Untouchable Savings: Do you have it?

[Ultegra134]

Personally, your way of saving is way too extreme; I'm not going to start eating less in order to save money. Yes, I will avoid buying junk food, such as chips, chocolate, candy, etc., but not cut down on food. I'm also not going to be drinking plain hot water; I'll buy a coffee or a hot chocolate every now and then; it's no biggie; I'm still saving money. I'm not going to become obsessed with money by living my life poorly.

Moreover, as Lucius already mentioned, an older car might be more expensive to run in the long run. My previous one kept breaking down and requiring repairs much more frequently than my newer one, which I've only replaced a resistor on so far, which I did myself.

[1714907181]

1714907181

[Yatsan]

Well, yes. I tend to allot my budget for the whole month and that includes personal savings and emergency funds separately. I am fully aware that there will be times that those alloted money could be spent for any reason possible but atleast, if you planned where those funds will really be used, you'd resist not to use all of it to another thing which it wasn't meant to. On a long run, having savings would really be helpful especially in times of need and for future purposes ofcourse. But I won't judge those who does not have it simply because we are going through different circumstances; ofcourse anyone would dream to have a savings but not all would be capable especially if the salary itself won't be enough for a daily living.

[Yaunfitda]

I think this kind of mindset tends to show itself as we grow older, and more intelligent on the financial side of things. But when we are young, we don't know how to save for the rainy days and think of our future.

That's why it really good to let the young generations knows a thing or two with regards to investment specially assets like bitcoin. It should be in the long run and what we all preach, invest what you can afford to lose.

[Darker45]

Rational people will have, if they can afford it (!), some savings they will not touch unless something big and bad happens. Does this means they'll die before spending all their money? Yes, and it's fine. Having a certain peace of mind has its costs.

You're probably right. In real life, however, it's more interesting. I have an uncle who died with much money. He was thrifty. He normally bought used clothes only. I guess he was a bit paranoid so he saved a lot for whatever extreme may come, probably health issues and costly hospital bills when he gets old. On his deathbed, ill, he told me he'll be recovering soon because he has yet to go to the Holy Land. That was apparently on his bucket list. He never made it there. He left more than $20,000 in his bank accounts.

It made me think, what if he lived to the fullest, spending all his money down to the last penny, and died penniless but satisfied? Would it have been better?

My aunty was a very hard-working woman that engaged in so many trades to ensure that she saved for her children. Due to her quest to save for my cousin, she always ate an unbalanced diet and visits quack doctors whenever she was ill. My mother will always advise her to take good care of herself but she refused to heed her advice. She died because she ensured that her savings are untouchable. A few months after her death, my cousins squandered all she had saved for them.

Such an unfortunate yet common scenario here in my country. I don't know if this has something to do with human nature or something cultural.

The same principles might apply to money. Actively spending and going broke could produce incentive and motivation to develop methods to amass more money. While rationing expenditures might produce an illusion of comfort and safety.

I appreciate your view. I love the idea.

My observation here is that this is usually the case with the people who are daily wage earners or those who are living with side hustles only. Near my place is a slum. Some of the people who live there are my friends. I noticed that they are also the people who don't think twice of spending whatever money they have. I can even go as far as saying they normally have better food on the table than those with permanent jobs. I'm even awed at their ability to disregard what you call the "illusion of comfort and safety." They're not afraid to go broke. I guess it's not a risk for them. They're living their lives day by day. Having no money simply means they need to look for some work.

I have Untouchable Savings. I keep in usdt as i believe savings should be liquid at all times. Any banks for storage are highly unreliable. Keeping Untouchable Savings in gold and the like is also unreliable.

This looks bad to me. I don't agree, and I don't encourage this. USDT is more unreliable than gold and money kept in banks.

[Marcellin9]

To be honest, I have a lot of untouchable savings and same as you, I don't intend to use it unless there are emergencies that I really need to take care of. We may have different reasons why we have shaped this mentality but overall, I believe a really horrible experiecence or a period of hard life leads to where we are. However, refusing to use the untouchable savings does not mean our life has been deprived of what we deserve. I certainly feel financially secure or at least confident with all savings and my standard of living is quite stable and reasonable because I get my needs satisfied. For example, I bought a new SUV nearly two years ago and that was basically for my family because at the time my daughter was newly born. The cost did not bother me much even if I took the money from my savings because I already made the equivalent money and put it into savings. Am I still holding the savings tight ? Yes of course but I am also open to any reasonale spending if that improves my life in general. Therefore, I would never be like the people who died in the desert with bottles full of water.

