose but its not bad to get a portion of it when you dont really have any choice or ways on solving the financial problem you do have.Its not really that a shame for you to broke your plans or goals because
anytime you could be able to patch it up if you wanted to.
What is being said here is called the "Financial Pillow".
This is a solution that is financial, independent, high-volume insurance in case of critical situations. The situation can be anything - health problems, natural disasters, terrorist attacks (as, for example, Russia is now carrying out on the territory of Ukraine against civilians and against the country as a whole). All these events lead to:
- inability to earn income to support yourself/family
- risks of loss of accumulated assets (apartment, house, car, business, ....)
- the reasons why you will be forced to leave everything that you had up to this point and leave the city / region / country of habitual residence
... and much more
The financial cushion should cover your typical consumption habits for a sufficiently long period of time. According to my estimates, this should be a reserve for 1-3 YEARS! Ideally, there should also be an emergency reserve, for example, at the level of 50-100 thousand dollars, so that when you move to another country / region / city, you can purchase residential real estate there to provide acceptable living conditions for your family (this is a very desirable reserve, for if you have a family).
Total total amount - you can calculate, it's not difficult. Those. according to my estimates, the size of the financial cushion should be about 200,000 dollars.
Yes, there is a nuance - this is the defersification of storage facilities. First of all, these are multi-currency reserves. Secondly, it is, now, necessarily crypto-currencies, possibly shares of technology companies and similar assets.
This is a solution that is financial, independent, high-volume insurance in case of critical situations. The situation can be anything - health problems, natural disasters, terrorist attacks (as, for example, Russia is now carrying out on the territory of Ukraine against civilians and against the country as a whole). All these events lead to:
- inability to earn income to support yourself/family
- risks of loss of accumulated assets (apartment, house, car, business, ....)
- the reasons why you will be forced to leave everything that you had up to this point and leave the city / region / country of habitual residence
... and much more
The financial cushion should cover your typical consumption habits for a sufficiently long period of time. According to my estimates, this should be a reserve for 1-3 YEARS! Ideally, there should also be an emergency reserve, for example, at the level of 50-100 thousand dollars, so that when you move to another country / region / city, you can purchase residential real estate there to provide acceptable living conditions for your family (this is a very desirable reserve, for if you have a family).
Total total amount - you can calculate, it's not difficult. Those. according to my estimates, the size of the financial cushion should be about 200,000 dollars.
Yes, there is a nuance - this is the defersification of storage facilities. First of all, these are multi-currency reserves. Secondly, it is, now, necessarily crypto-currencies, possibly shares of technology companies and similar assets.
I stumbled upon this interesting tweet days ago.
https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA
This is funny and real serious as well. I can only imagine them to have died in there sleep as, its only in the subconscious that one cannot be able to satisfy or at least offset a want that is readily available. Little wonder why some persons are drawn to crime!https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA
Anyway, in application to our everyday lives, this is very much true. Tomorrow might not be promised anyone but, you should keep the much things that you would need but, that doesn't mean you shouldn't enjoy today. You ought to define the fine line between over spending or lavishing and suffering yourself just because of fright of a tomorrow.
If savings in this context could be referred to savings in bitcoin, then guilty as charged. Am definitely doing some hodling but I as well make withdrawals in just the amount that I need and when I need it the most. More like a last option sort of thing. Bitcoin remains preferable as it is in itself an investment. Its the most useful way to save anything currency if you ask me.
When it comes to fiat, its mostly just want I need to spend within a period, solve emergency situations and turn them into some investments.
I stumbled upon this interesting tweet days ago.
https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA
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?
A very interesting tweet. And honestly a lot of people atleast in my country have this mentality, they would not dare to touch a specific set of savings that they have no matter what happens. They will always be stubborn on the fact that this in untouched savings and amount can only be added to it cannot be reduced from it. I feel one should have such a saving but it should be really like an emergency fund or with a specific purpose. Just keeping it for the sake of keeping it isn't sensible. https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA
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?
Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.
