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

[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.

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[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.