The world's logic favours income makers, not the savers

[uneng]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

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[0t3p0t]

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

It is true but we also knew the fact that taxes helps our country's progress and development unfortunately for some corrupt countries they made it a cash cow.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

This will only apply to us cryptocurrency enthusiasts since you said Go for Bitcoin but sad to say common citizens will still suffer the same defeat though some of them who has businesses and degree can survive from crisis or inflation and I actually felt it during pandemic. That is why we really need to invest into assets that is future and inflation proof and just to be fair to those who cannot afford an asset like me to find good and legitimate ways to acquire either it is Bitcoin, real estate or precious metals.

[icalical]

I think saving money is still important, at least from where I came from where credit card is not so popular. There will be time when I will need some not small amount of money for emergency, so most people I know and me myself still have saving for emergency fund. But I do agree when we stack money and just let let it laying around it never turn into a good thing, the value will be consumed by inflation and we are not moving the economic.

Using our money to establish a business will do much more contribution to the economy, hiring employee, buying from vendors, paying distributors, etc.

[naira]

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Aaaargh I think I've heard this logic of thinking somewhere and the context is very similar. Saving is considered not to make us rich etc, unless the investment is guaranteed not to involve taxes. However in fact a person level of hope can vary regardless of the system adopted by society regarding the assumption that saving can make you rich in the future. I agree 100% with you that the more we get into this system the less financially supportive it becomes. Sometimes people take investment risks but people are misled into thinking that investments are only for rich people. So these mistakes continue from generation  to generation and we need to break the chain while we can. Provide education to those closest to you especially family because the concept of saving and investing must be understood  based on the level of need that will provide strong financial support in the future.

[Poker Player]

I agree with some things but not with others. In general it doesn't make much sense to save in the fiat system we find ourselves in. It is better to invest, which can be considered a form of savings where you put money to work for you.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

In this I agree, and the fact is that the voracity of politicians seems to have no limits. Even in US states where there is no VAT, the fees for owning a house are enormous.

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Okay, that's why I usually recommend people when starting out in personal finance to focus on controlling expenses, paying consumer debts and saving an emergency fund. But the second step is always to increase your income.

Moral of the story: don't save money for more than one month.

I do not agree with this. It is commonly accepted that you have to save between 3 and 6 months of expenses. After that, you can invest.

[wxa7115]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

You have a point, if you have to pay taxes just for the ownership of an asset and if you do not pay them that asset can be confiscated then it is difficult to say that you truly own that asset, however it is not as if you have too much of an option.

Politicians have passed those kind of laws for assets that everyone strives to own, like it is the case of real estate, so you will have to pay those taxes whether you like them or not, however with this in mind it makes sense to try to diminish the amount of money spent in those assets and redirect any spare money we may have to other assets.

[ancafe]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Saving only holds a certain value but money is not productive, so when choosing to save what can we expect and people should be able to use existing money to generate profits instead of sitting around without providing much more productive value. Not only in investment because there are many other places to make profits such as opening certain businesses that we can run properly. Investments can be made if someone understands how and may need knowledge before trying too deep into it. If you choose an investment decision, avoid banking or one that requires a third party because currently there are many investment methods that can be done independently.

Buy bitcoin in responsible amounts and try to create a schedule or strategy to increase the amount of ownership. Adjust the money you have and avoid buying irresponsible amounts because speaking of life, perhaps not all the money we have should be placed in bitcoin. Consider how the money we have can be much more productive compared to saving which does not produce any income.

[adaseb]

Yeah this is true, especially if you held cash in 2019. The amount you lost due to inflation is crazy. You would of been better off owning any other asset, including an car even. Because even with cars, most haven’t reached the 2019 prices still.

That’s why many who were renters got a bad end of the stick. Because they still have to rent but at higher prices while those who had a mortgage most likely pay less for living expenses than those who rent at the moment. All because those people owned a house instead of renting a place.

[lovesmayfamilis]

Yeah this is true, especially if you held cash in 2019. The amount you lost due to inflation is crazy. You would of been better off owning any other asset, including an car even. Because even with cars, most haven’t reached the 2019 prices still.

That’s why many who were renters got a bad end of the stick. Because they still have to rent but at higher prices while those who had a mortgage most likely pay less for living expenses than those who rent at the moment. All because those people owned a house instead of renting a place.

I agree that owning your property is always more profitable than renting. But those people who work for years to get their housing sometimes live their lives in an eternal rush, losing their health.
But the fact that if there is free money, it should not lie like a dead weight, devaluing itself, is also important. However, choosing the right investment will be the main point. In our case, this is Bitcoin, but in the case of people who are not ready for this, everything is a little more complicated.

[Gio vanna]

Alot of people have that crazy mindset that saving of money make them richer (without any investment backing it up) come on that ain't right. In order to be financially stable try all means to invest on something that will yield you something good at the end.

That why cryptocurrencies is here ( bitcoin), though might be expensive for some individuals but it's not necessary you must start by buying 1 BTC, you can start by buying what the quantity you can afford for.  You can exercise the DCA strategies in time you surely see your progressing in an epic way. By then you start affording more than 1 BTC.

The reason why always recommend bitcoin to new users because is more safer compared to the others.

[jossiel]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life.

I wouldn't say that it is an illusion but it is what we've been taught when we were young and we've brought it up as we grow older. The problem is  we've sticked to this idea that we're going to get rich by just saving alone. But once you're there with the reality and understanding it, it's not even close to it.

An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

That's actually how the system works. I guess that it's also injected to our minds that someone needs to own a car and it's part of everyone's dream. The problem is, if you can't afford it but you wanna have it asap, you're going to take loans and apart from the taxes.

You'll also have to bear with the interest that you'll have to pay aside from the downpayment and for how many years you agree to pay for it. I'll choose peace of mind that of that.

Because if I can't afford it with cash, I won't buy it.

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

And while the rest complains about the system, the others are using it as an opportunity and try to look for better solutions for themselves. I know that these systems really plays a big part to our lives and how we become successful but, we have to adjust and find ways to survive.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation.

It is okay to save for emergency purposes that we're not foreseeing. But if you don't like to save and you want to put that into investments, make sure that investment or asset you're allotting money is highly liquid just in case for unforeseen matters.

Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

It is one of the best ways that we've known and thankful with. Bitcoin never disappoints but it's not easy too because it requires patience just as any other investments.

[kentrolla]

Saving money can make you rich is the old mindset when the inflations were not there and people were growing their own food, but now considering the expenses and inflation you will be left far behind if you follow the same process and now the only way to get rich is earn more money, instead of figuring out ways to save more we should be focused on figuring out sources to earn more and only those people who cannot earn more tries ways to save more. I think we need to adopt our strategy as per the current market instead of following traditional stuffs. 

[Adreman23]

The government doesn't want to overturn the triangle where there are more wealthy people than the poor because, in that case, only a few would be working, resulting in an imbalance. This is problematic because many people would suffer from hunger even if you have money, as there would be few farmers. That's why they established this system, which you refer to as the "evil rigged system." The government seems to be conveying the message, "Diminish your wealth by paying taxes so you don't become richer and don't stop working." Regardless of how determined we are to save money, in the end, the government still gets a share, as they don't want us to stop working. Perhaps it's true that it's sufficient to save a reasonable amount of money and invest it in something like Bitcoin. At least this way, there is hope of escaping from such evil rigged system.

[Apocollapse]

Sadly most people don't know what the real investment is.

They aware Bitcoin is one of the most promising investment, but they didn't take action. Some people scared because there are many articles said Bitcoin is haram, scam, illegal etc. Some people do invest in Bitcoin, they bought Bitcoin in CEX and they stake their coins to earn more coins, unfortunately the exchanges bankrupt due to get hacked, they lost their money. Some people ended invest in ponzi scheme.

Only the chosen knows Bitcoin should hold in non custodial wallet.

[dothebeats]

This is why it's foolish to buy liabilities in your 20s to 30s unless you have extremely deep pockets. All of these you will spend money on while they are not generating any money for you. During these time frame, one should be focused in building their credit scores and making the money work for them. This is something that educational institutions are not teaching the younger generations because all they want is to produce mindless workers willing to do anything for money rather than build anything with their own money. Patronizing old money by producing millions of young workers in the force while receiving lots of aid from these companies is what governments are unfortunately doing.

I myself can buy a car if I wanted to, and live comfortably in a huge house in a prime location, but I'm still in the process of trying to broaden my investments so that I can retire before I hit my 50s and just live a comfortable life for myself. I figured out that no one really cares if I have the latest phone or a nice cool car. It's just temporary things that will get obsolete in the coming years. I can buy those things with the help of my money working for me eventually anyway.

[KiaKia]

More successful people in a country will cause imbalance, I don't know why many people find this hard to believe, they want the government to turn them into something impossible, even if the government have the capacity they won't do it because it will affect the structure.

Savings is not bad, make sure you teach your kids how to save money while growing up and the next thing after this is to let them understand that income stream is the most important, this is the best way to grow bigger, savings have it's good side like emergencies for example, it's not bad.

