Should you save, when you are wealthy?

[Baoo]

For me, If I was wealthy I would rather invest the majority of my money smartly than save it in FIAT and it is certain I would keep or save the minority for sudden situations. In fact, There is a plenty of ways to invest your money such as, starting projects related to new technologies , buying precious metals, lands and of course Bitcoin & Ethereum
That’s how you can reduce your tax rate intelligently.

Moreover, the future is unpredictable. So the more you have solid strategies and plans, the more your money is safe and your wealth is growing.  Also, life is too short, we should enjoy it and entertain ourselves and family but don’t spend what you have on useless and trivial stuff just to flex on people and boost your ego. That’s called stupidity and banality . Plus, it is unfortunate that the social media is full of them. We literally live in a materialistic and hypocritical world but it does not mean we should follow them.

[Dr.Bitcoin_Strange]

I have not seen anyone get rich by saving, but there are still many people who do, they limit their spending for themselves and their loved ones, and they think that way they will become rich. But they don't think that as long as they stop working and start spending money, no matter how much money they have, they will run out, you are right on that point.

That's a fact. When a person keeps spending their savings without earning more to save, they will definitely go bankrupt again, which is invariably not a sign of consistent wealth. Unless for old people who tend to save their wages so that when they are retired, they would have enough money to land on, and by then, they may not have lots of expenses to cover because by then, they may have had grown children who can even be supporting them in their needs. Some say money is hard to make but very easy to be spent lavishly; if one chooses a lavish life style, then it cannot be obtained by saving a whole lot of money, and one should stop saving just to lavish the already saved funds.

Savings should only be used for emergencies, other than that I don't see a second reason to save. If you want to have a rich life besides working hard and earning a high income, then investing is what you need to have.

@Smack That Ace, as an economist, savings should not only have one purpose, like you said for emergencies. It's an arguable fact, which I am in doubt of. Savings, whether for a wealthy lifestyle or not, cannot be limited to emergencies. If you work to earn a living and your salary cannot cover the cost of a car and you need to purchase one, you will definitely save to achieve that goal, or you will be deemed to take a loan and buy the car, in which case you will still need to save so you can repay the loan. There are a lot of instances to consider.

[soramon]

I read and listen stories from famous rich person so many times. None of them rich by saving their money. They invest it and wait for a long time. Everyone can invest their money but not everyone can resist not to sell it. I think that is one of reasons our difference with rich guy.

[juhobtc]

Actually, people don't become wealthy from saving their money. They become wealthy through investments; and that's even when such investments become profitable. This is the simple reason billionaires always look for ways to reinvest whatever that's left of their earnings after setting aside what's for their daily running cost. The fact remains that only those without investment plans let their money lie idle without putting it to use. Savers who don't have any investments is meaningless.

But you are talking about rich people who already have a lot of wealth and profitable investments. And what to do when you still have nothing, how to build this fortune, that will generate a constant financial flow?

[Smack That Ace]

@Smack That Ace, as an economist, savings should not only have one purpose, like you said for emergencies. It's an arguable fact, which I am in doubt of. Savings, whether for a wealthy lifestyle or not, cannot be limited to emergencies. If you work to earn a living and your salary cannot cover the cost of a car and you need to purchase one, you will definitely save to achieve that goal, or you will be deemed to take a loan and buy the car, in which case you will still need to save so you can repay the loan. There are a lot of instances to consider.

My bad, I didn't remember that. You are right, the savings can also be used for other purposes as you mentioned, not just for emergencies.

But honestly, I never thought about it, my current life, my income after deducting daily expenses and partly to save for emergencies, the rest I invest. I just thought once my investment was profitable, I would have enough money to buy a house. I never thought about saving up to buy a house because I thought it would take a long time and was too far fetched to look forward to.

[Dr.Bitcoin_Strange]

My bad, I didn't remember that. You are right, the savings can also be used for other purposes as you mentioned, not just for emergencies.

But honestly, I never thought about it, my current life, my income after deducting daily expenses and partly to save for emergencies, the rest I invest. I just thought once my investment was profitable, I would have enough money to buy a house. I never thought about saving up to buy a house because I thought it would take a long time and was too far fetched to look forward to.

It's really a two-way thing @Smack That Ace. I'm not saying you are wrong if you think in that direction, but it's not bad to save for the goal of buying a house while at the same time having an investment to buy the house. If the investment pays off well enough to buy the house, that's great. But also the investment would take time, even if it's not as much as the savings. If there is a chance that when you combine your savings to the investment in order to buy the house, it will reduce the waiting time as well, giving you the advantage of combining the two money bags to get the house. But the way you planned your financial budget is still good, you are investing for your goal.

By the way, your username really looks so entertaining! I wish there was a feature in the forum to switch user names; I would want to be the guy smacking the ace.

[G_Besar]

I read and listen stories from famous rich person so many times. None of them rich by saving their money. They invest it and wait for a long time. Everyone can invest their money but not everyone can resist not to sell it. I think that is one of reasons our difference with rich guy.

Basically, people who are already rich also start by saving before using some of their assets in the investments they like. Because anyone must have capital to make investments and capital certainly will never exist if someone is still living too extravagantly.