Sometimes, don't push too hard if the obstacles are starvation for something we don't know yet, misery that we predict will happen or not, of course that's a stupid thing in my opinion, it would be useless if we save money and we deliberately don't touch the money even though our current situation is it's starving.Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.
That is very good planning for the future of your children, considering your economic situation and income will not be the same as today and later you will not be as strong as today in finding income to save. but if your current situation is having difficulties, eating from paycheck to paycheck without any savings being touched is okay in my opinion than letting your family starve 
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?
Our savings are only useful to us when we are alive, staying alive is priority. Any life or death situation that money can yield and be the solution is enough for me to put my hands in my savings. I have insurance for emergencies, but any situation that needs financial solution or intervention and the money I have budgeted has been exceeded plus my insurance cannot cover it, I put my hands in my savings not to completely exhaust it but enough to be able to remedy the situation. I do not see anything wrong with this because the money you have saved is for the purpose of saving you.
Yes, I have untouchable savings that are allocated for my kids' future. As much as possible, I always do my best not to touch the funds and look for other alternative ways to earn in case of emergency. It is important that we can handle our earnings and savings well because if we don't have the discipline to keep our savings untouchable, we will just disregard the purpose and reason why we are saving.
I had savings that I hadn't touched for a long time.I kept them for the darkest day and it came.Last year, a war broke out in my country and the savings were very useful because everything changed literally in one day.Now I'm starting to set aside part of my income again for cases of force majeure if it happens.So saving money is very important, but it's important to do it wisely.Namely, without starvation and leaky shoes. 
I stumbled upon this interesting tweet days ago.
https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA
https://twitter.com/SchrodingrsBrat/status/1622320014215856128?cxt=HHwWgIC-9aPd0YMtAAAA
I guess the conclusion is pretty simple, just saving without living is pointless.
I know a similar "short story" about two roses walking in the desert... I like to think it's about life, maybe even more about girls
:Two roses walk through the desert and after a long time, they come across a spring. But when they wanted to drink, the spring told them that they could, but to leave the petal. One rose gave a petal and drank the water, the other kept safe. And so spring after spring, one gave petals and drank water, the other did not... until both withered.
We need some enjoyment and entertainment in life, without that what's the point of life?
untouched saving, I haven't it! Most people who die with years of savings in their possessions have a fear of the future. the wisest thing is to prepare an emergency fund only because it is more useful than untouchable saving which is really not used at all.
I agree, actually it gives me more anxiety it makes me think to I need to have more jobs to have a savings even I need to sacrifice my sleep or my health msut to have my huge savings in the future, right now a small amount is enough for me because my goal is not yet big in life I already have my needs, I need to prioritize my health above anything what I needed is an emergency fund, not a untouchable savings. Don't get offended guys, it is based on my own life and perspective. ~
Everything should really be in control or simply in moderation because spending too much is always been bad and there's no way that you wont really suffer out and this is where people been thinking or should be thinkingon which spending on something that is important which should be prioritize first and be practical as much as possible.We know that we cant be healthy forever on which there's a time that we might be needing
soo much money specially when health issues do able to hit up us hard where finances would be mainly be affected.In overall your riches cant really be brought into your grave and this is why
some people do really spend up on something which they do enjoy their lives.
untouched saving, I haven't it! Most people who die with years of savings in their possessions have a fear of the future. the wisest thing is to prepare an emergency fund only because it is more useful than untouchable saving which is really not used at all.
Untouchable savings is something people used to save for the upcoming generation. We can't see this much on the Western countries where investment is prioritised. In Asian countries we were able to see such kind of funds. People used to keep on adding specific amount regularly and this will be used by their kids. Something like life insurance. 
The only savings I don't touch are my emergency and life savings. The rest, I try and actively invest. I don't think it's good to discourage people from saving anything especially for emergencies. Not everyone has the luxury to always have spare money on the side that they can use for unforeseen circumstances. While savings might be money that is considered 'sleeping' it could still be a life saver when you need it.