It's true that saving money won't get you rich but it's very good to get some things done, investment will get you richer than anything and better source of income will also help your investment significantly.

[poodle63]

just make 30% of your saving each year from every investment there is then you are fine other wise the money will just becoming lesser and lesser as the time goes because all the thing you mentioned is definitely valid concern at this point so many people not even realizing that such thing definitely exists, saving in fiat just seem like easily causes us to waste much more time than it need to be for us to achieve our target, investment is definitely the only way to speed up us achieving our target despite the fact that it might also carries risk to some extent because lets be honest here making money always carries risk same with investment our investment could literally vanish if we take misstep in investing into some random shit project.

but whats better than investing is that if you can increase your income through having some business or something like that even side hustle as long as it contribute toward your financial condition its definitely something worth doing.
the key is to make more money here so that we can still be at ease with our financial condition in the future even if we are paying taxes.
after all those that just stuck with their current income, considering the trend that the salary increase is not that significant anymore, will lose their purchasing power and when this purchasing power goes as low as it can that means poverty.

[jrrsparkles]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Saving is the first and very important step in the journey of financial independence.

I would say one must require at least 6 - 12 months of cash saved before investing in an asset so this fund can be used to cover up if the revenue generation stopped for whatever reasons or some other emergency.

Typical middle class person will look for the safe option that is why they choose bank investment schemes but they are ignorant about the investments and returns which made them to think in that way.

[bayu7adi]

This is too general... you need to make it more specific.

"Who is investing more suitable for?" If the person reading this is someone with a low economic condition, I'm sure they'll suffer more by choosing to invest rather than saving. Let's say they have $500 in savings, which for many poor people could be withdrawn from an ATM to buy food for the next month, or maybe two months if they live a simpler lifestyle.

But the situation becomes more absurd if they decide to invest. Do they have to wait for an uncertain amount of time to see returns before they can start buying food? Even if they use half of it for investment, it might still need to be converted from BTC back to cash to purchase food in the following month.

Just so you know, there are still many people worldwide, especially those in the lower-middle class, who can only survive by relying on their monthly salary.

[Dr.Bitcoin_Strange]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it

Saving more than one month is not really bad, in my opinion. There are situations where the individual might not yet have any reasonable amount of money to invest in what they have in mind. For instance, if someone is earning $500 as a salary and the investment they want to make is about $5,000, that will actually require them to save for more than one month before they can archive that amount.

Investment is also not something an individual should rush into without studying and gaining all the required knowledge that can help them make successful investments in whatever asset they plan to invest in.

There are some people who invest in Bitcoin without knowing how volatile the market can be. Some of those people still sell because of panic, and there are some people who intend to invest in Bitcoin but get referred to altcoins and experience losses. So, before making an investment, the investor must think first and agree to the terms of the investment.

[Iroh]

Is there really an evil rigged system? The system isn’t rigged and I wouldn’t say evil either. It’s not fair, that much is obvious.
I don’t think a lot of people go into the bank wanting to save their money for a few years, and having hopes for the bank to double the money deposited. It would be lovely to have a little extra when saving with the bank but most people who save with the bank actually just want to save their money.

I think people are aware of the difference between savings and investments. There is no expectation to generate more income from your savings in the bank so while savings is still very much needed, I don’t think there’s any illusions on one making a great deal with his savings in the bank.

[arimamib]

~

Saving is the first and very important step in the journey of financial independence.

I would say one must require at least 6 - 12 months of cash saved before investing in an asset so this fund can be used to cover up if the revenue generation stopped for whatever reasons or some other emergency.

Typical middle class person will look for the safe option that is why they choose bank investment schemes but they are ignorant about the investments and returns which made them to think in that way.

There is the foundational role of saving in achieving financial independence and the need for a thoughtful and informed approach to investing. Saving is the initial step toward financial independence that aligns with prudent financial planning principles. Building a robust emergency fund brings peace of mind and protection against unexpected expenses or disruptions in income.

A sufficient cash reserve before investing can ensure that there's a financial buffer in place before exposing funds to potential market fluctuations. Choosing bank investment schemes might be influenced by a lack of awareness about alternative investment options and their potential returns. Improving financial literacy can empower people to make more informed decisions about where to allocate their savings and investments. Each people has risk tolerance that is crucial in making investment decisions that align with individual financial goals and comfort levels. Being comfortable with the idea of investing by diversifying across different asset classes can help to mitigate risk and optimize potential returns over the long term.

[Darker45]

Saving has become a wrong strategy only because we are using the fiat standard. In this standard, there's inflation, there's overprinting of money, eroding it's purchasing power slowly but surely, sometimes even quickly and continuously. In a standard that uses hard money, just like the days when gold was the currency, saving is a great way to accumulate capital for future use. Hard money is equated with low time preference. With soft fiat money, it is better to be spent right away than keep it while losing value.

However, despite the kind of money that we're using right now, I don't think a month's saving is enough. Hard times may come and may last more than a month. Personally, I'd rather have savings that would survive me for at least 6 months. That's probably enough leeway for me to explore other options while eating three times a day.

[btc78]

Growing up I was thought that saving money is the one thing we all have to do and that if you can save successfully then that is a characteristic that would make you rich but upon stumbling cryptocurrency it has opened my eyes and made me realize that mere saving would not be enough to make me rich I have to think of a way to duplicate the money that I have but of course a lot of people tend to have different purposes in saving money

If they are saving for emergency purposes then that I can say is recommended I think that we should have money for investments and money for emergency purposes

[Oasisman]

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Saving is considered not to make us rich etc, unless the investment is guaranteed not to involve taxes.

Yeah, savings won't make anyone rich if the process of savings involves banks or saving money on your own, but it will definitely be a life saver during financial crisis like sudden loss of job due to an unforeseen circumstances. Saving money forever might not be a good idea, not unless if put your money to bitcoin and consider it as savings and an investment at the same time. That way, you'll not only eliminating the inflation, you're also making good amount of profit which way way better than the bank's interest that barely catch up with the inflation rate.

[franky1]

savings.. is a big word

a. saving money as in "getting a discount"
although saving 10% is good. its a one time thing
EG $1000 = $900 = $100 one time free bonus to keep aswell as the product purchased

however investing $1000 in a 10% high yield investment is not just a one time $100 free bonus to keep
next year $1100= $110 which is a total of $210 free bonus from that initial $1000
next year $1210= $121 which is a total of $331 free bonus from that initial $1000

b. saving money as in "under the matress" "standard bank account savings"
although saving a couple months of emergency funds is good to stop you relying on credit cards that cost you 5%-90% APR
so its good in that respect if you did use credit cards but want to escape those APR losses

however that $1000 if left untouched wont earn much interest to then get you the same allotment of goods in 5 years time
EG $1000 might get you 400 loaves of bread today ($2.50 each)
inflation at ~4% mean
next year one loaf=$2.60 meaning $1000 gets you 384 loaves not 400
following year one loaf=$2.70 meaning $1000 gets you 370 loaves not 400

however investing $1000 in a 10% high yield investment is not just a one time $100 free bonus to keep
next year $1100= 423loaves even at $2.60. or if kept and invested another year
next year $1210= 448loaves even at $2.70.

..
then we come to even better investments. like strong cryptos like bitcoin
the average rate(start of year A - end of year B)
2010-2012 ($0.10-$15) = 150x in 2 years = 75x (7500%) per year
2012-2016 ($15-$900) = 50x in 4 years = 12.5x (1250%) per year
2016-2020 ($750-$24k) = 32x in 4 years = 8x (800%) per year

which is way better then 10% stocks performance average.. and way better then standard account 0-5% inflation loss/average

[Yogee]

[...]
This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Taxes affects the middle class the most that's why there are many "financial gurus" preaching about business. It's not an easy task but it can give you tax breaks and other benefits.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

I agree not to keep all money in savings account that gives you meager interest but the one month is still a bad take. Always keep an emergency fund that can cover you for six to 12 months since investments and businesses can go downhill at anytime. It's always good to know that you have something to use when times are tough.

[boty]

Growing up I was thought that saving money is the one thing we all have to do and that if you can save successfully then that is a characteristic that would make you rich but upon stumbling cryptocurrency it has opened my eyes and made me realize that mere saving would not be enough to make me rich I have to think of a way to duplicate the money that I have but of course a lot of people tend to have different purposes in saving money

If they are saving for emergency purposes then that I can say is recommended I think that we should have money for investments and money for emergency purposes

Yes, when we have income, of course it is very important to leave some of the income we have to be able to save, because if we use all the income we have and don't leave anything to save, of course we will have great difficulty when we have sudden needs and have to look for a loan. to be able to fulfill what we need.

Indeed, each person has a different way of saving their income and this really depends on the knowledge they have, if we understand investing in crypto well I think it would be very good if we could invest in crypto and also we can choosing assets that can really benefit from the investment we make, having emergency savings is of course very important if we have made an investment, because this can safeguard the assets we invest in when we have emergency needs that we don't know when we actually need them.

