Should you save, when you are wealthy?

[Sebas.tian]

I believe, through saving you can become a wealthy man or woman because that is the strategy many successful traders applyed in their investment to maintain success in their plans in the community. Save money so that you will be able to achieve what you want to achieve in that particular period, and it will help you to purchase huge amount of Bitcoin when the price is low in the market which is the purpose many traders save their money for future benefits. The money I saved last two years from my working place, really help me to invested in Bitcoin last year when the price was 17,212 which there is a hope for me to make a good income any moment from now.

[1714493393]

1714493393

[1714493393]

1714493393

[1714493393]

1714493393

[1714493393]

1714493393

[Sir Legend]

The goal of saving is to fulfill or manage finances on a monthly basis, saving money in the bank with the current interest per year is only 8% then there is a 3% discount, so it only adds 5% per year, while annual inflation can reach 5% so nothing changes when we saving, it's time for us to change the saving system in banks into cryptocurrencies assets such as bitcoin, BNB or other altcoins.

[Furious 7]

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.

I think their goal of saving is clear, that by doing so they are trying to suppress conditions where they don't do anything that is considered wasteful and with conditions like this, logically those who save are of course aware that they have to change some views, including in this case lifestyle. Even though it doesn't mean we also have to torture ourselves, but on the other hand, in this condition, it depends on how we suppress our ego and self-esteem as long as we are able to do things like that. I think lifestyle can be changed with the initial thought of saving.

[bakasabo]

If I turn rich one day, of course my life goal wont be to spend every money I have, because I wont be able to take them with me afterlife. But I think I would not really save much. For me that will be an opportunity to get more experience, knowledge. I think I would only save a part that will be a starting capital for my kids, and will definitely spend a lot on their education. 100% they wont enter adult life carefree. It wont be like "I have worked and earned so they could do entire life nothing". I have achieved and wish they do the same. When I am wealthy, I am not going to economize on myself to save.

[Mario Yamasaki]

In my opinion, to make us more comfortable in managing finances, saving is an important thing, the size of being rich is of course different, and in my opinion, if I have at least $ 100 million, then I am rich.

[naikturun]

I think the first step is a stable income, then you can save a little of your income, then invest it, but it is better if it increases your income, then your investment will start faster and will bring a larger amount of profit.

[juhobtc]

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.

You talk about saving and creating start-up capital for investments, but also many people here say that saving cannot make us rich. Therefore, I understand that more is needed to create wealth, and we again return to the idea that you need to create a business that will generate capital for further investment.

[justdimin]

Most of those rich people are for sure already doing this because they are rich because they can manage their money well, so probably they already have emergency funds or funds in case they all went down. Though with us poor people, we have problems saving because it is not enough for us. That is why some of us prefer to spend it on food rather than save because our salaries are not enough. But even if I become wealthy, I will continue to save heavily for emergencies. 

I do agree that poor people would have a hard time saving. I mean if you are making less than a thousand dollars a month and barely surviving, how are you going to save money? That's why it is going to be a trouble most of the time, not many people could understand the logic of it.

I hope that we shouldn't really be doing anything that is risky by overspending neither, surely our salaries are not enough to be rich, but it is enough to not be poor. I am not poor thankfully, I thank god everyday for it, but I have to say I am not rich enough to save constantly and be wealthy neither. I save for months, then one sickness happens and all my money is gone. So, it is not easy for us at all.

[MarjorieZimmermanGinger]

For difficult economic conditions like today, saving is a job that is difficult for people to do, I imagine the minimum wage in the country where I live is still low and has never increased, while basic needs have increased from the previous price, making it very difficult for people with incomes in below the minimum wage to save, to make ends meet it is difficult for them to do and how they set aside money to save.

The financial level will indicate the extent to which the community is prepared to get involved and Do not teach them about saving if their food needs are difficult. Therefore try to save when you have opportunities and as well as trying to invest so that financial capability increases, if saving and investing is done when economic conditions are difficult, it will definitely be far more impossible to do.

