Should you save, when you are wealthy?

[axxo]

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.

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[BRINIRHA]

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

[slapper]

You arent wealthy unless you save, however you cant save plain cash as its losing value often.   But to have savings is generally going to include stocks and bonds beyond plain cash I think is fair.  Some say their house is their savings I dont disagree with that though variety is required, a few would say a house is a liability not savings but depends how you play it as you can improve a house which is a form of self improvement I think in the same category as savings imo.

A house can go two way, it can be a liability or an asset, it all depends on the purpose of the house, a house where you live with your family is likely more of a liability because you would have to continue overtime spend money to keep the house in a good shape, as well fix many parts that's are dilapidating due to aging..

But on the other hand, an apartment used solely for business, like a shopping complex, a shopping mall, apartments leased out/rented out for monthly or yearly income, is no doubt an asset because it is a major source of income to its owner..

This is what I think concerning a house either being an asset or a liability.

It is wise that one invest their wealth in something meaningful to generate more wealth or income if you may like and to talk of using a house as a means of savings, I would agree with you that it can go in two ways just as you have stated.

If one builds a house and calls it a savings then u would not argue with the fact that one built a living house because some people sees that as evidence of their wealth and therefore would want something to show for it which a house is not a bad option and in the long run, the house can still be sold out to get money from it which might likely not be same figure one used in building it to finish together with the maintenance costs but the truth is that the house saved for you some cash which was recovered through the sales.

Another is building a house for commercial purpose which I see as a direct investment to generate income or wealth if you may like. This could be in form of hotels, estates, apartments etc which one can use to generate income annually which is not a bad idea to go with.

So therefore, your idea of a house being a liability or an asset can be justified.

Your perception of a house being either an asset or liability certainly sparked a thought. Yet, I hold a different stance.

Indeed, a residential home incurs expenses, such as bills and maintenance. But can we justly tag it as a liability when it offers us a fundamental need like shelter?

On the contrary, commercial properties might earn significant income, but aren't we ignoring the associated risks? Unforeseen market changes, non-paying tenants, and hefty repair costs can easily convert your 'asset' to a 'liability.'

So, here's a proposal. Instead of fixating on labels, why not consider a house as a 'home' or a 'business,' and assess them in their specific contexts?

[Fortify]

Everyone who wants to create a fortune has a long way to go, first we need to learn how to earn, save and then learn how to make money work for us. Someone creates a business for this, someone is looking for investments, but the essence remains the same, we earn, save and increase our capital.

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?

I have just started taking steps towards achieving my well-being and it is still very difficult for me to understand how I can achieve my goal and become a wealthy person. The thought that I will have to save for a long time now seems difficult, will it not tire me, will I be able to go this way. I already have some bitcoin and I like the feeling that I own something of value. When I manage to save some money, I buy again, but this is not permanent because I do not have a permanent job. Sometimes I want to buy new sneakers, and I decide to buy or postpone, sometimes I doubt if I'm doing the right thing, maybe I should provide myself with everything I need and save only what remains, if left.

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.

You don't need to worry about what the wealthiest people are doing with their money, as they certainly aren't thinking about you. When you reach a certain point, like in the millions, it becomes about diversification of assets which can likely protect them from ever going poor again - even if they never worked another day in their lives. They might have a couple million in bonds, low paying but rock solid, a couple million in blue chip stocks which are super reliable and slightly higher paying and then put the rest in the regular stock market which will ebb and flow. With savings rates going up the whole picture is actually changing as we speak.

[Dimitri94]

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

Everyone should plan saving according to his position. A wealthy person thinks about how he become more wealthy and go ahead according to the plan. A man can never succeed without a plan. Especially if some one is not financially planned then his future can be under big threat. If one is able to maintain both investments and savings normally he can be financially sound in a short period of time. Agree with you that both rich and poor should keep both savings and investment as much as they can according to their ability.

[BRINIRHA]

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

Everyone should plan saving according to his position. A wealthy person thinks about how he become more wealthy and go ahead according to the plan. A man can never succeed without a plan. Especially if some one is not financially planned then his future can be under big threat. If one is able to maintain both investments and savings normally he can be financially sound in a short period of time. Agree with you that both rich and poor should keep both savings and investment as much as they can according to their ability.