[KingsDen]

I think saving money is still important, at least from where I came from where credit card is not so popular. There will be time when I will need some not small amount of money for emergency, so most people I know and me myself still have saving for emergency fund. But I do agree when we stack money and just let let it laying around it never turn into a good thing, the value will be consumed by inflation and we are not moving the economic.

Using our money to establish a business will do much more contribution to the economy, hiring employee, buying from vendors, paying distributors, etc.

Saving is one of the means to become rich. If not for the rigged system as the topic creator have said and also the global inflation that is eating the word economy, someone can successfully become rich by just saving. If you can save up to 20% of your earning for the next 10 years you will become rich. How do we save and where do we save is a big question that we should ask. The best form of saving is saving for a project. Some people save without intentions, you just don't save that way, unless for emergency purposes. But if the system is fair and just, one can rich by just saving. In order to fight against inflation, we can also save in other assets like Bitcoin. This will fight inflation and could make us to be rich just by saving.

Growing up I was thought that saving money is the one thing we all have to do and that if you can save successfully then that is a characteristic that would make you rich but upon stumbling cryptocurrency it has opened my eyes and made me realize that mere saving would not be enough to make me rich I have to think of a way to duplicate the money that I have but of course a lot of people tend to have different purposes in saving money

If they are saving for emergency purposes then that I can say is recommended I think that we should have money for investments and money for emergency purposes

This principle has not failed, you have to save for the rainy days. Investments do fail and things fall apart, you have no other options than to return to your savings and live good. Many people has different financial goals and advice, but any financial advice that totally eradicates saving is faulty.

[Hewlet]

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

in the real sense, it's not supposed to be a big deal since the essence of the tax is that the money recovered would be used to build infrastructure for the state that would still be of benefit of the general populace but the only issue is that at the end of the day, after all the taxes, their is no reasonable project that end being visible to point at as what the tax payers money is being used for as the money end up being embezzled by hungry politecians.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger.

i won't totally agree that a months interval should be the bench mark before you convert your fiat currency into an asset that would yield an increase for you. The main message here is that it is unreasonable to save above an amount you can invest into something that can increase the amount of fiat at your disposal. Fiat normally don't increase in value that much in the banks and so it's only reasonable to invest it in a passive source that would yield more increase.

Money at hand Is a big liability and apart from in cases you want to keep it as backup for unplanned opportunities, you should hodl fiat currency.

[Husires]

Owning a house or a car goes beyond the limits of ownership and is considered a dream. Instead of paying thousands of dollars in rent annually or sharing housing with family and friends, thinking about buying a house is a good thing, but do not make the house your largest investment. I believe that a savings period of 5 to 10 years is sufficient. To pay all the expenses of the house, and if the value of the house is more than that, look for a small house for you that is compatible with your income, as owning a larger house and putting all your investments in it means more expenses for you, but not owning a house also means more expenses.

[TheUltraElite]

You should spend money earned from interest from your savings, but avoid spending on luxury too much. If you spending your assets right away you are not generating that income, unless of course you are in an emergency. While the assets will generate interest, you goal should be to spend from that.

So for bitcoin owners, this is difficult to do because the concept of interest generation does not exist much in true form here. Fiat of course has that option in the form of bank deposit schemes, gold bonds and others. I feel thus both types of investment are necessary to reap the maximum profit and one is not necessarily better than the other.

[m2017]

b]To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...[/b]

You have no idea what other ridiculous taxes there are. And it becomes even funnier when these taxes are stolen, spent on all sorts of unnecessary nonsense, and even worse when these taxes are used to control your life. It's funny, right?

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

If you want improvements in your life, pay more taxes. The more property you want to have, the more taxes you pay. If you can afford to buy it, then you can keep it.
 

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Investing is good. Better yet, know what to invest in (what will bring income, not losses). So far, bitcoin is the most accessible to achieve this goal.

[Gozie51]

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

This old order has changed. In this present dispensation you are not limited by any system or anybody not reaching your purpose and financial standard and the way of life you want.

With the digital world all you need is the information and data plus smartphone and you are already mining , airdropping, trading crypto and fiat, hodling and investing in bitcoin. No one need to rely on saving of fiat in the bank and expect peanut from the bank instead of converting to bitcoin and hodl or invest for the bull run. These days many people would invest more than saving.

[slapper]

Let's face reality. Saving is a starting point, not a finish line. Consider it the foundation of your financial future. Without it, you can't invest for wealth growth. The problem is that investing isn't a one-size-fits-all approach. It takes careful planning and finesse. Bitcoin, other assets? Options, but not the only ones. Assess your risk tolerance, study market patterns, and diversify. It's about making informed financial decisions, not just following the newest trend

Tell me about taxes. They're often the villain, but they're essential to society. Think of taxes as part of your financial strategy, not a barrier. Although burdensome, they can be managed with good planning and tax-efficient investments. Financial advice isn't just for the rich. Being resourceful, knowledgeable, and adapting solutions to your financial circumstances are key. Learning to navigate the system and turn challenges into opportunities for growth and stability is the goal

[kaka_Shipai]

That is absolutely right, if accumulation of money is only possible if you keep on rotating the money in the right manner. If a person gets some money and tries to save it by not spending it is actually wasting it, but if someone uses the money he receives and tries to start a startup, or some kind of anything, then eventually the one who spend it will be making more money.

[Solosanz]

With the digital world all you need is the information and data plus smartphone and you are already mining , airdropping, trading crypto and fiat, hodling and investing in bitcoin. No one need to rely on saving of fiat in the bank and expect peanut from the bank instead of converting to bitcoin and hodl or invest for the bull run. These days many people would invest more than saving.

Mining is no longer profitable for solo miner, you will ended up mining shitcoins if you insist become a miner.
Airdrop can be worth it if you're lucky enough.
While trading, not everyone can become a trader.

but if someone uses the money he receives and tries to start a startup, or some kind of anything, then eventually the one who spend it will be making more money.

Easier said than done, start a startup need to have high knowledge and the risk to fail is extremely high, it's easier to become a reseller or start a small business.

[Antotena]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

The way you guys explain investment looks too real and easy but you should know that it's possible to invest and don't make anything at all or even make losses instead of profit. While addressing all this, making wrong moves should be a recommendations when you are dropping these kind of advice for people to read. Trying new things you are not used to and avoiding the ones you are used to is something to be done with carefulness.

Banks are not profitable these days and savings are not worth it again because of inflation but that doesn't guarantee success if you put it in an investment platform that can generate you a passive income, the available ones are even rare to get and mostly scams. I think the idea should be don't save money in banks for long time, it should be utilized in any other form of business or assets that can give you return later when you want the money back for it real use.

[kryptqnick]

Having some savings is helpful, and you need to save money to have savings. It's not just useful in case of an emergency, but also empowering if you want to travel somewhere (and you can't afford it by just taking some money out of your monthly budget because it costs as much as your monthly budget, for example), or to make a big purchase that will make you/someone close to you feel happier.
In my country, nobody pays taxes for cars they own or money they just have as savings on their accounts... So the whole argument doesn't apply here, even though maybe it makes sense in other countries. I do agree about the part with Bitcoin as a form of savings, but I suppose that also depends on taxation of cryptos in different countries.

[Bitstar_coin]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life...

I think the illusion comes from thinking by saving and not spending will increase the amount saved but the reality is - saving money does not accumulate faster than investing it for a turnover.
Infact doing both can be more beneficial, while engaging in any form of investment also save a percentage of the profit earned for just in case.
The best way to accumulate more wealth putting your funds in use.

[AnonBitCoiner]

Growing up I was thought that saving money is the one thing we all have to do and that if you can save successfully then that is a characteristic that would make you rich but upon stumbling cryptocurrency it has opened my eyes and made me realize that mere saving would not be enough to make me rich I have to think of a way to duplicate the money that I have but of course a lot of people tend to have different purposes in saving money

If they are saving for emergency purposes then that I can say is recommended I think that we should have money for investments and money for emergency purposes

Saving is of two types if a person wants to save money for emergency purposes then he should not use this amount for investment but if a person wants to not only save amount but also increase money then he should save money in some investment which will save his amount with multiplying mechanism.

Just saving cannot make you rich but it can reduces your hurdles during harsh situations but investment can increase your wealth. I am in the opinion that a person should save some amount of emergency purposes while there should be some investment also which can give you profit to make your life easy.

[cryptoknightt]

the only way to end this is for them to realize it and slowly change it but you know, not everyone wants to do that.
For example, if someone gets a salary, they think more about spending it on themselves now, and don't think about the future.
so I think some people already know it but they don't want to change it to suit their lifestyle.

[Juse14]

Saving is important and investing is more important. In this case, we must really know the function and purpose of our savings. Saving is not to become rich because by continuing to hoard banknotes, their value will continue to decrease. So I recommend that if you want to save wealth, keep it in the form of gold, but in the form of gold bars, not jewelry. Because if it is in the form of jewelry, when it is resold there will be a change in price because it is scratched due to use so the quality decreases.

