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Any fiat is a horrible investment due to their inflationary nature. Consider investing in stocks/bitcoin/gold.
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Saving is an good option..that will help you to invest in future.. atleast make a plan that you can save a part of your salary which gonna be helpful to you to invest.
If you dont save how you gonna invest?? And if you can directly invest ie if you are rich enough then why you need to save?? you can directly go for an investment.
Some people actually dont save. Theres situations like people who win a lottery, or take over their daddys company at the age of 21. Of course these are all special situations, and not applied to the 90%, but to comment on the rich not needing to save is a bit naive as well. I know a fellow friend save just as well much with investing cause incase the investment does go bad or for future loss being covered. True some people actully no need to save because they already got what they want but still they need saving too for their future if suddenly in one day you loss your in you investment, altough you are rich may be in one day your money will be all gone and this saving will help you but it can't provide all of your loss, at least it can help you a little bit That is exactly my points. Even if it will not help you or you dont need it for investment still you have a money if your money in investment will gone. It may help you to have a financial and make a business if you dont like business invest again. I dont think saving will not help you because it is your money that you cut from your own salary and try not to use it so it will be useful in the future. But that saving is only thing that you can get by collecting in a long time and you need to try to invest on something good. But its just lke a gamble, if it gone then it will gone forever No. Savings will great help even if you losses your money in investment still you try to invest and if you dont try how you will know that your money will loss or earn a profit? If you not save and you spend all of your salary monthly how you can get a money if you need it for emergencies or other purpose? Think of that, think if savings will not help us in the future. I Agree. If you have habbit of saving from the initial stage you will be holding great fund in future. So even if your investment goes wrong you atleast have something which can earn you living in future. If you have saved something that would be helpful for you at the time of emergencies. Theres no negative in savings. Savings are so very helpful to people who dont know what they are goin to do with their salary and your saving will be safe if you put it in the bank. It may avoid lost and it may avoid the possible things that will happened to your money The problem is when banks start to stop being as safe as we previously thought. Banks can crash, bailout, get robbed, and negative interest is a bitch. So unless you really need it, you should do something with your money and not only keep it on the bank, unless you are rich enough to make decent gains from simple interest rates. you don't necessarily need to store them in your bank account, you can leave them in your house in a safe box underground, well hided, the same thing you will do with a paper wallet... the problem with fiat is that you can't save them for long time without losing value, because of the fact that bank keeps printing those like mad childrens, you a re obbligated to invest in something bitcoin instead is already an investment, because it has a store of value property But if you invest you wont assure that your money can earn a profit , it may loss. And thats right the valued of the fiat money are decreasing as time passes by. If your money is $70 and you save it and you put it in your storage in your house after a year the value of your $70 maybe its only 65 dollars. i was talking more about an interest on deposit, and not exactly investing your money in gambling things, which i don't like to be honest i don't like gambling because you can't invest your time in it, but only your money Yeah and in gambling theres a high risk very high. It may the reasons why you are become poor. And n gambling your always lose example if you win today i assure you tomorrow you will lose. OMG guys just cut the quotes out, you are multiquoting too many people, your post fill up half of the page lol  There is no point of saving money under pillow. The value of that money just keeps dropping. So my answer is: definitely choose investing over saving. With investing you beat inflation + gain a little extra profit too  And in long run you can be millionaire! If you want to gamble, gamble in stocks instead of casino |
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Look, saving is really easy. All you have to do is live frugal life: don't travel, don't buy cars, don't buy house.
Invest $1000 each month in stocks and you will be millionaire by 23 years.
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Nice, Bruce Fenton (CEO of Bitcoin Foundation) also in the movie |
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Save money can only do so much.
You gotta eventually learn how to grow your cash flow, and thats based on projects that employees will never let you do. IF you work 9-5pm you need notice your time is more of value then a salary.
Just think about it, $40k salary, $37k after taxes, and you can barely have time to have fun with it. Which how many years youd have to work for a bigger principal balance to have a successful retirement.
Yes indeed. You can retire at age 40 if you save insanely. It's all possible with $40k salary. But if you only had $20k salary / year, its very hard to save. Its depend to the person who are saving because no impossible to the people who wants to save, although their salary is small. And i think your job is not a very good job so that you have only $20k salary. $40k a month is a salary of a engineer. I don't know which country you live?? But the engineer salary is $40k-$60k (USD) a year, not month. I live in phillipines. $40-$60 annually is not enough for an engineer. So that a month $360 of the salary of the engineer? which country do you live? No. I meant $40k-$60k = $40000-$60000 annually. (k = kilo = 1000) |
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Save money can only do so much.