And the most important thing is when we have the opportunity to save and invest, that's when we have to do it and make good use of it. Because there are some people in other parts of the world in countries that are in a state of prolonged economic crisis. as in South Sudan, Somalia, and the Syrian Arab Republic. I heard there are even still many people who experience hunger. Even child mortality and malnutrition rates are very high there.

So that for some people who are in a country experiencing a prolonged crisis they even find it difficult to get food every day. the money they earn on that day will be used up to buy food to be consumed that day.
so it is important for those of us who still have the opportunity to save so that we can maximize our savings and investments. if the rich are still saving then of course those of us who have the goal of becoming rich must also be more active in saving.

[rojan]

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

Everyone should plan saving according to his position. A wealthy person thinks about how he become more wealthy and go ahead according to the plan. A man can never succeed without a plan. Especially if some one is not financially planned then his future can be under big threat. If one is able to maintain both investments and savings normally he can be financially sound in a short period of time. Agree with you that both rich and poor should keep both savings and investment as much as they can according to their ability.

Yes, I also think that if a person can save something from his monthly salary then he can do something good for the future. There are some people who can't calculate anything for which they are good in life.  Can't but to live well in our life we ​​need to do some calculations and save some money.

[bestcoins1]

Yes, I also think that if a person can save something from his monthly salary then he can do something good for the future. There are some people who can't calculate anything for which they are good in life.  Can't but to live well in our life we ​​need to do some calculations and save some money.

Even rich people can go bankrupt if they are not able to manage their finances well enough in life. That means saving money in life has become a very important thing for everyone, especially for those who are still poor, so they really have to be able to carry out extra savings in their lives because those who are still poor will not be able to have something they want if they their life they still use money more extravagantly without remembering to save it for the future.

[Gulttam2a2]

Of course I should save when I'm rich. That's because you can sit and eat all your life. What do you do when your wealth runs out? You have a lot of money. Become an owner day by day your needs will also increase. There are many people who I have seen who despite having a lot of wealth are increasing their wealth so that they can increase their wealth in the future. But there are many people who do not do anything despite their wealth they are really lazy. So I think we must save.

[Cryptmuster]

Even rich people can go bankrupt if they are not able to manage their finances well enough in life. That means saving money in life has become a very important thing for everyone, especially for those who are still poor, so they really have to be able to carry out extra savings in their lives because those who are still poor will not be able to have something they want if they their life they still use money more extravagantly without remembering to save it for the future.

Perhaps someone simply does not have the opportunity to save money if incomes are so small that they are only enough to pay for food and only the most necessary. So it is not always possible to save and it is better to start doing it when your incomes increase.

The rich lose their money not because they don’t save, but because they don’t manage their money well and perhaps spend too much, much more than they should, because you get used to a luxurious life quickly, and then it’s not so easy to deny yourself something.

[Adams0001]

I believe we should everyone have some money set up for unanticipated expenses. I believe that you should strive to invest more than just save your money at some time.

Having emergency funds on hand is one thing; saving without a specific goal or plan is quite another. When you put extra money in the bank, it simply implies you don't know what to do with it (invest in), and this is where the rich and investors come in. They take your accumulated savings and go out and play with them in the hopes of making more...so they exploit your combined savings to make themselves richer because you don't know what to do with your money.

[Mauser]

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.

In case you are saving all your life to become wealthy at one point, I don't think you are going to stop and completely change your spending habits. Humans are used to patterns and adapt to their conditions, it takes a long time to change that behavior. I think that even if I become a millionaire overnight I would still evaluate purchases between necessary and unnecessary. There is nothing wrong with treating ourselves with some luxurious items, as long as it doesn't happen every day. Saving all the time is difficult and exhausting, it would be nice to be financially independent and not have to worry about money. But we shouldn't only think about ourselves, if we save enough money we can leave it behind for our children and grandchildren so that they have an easier life. I feel like if we inherit money from our parents than we shouldn't be spending it, but rather leave it for the next generations. We can use the interest for ourselves but leave the principal untouched.

[Uruhara]

I believe we should everyone have some money set up for unanticipated expenses. I believe that you should strive to invest more than just save your money at some time.

Having emergency funds on hand is one thing; saving without a specific goal or plan is quite another. When you put extra money in the bank, it simply implies you don't know what to do with it (invest in), and this is where the rich and investors come in. They take your accumulated savings and go out and play with them in the hopes of making more...so they exploit your combined savings to make themselves richer because you don't know what to do with your money.

there is indeed a difference in mindset between ordinary people and rich people. Rich people prefer to make their money produce more for them. So their type of savings is not saving and left exposed to inflation. they don't do that. they prefer to save in an investment that has the potential to bring them more income without them having to work too hard. they make money work for them. different from ordinary people who work for money.