And again, when it comes to saving, saving functions as a reserve fund or as an emergency fund, so that when you are faced with an urgent need, savings can be the answer. And this is also the reason why you should save in the form of gold, because gold is easy to sell.

And it is wrong when you think that saving is not as important as investing. In fact, by saving, our investment will be maintained. Because when faced with urgent needs, it tends to make us think short-term, which can cause our investment to be disrupted by withdrawing all the money we invested. Which ultimately causes our investment to lose money.

[G_Besar]

the only way to end this is for them to realize it and slowly change it but you know, not everyone wants to do that.
For example, if someone gets a salary, they think more about spending it on themselves now, and don't think about the future.
so I think some people already know it but they don't want to change it to suit their lifestyle.

There are many examples that we can see from our own lives and so far I have also seen most of the examples that arise from various groups of people around me regarding the use of money. Basically, we all don't need to see bad examples in people who don't think about their own future when using their own money every day. But we can still see other better examples and compare them with those who are wasteful when receiving salaries from their own work, because those who like to spend their money on themselves without thinking about the future are very wasteful people and will never be successful.

But you also need to make special research into this because there are also children of rich people who are very wasteful when they receive their salary from their work. And I think a person like that also has no problem wanting to be extravagant because he knows that he still has a lot of money when his salary is spent in just one or two days, whereas those who still live simply or are poor, of course have to be able to use the money for what they want. they need in their lives, instead of being wasteful like those rich children.

[mirakal]

Saving alone can offer you long-term security but it does not guarantee financial stability and success. Why? Because saving with fiat is prone to inflation, the more you save for fiat, the higher inflation will be. However, if you aim to save for future investment, that would be highly favorable as you don't save just to keep your money, but you do save so you can gain multiple sources to generate you with the money that you can now able to save for future needs.

While saving is encouraged as it creates safety net for future emergency needs, but investing your hard-earned money creates more advantages than just saving alone.

[Casdinyard]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Saving isn't really for "earning wealth" so to speak. It's to make sure that in situations where you would need money badly, you got something to pull out of your pocket. You can't really do that on an active investment cause everytime you pull out money you're taking value out of your assets. So the notion that "saving is useless cause you can make money while storing your money by means of investing anyway" is just a little too hasty of a thought.

If you're capable and it's possible for you to have these two, then great, but if you're someone who's not really that able to invest on anything as of the moment but is able to save a couple dollars every month then I would say go for it and save it in your emergencies account. Always remember that the smart man invests, while a genius invests and saves his money in different portfolios to make sure that his profits and losses are isolated, and that he has something to pull out of his pocket for when the situations are dire for himself.

Again, don't hate on people who save their money. They have their own thing that works for them. I'm pretty sure these people have already thought about investing themselves but otherwise voted against it due to certain factors that only they could know, and would you really hate people for just being smart with their money and finances like that?

[STT]

Moral of the story: don't save money for more than one month.

I dont disagree overall, the world is attempting to force people into more active investment.    Holding money in a bank is a kind of investment though very passive, historically the bank would in effect invest on your behalf and there was some risk in that.  That might be less true now.
  We have a world with a large bias to debt which has its problems and might one day trip over with economies becoming far more favorable to hard money economics over the current easy money meta.

My main point I would change in OP statement is instead of months, change this to years.   Ideally a person should retain a years savings not this idea of mere months.  If you dont have cash and require it fast short term the cost of that cash required can be very costly. Its better to have larger margins of error, very few people are so perfect as to only require a month or so of spare cash.  All of us can get ill at some point etc.

[poodle63]

the only way to end this is for them to realize it and slowly change it but you know, not everyone wants to do that.
For example, if someone gets a salary, they think more about spending it on themselves now, and don't think about the future.
so I think some people already know it but they don't want to change it to suit their lifestyle.

some people don't have the luxury to save money after getting some salary since they need to fill basic need, also have you heard of sandwich generation they are definitely the one that get burdened the most these days, meanwhile other people might alos not have some financial education therefore just spending it thinking that we only live once and then try to spend on some luxury thing that make them happy enough although temporarily.
even the after math of the industrial age also increase consumptivity by presenting so much stuff that we don't really need but we need to buy anyway just for the sake of getting valued high by people, since everyone just judge us from their first glance anyway, what we are wearing and so on.

but overall its difficult situation if im being honest, and I do agree that keeping money in bank for a month will just letting it get eaten by the inflation.

if we can, we should do some aggressive-active investment by moving around our money where APY is high otherwise we won't even surpass the inflation.

[franky1]

income earners
income maker
saving
investing

are 4 categories
income earners are just swapping time(labour) for money. its a one time allotment = one lump

income makers can take some income. purchase a product. sell for profit. and grow the income. making more income

savings is both not spending as much of income to cause income to last longer and also store income for later date (no/low interest)

investing is not spending as much income and putting it into an account that can play the markets. and if buy low/sell high can increase the amount saved

world logic favours income makers+investing,... not the earners+savers

[Don Pedro Dinero]

are 4 categories
income earners are just swapping time(labour) for money. its a one time allotment = one lump

income makers can take some income. purchase a product. sell for profit. and grow the income. making more income

savings is both not spending as much of income to cause income to last longer and also store income for later date (no/low interest)

investing is not spending as much income and putting it into an account that can play the markets. and if buy low/sell high can increase the amount saved

world logic favours income makers+investing,... not the earners+savers

Well, those you call 'income makers' are also doing a job, but those who exchange their working hours for fixed units of income I guess you are thinking of typical wage earners. It's not a fixed thing. Someone who has a job where they are paid by the hour, can progress professionally and get paid for a better one, and also combine work with buying and selling in their spare time.

The problem with saving is that it has a limit, but there is no limit to what you can earn, however you earn it. So it is better to focus on the latter.

[uneng]

It looks like most people prefer to save money for longer periods of time than one month before investing what they have accumulated, mainly due to emergencies reasons. That is understandable, but on this matter I still prefer to not wait for too long, especially now that we are near to a potential increasement in Bitcoin price, so every progress you can make on your portfolio for now, more profit you are going to make soon. It's like 'once in a life' opportunity which shouldn't be wasted.

Emergencies might happen, indeed, but we also have to analyze the current circumstances and events which are going to happen soon and how benefical they could be to us and regards more efficient preparations for future possible emergencies. Does it sound like irresponsibility? Maybe... But I can't see my money losing price idle 6 months or 1 year at the bank. For me, the real emergency here is to exchange it into something which has a real value as soon as possible...

[franky1]

are 4 categories
income earners are just swapping time(labour) for money. its a one time allotment = one lump

income makers can take some income. purchase a product. sell for profit. and grow the income. making more income

savings is both not spending as much of income to cause income to last longer and also store income for later date (no/low interest)

investing is not spending as much income and putting it into an account that can play the markets. and if buy low/sell high can increase the amount saved

world logic favours income makers+investing,... not the earners+savers

Well, those you call 'income makers' are also doing a job, but those who exchange their working hours for fixed units of income I guess you are thinking of typical wage earners. It's not a fixed thing. Someone who has a job where they are paid by the hour, can progress professionally and get paid for a better one, and also combine work with buying and selling in their spare time.

The problem with saving is that it has a limit, but there is no limit to what you can earn, however you earn it. So it is better to focus on the latter.

difference between income earners and income makers is:
earners are employees, controlled by the amount their boss assigns to them for performance
makers self employed, they control their own income amount, based on own performance

..
as for later when success/goals are hit.. there are other logics of if people can hold onto wealth or squander it

those who envision a rich life to then live the dream of "YOLO luxury" is doomed to see poverty again later
those who envision a rich life to escape the worry of bills, paycheque-to-paycheque living, are more likely to stay rich

..
also how they cover even just their basic necessities once in the rich life..
if they are just grabbing assets to sell assets and spend. they wont last
if they however get high appreciating assets and only subtract part of the gain and not touch the capital it will last

savers save to spend later
investers accumilate to live off the gains to not have to worry about bills

[DVlog]

the only way to end this is for them to realize it and slowly change it but you know, not everyone wants to do that.
For example, if someone gets a salary, they think more about spending it on themselves now, and don't think about the future.
so I think some people already know it but they don't want to change it to suit their lifestyle.

This is how our society thinks: by dreaming about achieving someone else's life. We should live our own lives and invest in ourselves rather than keeping them in the bank which has been used by corporations to make money. If you look at a country's inflation rate and bank interest, then you will see we are not actually making any money by saving our cash in the bank. Either we are losing money or sitting at a breakeven point. Our dream should motivate us to build ourselves so that we can make fortunes and not bring more liabilities into our lives.

[umbara ardian]

In environments with limited access to credit, saving for emergencies is not just a good practice, it's a lifeline. Unexpected medical bills, job loss, or unforeseen repairs can send anyone into financial turmoil. Having a buffer of savings provides peace of mind and protects individuals from falling into debt traps.

However, it's true that simply letting money sit idle can be detrimental. Inflation steadily eats away at its purchasing power, rendering it less valuable over time. This is why simply stashing cash under your mattress might not be the wisest strategy.