So saving is an important part of life because any money saved will never go to waste, moreover it can be used for anything including building a business and can also be used to support health when someone suddenly falls ill. So those who are already rich, of course, start by saving by living frugally and have a long-term target of increasing their income, and that is not only through investment, but also through the business lines they are good at.

[imamusma]

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But you are talking about rich people who already have a lot of wealth and profitable investments. And what to do when you still have nothing, how to build this fortune, that will generate a constant financial flow?

Know your financial limits in advance and plan wisely so that you can achieve your goals in the long term.
You can't get rich if you don't have savings that you then invest in assets that can bring you profit, but first think about how you manage it while you can't ignore the necessities of life.

If you have sufficient income, I think you can plan this idea well. But on the other hand, if your income is only able to meet your daily needs, please don't expect something big without doing something big.

[Raflesia]

Wealth and in this case maybe money will run out if it is not managed properly. no matter how much money we actually have, if it is not run properly sooner or later it will shrink and of course one good manager for this apart from investment and business planning is to do so of course saving is something that is certain. it doesn't matter how poor or rich you are i think if people are financially savvy then they will save no matter what.
We already know what the consequences will be and still don't do anything about money management, it's really stupid.

I agree with this since it is true that even though you are wealthy, there are still unexpected events that might happen. It is always important to be ready with those events by making sure that you have wide savings allocations. Emergency fund is one thing since it is really for emergency. Securing your financial status is an achievement and it would really help anyone regardless if you are starting to build your finances or even you are wealthy enough.

Actually in this condition there are many examples that we can see when we are not wise with the money we have. For example Rapper MC Hammer or even David Segel who incidentally is one of the Real Estate entrepreneurs in America. They underestimate their financial condition by living in extravagance, which actually backfires for those who really have to live in poverty because their money runs out.

Of course there are many other examples and this should be used as a reference that we should not be too complacent and feel the richest because indeed money will run out and a sad life can happen when we are always having spree and spending money when we have more income.

[Newlifebtc]

For investment in any form or any form of investment you must be wealthy  enough or been into average life before you can be able to make or keep saves so I believe that someone that is not okay in life overfeeding itself and taking care of the family can not have a saving account so it is one thing about being wealthy and not being wealth towards investment

[Sanitough]

@Smack That Ace, as an economist, savings should not only have one purpose, like you said for emergencies. It's an arguable fact, which I am in doubt of. Savings, whether for a wealthy lifestyle or not, cannot be limited to emergencies. If you work to earn a living and your salary cannot cover the cost of a car and you need to purchase one, you will definitely save to achieve that goal, or you will be deemed to take a loan and buy the car, in which case you will still need to save so you can repay the loan. There are a lot of instances to consider.

My bad, I didn't remember that. You are right, the savings can also be used for other purposes as you mentioned, not just for emergencies.

But honestly, I never thought about it, my current life, my income after deducting daily expenses and partly to save for emergencies, the rest I invest. I just thought once my investment was profitable, I would have enough money to buy a house. I never thought about saving up to buy a house because I thought it would take a long time and was too far fetched to look forward to.

Yes, saving could take a long time but it’s actually the process of saving, you have to start it early the moment you are earning, and throughout the years of saving, you will eventually make a huge amount in your account. But I believe if you save for a certain goal, the more you will become motivated to save because your savings will have it’s certain direction. So regardless if you are wealthy or not, as long as you are capable to save your spare money, then better take some time for saving, and maybe you can invest a portion of your savings later on.

[Unbunplease]

Yes, saving could take a long time but it’s actually the process of saving, you have to start it early the moment you are earning, and throughout the years of saving, you will eventually make a huge amount in your account. But I believe if you save for a certain goal, the more you will become motivated to save because your savings will have it’s certain direction. So regardless if you are wealthy or not, as long as you are capable to save your spare money, then better take some time for saving, and maybe you can invest a portion of your savings later on.

Unfortunately, just saving money now is not an option - inflation is rising quite rapidly. Also, bank interest rates cannot be called a reliable insurance against inflation, since the offers of banks are often ridiculous. So we have to make money work, and look for where to invest it properly.

[Ebede]

For investment in any form or any form of investment you must be wealthy  enough or been into average life before you can be able to make or keep saves so I believe that someone that is not okay in life overfeeding itself and taking care of the family can not have a saving account so it is one thing about being wealthy and not being wealth towards investment

somebody who have the mindset of reservation will you still preserving money or know how it will spend it money whether the person is a civil servant or not it must to have a reserve the money to spend in next day investment is just a way of getting more money it is what all investment is all about and for someone to invest you have what is pushing you

[Dr.Bitcoin_Strange]

Yes, saving could take a long time but it’s actually the process of saving, you have to start it early the moment you are earning, and throughout the years of saving, you will eventually make a huge amount in your account. But I believe if you save for a certain goal, the more you will become motivated to save because your savings will have it’s certain direction. So regardless if you are wealthy or not, as long as you are capable to save your spare money, then better take some time for saving, and maybe you can invest a portion of your savings later on.

