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...

[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.