Investing your savings, whether in businesses, the stock market, or other assets, can help counter inflation and potentially grow your wealth over time. This not only benefits you, but also contributes to the economy by providing capital for businesses to expand, hire more people, and create new opportunities.

[indah rezqi]

the only way to end this is for them to realize it and slowly change it but you know, not everyone wants to do that.
For example, if someone gets a salary, they think more about spending it on themselves now, and don't think about the future.
so I think some people already know it but they don't want to change it to suit their lifestyle.

This is how our society thinks: by dreaming about achieving someone else's life. We should live our own lives and invest in ourselves rather than keeping them in the bank which has been used by corporations to make money. If you look at a country's inflation rate and bank interest, then you will see we are not actually making any money by saving our cash in the bank. Either we are losing money or sitting at a breakeven point. Our dream should motivate us to build ourselves so that we can make fortunes and not bring more liabilities into our lives.

Knowledge without practice is like a tree without fruit, perhaps this sentence is relevant in a broader sense. When we understand well how money works, we just need to do it, that's all. In the current era, there is a lot of information that can be obtained for free, without requiring a lot of effort to learn, about anything, including how to manage money or income well. However, most people are just curious, without taking a stance to make any investment or business, which could ultimately benefit us.

Most people still put temporary desires when have income, traveling, buying new clothes, eating at luxury restaurants and so on. Actually, that's understandable, but living with the assumption that "while it's there, we'll just enjoy it" is a fatal mistake. We need to learn how to plan, by managing income properly and correctly. Investment in my opinion is one of the many options available, which is essentially how we manage income into profit.

[Fortify]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

This is ok advice, but the world is a turbulent place and it may be better if you can save 3 or 6 months worth of bills. It's worth considering right now that you can get zero risk savings accounts that are paying 5% interest. Before the recent inflation boom, those same savings accounts were offering more like 1%. It makes great sense, if you find solace in having a nice savings buffer to feel secure, to keep beyond one month of money in a close to liquid form. You may even decide to use savings bonds, which lock in your cash but give you slightly better rates, for a year or even 3. When the interest rates start to drop again, these sort of saving accounts will disappear and the rate you get paid will drop back, forcing people to invest for higher returns again.

[cakravothy]

supports the source of income because it is taxed more than just saving. saving tax is small. while income tax is very high.
So all countries are certainly in favour of income earners and not in favour of savers only in terms of taxes.

[JeffBrad12]

In environments with limited access to credit, saving for emergencies is not just a good practice, it's a lifeline. Unexpected medical bills, job loss, or unforeseen repairs can send anyone into financial turmoil. Having a buffer of savings provides peace of mind and protects individuals from falling into debt traps.

However, it's true that simply letting money sit idle can be detrimental. Inflation steadily eats away at its purchasing power, rendering it less valuable over time. This is why simply stashing cash under your mattress might not be the wisest strategy.

Investing your savings, whether in businesses, the stock market, or other assets, can help counter inflation and potentially grow your wealth over time. This not only benefits you, but also contributes to the economy by providing capital for businesses to expand, hire more people, and create new opportunities.

honestly if its for emergency need we could just easily pay insurance and get good access to healthcare etc, saving instead will get you poor if we suddenly get unexpected medial bill that gonna be 100% really high, lets be real right now we can be saving all of our income but if we suddenly get some medical condition that needs treatment most of the time money that get saved up not necessarily enough to pay the medical bill since sometime the medical bill is some highly inflated prices only suited for those that owned insurance.
i don't think its gonna be viable indeed, this world is definitely and obviously favour income maker not the saver if we can get high income that means we are already so secured already and if what we can do is just save well lets enjoy the slow life because our money saved up will also slowly increasing.
the key is getting good income then we can thrive thinking about other thing like increasing our wealth and so on, let the insurance take care of emergency things.

[tsaroz]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Truly said. Keeping money on banks are actually a loss as it doesn't beat the inflation most of the time.
Investment are the way to go and in case of emergency, there are liquid investments that could give you instant cash. Though you would not achieve your investment goals, emergency is something unpredictable and rare. 
Investment should be diversified and most of it should be on low risk sectors. You should only try new and risky things with money you can afford to lose.
The goal should be getting a good passive income stream you can depend on. Work hard while you can and retire from your day job as early as possible. Investment management is a life long work and when you have money, you can employ people to do most  of it.

[harapan]

Saving is not also a bad idea,saving more money makes you prepared for emergencies while making more money makes you have enough money to save.The two works together,but the goal is to achieve financial success.

Inasmuch as the cost if living increases with time,to me,no money is enough money that can last you a lifetime.Just so that your lifestyle increases at every point in time,like wanting a new car,a new house,getting married and even the addition of a child.So saving money is easier but earning more money is better for improving your lifestyle.
 In order to make a way for generating a passive income,you accurately increase your income and have enough to save.
You need to be able to make money in order to save.

[franky1]

Saving is not also a bad idea,saving more money makes you prepared for emergencies while making more money makes you have enough money to save.The two works together,but the goal is to achieve financial success.

saving is first stage, to have emergency money to not need to get into debt/used credit.
the goal of savings is easy access to cash for covering of short term emergencies, plans

but investing is to then use excess to grow/accumulate/make/multiply for long term future

[Kakmakr]

The old saying come to mind...  "There are two things in life you cannot avoid ==> Death & Taxes"

The government needs money to pay their salaries and the services that they are supposed to offer and they get that from the income of other people.

Your "savings" and "investments" are also not safe from taxes, because the government take their share from that too.

My advise to you are to avoid debt, because then you are paying Banks and the government. Save enough money to beat inflation and taxes and live according to your income... not based on the income that you do not earn.

[ancafe]

The old saying come to mind...  "There are two things in life you cannot avoid ==> Death & Taxes"

The government needs money to pay their salaries and the services that they are supposed to offer and they get that from the income of other people.

Taxes are a source of life for some countries who have no other opinion because it is from tax sources that the government can pay for all needs. So it is not surprising why some countries impose taxes on crypto and that is the only thing they can do so that the state administration process can run properly. There are two other things that are the most delicious in this world, namely getting free for everything and saying things to other people according to our wishes.

The government does need money to pay salaries and subsidize everything related to travel to a country. Without tax collection the government has to look for other sources of income and if the country does not have industry and abundant natural products then taxes are the only way to get income.

Your "savings" and "investments" are also not safe from taxes, because the government take their share from that too.

My advise to you are to avoid debt, because then you are paying Banks and the government. Save enough money to beat inflation and taxes and live according to your income... not based on the income that you do not earn.

It's best to make a percentage regarding savings so that if we need money we don't need to ask for a loan and we don't even need to sell the assets we own. Savings can be adjusted to the amount of money we have, for example for children's education costs, health or other annual needs, so that when we can adjust it, savings becomes an alternative. Avoid unproductive loans because they can cause problems for us, loans are one of the reasons why people are currently in financial problems.

[Davian144]

supports the source of income because it is taxed more than just saving. saving tax is small. while income tax is very high.
So all countries are certainly in favour of income earners and not in favour of savers only in terms of taxes.

I think every country will always care about its own citizens, regardless of whether they have more income or not. Because the state is obliged to look after its own citizens regardless of those who save or those who earn income, because state taxes have become an obligation for citizens to pay. Moreover, the money from the tax proceeds will be used for the development of the country itself as well as for assistance to citizens who still need a helping hand from the government.

[Apocollapse]

You think any company don't pay tax? they're paying more than the employees. Most of rich people will need to pay 50% of their earnings for tax, although it varies from each country, but usually the highest income tax mostly reach 50%.

The old saying come to mind...  "There are two things in life you cannot avoid ==> Death & Taxes"

We might not able to avoid tax completely, but we can reduce it if we're smart enough to find the loopholes.

[redsun114]

Saving money can make you rich is the old mindset when the inflations were not there and people were growing their own food, but now considering the expenses and inflation you will be left far behind if you follow the same process and now the only way to get rich is earn more money, instead of figuring out ways to save more we should be focused on figuring out sources to earn more and only those people who cannot earn more tries ways to save more. I think we need to adopt our strategy as per the current market instead of following traditional stuffs. 

No not old because even up to now, many people are still doing it and being taught by this. I think inflations are already there even before but it's not high as today. Our savings can get affected by it, but we still can get something.

So, it is better than not saving anything at all. People can still grow their own food but their space may be limited and the cost for the crops are now slightly higher. This is why, many just prefer to buy. Saving is simple but hardly being followed due to our expenses (either wanted or unwanted). But, saving is as important as earning more money, because no matter how much you earn but if you don't know how to save, you will only end up using it all.

[puloweh555]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

What you said is all true. Win To gain financial freedom, there are several ways we can do it by planning savings or investments. But often we still equate the two. Even though basically the two are different things.