Individuals savings lifestyles can be affected by different factors. As an economist, I don't think it's wise to save without a particular goal of saving from the start. You have stated that one should save and invest later on, but how can you tell if there could be a better utilization of your savings if you are still unsure of what to do with them? Every savings goal should be laid out from day one.

Not all savings take that long; we have short and long-term servings plans depending on the purpose of the savings. There are some people that always have a long budget and as a result they don't save, but most times to meet up their target, what they do is cut down their budget for a few months to enable them to save a certain amount for those few months that they could use to archive the goal.

[EdenHazard]

saving is not a matter of being poor and rich, but an awareness to be careful in all circumstances. because the economic situation is always uncertain, so it is only right that you must continue to be on standby to face all eventualities.

do rich people still like to save, in my opinion it is the rich people who save the most and save the most, it doesn't mean that their wealth comes in vain, there must be a reason why rich people become that successful, one of which is from saving. You should be proud and grateful if you can save, because there are many people out there who really want to be able to save and have a reserve fund but can't.

Saving could become meaningless if you still have a very expensive lifestyle ... in case you get hit by something that makes you dropped down to the lowest economic condition and then you opened up the saving fund that you have prepared when you wealthy enough ...

All of your savings could be gone in just few days even hours if you keep the high lifestyle level on your lowest economic situation. It's the matter how you live it with your fund and manage it well.

[bettercrypto]

It is written in the bible that the rich will get richer and the poor will grow. And it is true that I believe. The question is why will someone who is already rich get richer?

      It just means that there is a system that makes the rich person compared to the poor person. If his business is growing as he has it, it is clear that he is able to save savings. Because you can't be rich if you don't have businesses, and they can't neglect their businesses either because they will fall to the level of poor people.

[Vaskiy]

saving is not a matter of being poor and rich, but an awareness to be careful in all circumstances. because the economic situation is always uncertain, so it is only right that you must continue to be on standby to face all eventualities.

do rich people still like to save, in my opinion it is the rich people who save the most and save the most, it doesn't mean that their wealth comes in vain, there must be a reason why rich people become that successful, one of which is from saving. You should be proud and grateful if you can save, because there are many people out there who really want to be able to save and have a reserve fund but can't.

Saving could become meaningless if you still have a very expensive lifestyle ... in case you get hit by something that makes you dropped down to the lowest economic condition and then you opened up the saving fund that you have prepared when you wealthy enough ...

All of your savings could be gone in just few days even hours if you keep the high lifestyle level on your lowest economic situation. It's the matter how you live it with your fund and manage it well.

That's a wrong fact, people at any cost never touch the money that is being allocated regularly as savings. When one gets into savings the same is done for some purpose. When the expected amount is being reached, the savings is used. This is how traditional way of savings work, not like as like we use our regular needs amount.

[Dakcrypto]

It is best to save when it is necessary and available, of course almost every one knows the value of saving but talking about time. it is most important that you have good savings whether it is when your wealthy or not but make sure you have a savings for the rainy day.
Where people get things complicated is when they make money and find their selfs in the biggest position to control assets they tend to save both for themselves and their entire generation.

There is a local proverb that says poor people give birth to the rich. Check through the backgrounds of the richest people in the world their parents where either poor or so how rich but not very rich. But now you can find the richest people having two to three kids and saving amount of money that even there forth generation might finish, and this children watch them closely there don't end up become the richest people like there parents or sometimes they don't even have a good contributions to the society. This an effect of excess savings so save only for a good reason not because your wealthy or when your wealthy or when your broke.

[reagansimms]

I'm wondering how long we'll need to do the savings? Who has already reached any significant level, are you still saving, or you can afford to live without any financial restrictions?

By saving you can be rich in many ways, not only the amount of money you can collect, there are many important things that you can get when you set aside some money for savings. One of the benefits of saving is that it will make your finances more stable, at least you have savings to finance expenses that you never thought of before.
If you save consistently, you can guarantee your old age. The best way that can be done is to set aside your monthly salary by up to 20% each month, imagine if you continue to do this consistently for the next 10 years, how much money have you collected.

[Dr.Osh]

I'm wondering how long we'll need to do the savings? Who has already reached any significant level, are you still saving, or you can afford to live without any financial restrictions?

By saving you can be rich in many ways, not only the amount of money you can collect, there are many important things that you can get when you set aside some money for savings. One of the benefits of saving is that it will make your finances more stable, at least you have savings to finance expenses that you never thought of before.
If you save consistently, you can guarantee your old age. The best way that can be done is to set aside your monthly salary by up to 20% each month, imagine if you continue to do this consistently for the next 10 years, how much money have you collected.

well, saving can indeed make someone rich, and guarantees for old age if they consistently do it. it's just that, I think that saving will not be optimal if the salary we have is small. therefore, maybe building a business slowly will also become an asset that can make us rich. almost all the rich people who exist today are rich because they have a qualified business. they achieve financial freedom because of their business. so, I think focusing on doing business, and saving money will slowly make someone rich, and maybe be able to get economic security in their old age. Besides that, it will be great when you start saving above 30% of your income when your business is really running smoothly.