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Author Topic: Wise thing to do with your savings.  (Read 7659 times)
sheenshane
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May 25, 2018, 06:28:40 PM
 #21

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.

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May 25, 2018, 06:38:59 PM
 #22

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.
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.

  

 
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May 25, 2018, 06:50:24 PM
 #23

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 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.

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May 25, 2018, 07:40:17 PM
 #24

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
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May 25, 2018, 08:01:36 PM
 #25

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?

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.

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May 25, 2018, 08:09:30 PM
 #26

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
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.
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May 25, 2018, 08:40:53 PM
 #27

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?

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.
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May 25, 2018, 08:43:13 PM
 #28

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?

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.

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May 25, 2018, 08:47:47 PM
 #29

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.

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May 25, 2018, 09:41:55 PM
 #30

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.

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May 25, 2018, 10:29:48 PM
 #31

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?

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.
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May 25, 2018, 10:35:54 PM
 #32

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?
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.

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May 25, 2018, 11:42:24 PM
 #33

My current structure is quite focused on Bitcoin nowadays. I can save around 40% of my monthly income, which is mainly due to how low my expenses are. I used to put everything directly into my savings account, but with 0.1% annual interest it's not very encouraging to keep doing that. Instead of 40% to my savings account I only do 20%, and the other 20% will be invested in Bitcoin at any price if it isn't too crazy. The correction of this year gave me the incentive to start doing it. I am not worried about fluctuations because I have only eye for the long term. I wouldn't use the money in my savings account anyway, so having it parked in Bitcoin doesn't make a difference. Everything is better than money doing nothing and at the same time lose value.
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May 25, 2018, 11:47:22 PM
 #34

Saving is for emergency purposes sometimes,  but savings for me is like preparing for the future of my family like educational plans for my children.

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May 25, 2018, 11:56:56 PM
 #35

With liabilities and average cost of living expenses growing at a much faster pace than wages over the past few decades, being able to save money may be something that is fast becoming a luxury. Personally I like the idea of bigger and better financially opportunities being available the more capital a person has to invest even though that may be completely counter intuitive and backwards. In that saving wouldn't represent an end goal in itself but rather the first step of a financial plan which is intended to grow wealth at a faster rate the more liquidity a person has available.

The concept of bitcoin and crypto currencies succeeding due to them being avenues of creating value is also an idea which appeals to me. To mimic their success it might be worthwhile to formulate a saving or investing strategy which focuses also on building long term value rather than instant gratification schemes which tend to be high risk and at times low reward.

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May 26, 2018, 01:01:37 AM
 #36

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 supposed to be withdrawable anytime in case of an emergency. So, if you are planning to invest your emergency fund, then it’s purpose is no longer serve. Investment funds are supposed to be treated differently with emergency fund. This is because, you may lose your investment if the business fails. So, are you willing to lose your supposed to be emergency fund? I would suggest to save a separate amount of money intended for your planned investment. And take note, you are planning to invest in crypto which is highly volatile but with potential good returns.
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May 26, 2018, 01:28:37 AM
 #37

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?
Wise thing to do with your savings, I think you choose the right investment so that your saving will grow and your profit maybe double. But if you dont find the right investment you must save in the bank and wait until youve decide what you want with your savings.

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May 26, 2018, 02:33:44 AM
 #38

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?


Form me being Bitcoin user joining always in signature campaign of course there is a reward after the end of the said campaign. so all my token is only my saving that's what i do it while it will stay in myether wallet at the same time there is a profit if all coin are going to higher then if i want to spend money I just sell some of my token to cash out to buy some that i nedd but all in all my savings is almost my long term investment in my ether wallet.
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May 26, 2018, 03:12:00 AM
 #39

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?
Wise thing to do with your savings, I think you choose the right investment so that your saving will grow and your profit maybe double. But if you dont find the right investment you must save in the bank and wait until youve decide what you want with your savings.
invest and roll back the money. so that we all can get a lot of benefits by still being able to save. less to be wasteful so we can get a better investment than we buy useless goods

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May 26, 2018, 03:45:18 AM
 #40

Saving money is totally different from investing money. You should save money and invest money you are ready to lose because investing money into something like in crypto is a big gamble. Luck and timing depends on whether you will gain big profits or lose bigtime.
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