This has been proven by many people, if we save, our savings will definitely decrease due to inflation, and when investing, for example, ordinary people just buy land, in just two years the price could increase by 15%, especially if we are no stranger to investing. Bitcoin, of course Bitcoin investment is a smart choice. The point is, if there is something you want to buy, save it. However, if your needs are not clear, it's better to just invest because this is much better. After all, saving money in the bank means you just want to be cheated by the current financial system.

[southerngentuk]

Investing can be a game-changer, but it ain't a slot machine. Ditching banks and third parties entirely might blindfold you to solid, regulated options. Remember, spreading your bets – like a smart gambler at the roulette table – is key to minimizing risk and keeping your pockets jingle-jangle.

So, the bottom line? Don't ditch saving entirely – it's your financial peace-of-mind pizza crust. But also, don't let your money gather dust bunnies. Explore your options, brush up on your financial knowledge, and make informed choices. Think about how much risk you're comfortable with and what you wanna achieve in the long run. Responsible investing, is the key to unlocking your money's true potential.

[Alpha Marine]

Why would a person judiciously save money to buy a luxury thing he can't afford to maintain? If a person has a dream car or house or gadget and your income can afford it, shouldn't the goal be for the person to work harder and earn more income?
You save money in that way to fund other things like a tuition fee and other similar things. You shouldn't even live in a house where you have to save so much percentage of your income for a very long time before you can afford to pay the rent. We have to learn to live within our means.

Saving money for stuff like tuition fees, rent, gadgets, and vehicles within your means it's okay.
I don't believe that if you don't have a very large income you won't get anywhere.
Using the example you gave, somebody without family responsibilities would be able to save a percentage of his income and decide to start a business with it. He can start the business small and it can grow to become something. I'm not saying the business would become the big business, but it can become something that'll help him earn more income. It all depends on planning, discipline, and mindset.

[franky1]

Why would a person judiciously save money to buy a luxury thing he can't afford to maintain?

those people are not thinking of future hardship/ease. they only see the luxury and how they can show off to others the luxury to fake a rich life.
they think if they can appear rich it will ease their current struggles with money.
but by not being able to maintain it. they lose it. so get nothing

anyone faking it to appease their neighbours wont reach financial maturity to actually escape their own struggles

We have to learn to live within our means.

Saving money for stuff like tuition fees, rent, gadgets, and vehicles within your means it's okay.
I don't believe that if you don't have a very large income you won't get anywhere.
Using the example you gave, somebody without family responsibilities would be able to save a percentage of his income and decide to start a business with it. He can start the business small and it can grow to become something. I'm not saying the business would become the big business, but it can become something that'll help him earn more income. It all depends on planning, discipline, and mindset.

financial maturity, discipline and mindset is crucial. dont just dream of things to buy. plan how to achieve things in a way that you have also planned out the retaining of those things even in dire times of crisis.

if you dream of operating a business that serves people food. dont dream of the 5 star restaurant where you will get a loan to open it and dream of a success to repay the loan and profit... because you have not thought about all the possible set-backs and costs that can work against you

instead live within your means. use a bit of spare cash you save to buy ingredients. make variations of meals from home kitchen and ask friends/neighbours to be your taste tests and vote on best recipe
advertise locally a food delivery service from your kitchen to their door. develop a loyal customerbase and profit
grow the business.

i have seen people work at a restaurant but only got minimum wage($15*8hours=$120)
i have seen them lose their job, no reason, no warning, no way to appeal
..income earners have less control of finances and futures.. it can disapear at someone elses desires

i have seen them then, with just two large pots on home kitchen cooker batchcooked 20 meals
the ingredients cost $3 a serving($60 total) but sold for $15 a serving($300)
they made $240 a day just serving local community they built up as loyal customers
they made more than the job did for just a few hours of labour

so it is possible to start small but grow income without debt and without huge investment startup

just find a missing niche in your community that matches a service/product you can offer. start small as a tester-phase and test it out without costing you huge expense.

[Strongkored]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life.

I agree with this that saving only saves us from not using too much money but in the long term it will not provide any benefits because the value will continue to fall even when we invest in the type offered by the bank it will not provide benefits in the long term because the value will not be enough for us to buy something we want.
Many do not understand this because they do not get the knowledge they should, and also the banks will offer investment from their companies by promising benefits that their investors will not fully get.
Investing is very important and choosing the right type of investment that suits our current finances will enable us to be better off economically in the future.

[wxa7115]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life.

I agree with this that saving only saves us from not using too much money but in the long term it will not provide any benefits because the value will continue to fall even when we invest in the type offered by the bank it will not provide benefits in the long term because the value will not be enough for us to buy something we want.
Many do not understand this because they do not get the knowledge they should, and also the banks will offer investment from their companies by promising benefits that their investors will not fully get.
Investing is very important and choosing the right type of investment that suits our current finances will enable us to be better off economically in the future.

Saving is a prerequisite to investing, since you should not ever ask for a loan to do this, so the only way to get money to invest is by lowering your expenses, save that money and then decide the assets you want to buy and hold for a long time.

Those that only save their money or keep it in the bank and receive a pitifully small amount of money in return are without a doubt making a mistake, but those that save their money to later use it to invest in good assets are taking the correct steps to eventually achieve a comfortable economic position on the future.

[zaim7413]

Saving can be interpreted as storing wealth somewhere, the type of savings is of course different depending on each individual's goals. Saving using fiat money is not very suitable for the long term, the culprit is of course inflation. If you want your wealth to remain safe in the future, you can choose savings media such as gold or investing because gold and investing are instruments that can be relied on when inflation occurs. You must be able to do something that can provide income even without having to work, use your money as a medium for generating income such as investing that is resistant to inflation.

[Dailyscript]

OP, you are looking at it from one side. People do not save money only for the purpose of buying their dream cars, houses, clothes, and other luxurious things. Most people save because they want to quit working and start a business or focus on learning skills. Being an income earner can mean that you are working consistently from year to year. And we know that being successful is not about who works most or earns more; it is about how you are able to multiply your income. Of course, saving money is good because it gives you more relaxation when your chasing higher goals, knowing fully well that you have a backup plan in case anything goes wrong.

[Mauser]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Saving money hasn't been a good idea for a quite a while now. Since we are facing those inflation rates that are much higher than our savings rates, we are losing real value of our money every year. To offset the inflation rate the only real alternative is to invest that money and go for higher returns. Also saving money in a bank account only gives our money to the bank which than will make much higher returns with our money. Why should be watching our the banks get rich with our money in 2024? Investing is so much easier now than it was 10 years ago. We can quickly build a portfolio with stock ETFs, some corporate bonds, crypto currencies and even some ETCs. This will be well diversified and lead to much higher returns than any savings account. If you now use any coupons and dividend payments to reinvest, your portfolio will grow even faster.

[slapper]

Why would a person judiciously save money to buy a luxury thing he can't afford to maintain? If a person has a dream car or house or gadget and your income can afford it, shouldn't the goal be for the person to work harder and earn more income?
You save money in that way to fund other things like a tuition fee and other similar things. You shouldn't even live in a house where you have to save so much percentage of your income for a very long time before you can afford to pay the rent. We have to learn to live within our means.

Saving money for stuff like tuition fees, rent, gadgets, and vehicles within your means it's okay.
I don't believe that if you don't have a very large income you won't get anywhere.
Using the example you gave, somebody without family responsibilities would be able to save a percentage of his income and decide to start a business with it. He can start the business small and it can grow to become something. I'm not saying the business would become the big business, but it can become something that'll help him earn more income. It all depends on planning, discipline, and mindset.

Saving to buy something out of your league is like running before you can walk. Ambition is fantastic, but practicality? Golden. Right on about living within means! A twist. In addition to reducing your coat to fit your cloth, you should imagine a bigger coat. While saving for tuition, rent, and other necessities, dream big

Using those savings to establish a business is gold. It's hard out there. Every seed doesn't sprout in the business jungle. Small seeds can grow with the correct mindset, discipline, and luck. It requires combining realistic expectations and ambitious goals. Don't just earn more—earn smart. Carefully plant and water your seeds, and who knows? A garden you never expected may result

[YUriy1991]

Investing can be a game-changer, but it ain't a slot machine. Ditching banks and third parties entirely might blindfold you to solid, regulated options. Remember, spreading your bets – like a smart gambler at the roulette table – is key to minimizing risk and keeping your pockets jingle-jangle..

That's right and having big money also comes with big risks when investing. So. proper management is highly demanded here. So it's not wrong if having savings does contribute to financial stability in the future. Indeed, if someone has strong finances they gain public recognition because at first glance they appear capable, but the contribution of individuals who are not yet involved in the future should not be ignored.

[Pikachi42]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

I agree with some of your words but I can't agree in some cases, you said that saving extra money by reducing your expenses is actually a stupid thing to do, in this case I also agree, because if you want to save money, you must meet your needs. You have to reduce the amount of money you spend, which is a kind of torture to yourself. That is to say, you don't save at all, you save but you don't cut back on spending, rather you save what is left over after spending.In this case there will be no fixed period of savings. May be a month, a year or an era which totally depends on the requirement. Where you specify a specific period. I cannot agree with you on this point.

