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Author Topic: Wise thing to do with your savings.  (Read 6132 times)
Pumapipa
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May 25, 2018, 05:03:52 AM
 #1

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?
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May 25, 2018, 05:20:22 AM
 #2

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?

You could (and probably should) put it into some form of a safer investment. There are a lot of stock options out on the market that allow for pretty continual growth albeit very slow. This would be better than just leaving your money in a risky investment or just letting it sit under a mattress somewhere because at least you collect some interest. As you keep making money, you'll end up with more in that emergency fund until it becomes something that you can actually work with in a few years/decades.

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May 25, 2018, 05:41:54 AM
 #3

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?
Emergency funds are not to be deposited in a time deposit account. Time deposit accounts have specific time before you can withdraw it and you can never tell when you are in need of it. Also it is not wise to invest emergency funds because you are doing away with the main purpose of such savings.

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Seetheummerallyeah
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May 25, 2018, 05:47:04 AM
 #4

An emergency fund should not be a percentage. The point of an emergency fund is so in the event of an emergency (such as losing your job, natural disaster, etc), you have a backup to survive until you can get back on your feet. It should be a fixed amount that you think would give you enough to live without a source of income for the next few months.

If you make 1 million a year, you sure as hell aren't dedicating 200k of that to an emergency fund. Which brings me to my next point: the wealthier tend to not have a need for an emergency fund, as they store some of their worth in liquid assets such as in real estate. In the event of an emergency, they could sell those assets relatively quickly.
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May 25, 2018, 06:10:13 AM
 #5

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?

When we talk about emergency fund, the money should always be ready in times of emergency so you shouldn't put it in a time deposit kind of account for you to have easy and immediate access to your funds. I don't suggest for your emergency funds to be invested in crypto either since its value is very volatile and you don't want to compromise your emergency fund to lose its value over time. You should allocate another percentage of you income for you crypto investments. Emergency funds should be easy to access and always available for you in times of trouble so you shouldn't be investing that money into something that could delay you from accessing it when something urgent that needs funding.

Just try to place those funds in a secure place and make sure that your wife or partner knows how to access it as well.

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ivandu
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May 25, 2018, 06:19:20 AM
 #6

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?
Emergency funds are not to be deposited in a time deposit account. Time deposit accounts have specific time before you can withdraw it and you can never tell when you are in need of it. Also it is not wise to invest emergency funds because you are doing away with the main purpose of such savings.
better to use emergency fund in correct way.as it name " emergency " that used for urgent need.if we use it as invesment , while we need this money, to hard to liquidate.

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May 25, 2018, 06:42:01 AM
 #7

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?
I actually invest rather than keeping or saving my money without any interest. Though cryptocurrency is risky, uncertain, volatile and may crash anytime it will still be profitable for a savings but choosing the right coin will make sense. I saved my money in cryptocurrency and it actually has good result and I can have it whenever I need it most. I don't put my money in banks because I don't have an account yet but I am also planning to try it soon.

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May 25, 2018, 07:01:10 AM
 #8

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?
Emergency funds are not to be deposited in a time deposit account. Time deposit accounts have specific time before you can withdraw it and you can never tell when you are in need of it. Also it is not wise to invest emergency funds because you are doing away with the main purpose of such savings.



Best thing to do  with your savings is to invest, except for emergency fund. From the word emergency ,it means that funds always be ready because we dont know when we can use it.  Emergencies is unpredectable. And when  we allocated a money, savings and emergency fund is not the same. For the savings, it is not a good idea to put in just a bank.if you want to grow your savings ,it best to invest like the cryptocurrency
sunsilk
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May 25, 2018, 07:06:09 AM
 #9

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
When I allot a portion of my salary to save, I wouldn't call it as emergency fund. There's a belief here that you are expecting something is about to happen so you are trying to save for emergency, we are plainly calling it as savings.

So I was thinking, if that 20% allotted will be invested in a time deposit kind of account
Time deposit in the bank? How much you will save there? are you aware that there are taxes and the interest rate for time deposit isn't suitable for small deposits?

will it still be possible to earn as much or invest it in cryptocurrency?
No, you won't earn that much in time deposit but it assures you that with the period of time you stored your money there, you have something to pull in your pocket in the future. I have few savings in the bank but most of my money is in bitcoin.

Or maybe just let the money sleep until such time you will need it?
If you don't need the money right away, invest to crypto - this is a better choice than putting it on time deposit.

What will be a wise kove to do with the noney you have saved up?
I'm not an expert though but it is wise if you let your money sleep in a crypto that you believe in like bitcoin rather than let it sleep on the bank and earn pennies for years.

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May 25, 2018, 07:08:09 AM
 #10

Though, emergency fund is very significant in an unexpected situations, you can put all the funds not in a time deposit bank account but you can rather put it all for an investment of cryptocurrency. Afterall, when the time comes that you really need the money, then you can withdraw your funds from your soft-wallet. At least, the profits you earned from your investment in cryptocurrency will grow faster and higher than putting all your money in time deposit.

To tell you honestly, I considered my online wallet as my emergency funds for example, unexpected expenses, sickness and other situations.

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May 25, 2018, 07:58:41 AM
 #11

I think allocating 20% of emergency savings to invest in cryptocurrency is worth a try, although a little risky but worth doing, you should choose the right investment, you can also try on short term deposits and expect a little interest, or you invest your money in stocks return the profit briefly.
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May 25, 2018, 08:01:07 AM
 #12

I think the best thing is to have a nest egg worth 3 months of your salary, this will be used for when you lose your job. Next is get insurances, grow up and an adult it's good for you. Lastly is invest, not in banks but in stocks, businesses or in this particular situation crypto currencies. This worked for.me so far and i don't need to worry about stuff becauss im covered.

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May 25, 2018, 10:11:30 AM
 #13

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.

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May 25, 2018, 10:21:32 AM
 #14

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.
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May 25, 2018, 10:25:52 AM
 #15

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.
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May 25, 2018, 11:08:06 AM
 #16

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

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May 25, 2018, 11:12:49 AM
 #17

A wise step would be to spend the money you have accumulated until it has depreciated through inflation.
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May 25, 2018, 05:43:23 PM
 #18

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

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.
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May 25, 2018, 05:48:42 PM
 #19

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.

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May 25, 2018, 05:51:32 PM
 #20

I see that many of you actually liked the concept of 20 % method wherein you allot 20% of your earnings to be saved as emergency fund.
So I was thinking, if that 20% allotted will be invested in a time deposit kind of account, will it still be possible to earn as much or invest it in cryptocurrency? Or maybe just let the money sleep until such time you will need it?
What will be a wise kove to do with the noney you have saved up?

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.

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