You gotta eventually learn how to grow your cash flow, and thats based on projects that employees will never let you do. IF you work 9-5pm you need notice your time is more of value then a salary.
Just think about it, $40k salary, $37k after taxes, and you can barely have time to have fun with it. Which how many years youd have to work for a bigger principal balance to have a successful retirement.
Yes indeed. You can retire at age 40 if you save insanely. It's all possible with $40k salary. But if you only had $20k salary / year, its very hard to save. Its depend to the person who are saving because no impossible to the people who wants to save, although their salary is small. And i think your job is not a very good job so that you have only $20k salary. $40k a month is a salary of a engineer. I don't know which country you live?? But the engineer salary is $40k-$60k (USD) a year, not month. |
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Save money can only do so much.
You gotta eventually learn how to grow your cash flow, and thats based on projects that employees will never let you do. IF you work 9-5pm you need notice your time is more of value then a salary.
Just think about it, $40k salary, $37k after taxes, and you can barely have time to have fun with it. Which how many years youd have to work for a bigger principal balance to have a successful retirement.
Yes indeed. You can retire at age 40 if you save insanely. It's all possible with $40k salary. But if you only had $20k salary / year, its very hard to save. |
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To save money nowadays, is to not save money, but rather save in valuable things. Half the people understand that. Be short dollar and long house. There are two problems: 1 Houses might go down. 2 Not everybody is in the position to get a loan (short dollar) and buy a house (long house).
What everybody can do is to set aside whatever you can (want) of your income and store the value in sound money, that is, money that is not designed to go down in value.
No. This is what most people are doing and they are not getting rich. Buy only the smallest and cheapest appartment that you are comfortable living on. Focus your life on income generating assets, not on a house. |
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Compound interest is the magic. Here is well explained what compound interest can accomplish for you: http://www.daveramsey.com/blog/how-teens-can-become-millionaires/The thing is that people tend to live on today never worrying about future. One could easily retire at age of 50 with a million bucks but nobody wants to do this. There are a couple factors that usually get in the way of the compound interest example in the link you provided. 1) It assumes a 12% annual rate of return - You need to take some risk to get that type of return, likely from equities (stock market), and most people are not able to get attain 12% every year. Most people can't even beat the market, and the average market rate of growth is 7%. 2) It assumes that you won't use the money until the age of 65 - Most people will want to use at least part of that money to enjoy life while they're still relatively functional in their early years. Few people are willing to live in the shit part of the neighbourhood, AND have a million dollar retirement savings account that they're not touching  A more realistic example would be compounding interest with a 1.5-2% "high interest" savings account or GIC. It likely doesn't even beat inflation. Yeah I agree that 12% is quite optimistic, but the example just shows the power of compound interest. Dividends including the average annual rate of return is still around 10%. Why is 1.5-2% savings account that doesn't even beat inflation more realistic? Only stupid or old people would do this. If you are young and have long investment time, there is no reason to go for savings account. It's either stocks or real estate IMO. |
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Compound interest is the magic. Here is well explained what compound interest can accomplish for you: http://www.daveramsey.com/blog/how-teens-can-become-millionaires/The thing is that people tend to live on today never worrying about future. One could easily retire at age of 50 with a million bucks but nobody wants to do this. |
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Is it better to save money in bank or invest it online, in real estate or maybe gold?
Definitely invest the money is the best option, of course, investing smarter, not going into any page that promises us incredible things, avoiding ponzi scheme, getting and looking information about the sites that are legitimate and have been online for long or good time, good luck investing  Stocks and bitcoins are all you need. Skip everything else. IMO investing on payday is best because then you know exactly how much money you have for living until the next payday. |
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It's really not this easy. I like how you've suggested a financial plan, but someone who makes almost 8 bucks an hour can not afford multiple things on top of their daily bills. It's easy to make a financial plan if you make enough money to where you don't have your monthly budgets interfering with each other. For example, medical emergencies. At that type of salary, you're essentially one accident away from any financial savings for anything collapsing. Your car savings, or your house savings, can all be destroyed with the medical side of your life taking over it due to an insufficient "medical fund". Saving money is something everyone would love to do, but when you don't have a decent salary, it's next to impossible.