[ShowOff]

the only way to end this is for them to realize it and slowly change it but you know, not everyone wants to do that.
For example, if someone gets a salary, they think more about spending it on themselves now, and don't think about the future.
so I think some people already know it but they don't want to change it to suit their lifestyle.

There are many examples that we can see from our own lives and so far I have also seen most of the examples that arise from various groups of people around me regarding the use of money. Basically, we all don't need to see bad examples in people who don't think about their own future when using their own money every day. But we can still see other better examples and compare them with those who are wasteful when receiving salaries from their own work, because those who like to spend their money on themselves without thinking about the future are very wasteful people and will never be successful.

Basically, lifestyle and appearance are needs that still need to be considered, but if they are too high it will also cause problems. It doesn't matter as long as they have good finances, but when their finances don't support them then good financial management should prevent them from spending money on things that aren't really needed. Each of us certainly has prestige, but prioritizing prestige is certainly bad.

During an economic crisis and bad inflation, we should balance income and expenditure. It is impossible to spend a month's salary in just 2 weeks, while the next 2 weeks are in debt. This is a bad way of managing finances, so good management should be learned and implemented.

But you also need to make special research into this because there are also children of rich people who are very wasteful when they receive their salary from their work. And I think a person like that also has no problem wanting to be extravagant because he knows that he still has a lot of money when his salary is spent in just one or two days, whereas those who still live simply or are poor, of course have to be able to use the money for what they want. they need in their lives, instead of being wasteful like those rich children.

Returning to the issue of financial management, this can help them manage their finances well. Even though the salary is small, if financial management is done well then perhaps they will not experience serious financial difficulties.

[macson]

Saving is not also a bad idea,saving more money makes you prepared for emergencies while making more money makes you have enough money to save.The two works together,but the goal is to achieve financial success.

saving is first stage, to have emergency money to not need to get into debt/used credit.
the goal of savings is easy access to cash for covering of short term emergencies, plans

but investing is to then use excess to grow/accumulate/make/multiply for long term future

nice one, saving is a good habit because we will not know what might befall us in the future, just imagine we will not be able to cover emergency costs when it comes, but if we have done preparation and have saving opportunities for difficulties in an emergency condition is getting smaller.

The old saying come to mind...  "There are two things in life you cannot avoid ==> Death & Taxes"
snip

Right, even if you live in a third world country, you will not be separated from the 'death and tax'.

[CryptopreneurBrainboss]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Fiats savers are losers, saving was ideal in the ancient days when their currency was backed by gold but after the introduction of the fiats system that money can be printed without it being backed by anything, saving became worthless because while you're saving, inflation is making all your efforts become a waste. If you want to save, save in an assets. Assets are anything that brings money so anything that can bring money to you can be used as a saving ground. Save in Bitcoin and not fiats.

When you're saving in an assets, you're also investing and the worth of your money gets retained through appreciation in that asstes that you're saving in. Instead of saving fiats, save that money in landed properties that can generate cashflow or capital gains. Get yourself financially educated and you'll know the importance of investing instead of saving. The dollars will keep losing its value provided the government keeps printing more into circulation and you best believe, they won't stop.

You should also realise that saving doesn't increase your wealth but investing does. When saving you're putting your money to rest but when investing you're making your money active to make more money for you.

[arimamib]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Saving money hasn't been a good idea for a quite a while now. Since we are facing those inflation rates that are much higher than our savings rates, we are losing real value of our money every year. To offset the inflation rate the only real alternative is to invest that money and go for higher returns. Also saving money in a bank account only gives our money to the bank which than will make much higher returns with our money. Why should be watching our the banks get rich with our money in 2024? Investing is so much easier now than it was 10 years ago. We can quickly build a portfolio with stock ETFs, some corporate bonds, crypto currencies and even some ETCs. This will be well diversified and lead to much higher returns than any savings account. If you now use any coupons and dividend payments to reinvest, your portfolio will grow even faster.

The shift towards investment as a strategy to potentially outpace inflation and achieve higher returns makes sense in such an economic landscape. Many people are exploring investment opportunities to actively grow their wealth rather than relying solely on traditional savings accounts.

The advancements in technology and the accessibility of investment options make it easier to invest our spare money. With various platforms and tools available, individuals can explore different investment avenues, making it more convenient for people to take control of their financial future. People need to stay informed about investment options, assess their risk tolerance, and make informed decisions to maximize their financial growth, especially in the context of changing economic conditions.

[iv4n]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

I agree with your conclusion, saving in any fiat is wrong, in the long run it will lose value. But luckly, investing was never easier... I guess we can thank the internet for that, everything is available and easy accessible. It's hard to beat the system and make a break trough, but I think that crypto is/can be a game changer for many of us. Unlike some other investments it doesn't require a middleman, we can do everything ourselves.

I started learning about these things late, but financial education is very important. People should start learning about this from the early ages.

[franky1]

I agree with your conclusion, saving in any fiat is wrong, in the long run it will lose value. But luckly, investing was never easier... I guess we can thank the internet for that, everything is available and easy accessible. It's hard to beat the system and make a break trough, but I think that crypto is/can be a game changer for many of us. Unlike some other investments it doesn't require a middleman, we can do everything ourselves.

I started learning about these things late, but financial education is very important. People should start learning about this from the early ages.

dont think of savings as wealth creating.
think of savings as a small pot of like 1-3months of resources to save you(rescue you) when in dire need.
(saving=rescue fund.. rather than "saving"=wealth accumulate)

investing is the wealth accumulation to hedge against inflation

[yohananaomi]

That's right and having big money also comes with big risks when investing. So. proper management is highly demanded here. So it's not wrong if having savings does contribute to financial stability in the future. Indeed, if someone has strong finances they gain public recognition because at first glance they appear capable, but the contribution of individuals who are not yet involved in the future should not be ignored.

Anything called investment is full of risk, and you have to know that first, before you really want to invest in anything, apart from, of course, just wanting to save in the bank, it will be safe, there is no risk, and it will only have an impact on financial stability in the future.The greater the funds invested in the investment, the greater the risk of loss, but the opportunity will also be greater to be able to do anything, as well as the ability to gain large profits as well.Logically, you are right that someone who is established and has strong finances will get recognition from society, but if someone who has money does not contribute to society, then he will not get that recognition either.In the end, balance is needed to achieve the best.

[Lamkuthang]

That's right and having big money also comes with big risks when investing. So. proper management is highly demanded here. So it's not wrong if having savings does contribute to financial stability in the future. Indeed, if someone has strong finances they gain public recognition because at first glance they appear capable, but the contribution of individuals who are not yet involved in the future should not be ignored.

Anything called investment is full of risk, and you have to know that first, before you really want to invest in anything, apart from, of course, just wanting to save in the bank, it will be safe, there is no risk, and it will only have an impact on financial stability in the future.The greater the funds invested in the investment, the greater the risk of loss, but the opportunity will also be greater to be able to do anything, as well as the ability to gain large profits as well.Logically, you are right that someone who is established and has strong finances will get recognition from society, but if someone who has money does not contribute to society, then he will not get that recognition either.In the end, balance is needed to achieve the best.

I agree with what you both said, but what we have to ensure is how to position ourselves to be able to achieve both. Living in society is a must, but having money also means that at least we are not too marginalized in our actions and giving opinions at any time.

[demonica]

For others, saving money is the first step. Not everyone who's saving money only have goals of spending it on their wants or material things. There are people who save money for the purpose of making investments or starting their business, and it's actually a great one since a business or an investment can be their source of income.

In conclusion, it's true that you wouldn't achieve much if you're only saving. You need to find other ways to generate income in order for you have bigger progress. When you're only saving, it will take you a lot of time to reach a certain goal of an amount you want to achieve. And probably by the time you'd reach that goal, that value doesn't have the same worth as before.

[davis196]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

If there was a zero risk investment opportunity offering guaranteed returns above the inflation rate, everyone around the world would put his hard earned money in such investment opportunity and life would be perfect. Unfortunately, there's no such opportunity. There are always high risk-high reward and low risk-low reward opportunities. The second option sometimes provides rewards below the inflation levels, which makes conservative investing a little bit pointless.
I agree that the low/negative interest rates offered by the banks and the high levels of inflation are in favor of the borrowers, not the savers.
There's nothing we can do about this and I don't think that Bitcoin/crypto are the financial panacea to this rigged system.

[Renampun]

...

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

The moral message you convey really gives me new knowledge, especially in the principles of saving, everything you say on this topic is correct, not wrong, because in reality saving for decades has no use at all for long-term life. However, if you invest the money you have instead of saving, then the opportunity to be financially free in the future is quite large, everyone must be aware of investing, don't let yourself be busy saving but the value of the money you have continues to decrease because of inflation.

