What if our entire life savings suddenly became worthless.

[fredericktaylor]

There are several logical reasons behind depositing our life savings in a bank account, such as:
It keeps it safe and secure from theft.
It changes the standard of living and makes transactions easier.
To get social and mental peace.
To get government legal recognition and benefits.
To get interest monthly or annually.

There may be some other reasons, mainly to enjoy these benefits, a person deposits all his life savings in the bank.
from my point of view, just saving is not enough, it is the right time to think about where and how you are doing it. these reasons can bring big risks in our life at one time so we should be very careful. we can save some money in the bank for our family expenses and emergency fund but not all our life savings.

Suppose the bank goes bankrupt after keeping our life's hard-earned savings in the bank for 10 or 15 years, in that case I will have to accept the loss.  Have you ever thought that your entire life's hard-earned savings can be gone in a moment, if that happens, you cannot do anything against the bank or the government, you have no control over your assets, its value can be gone in a moment. If we can divide our assets into several parts by taking precautions in the future, it can be safe and profitable.

Invest 25% in land
25% in gold
35% in Bitcoin
15% can be invested in the bank for financial expenses and emergency fund expenses if necessary.

There are also reasons behind investing in three places. no matter how many digital currencies are created in the world, the use of assets will last a lifetime, so its value will never decrease and will increase over time. Gold has been used since ancient times, its value has not decreased till today and will never decrease in the future, so investing in gold is safe. the use of technology is increasing over time and will increase further in the future, Bitcoin is a proof of that. there are risks in investing in Bitcoin, but if you invest correctly, it is possible to reduce the risk, especially in the case of long-term investments. the way people around the world are becoming aware of the use of Bitcoin and are inclined to invest, it is understood that over time people are increasing their confidence in Bitcoin. from my point of view, being aware of these issues will help us protect the wealth we have accumulated throughout our lives, use it correctly, and face difficult times in the future.

[Tungbulu]

There may be some other reasons, mainly to enjoy these benefits, a person deposits all his life savings in the bank.
from my point of view, just saving is not enough, it is the right time to think about where and how you are doing it. these reasons can bring big risks in our life at one time so we should be very careful. we can save some money in the bank for our family expenses and emergency fund but not all our life savings.

I can give you a thousand and five reasons why putting your life savings in a bank is a totally bad idea, but I will only talk about inflation. Yes, inflation can be a big problem when you choose to store your value via fiat (naira). Inflation isn't only eating deep into Nigerian's economy but also the global economy too, but like we already know, naira is depreciating and losing value by the day and so will your money/savings when you choose to keep it in the bank.

25% in gold
35% in Bitcoin
15% can be invested in the bank for financial expenses and emergency fund expenses if necessary.

Duration of how long you intend to hold that money matters a lot when choosing your storage method. Whether it's Gold, Bitcoin, Stable Coin or Fiat. You really do not have to split your funds into percentages to store them IMO. what I'd advice in this case is looking for an asset that has proven to have long term potential like Bitcoin or Gold (I'd strongly advice Bitcoin) and store part of your income there as your savings and you gotta make sure that you don't intend to use it anytime soon, meaning you gotta have long term plans for that savings, and then the other part of your income, which you plan to use anytime soon can go to either a stable coin or your bank account so before it thinks of depreciating in value, you must've already used it. This is my own opinion.

Mind you, the latter includes your back up funds and all this should be after you've taken care of your essential expenses to avoid dipping into your savings for financial support.

[Hatchy]

There are several logical reasons behind depositing our life savings in a bank account, such as:
It keeps it safe and secure from theft.
It changes the standard of living and makes transactions easier.
To get social and mental peace.
To get government legal recognition and benefits.
To get interest monthly or annually.

I think this would be the taughts of uninformed individuals because it's easier to trust something when you have no other alternatives or something much better. As you can see, I stroke out all because they is not even one worth convincing about why people should store their money in the banks....

Over time, the banks which were meant to save our money for us, becomes greedy and worst than the thief which we hide them from, there's no such thing as secure for people who takes unnecessary charges from us on every transactions we make and the money we store with them.
Sometimes you get your money frozen on the air and when you get to your respect banks they give you shit reasons which would have been solved by their systems without you coming over .. that's not peaceful, it's obviously stressful and the same banks will go behind our back to loan out these supposedly stored funds of millions of individuals to big companies and make money for them selfs but fail to pay us interest like they are supposed to..

so I don't advice anyone to store a dime in banks... Divide your portfolio, make your self your own bank so you don't have to answer to some centralized thief's every time you want to take money.. bitcoin still remains the best digital currency for that and over time your funds or investment grows, while entrusting it with BTC ..

[Fiatless]

It changes the standard of living and makes transactions easier.
To get government legal recognition and benefits.

I don't know how keeping money in banks will change my standard of living. How does keeping money in the bank make you recognised by the government? Maybe you mean it could be used to get government assistance like loans and grants.