[khiholangkang]

I believe we should everyone have some money set up for unanticipated expenses. I believe that you should strive to invest more than just save your money at some time.

Having emergency funds on hand is one thing; saving without a specific goal or plan is quite another. When you put extra money in the bank, it simply implies you don't know what to do with it (invest in), and this is where the rich and investors come in. They take your accumulated savings and go out and play with them in the hopes of making more...so they exploit your combined savings to make themselves richer because you don't know what to do with your money.

there is indeed a difference in mindset between ordinary people and rich people. Rich people prefer to make their money produce more for them. So their type of savings is not saving and left exposed to inflation. they don't do that. they prefer to save in an investment that has the potential to bring them more income without them having to work too hard. they make money work for them. different from ordinary people who work for money.

In principle, it has a certain strategy pattern in managing money, people who work for money they have financial rotation on income and needs and for satisfaction in enjoying their lives, but different rich people who have a certain level to get money, they also save but their language is holding cash for emergency funds that are determined for a certain period of time, and then the rich have another income strategy from the management of money, SSay thinks the rich also work for money, but they have money that works for them too so that they have many sources of income that can be on The accumulation is stronger in financial fundamentals.

The term rich person is not saving, but an emergency fund or cash fund to anticipate unexpected things in business or other things.
But I am wrong with this discussion, saving and saving (buying things that are needed only) in English have the same language.

[AnonBitCoiner]

Only wealthy people Can save or invest depending upon their priorities in life ,poor or middle class ant do these things they hardly cover their expenses with their income.
Saving is good but investing is better to increase your wealth. 

Everyone can do this as it does not matters that how much you save. Those who cannot afford to save maximum percentage should at least save 2$ and I don't think that there is poor people who cannot even save this little amount.

One can reduce the expenses of life and can save little amount but those who wants to do and saving money is not waste of time but it will give good future to individuals. Poor or wealthy does not matters and in my opinion everyone can save money because there is no boundaries to save the fixed amount but if a person tries to save at least little amount then this will become his habit so he will reduces his expenses which is a good step towards a successful life.

[molsewid]

I believe we should everyone have some money set up for unanticipated expenses. I believe that you should strive to invest more than just save your money at some time.

Having emergency funds on hand is one thing; saving without a specific goal or plan is quite another. When you put extra money in the bank, it simply implies you don't know what to do with it (invest in), and this is where the rich and investors come in. They take your accumulated savings and go out and play with them in the hopes of making more...so they exploit your combined savings to make themselves richer because you don't know what to do with your money.

there is indeed a difference in mindset between ordinary people and rich people. Rich people prefer to make their money produce more for them. So their type of savings is not saving and left exposed to inflation. they don't do that. they prefer to save in an investment that has the potential to bring them more income without them having to work too hard. they make money work for them. different from ordinary people who work for money.

Even rich people has their own savings, it is allocated in different forms that's why their younger family members tend to inherit what they are already been working and the amount of money that they got throughout the years in their business. I knew some still working as ceo in their company but having a very work life balance. Everyone needs to have a savings and everyone needs to know that emergency funds is much needed.

[stomachgrowls]

I believe we should everyone have some money set up for unanticipated expenses. I believe that you should strive to invest more than just save your money at some time.

Having emergency funds on hand is one thing; saving without a specific goal or plan is quite another. When you put extra money in the bank, it simply implies you don't know what to do with it (invest in), and this is where the rich and investors come in. They take your accumulated savings and go out and play with them in the hopes of making more...so they exploit your combined savings to make themselves richer because you don't know what to do with your money.

there is indeed a difference in mindset between ordinary people and rich people. Rich people prefer to make their money produce more for them. So their type of savings is not saving and left exposed to inflation. they don't do that. they prefer to save in an investment that has the potential to bring them more income without them having to work too hard. they make money work for them. different from ordinary people who work for money.

Even rich people has their own savings, it is allocated in different forms that's why their younger family members tend to inherit what they are already been working and the amount of money that they got throughout the years in their business. I knew some still working as ceo in their company but having a very work life balance. Everyone needs to have a savings and everyone needs to know that emergency funds is much needed.

