How to save successfully?

[Inwestour]

Everyone is welcome to share opinions here, as this forum always offers engaging discussions for everyone without exception. However, I'd also like to know your thoughts on one of the topics you mentioned, as everyone has their own unique perspectives on saving for their future success. Personally, I still prefer to save gold and Bitcoin because I believe in both assets for future success. Aside from those two assets, I still have reservations about storing anything, including fiat money, even though I still frequently use fiat money in my daily life.

When Bitcoin entered a bull market, I stopped buying it because I felt it had already become too expensive. During that time, I kept accumulating fiat specifically for situations like this, when Bitcoin moves back into a bear market. I still haven’t started buying again because I believe Bitcoin could go much lower. So for now, I’m continuing to build up fiat and plan to buy Bitcoin later. In the crypto market, it’s the only asset I invest in.

[Shishir99]

Indeed, if you know how to properly use your credit then it's for your own good,while for those who are using credit card just to by luxury thing that they need to repay,  then it's a expense that will give them problem in paying back, in terms of saving up, best to maximize your resources and minimize your usages, use your money for what you need and not what you want, in that way you can wisely use your resources including your credit card, if you use it the right way then it can be a backup for emergency or to whatever important matter that you need to settle.

Well, not everyone understands that. A good thing is, I am from a third-world country, and the society is still cash-based. So, people must carry cash, or they need to use mobile banking. Only 1% or even below businesses accept credit cards here. So, the usage of credit cards is very minimal in my country. However, if you talk about western countries, they became cashless already. Most people do not carry cash and they use their credit cards for every purchase. As long as the can spend their money on whatever they want, they don't think abou the repayment. Most people just focus on what they want at that moment and they start using their credit cards to buy things.

[Sulegzy39]

Saving does not always require a large sum of money right now. It makes no difference how large or tiny it is. What matters most is how often you save, regardless of the amount. So, if you only have a few dollars left over from your salary, keep saving since the value will eventually compound to a large amount. And, frankly, even the poorest of the poor can save if he truly wants to; it all relies on the mindset you choose to adopt.I never want to buy anything that I cannot afford to acquire.


 However, persons with a credit card in their hand can buy things that they cannot afford to buy. I sometimes see videos on social media of folks being towed because they did not pay their installment. Why would I buy a car on installment if I couldn't make the payments? I wish people would see these things as expenses rather than investments. An investment occurs when someone uses loans to build a home or start a business.

[Yeesha]

Saving does not always require a large sum of money right now. It makes no difference how large or tiny it is. What matters most is how often you save, regardless of the amount. So, if you only have a few dollars left over from your salary, keep saving since the value will eventually compound to a large amount. And, frankly, even the poorest of the poor can save if he truly wants to; it all relies on the mindset you choose to adopt.I never want to buy anything that I cannot afford to acquire.


 However, persons with a credit card in their hand can buy things that they cannot afford to buy. I sometimes see videos on social media of folks being towed because they did not pay their installment. Why would I buy a car on installment if I couldn't make the payments? I wish people would see these things as expenses rather than investments. An investment occurs when someone uses loans to build a home or start a business.

Saving is not about large amount, but the important thing is to save, because no matter how little or small it is, it will definitely grow if you continue saving consistently. Is not about what you have, it's about how beneficial it may be to you in the future. Sometimes our capacity is more important and suitable for us than our ability or achievement. So, we shouldn't always be afraid to work hard, because our potential to grow, improve, learn in order to develop, is more important than what you already do or have achieved in that particular moment. Having large amount of savings is not enough, but putting more effort in order to have the opportunity is more important than anything.

[Mame89]

Hello guys, I'm new to this thread and I would like to get along real good,  I see the title of the thread is catchy, ( how to save successfully) i would like for us to interact and share our own opinions so we can grow together intellectually

Everyone is welcome to share opinions here, as this forum always offers engaging discussions for everyone without exception. However, I'd also like to know your thoughts on one of the topics you mentioned, as everyone has their own unique perspectives on saving for their future success. Personally, I still prefer to save gold and Bitcoin because I believe in both assets for future success. Aside from those two assets, I still have reservations about storing anything, including fiat money, even though I still frequently use fiat money in my daily life.

Of course, we can't throw away fiat because we need it in our daily lives. So, save enough in fiat and save the rest in gold and invest in bitcoin, because these two assets will lead us to financial freedom in the future.