Not everyone can save and invest at the same time, and if you're one of those guys, prioritize saving than investing money, then invest more time on your skills to land a higher-paying job then invest & save once you get there.
Not everyone can save and invest at the same time, and if you're one of those guys, prioritize saving than investing money, then invest more time on your skills to land a higher-paying job then invest & save once you get there.
untouched saving, I haven't it! Most people who die with years of savings in their possessions have a fear of the future. the wisest thing is to prepare an emergency fund only because it is more useful than untouchable saving which is really not used at all.
I have untouched savings, but those savings are in the form of a business that I manage. the story is like this, I have $20k but I use it to give a loan to a coffee company where later I get a percentage of the annual profit, on the other hand I need that money to buy a car or something else because it will make my daily work easier but in my mind where money will make money is a wise thing to think about and if profits come why not use them.
In my opinion, you have put your money in a very extraordinary place with that money that can make more money or in other words, it is profit. That's not only very wise, but also very, very good for the development of your coffee business and your life because every year you can reap benefits like people who pick coffee beans. And if the very varied profits always come every year, I don't think you can buy only cars or anything else. But you can buy an asset that is more valuable than a car at one time.Quote
indeed in the context it is clearly not the same as money that is not touched but that's what happened in my life. there are times when we have to save and there are times when we have to take it and also there is money that doesn't have to be touched in the long term. that's the economic cycle in austerity for the sake of unexpected things that come to us.
If you put the profits you get through your business into the bank without even touching them, then you really don't want to touch them for now. But as long as it's not a problem for you, I think it's still very safe for you to keep it as future savings that can make you always ready to face any conditions. Because unexpected things like what you mean can always come to everyone in this world. 
I have untouched savings, but those savings are in the form of a business that I manage. the story is like this, I have $20k but I use it to give a loan to a coffee company where later I get a percentage of the annual profit, on the other hand I need that money to buy a car or something else because it will make my daily work easier but in my mind where money will make money is a wise thing to think about and if profits come why not use them.
indeed in the context it is clearly not the same as money that is not touched but that's what happened in my life. there are times when we have to save and there are times when we have to take it and also there is money that doesn't have to be touched in the long term. that's the economic cycle in austerity for the sake of unexpected things that come to us.
indeed in the context it is clearly not the same as money that is not touched but that's what happened in my life. there are times when we have to save and there are times when we have to take it and also there is money that doesn't have to be touched in the long term. that's the economic cycle in austerity for the sake of unexpected things that come to us.
In principle, anyone can create a certain reserve of money for a rainy day. It's just that not everyone observes financial discipline. For example, to work for a whole year and then spend it all in a couple of weeks off is very unreasonable.
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The truth of the matter is that, money can never be compared to water, like in the tweet, water is a natural resources while money is not, if you are in the desert, and you ran out of water, there's always a chance that you would come across water some where, some how, even if it's a dirty water.
But on the other hand, money is man made and very difficult to come by, so just as water serve as a solution to thirst and other basic things like bathing, cooking etc, money on serve as a solution to majorly every thing in life including buying water, so as such, it is not wise for one to spend their money to the last kobo except the spending involves saving a life or lives, a man should have always savings, be it untouchable or not, savings is savings, and why do we save in the first place?
It's so that we will have a solution to unforseen circumstances and came without us being prepared for it.
Someone who have savings, and yet died of a sickness that could have been easily treated, by spending part of his or her savings, or even all, is a fool..
But on the other hand, money is man made and very difficult to come by, so just as water serve as a solution to thirst and other basic things like bathing, cooking etc, money on serve as a solution to majorly every thing in life including buying water, so as such, it is not wise for one to spend their money to the last kobo except the spending involves saving a life or lives, a man should have always savings, be it untouchable or not, savings is savings, and why do we save in the first place?
It's so that we will have a solution to unforseen circumstances and came without us being prepared for it.
Someone who have savings, and yet died of a sickness that could have been easily treated, by spending part of his or her savings, or even all, is a fool..
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