Topic: Wise thing to do with your savings. - page 88. (Read 8220 times)

For that savings I will suggest the saver to save them in the form of bitcoin thinking it as a currency as it is already a form of currency which is used for the digital purposes like all other fiat currencies. If they will do like that then they will get double benefits, one they will have their money as their saving which they can use any time they want and other they will have their money in a form of investment as the price of bitcoin is also used as asset by the investors and traders for its feature of high fluctuations in the price and with the passage of time the community of bitcoin increases so the price of it also increases with time.

Saving the 20% of our income for our emergency purposes is really a good idea, but to invest it in cryptocurrency without a guarantee that your money will return with a profit is not really a good idea. If you invested it in crypto, how can you use it in emergency? And what if your investment falls? You will be forced to withdraw your money even if you lose.

If I think the wise thing to do with the savings you have is to invest or invest in some companies or you can invest in gold and in bitcoin because with the investment you can add the money coins savings you have today.

That's also me before when I found out about the time deposit offers of the bank but after conducting a research and inquiry to the bank personnel, they discourage me to do so. They didn't told me the reason behind it so basically if you are thinking that it's profitable to put your money in a time deposit, think again. And you mentioned about emergency fund, why would put that fund on a time deposit? you know the rules when you put your money on that type of agreement.

The best thing to do about your savings is to re invest on a coin with lower value that has the potential to grow even more in the future in order to have more profit.

The best thing to do for savings is to put it in a reliable inventment. This will surely helo you in our future needs-house, education, etc.

I also think that the money that i am saving should be invested in bitcoin because bitcoin is a good long term investment that i could have bigger benefits from the money that i have invested. If i needed money for emergency purposes i could get from my investment.

In my own opinion, saving money for starting the business is the best thing to do because in this way you can increase your income even more just like by working on bounty campaigns and trading in the market.

I think that the funds I put aside for the 20% emergency will be invested in the crypto, I will buy some coins which I think have a great advantage in the long and short term, from which I will benefit from my emergency funds earlier, this which I think is best for now

You shouldn't misunderstand the concept of savings. It's only considered savings, if that money is safe and you can return to it in times of need. The savings could also have a goal associated with it, and when you reach that goal you would use them for their purpose. In either cases, your savings should be safe.

What you suggested, investing your savings in crypto for example, would not be aligned with what I've explained before. Meaning that by investing in crypto, you could of course lose your money. One thing is savings, and another thing is investments.

There are investments without risk, usually offered by banks, where you could put your money away for a long period of time, and you would get a very small interest by doing that. Those types of investment, could be considered savings as well, but you must really be assured that you will never lose money if you keep it that way. If by any chances your money is at risk, you can't consider them savings.

You can of course use a middle term. You have 20% of your salary that you can afford to put aside. From those 20%, you could decide to remove 5% to 10% (or even 20% of those 20%), and use that money for investments. You know you can lose it, but if things go well you could earn much more money than by just putting it aside.

For what kind of emergency are you locking in these funds. If you are locking it in for emergencies such as some health problems or something like that then saving it into a fixed term deposit will be a great havoc as you will have to comply with certain formalities before encashing that income for use. But if you are using this money merely as your buffer money which you could use in times of your economic anarchy then yes probably it will be great to put it into a fixed deposit as it will also generate a passive income over time.

As of now, this is what I have to do just save for urgent purposes near in the future.
Saving at least 20% of your monthly salary is good in bitcoin only because it is highly volatile I'm sure you don't need too long of waiting for your capital to be back. Saving while at the same time investing to grow your money is a good idea I must prefer on this compared to let your money sit in the house box without having a profit.

Emergency fund should be just enough to pay all your costs to 3-6 months.

After you build your emergency fund, you can to diversify your portfolio in Stocks, Bonds and even small amounts in crypto, depending on your risk appetite.

Hm, I get it where are you login with this but I dont think that it is really good idea to do that. Savings is integral part of your life and it must be there all the time. The 20% that goes into your savings accounts should be such that it is never considered to be present there unless and until an emergency comes up front. If you believe in my words then you know whats the importance of the same if you dont then I dont think that you know the importance at all. But the right thing is to save it and not to invest anywhere. Let it sleep their forever but never invest.

With that being said, sometimes putting your capital in cash temporarily (not long term) is the wise thing to do from an investment perspective. When markets get too volatile, sometimes it is good to wait until a tradeable pattern develops.

A wise step would be to spend the money you have accumulated until it has depreciated through inflation.

Saving is never a wise thing to do. You should invest your money instead of saving. Saving is for people do not have the power to risk their money for a bigger profit. There are many places you can put your money in. The cryptocurrency is just an example. You can invest your money in real  estate, opening your own business, etc

The wise thing to do with your savings? Well if you want to regrow your savings then invest it to something that is not volatile like stocks. However it would take you so much time before it increases unlike in cryptocurrency the price grows so much but the decrease of its price is also faster.

So it's all up to you what are the wise thing to do with your profit.

1. Withdraw it and use it.
2. Save it.
3. Invest to stocks.
4. Invest to cryptocurrency.
5. Just let them be in your wallet for future use/ Emergency money.

We do have different decisions from this, well i'm just giving you an idea on what are the wise thing to do with your savings. If you're contended with your savings then just let it be in your wallet because if you do something to it like investing to stocks or cryptocurrency there's a high chance that it will reduce or lose your savings, so you better be responsible with your actions.

I think the wisest way to do with my savings is to invest on bitcoin. In this way I could save my money while gaining from it.

I'd go against any time-deposit schemes since one, if in case you have had an emergency situation and you can't get any cash immediately and two, you literally won't earn anything significant off of it, really, and it's better off allocating that 20% into your emergency fund or invest it into something else. I'd only take it to a cryptocurrency investment if I know I still have the means to spend once an emergency situation happens, or my expenses aren't that high and I have spare money to spend. But for minimum-wage earners, I suggest keeping it for emergency and just try to invest whenever you have something extra.