[reagansimms]

Probably now I am thinking that I would not like to save all the time, I would like to reach the level at which I would be a wealthy person and I would not have to worry about money, but I have no idea when I can achieve this.

It takes effort and time to achieve it, you will do it differently in the sense of saving when you are rich. Rich people with people who want to be rich do different ways in terms of saving. Rich people can do many ways to save, they can also enjoy the results of their savings. Like doing business, and investing.
You don't have to worry anymore about how to get money when you are rich, money will come to you from the business you built. Being rich is everyone's dream, you can achieve it if you are diligent in saving and trying.

[Doan9269]

Sometimes we ask questions that are nit really worth it, seing ruch people existing doesn't mean they have money milking machine inside their house or a money tree whereby they pluck continually, rich people saves as well, not only that, they also invest and diversify their investment as well, they are well disciplined people that understand the principles behind riches and are ready to give all it takes to maintain being rich.

[Fara Chan]

I think the first step is a stable income, then you can save a little of your income, then invest it, but it is better if it increases your income, then your investment will start faster and will bring a larger amount of profit.

This means that you are suggesting to share a portion of the income we have to invest, yes indeed that can be said to be good because some of the money is still used to be driven into investment and the other part still has to be saved to take care of other things in life. But if the investment is planned for the long term, then it would also be better to make some effective steps to support better income because periodic investing also has a certain way for everyone to do besides doing it DCA.

The following are a number of steps that may still be very feasible and can be taken for investment by young people as well as adults, as stated on the manulife website, as follows;

• Understand the Concept and Risk of Investment
• Have Clear Financial Goals
• Determine the Investment Instrument
• Open an Investment Account
• Execute Disciplined Investments

[uchegod-21]

Sometimes we ask questions that are nit really worth it, seing ruch people existing doesn't mean they have money milking machine inside their house or a money tree whereby they pluck continually, rich people saves as well, not only that, they also invest and diversify their investment as well, they are well disciplined people that understand the principles behind riches and are ready to give all it takes to maintain being rich.

There might be a big difference between being wealthy and being rich. We can say that wealthiness is the extreme of richness. So not all rich people are wealthy.
Saving is a tool that poor people tend to use to achieve financial freedom.
But it has proven that rich people do not emerge from savings rather from investment. I do not think that wealthy people keep saving after becoming wealthy.
What they do instead is investing. What are they saving for?  for rainy days? With they everly have sunny days. Well, this might depend on the level of wealthiness we are talking about.

[Dr.Bitcoin_Strange]

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.

By only saving without investing, you can only be temporarily rich; when you stop saving and start enjoying the money you have accumulated, you will definitely squander it within a few months or after a few years.

When you save to only settle some arising expenses, after which you will need to save up to cover the other expenses you have already spent, you keep doing so for a long time just as if you are moving in a circle, and perhaps money spent does not regenerate unless you work for it again.

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.

This kind of idea is just wired. If one intends to save for old age, then imagine saving up to 20% of your monthly salary for 12 months or less and then putting the money into low-risk investment plans like real estate, stocks, or bonds. Don't you think it will be more profitable than just saving for 10 years? I don't claim to be too knowledgeable about economics and investment, but this idea of yours is unfortunately very disagreeable.

You can't just deliberately stack money in the bank or in your house all for the sake of savings, because when you grow old and start spending the saved up money, it's not going to be consistent because it's definitely going to be exhausted, even if not by you alone but by your next of kin.

Also, due to the high inflation rate affecting our economy, saving up to 20% of your salary is no longer feasible, though it depends on how much the person earns, the country they come from, if they are married, and if they have children. The inflation rate is more or less better in some countries, and also, married people with kids have more responsibility and more bills to pay, so savings up to 20% is really something that is not working for the majority now.

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.

That is perfect, with a touch of good example. Building a successful business and not just some small-scale business can save someone's ass during old age because even when the person is old, they can still hire managers to handle the business should their children not be able to do so. A man in my country owns one of the biggest hotels in the city, and being a good entrepreneur, he has more than 20 hotels in different cities in my country (this is no joke). This man is old now, and his children are his successors in the business. So the thing is for someone to either have a good business or a good investment.