Invest 25% in land
25% in gold
35% in Bitcoin
15% can be invested in the bank for financial expenses and emergency fund expenses if necessary.

Basically, OP is advising that we should diversify our income to real estate,  Bitcoin, and gold, it's good advice. However, keeping large sums in the bank in savings or fixed deposit accounts is a waste because the interest is less than the inflation rate.

[IjawMan]

There may be some other reasons, mainly to enjoy these benefits, a person deposits all his life savings in the bank.
from my point of view, just saving is not enough, it is the right time to think about where and how you are doing it. these reasons can bring big risks in our life at one time so we should be very careful. we can save some money in the bank for our family expenses and emergency fund but not all our life savings.

I can give you a thousand and five reasons why putting your life savings in a bank is a totally bad idea, but I will only talk about inflation. Yes, inflation can be a big problem when you choose to store your value via fiat (naira). Inflation isn't only eating deep into Nigerian's economy but also the global economy too, but like we already know, naira is depreciating and losing value by the day and so will your money/savings when you choose to keep it in the bank.

Bank no be place to leave our money inside our. Apart from the fear say them feat hack am or something bad feat happen to the bank due to how every economy the shake, why e bad to leave money for bank nah be say nah the bank go the make that profit with your money instead of you the owner of the money. As them use your millions do businesses or give am out as loans, nah peanut them go come drop inside your account when month end. That peanut go di make you feel say interest then enter, but you go make more than 10x of that interest if you use am buy bitcoin hodl am for wallet. And you no go get fear of losing your funds since nah you only get access to your pass keys. But plenty people no know this.

[Tungbulu]

Bank no be place to leave our money inside our. Apart from the fear say them feat hack am or something bad feat happen to the bank due to how every economy the shake, why e bad to leave money for bank nah be say nah the bank go the make that profit with your money instead of you the owner of the money. As them use your millions do businesses or give am out as loans, nah peanut them go come drop inside your account when month end. That peanut go di make you feel say interest then enter, but you go make more than 10x of that interest if you use am buy bitcoin hodl am for wallet. And you no go get fear of losing your funds since nah you only get access to your pass keys. But plenty people no know this.

Na why e good to only drop money wey you no get long term plans for.

And concerning bank making profits from your money, IMO wetin really matter be say them go give you your money back when you need am, na safekeeping them dey do for you no be invest you invest am. I believe say banks dey also offer ROIs too incase na return or profit you dey find. I know say I come dey sound like say I dey support local banks, maybe yes but no be say I go prefer am to other choices, the truth be say banks them get their own benefits and importance to us, my only problem with banks na too much regulations and the fact say them dey operate under centralised authority which means your money no really dey 100% controlled by you, plus the fact say inflation fit easily chop your money anytime. Asides that, I no really see anything wrong with to keep money for bank because the fact be say banks dey actually do good job to keep money safe.

[Odogwu-Blockchain]

When viewing the psychology of money and how it works, it has the hardest principles to follow and so it is when you consider to acquiring assets like Gold and Bitcoin as you said. These assets do not wait for anyone but they favour someone who truly loves them with all their heart, who can go hungry and survive no matter the harshness on the price. In as much as you start buying these assets and compound it on several occasions when you are young is the vital information you could get.

How long should you compound and what age bracket are you when you start this practice, these two conditions will determine if your sudden crash in savings can safe or wreck you.

[Marvelockg]

the first question that should come to your mind when considering this should be that do you know that once you have died that it is going to be the last moment you are going to be referred to as the owner of all the things you have spent all your life to accumulate? even with this reality, we still walk around as though that is not a known possibility and make long term plans even though we know that we might not stay alive to witness those plans coming to reality.

you can buy a land in a place that is safe today and after few years from now an unexpected war breaks out that destroys both your land and every other asset that you hold on to that same land. saving in the bank has its own issues just like bitcoin is also not immune from some issue. knowing this, does that mean that you will not take risk just because you are afraid of a potential loss? that is not how life runs na. risk is part of what makes life worth living and if you do not take risk, you might never know how far you can get to at things.

[Franctoshi]

the first question that should come to your mind when considering this should be that do you know that once you have died that it is going to be the last moment you are going to be referred to as the owner of all the things you have spent all your life to accumulate? even with this reality, we still walk around as though that is not a known possibility and make long term plans even though we know that we might not stay alive to witness those plans coming to reality.

you can buy a land in a place that is safe today and after few years from now an unexpected war breaks out that destroys both your land and every other asset that you hold on to that same land. saving in the bank has its own issues just like bitcoin is also not immune from some issue. knowing this, does that mean that you will not take risk just because you are afraid of a potential loss? that is not how life runs na. risk is part of what makes life worth living and if you do not take risk, you might never know how far you can get to at things.