For sure they have because they wont really be able to reach out that particular state if they havent been able to do such thing back in the past, for sure they are really that aware about the importance on having a savings on which it would really be just that common that they did really make out such benefit in the past on having this allocation or stashes. It would be always that recommendable on having that savings because we know that not all the time we could really be having that money specially on emergencies on which it would really be just that common that you would might be ending up with some shortage of funds.

Not all would really be going into this situation because there are really that rich people that no matter how big the expenses is, they do still able to pay upfront without any problems. We know that there are ones
who are really that financially capabled on which they could be able to pay no matter on how big it is. This is why on the question in speaking or in related about savings then it might be not all wealthy people
would be having that kind of allocation since they do confidently know that they do able to pay up on whatever things ahead.

[freedomgo]

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

Everyone should plan saving according to his position. A wealthy person thinks about how he become more wealthy and go ahead according to the plan. A man can never succeed without a plan. Especially if some one is not financially planned then his future can be under big threat. If one is able to maintain both investments and savings normally he can be financially sound in a short period of time. Agree with you that both rich and poor should keep both savings and investment as much as they can according to their ability.

Besides, most of the wealthy person in the world knows the reality of the world more than we probably do.

We should still save and invest accordingly because if we don't, there will be a time that our wealth will go down the drain as we don't have any passive income that will support our lifestyle and we should always think that what we have is not unlimited too. I agree, there must be a plan for everything and a plan after that as a back-up because we never know what might happen down the road.

[Stella Mese]

In my opinion, to achieve success or wealth is certainly not an easy thing because of course it requires a hard struggle.
I think for sure we will get happiness and wealth as long as we try our best.
but still we have to have savings and also have to have lots of businesses so we can make more money, and in my opinion we have to have savings even though we are already rich.

yes, sometimes we are always frustrated when our dreams haven't come true, but in my opinion no hard work is wasted so everything will definitely pay off.
so keep the spirit and have to think positive.

[bitzizzix]

There is no one-size-fits-all answer to this question, as it ultimately depends on an individual's financial goals and circumstances. However, there are several reasons why it may still be advisable to save even when someone is already wealthy. Firstly, unexpected expenses can arise at any time, and having a substantial savings cushion can provide peace of mind and financial security. Saving can help to maintain a certain standard of living in the event of a sudden of income or other financial setback. Savings can help to ensure long-term financial stability and provide opportunities for future investments or charitable giving. Even if someone is already wealthy, continuing to save can help them to achieve their financial goals and leave a legacy for future generations. The decision to save should be based on an individual's unique financial situation and goals. Saving can provide numerous benefits and is often a wise financial decision regardless of one's current level of wealth.

Indeed, everything will return to the individual himself and to what habits and plans the individual has made for his future. And even people who are already rich are usually used to making more mature future plans. So that saving and investing may have become their habit. Because they can become rich, maybe because they have been accustomed to reliable financial management and careful financial planning since they were before they became rich.

So whether it's rich people or ordinary people, all of them must still have careful planning for the future and preparation is needed, of course. and the way is by saving and investing.

Everyone should plan saving according to his position. A wealthy person thinks about how he become more wealthy and go ahead according to the plan. A man can never succeed without a plan. Especially if some one is not financially planned then his future can be under big threat. If one is able to maintain both investments and savings normally he can be financially sound in a short period of time. Agree with you that both rich and poor should keep both savings and investment as much as they can according to their ability.

Besides, most of the wealthy person in the world knows the reality of the world more than we probably do.

We should still save and invest accordingly because if we don't, there will be a time that our wealth will go down the drain as we don't have any passive income that will support our lifestyle and we should always think that what we have is not unlimited too. I agree, there must be a plan for everything and a plan after that as a back-up because we never know what might happen down the road.

And also rich people have many sources of financial knowledge, in other words their financial literacy is very good. And besides that they know how to treat their money, besides saving or depositing, they also invest so that their money continues to grow because they prefer their money to work and grow.

actually rich people or poor people have to save and also invest, we don't talk about everything but we have to be forced to create a peaceful life until old age. And what we have to realize is that we can't predict our life's journey, so we have to prepare and plan as early as possible so that we can handle it in our life's journey if something happens to us and we have a reserve fund to deal with it. And this is the most important, apart from for the future and also as a reserve fund in the event of a financial or other problem.