I think the first step is a stable income, then you can save a little of your income, then invest it, but it is better if it increases your income, then your investment will start faster and will bring a larger amount of profit.

With the inflation rate now being so high, I don't really know what stable income means, especially when one is working to earn money. In my country, some minor workers are not even earning up to $200 per month, and I know most of them even end up spending their whole salary on budget without a single saving, and that's because things are very expensive. The higher the investment, the higher the profit to be expected. But I just think if one's mind is made up to invest, then it is better to just invest the little money the person has been able to gather; otherwise, if the person thinks of waiting until the money is big before they can invest, they may end up spending the one they already saved. Although not everyone is prone to do that, but that's not when a person is faced with a pressing need. Bitcoin has made it easy for investors who don't have enough money to invest to invest gradually with as little as $10 or less.

[Alphakilo]

I prefer to invest when am wealthy than to safe.
Saving is good actually, but investing is more preferable because it will give you more profitable returns. People save for future use forgeting that when you start making use of your saved money it will get finished easily.
But when you invest, it keeps multiplying even your generation wont lack if only they continue the investment thread.

[harapan]

The purpose of saving is so you can have money to use for investment. You don't save money just so the money sits in the bank or something. And the only way you can get rich the way you dream of is by investing. It's hard I know, but you just got to take it slow and small. These wealthy people you see today didn't all start off with big investments.
Also, because you need to save doesn't mean you won't take good care of yourself. Try to make use of the money you earn for yourself too. If you need a new sneaker and you can afford it, then go for it. What's the use of money if you can't spend it on yourself.
All you got to do is be smart about it. Know when you're spending money on unnecessary things and when you need to take care o yourself

[slapper]

~snip~

Stashing cash without putting it to work is like sowing seeds without a drop of water. How can you expect growth without some tender loving care? But imagine, you opt for a secure future by investing in low-risk ventures like bonds or stocks. Bam! That's when you start to prosper. Building your future is like crafting your magnum opus, requiring patience, originality, and tons of elbow grease. It's not a walk in the park, but the blood, sweat, and tears pay off. You know, "The early bird snatches the worm." Start young, and you'll be laughing later. Drag your feet, and you might just be the worm the early riser devours. So, you choose – worm or bird?

[Comingdown]

If I turn rich one day, of course my life goal wont be to spend every money I have, because I wont be able to take them with me afterlife. But I think I would not really save much. For me that will be an opportunity to get more experience, knowledge. I think I would only save a part that will be a starting capital for my kids, and will definitely spend a lot on their education. 100% they wont enter adult life carefree. It wont be like "I have worked and earned so they could do entire life nothing". I have achieved and wish they do the same. When I am wealthy, I am not going to economize on myself to save.

I agree but Even if you have a lot of money, it's still wise to save some of it. Saving money can help you reach your goals, and even prepare for an emergency fund. Saving and investing your money can also make it grow, giving you more certainty about your finance and the ability to make better decisions. Because you can't be wealthy if you didn't work hard for it, unless you inherited it.

[Iadegbola34]

Saving money is an essential part of building wealth, and it can take some time to accumulate a significant amount. However, it's important to remember that every small step you take towards saving and investing can make a difference in the long run.

It's also important to have a clear goal in mind and a plan to achieve it. This can involve creating a budget, identifying areas where you can cut back on expenses, and finding ways to increase your income. As for your investment in bitcoin, it's essential to research and understand the risks and potential benefits before investing.

Remember that building wealth is not just about saving money; it's also about investing it wisely. This can involve diversifying your investments, seeking professional advice, and taking calculated risks. Keep learning and seeking knowledge about personal finance, and with time, patience, and discipline, you can achieve your financial goals.

[freedomgo]

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.

Yes, saving has certainly its own benefits but it will do more money if you also invest it in potential investments like bitcoin. However, if you can do both saving and investing, it will be much better so that if your investments do not work well, you won’t struggle financially as you still have your savings that you can use when all your money are used up. And much more you can do a lot of saving and investing if you are rich and is good in managing your finances.