I definitely agree with you, even risk started the day you're giving birth to, so life from day one is full of risk and if you avoid taking some risk, you become inexperience in life.
And before you become successful in this life, there must have been some level of risk which you have taken to attain the level which you find yourself today. No risk no, no rewards

[SatoPrincess]

Invest 25% in land
25% in gold
35% in Bitcoin
15% can be invested in the bank for financial expenses and emergency fund expenses if necessary.

So no savings in fiat? It’s probably good advice on paper but it’s difficult to achieve in reality. How much will a person earn annually to be able to have a portfolio like this. Real estate is a good investment but it is not cheap. You’d need at least 3-15m to buy a plot of land in a good area. Gold and bitcoin are more feasible because you can simply buy the amount you can afford with minimal risks compared to buying a cheap land in a underdeveloped area that’s likely to have issues in the future.

[Callido]

Invest 25% in land
25% in gold
35% in Bitcoin
15% can be invested in the bank for financial expenses and emergency fund expenses if necessary.

Individually our percentage shares should be different, i won't invest 25% into gold since it is more stable perhaps save in gold. A physical and digital investment is where i can capitalize my funds, Land and Bitcoin should be my first priority. Land don't depreciate in value and Bitcoin keeps following its cycle and each has new all time highs making Bitcoin profitable as well as land.

For urgent cases that will require funds, banks are going to be in charge but i don't consider it as an investment since return from banks are pretty low.

[Mehmet69]

the first question that should come to your mind when considering this should be that do you know that once you have died that it is going to be the last moment you are going to be referred to as the owner of all the things you have spent all your life to accumulate? even with this reality, we still walk around as though that is not a known possibility and make long term plans even though we know that we might not stay alive to witness those plans coming to reality.

you can buy a land in a place that is safe today and after few years from now an unexpected war breaks out that destroys both your land and every other asset that you hold on to that same land. saving in the bank has its own issues just like bitcoin is also not immune from some issue. knowing this, does that mean that you will not take risk just because you are afraid of a potential loss? that is not how life runs na. risk is part of what makes life worth living and if you do not take risk, you might never know how far you can get to at things.

Yes, I agree with you. But, I think investing is much better than keeping money in the bank. None of us are permanent. The money and wealth that we have accumulated throughout our lives will pass to our successors upon our death. It simply means that we have only worked hard and have not had time to be happy.

Now if we keep saving money in the bank, it will never make us profitable. But if we use that money for investment, then we have the potential to make a profit.

So we have to learn to take risks and We have to learn to invest in digital and permanent assets.

[Mate2237]

the first question that should come to your mind when considering this should be that do you know that once you have died that it is going to be the last moment you are going to be referred to as the owner of all the things you have spent all your life to accumulate? even with this reality, we still walk around as though that is not a known possibility and make long term plans even though we know that we might not stay alive to witness those plans coming to reality.

you can buy a land in a place that is safe today and after few years from now an unexpected war breaks out that destroys both your land and every other asset that you hold on to that same land. saving in the bank has its own issues just like bitcoin is also not immune from some issue. knowing this, does that mean that you will not take risk just because you are afraid of a potential loss? that is not how life runs na. risk is part of what makes life worth living and if you do not take risk, you might never know how far you can get to at things.

Yes, I agree with you. But, I think investing is much better than keeping money in the bank. None of us are permanent. The money and wealth that we have accumulated throughout our lives will pass to our successors upon our death. It simply means that we have only worked hard and have not had time to be happy.

Now if we keep saving money in the bank, it will never make us profitable. But if we use that money for investment, then we have the potential to make a profit.

So we have to learn to take risks and We have to learn to invest in digital and permanent assets.

That's true there's no profit in one keeping money in the bank with our investment people should learn how to make their money work for them so that they don't work too money is grown through smart work which means that you just have to think and be ahead of others and one good way is by making your money work for you.



Investment is what makes people rich and not saving so people should try and distinguish between the two as it will be helpful to them because knowing this will help in making people work less

[WhoYouCantKill]

So no savings in fiat? It’s probably good advice on paper but it’s difficult to achieve in reality. How much will a person earn annually to be able to have a portfolio like this. Real estate is a good investment but it is not cheap. You’d need at least 3-15m to buy a plot of land in a good area. Gold and bitcoin are more feasible because you can simply buy the amount you can afford with minimal risks compared to buying a cheap land in a underdeveloped area that’s likely to have issues in the future.

Everybody get right to do wetin dey their mind but make people know say before they go think of to do something, make them first check the prons and cons of wetin them won do, make they no make decisions wey go affect them or ruin their lives negatively.
But, if they see say wetin them won do get higher positive turn ups than negative, e good make them give am try but e no make sense make people do something because say they see majority dey do or their friends dey do.
Although, this two options dey good to consider, as e go benefit person well well but no mean say side effects no dey am.