[wxa7115]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

If there was a zero risk investment opportunity offering guaranteed returns above the inflation rate, everyone around the world would put his hard earned money in such investment opportunity and life would be perfect. Unfortunately, there's no such opportunity. There are always high risk-high reward and low risk-low reward opportunities. The second option sometimes provides rewards below the inflation levels, which makes conservative investing a little bit pointless.
I agree that the low/negative interest rates offered by the banks and the high levels of inflation are in favor of the borrowers, not the savers.
There's nothing we can do about this and I don't think that Bitcoin/crypto are the financial panacea to this rigged system.

And even if by some miracle that kind of investment existed, in which you took no risk and you still made a lot of money, we can be sure such an opportunity will not last for long as everyone tried to invest in that asset.

Also even if this market and bitcoin in specific is thought to be this kind of investment, we know this is not true, since the early adopters took a risk by investing their time and their money in an asset that at the time was unproven and highly experimental, now in hindsight is easy to see that bitcoin offered a massive opportunity back then, but such an opportunity was not easy to see and only those that truly believed in bitcoin could truly understand its true potential.

[Natsuu]

I believe in this too. Saving money is good but it might not get you far with taxes and other expenses. Try putting your money in things like Bitcoin or other investments. They could give you some extra cash without the hassle of traditional savings and maybe even beat inflation. Just be smart about it and diversify to fit your goals and comfort level

[ivankoh]

I believe this to be true. To create income you must have money, and in any situation, saving is a necessary condition to create income according to different ideas. Only when you save money, but can't or don't dare to use it to generate income. There are some people I know who may be stubborn and conservative to overcome that but in my opinion it will not be recommended for their future life.

[Volimack]

As far as I understand it is good to save money it works as a future saver and income is also needed if there is no income how to save. Every person thinks about keeping money through earning their own money. If the income system is low he will never be able to go towards savings. And thinking about the future will become difficult. In this world savings seem to be the only hope for the future.

[Peanutswar]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.
~~

It is too hard to save money if you have a family you need to help it is part of your duty or else it depends on you that you can now an independent person and they can handle their own, but we cannot deny most of us are still helping our family for their needs and reason why we cant save enough money to ourself and for our future. Other than this is you really grind in life not only getting one job for your needs instead do an extra so you can save up more.

~~Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Dont save in just one month, do at least 6 months any thing can happen you must prepare more than that so with this large number of days could be get more time to find another source of income really reason why ideal to have at least have an investment to have a good cashflow even though you lose one source of income.

[muncuss]

I believe in this too. Saving money is good but it might not get you far with taxes and other expenses. Try putting your money in things like Bitcoin or other investments. They could give you some extra cash without the hassle of traditional savings and maybe even beat inflation. Just be smart about it and diversify to fit your goals and comfort level

What better is if it produce cashflow, like create mining rig instead of buying bitcoin. Instead of holding and get nothing, it will produce more asset, literally the definition of putting asset to work.
Yes bitcoin price may rise but what if it isn't?

[glendall]

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

It is true but we also knew the fact that taxes helps our country's progress and development unfortunately for some corrupt countries they made it a cash cow.

It's true, sometimes I personally feel very sick of paying taxes, but there is no progress obtained from taxpayers, who knows where the tax funds are allocated, good government and tax-abiding citizens in the country there will be no serious poverty

[slapper]

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

Fiats savers are losers, saving was ideal in the ancient days when their currency was backed by gold but after the introduction of the fiats system that money can be printed without it being backed by anything, saving became worthless because while you're saving, inflation is making all your efforts become a waste. If you want to save, save in an assets. Assets are anything that brings money so anything that can bring money to you can be used as a saving ground. Save in Bitcoin and not fiats.

When you're saving in an assets, you're also investing and the worth of your money gets retained through appreciation in that asstes that you're saving in. Instead of saving fiats, save that money in landed properties that can generate cashflow or capital gains. Get yourself financially educated and you'll know the importance of investing instead of saving. The dollars will keep losing its value provided the government keeps printing more into circulation and you best believe, they won't stop.

You should also realise that saving doesn't increase your wealth but investing does. When saving you're putting your money to rest but when investing you're making your money active to make more money for you.

I agree, but let's look at the canvas more widely. Global economies depend on fluid, fluctuating fiat currency, despite its shortcomings. The switch from gold-backed to fiat was a paradigm change that increased economic freedom but decreased stability

Bitcoin is both an asset and a warning about fiat's fragility. It's a shelter from inflation. It's important to disprove the idea that Bitcoin is the cure-all. Financial wisdom is based on diversification. Bitcoin is one asset in a portfolio, but it shines

Saving vs. investing is about perspective. Save in money and anchor in rough waters; invest in Bitcoin and appreciable assets to achieve financial sovereignty. Still, a smart pilot knows that the ocean is unpredictable and steers with a close eye on risk management, diversification, and the long term

[Iroh]

Why would a person judiciously save money to buy a luxury thing he can't afford to maintain? If a person has a dream car or house or gadget and your income can afford it, shouldn't the goal be for the person to work harder and earn more income?

Apparently, people sometimes feel the need to go way beyond their means to give others the impression of living a somewhat wealthy life. There’s no immediate plan for the future as such individuals only think of now. Also, such individuals, also being quite materialistic, would prefer to want to buy luxury items even if it would make a good dent in their finances. To such people, having luxury items may make them feel more acceptable in the society, hence the constant struggle to acquire them despite having an average to low income.

Ordinarily, the next move would be increase the amount earned so as to be able to afford the lifestyle you want. But such people would easily go into debt giving a false impression than to work harder and earn more.

[Lantind]

Why would a person judiciously save money to buy a luxury thing he can't afford to maintain? If a person has a dream car or house or gadget and your income can afford it, shouldn't the goal be for the person to work harder and earn more income?

Apparently, people sometimes feel the need to go way beyond their means to give others the impression of living a somewhat wealthy life. There’s no immediate plan for the future as such individuals only think of now. Also, such individuals, also being quite materialistic, would prefer to want to buy luxury items even if it would make a good dent in their finances. To such people, having luxury items may make them feel more acceptable in the society, hence the constant struggle to acquire them despite having an average to low income.

Ordinarily, the next move would be increase the amount earned so as to be able to afford the lifestyle you want. But such people would easily go into debt giving a false impression than to work harder and earn more.

If the life we live is only to impress other people that we have been able to live a life that is rich enough then we will not have time to think about the future which cannot be known with certainty then this will be a problem for themselves, because every item Collected luxury certainly requires very high costs and the price will disappear if the item doesn't look good anymore and the price won't be the same as what they bought and if this continues, of course we will have financial problems at some point.

Increasing the amount of income we have will indeed be better than using the income we have on items that we don't really need, because every item that we don't need is of course detrimental to us and also we won't be able to save and even have to go into debt if we have unable to fulfill their wishes

[sekalitas]

People usually have the illusion that by saving money they are making a great deal, while in fact, the truth is that to save is nearly to useless when thinking on achieving financial progress in life. An independent middle class citizen, without the burden of a family on his back, can save enough money to buy the car of his dreams or the property he always desired living on, since he is commited to these goals, making a lot of effort and cuts on his expenses in order to accumulate enough money for that.

It's not easy, but not impossible, anyway. However, even though the system allows him to achieve those purchases, it doesn't allow him to maintain the patrimony and vehicle, because to possess such goods, someone has to pay yearly taxes to the government. The more expensive your car is, the higher the tax you are going to pay. The more expensive your house is and the best localized it is, the higher will be the tax to be paid.

To have to pay an annual tax for something you own and paid with your own money to possess is ridiculous...

This evil rigged system never allows a middle class hard working person to reach too further on improving his life standards. If he doesn't have a large income, he won't reach anywhere. To be a disciplined saver along decades of his life isn't enough.

Moral of the story: don't save money for more than one month. As soon as you accumulated some amount of fiat, put it into an investment and make it generate passive income for you, although you should avoid banking investments, since they usually pay below the inflation. Go for Bitcoin and assets when there isn't enough money to invest in something bigger. There is no assurance you will defeat the evil rigged system which smash common citizens, but at least you will be trying to overcome it...

I just want to add a little bit about it.
Before diving into any investments, including crypto, it's crucial to prioritize an emergency fund. Aim for 3-6 months of living expenses to cover unexpected events like layoffs. With this safety net in place, if you have an average income, consider investing primarily in your skills and knowledge through courses or training. This can empower you to boost your earning potential in the long run. Allocate a smaller portion to other investments, like crypto, only after carefully assessing your risk tolerance and understanding the market's volatility.

[TheUltraElite]

It's true, sometimes I personally feel very sick of paying taxes, but there is no progress obtained from taxpayers, who knows where the tax funds are allocated, good government and tax-abiding citizens in the country there will be no serious poverty

Tax are supposed to be used in a development of the country among other things that the government pays for. Unfortunately in many states of this world, the money is used to do things that the political parties controlling the government at that stage find useful for their future elections and own greed.

However you dont have any option to not pay the tax. If you try to evade through crypto you will eventually get caught, no point sulking over taxation. It is like a necessary evil at this stage.
Saving money has its importance too, even though the OP seems against it. Emergency funds and savings make a difference in the long term even if inflation is going on. Risky assets have their own place and each of theses are to be kept separately.