[Outhue]

True be told, money gives me peace of mind, my mind will never be a rest if I don't at least have some fund saved somewhere, I prefer if something happens to me (death) while having some money, it is more better than having a long life with no money.

In 2016 I had a million in my local fiat currency that I couldn't touched, because I have goal that most be achieved, even when all my clothes turned rag I kept managing two for a year and a half, later, that money changed everything for me.

In early 2017 , I bought my first Asic and make money through the year into 2018, paid for my tailoring academy and later sold the asic in 2018 bear market, to cut the story short, that 1 million changed everything for me, till this day.

[slapper]

You're trying to cut costs and be frugal because you know education is expensive. Budgeting and getting by on less was something even I had to master. Even if it may be difficult, I believe it is essential to strike a balance between saving money and spending it on needs.

It's important, in my opinion, to appreciate and protect the sources of joy in one's life. If you can walk the fine line between enjoying the here and now and putting money aside for the future, you'll be successful at both.

By establishing financial objectives and creating a budget, I have been able to keep track of my spending and savings. Knowing my monthly income and expenses will allow me to create reasonable financial goals. Reassess your progress toward your targets, and readjust your spending accordingly.

[el kaka22]

The idea of untouchable savings do not make too much sense to me, if it is untouchable by that logic it should also be not helpful at all. If you are not going to cash that out, will you basically die before you touch it? Will you leave it to your kids? If so, it will never have any impact on your life at all, makes no sense to me.

I personally believe that you should see every savings touchable so that it could have an impact on your life, selling and getting out before it reaches to that impact is a mistake and you shouldn't touch it until that point, but after it becomes big enough or it is a moment in your life that matters enough that you could sell and have an impact? Then you should sell.

[Smartprofit]

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?

Yes, in my opinion, every person should have savings.

This is due to the fact that unexpected catastrophic events can occur in the life of every person (loss of a hired job, illness, serious injury, etc.).

Also, a person may be faced with the need to make large financial expenditures. For example, a person may urgently need money for treatment, purchase of real estate, marriage, etc.  It is also possible that he will have a chance to earn a large amount of money, and for this he will need to make investments. Therefore, financial advisers recommend that 10 percent of all their income be directed to the Savings Fund.

I understand the expediency of such financial discipline, but inflation in my country is very high and in order to maintain the same standard of living, I very often spend money from the Savings Fund. It's not very good ...

[Kakmakr]

OP, yes.... we can apply this to all these Bitcoin hoarders.. that are gathering bitcoins like Scrooge McDuck and never selling any of it. Can you imagine paying thousands of Dollars for some bitcoins and then everything going ape shit and the Bitcoin price going to zero. 

I have done that for many years, but when we reached the all-time-high price of $60 000+ ...I decided to sell some, because I wanted to change my life while I could still make a 800%+ profit on it. I do not care if it goes to $500 000 per coin, because it already changed my life.... and I can now say that I profited, before anything happens to it. 

[franky1]

I have done that for many years, but when we reached the all-time-high price of $60 000+ ...I decided to sell some, because I wanted to change my life while I could still make a 800%+ profit on it. I do not care if it goes to $500 000 per coin, because it already changed my life.... and I can now say that I profited, before anything happens to it.  

if you bought say 1btc at $7.5k to sell at $60k to make profit of 800%
keep ~5/8 profit. and put in 3/8 (~$22.5k) for the next cycle

it would mean you already turned $7.5k into $37.5k 400%(if you ignore re-investment amount)
a nice win in of itself

and a side lot of $22.5k that can turn into more in the next cycle

which because you are already $30k up. 400% (if you ignore re-investment amount)
then you can enjoy that win AND saving for the next roll around

or even just re-invest the 7.5k again. at 0.33coin and keep the other $52.5k to live on, enjoy

[Fivestar4everMVP]

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..

[Unbunplease]

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.

[ginsan]

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.

[bestcoins1]

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.

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.

[Ludmilla_rose1995]

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.

[dothebeats]

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.

[KennyR]

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.

[Oceat]

~

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 thinking
on 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.

Exactly! Those people will realize soon once they felt the hardship of not having something to take when you really want it and it's a hard lesson for them. By the time they realize it – it will be too late although, there's nothing wrong if you want to start again but this time you should be wise enough to know when or where to spend those savings because we never know when do we need to use this money. It acts like an investment but also act like as a savings in case of emergency.

[molsewid]

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.