Sir, all things are possible 8 bucks per hour? It is enough for a normal person . And you said that all of your savings will be destroyed by pne accident? No . Do you really read this thread? That your savings must 20% of your monthly salary? And its use in 2 different ways? First the 10% is for emergencies, so you cant spent the other 10% wich must spend in your personal interest like business,investment, and etc. So how possible you can't save? If you do this strategies you can save every month. And like i said theres a choices , save or not so choose. So there are a couple things to pay attention to. One is income generation and the other is under-consumption (saving). It would make sense for effort to be put into income generation primarily, and then towards savings. If someone is making 8 bucks an hour and living in North America, then the effort needs to go into generating more income. That wage is for unskilled labour, so it would make sense to gain a skillset that pays more. Don't fall into the trap of doing unskilled labour for life. That type of job should be a steppingstone to something else. If you are going to learn a trade, get a formal education, or learn a skillset that you can apply on your own, it will allow you to get out of that trap of labour/retail type jobs. 8 bucks an hour will just cover the absolutely essential monthly expenses. It makes sense if you're young and working part-time while living at home with parents, but don't make a career out of a job like that. How you can say that wage is for an unskilled people? Do you think they will get a job if they are unskilled? And you said that if they need a big wage they will study, if they have enough money to study? Their wage are enough to live and make savings . No, $8/h is not enough in USA. $8 might be a lot in your country (Philippines?), but in USA its really hard to live with $8/h. |
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inflation is important for economy to grow.
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Step 6: We will sell the merch for really cheap and only accept marijuana cryptocoins. What a shitty idea, you will lose >90% of the customers by limiting payment method so strictly. |
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VERY good advice thank you. Even though it is pretty basic there are sadly a few people following these guidelines.
Also if you want to extend to crypto and other forms of "reserve". Why not recommend gold? (P.S for joesixcoinsofgold: Please for your reserve buy SCRAP GOLD or small bars)
Well, not investing on gold is just my own opinion. I see gold just as a way to store value, I don't believe it has anything new to offer (unlike bitcoin). The only scenario where gold would outpace every other asset type is if everything crashed (WW3 or total economy collapse) and we went to some dark age shit. |
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Invest in stocks! And here's some reasons why i prefer stocks:
-There's a bunch of people working their asses off for the company to make profit.
-Historical statistics show that their average long-term trend is always up. Sure some heavy crashes on markets happen from time to time, but they will eventually always reach new all-time high.
-Stocks are way more profitable investment than bonds or gold.
-I like to take risks where the odds are on my side.
-Inflationary economy is generally good for companies.
-Stocks produce passive income (dividends), which means I don't have to sell anything to get some money out.
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Some simple tips for saving money:
-Use cash, don't buy on credit.
-Don't eat out.
-Don't buy coffee from starbucks/etc.
-If you want to get drunk, stay away from pubs/bars: your/friend's home is a nice, cheap and secure place to get hammered.
-Don't spend money on big house, buy a flat instead. Home is not an investment (unless you rent it away some day).
-Get rid of a car or two.
-If you really need some electronics/hardware, buy them used.
After you start to manage saving some money on a monthly basis, invest it. Nothing is worse than having money sitting and being eaten out by inflation.
Buy stocks, ETFs, mutual funds (vanguard is the best), bonds, bitcoins, (gold, silver).
You can also consider investing some money on personal education (books, audio books, classes, certificates). There's also tons of free information on the internet.
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I am HODLING until the price is either $0.000 or $1,000,000.00.
And even if the price goes to over 1Musd, im only gonna sell 1 bitcoin to support the suffering mainstream currency - HODL the rest.
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As Voorhees stated, bitcoin prediction is pretty much binary.
In 20 years 1 bitcoin is either worth $0 or a very high number ($100,000?).
My position in bitcoin is a bet on bitcoin becoming mainstream (>$100,000/BTC).
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I got in Q4/2013. Since then been repurchasing.
Reason why I got in was to become millionaire.
Even in Q4/2013 it was impossible to accumulate 1 million bitcoin ever again. Did you really think you would be able to back then? No i mean I want to become dollar millionaire. Maybe 20 bitcoin will be enough to be dollar millionaire in 10 years? |
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