So, what you're doing is absolutely correct. Saving in fiat won't provide you with any benefits especially with the current global economic turmoil where inflation like what happened in Iran could suddenly occur rendering fiat currency worthless. Saving is one path to financial freedom, but saving in fiat is a waste of time. Make gold and bitcoin assets a priority for achieving financial freedom.

[liuka]

Of course, we can't throw away fiat because we need it in our daily lives. So, save enough in fiat and save the rest in gold and invest in bitcoin, because these two assets will lead us to financial freedom in the future.

So, what you're doing is absolutely correct. Saving in fiat won't provide you with any benefits especially with the current global economic turmoil where inflation like what happened in Iran could suddenly occur rendering fiat currency worthless. Saving is one path to financial freedom, but saving in fiat is a waste of time. Make gold and bitcoin assets a priority for achieving financial freedom.

It is true that saving fiat money will only be beneficial in the short term, which is why most wealthy or middle-class people prefer to save their wealth in the form of investment assets whose value will continue to grow every year. Now there are many choices for us to choose where to invest, especially now that we are facilitated to make even the smallest investment. The point is that savings are only intended for the short term and to maintain wealth is to invest.

[Abiky]

I think without constantly running list of expenses, it is impossible to save. You can invest, set target, dream, do whatever you want, but if you dont know and control how much you are spending, you will never save money. Running list of expenses helps to find where you can economize or adjust expenses. Discipline is a must also. I believe there are always something we buy but we dont actually need. Or buy it in bulk when we only need few.

It's also impossible to save when inflation runs out of control. Your purchasing power will decline at a fast pace, making savings pointless. That's why we must strive to save and invest to help secure our financial future. Your investments can generate you extra income (in the form of dividends, interest, etc.) that can be "saved" for your descendants to enjoy. Saving and investing as little as 10% of your salary, can yield great results in the long term. The earlier you begin, the better.

Remember, time is money. As long as you keep that in mind, nothing will be able to prevent you from achieving true financial independence. Just my two sats.

[Sticky Bomb]

However, persons with a credit card in their hand can buy things that they cannot afford to buy. I sometimes see videos on social media of folks being towed because they did not pay their installment. Why would I buy a car on installment if I couldn't make the payments? I wish people would see these things as expenses rather than investments. An investment occurs when someone uses loans to build a home or start a business.

Using loans to build a home is no investment unless the home built is for income generation and for leasing, else it is still a big liability. I don't advice using a loan to start a business because starting out can be difficult and you might not really be profitable in the first year or two and in that case paying the loan may be difficult for you. It's better to introduce loan for expansion in an already profitable business venture, that way the loan brings positive results to the business.

[Fredomago]

However, persons with a credit card in their hand can buy things that they cannot afford to buy. I sometimes see videos on social media of folks being towed because they did not pay their installment. Why would I buy a car on installment if I couldn't make the payments? I wish people would see these things as expenses rather than investments. An investment occurs when someone uses loans to build a home or start a business.

Using loans to build a home is no investment unless the home built is for income generation and for leasing, else it is still a big liability. I don't advice using a loan to start a business because starting out can be difficult and you might not really be profitable in the first year or two and in that case paying the loan may be difficult for you. It's better to introduce loan for expansion in an already profitable business venture, that way the loan brings positive results to the business.

Good point, though there are business owners who also taking big risk having those loans to finance their business, but similar to what you said, it's not a guarantee that you'll be able to be profitable on your first year as most of the time the struggles happen during the early stages of your business, but if you have the knowledge and skills plus that patience chances is possible to succeed.

[Abiky]

Using loans to build a home is no investment unless the home built is for income generation and for leasing, else it is still a big liability. I don't advice using a loan to start a business because starting out can be difficult and you might not really be profitable in the first year or two and in that case paying the loan may be difficult for you. It's better to introduce loan for expansion in an already profitable business venture, that way the loan brings positive results to the business.

These days where housing costs have risen to the moon, taking a loan to buy a house would be the worse decision to make. Better rent an apartment until the dust settles.

Considering the current state of the economy, it's best to have more than one job and spend less than what you earn to live a decent life. Saving alone won't solve all of our problems. You should combine saving and investing for true peace of mind. Act smart and responsibly, and nothing should stop you from reaching your goals. Hopefully, we'll see the "light at the end of the tunnel" soon.