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.

[Sticky Bomb]

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.

Having more than one job isn't necessarily a financial boost unless you've two jobs that pays well. It's better you upgrade your skills to be able to earn more at the same career than having more jobs that would bring lots of stress to you and see you remain redundant career wise. I love growth, specialization and being able to demand more as expertise increases while doing the same thing in a better way. That looks more like growth to me than just having lots of jobs paying peanuts just to make ends meet.

[WatChe]

Having more than one job isn't necessarily a financial boost unless you've two jobs that pays well. It's better you upgrade your skills to be able to earn more at the same career than having more jobs that would bring lots of stress to you and see you remain redundant career wise. I love growth, specialization and being able to demand more as expertise increases while doing the same thing in a better way. That looks more like growth to me than just having lots of jobs paying peanuts just to make ends meet.

Our first and foremost priority is our health and earning money at the cost of sacrificing health is a bad move. Our bodies are capable to handling one job in a week with one or two days off. Now if someone is doing two jobs at a time then he is putting extra burden on his body which will impact his health. If you are doing a job and for some reasons you need more money then best way is to do some online work i.e. work from comfort of your home. This will not only increase your income without impacting your health.

[Fortify]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

Now my question is, why do a lot of people complain that saving is too hard for them? Well reality hits that inflation is inevitable, but does it mean that people can only save if there is no longer inflation? Or is it that people actually adopt the wrong mindset towards saving their money?

To save successfully first you've got to be at break even, you might go into debt in future for various things (like using a credit card that you pay off fully each month or taking on an important loan like a mortgage) but to get in the right psychological state of mind you should begin from zero. This is especially true if you have accrued debts in the past, maybe you were spending recklessly and decided to change your habits, but you need to work your way back to zero first - because you need to pay off any debt that is charging interest, otherwise saving is usually not helping. From there you should add small amounts whenever you have spare cash to get into a good habit and you'll eventually build up a sizable sum which gives you peace of mind for tomorrow, it can really change your whole outlook on life.

[Cheema02]

Having more than one job isn't necessarily a financial boost unless you've two jobs that pays well. It's better you upgrade your skills to be able to earn more at the same career than having more jobs that would bring lots of stress to you and see you remain redundant career wise. I love growth, specialization and being able to demand more as expertise increases while doing the same thing in a better way. That looks more like growth to me than just having lots of jobs paying peanuts just to make ends meet.

Your point is like suggestions and based reality and its true that if we do multiple jobs simultaneously then again its not the gurentee of your financial growth because when you do multiple jobs its reduce your potential due stress and you not able to try your experties out of field. And always remember that for long term growth we should need to upgrading by time and increase our skills of a specific region so when your experience increased then you could able to take demand and better opportunities. Many people done more than one jobs but its work for short term growth but for deeper success we should need to be updated our skills because when you improve yourself then you become demandable personality and you earn more than with multiple Jobs.

[Localhostspeed]

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.

It now depend on the interest rate that comes with the loan. Where coperate loans are are everywhere with high interest rate, if you take a loan to establish a rental property and you don't see to pay up on time, you may be fed up because rental property isn't a cash flow investment, you will be stuck with debt if you don't have another stream of income to pay back that loan very quickly, the more you stay on the loan the more you are compounding your interest.

If you are going to make any investment and loan is provided for you, try and look for another alternative. Maybe go for loans from commercial banks, there interest are lower and they are yearly interested rate, not all this ones that will want to use loan to kill you for not been able to pay up on time. Some student are done with their studies and yet they don't have means to pay back their loans, sometimes I see loan as a trap investment people should avoid.

[Cryptmuster]

Saving does not necessarily require us an instant big amount. Whether it's big or small, it does not actually matter. What's most important is how you often save regardless of its amount. So if you have only few bucks left from your salary, then continue saving it because once the value compounded, it will gradually become a significant amount. And frankly speaking, even the poorest of the poor can definitely save if he really aims to, it only depends on the kind of mindset you chose to adopt.

Now my question is, why do a lot of people complain that saving is too hard for them? Well reality hits that inflation is inevitable, but does it mean that people can only save if there is no longer inflation? Or is it that people actually adopt the wrong mindset towards saving their money?

There are various reasons, some people aren't willing to deny themselves anything today. They want a few coffees, buy new things when they don't absolutely need them, buy a new phone (when they don't need it), and thus have no savings left, especially since they usually buy a new phone on credit. There are also people with very low salaries who have no money left after paying all their essential bills, there are many such people. So, not everyone knows how to save, to do so you need to learn to earn more and develop the habit of saving, but some are too lazy...

[Byebyebtc]

Saving isn't really easy for those who's earnings is not big enough, most people do try to save but when things get really tough for them instead of them to borrow they rather have to touch their savings,

But if a person has enough money there will certainly be space for saving as well. some things will not always be the failure of someone sometimes, we should also consider the circumstances around a person before concluding

[Yeesha]

Saving isn't really easy for those who's earnings is not big enough, most people do try to save but when things get really tough for them instead of them to borrow they rather have to touch their savings,

But if a person has enough money there will certainly be space for saving as well. some things will not always be the failure of someone sometimes, we should also consider the circumstances around a person before concluding

I believe that everyone knows the important of saving, but with this hard economy that we are living in now, some people might find it very difficult to save their money for future use, because what they earn is not even enough to spend. Some people are not saving for future, is not about ignorance, but simply because they couldn't due to financial crisis and circumstances. We don't have any rights to judge others because they are the ones who truly understands their situation. Our source of income are not the same, neither do our responsibilities. Sometimes we just have to accept the reality, and focus on how we are going to build our future, with or without saving, an individual can be able to secure a better and greater future.

[HelliumZ]

The most important thing to save is to create a balance sheet of income and expenses. Where if your expenses are more than your income, then you will not be able to save anything, that is, if you want to save, you must reduce your expenses compared to your income. There are many unnecessary expenses that need to be reduced. You have to deduct the expenses from the salary you receive and what is left after deducting those expenses is your savings capital. However, if you want to save, you have to make up your mind first. If you have a life partner, then that life partner can definitely help you in saving. Generally, women are expected to save and if you hand over your salary to them at the end of the month, then of course the wives can balance their income and expenses and save a certain amount every month.

[Iamgoat]

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.

This plan looks like a smart plan to me but I still want to understand what’s the benefit of what you are doing now which is saving into your fiats instead of bitcoin directly especially now the bitcoin has dropped significantly. At what point will you stop accumulating your fiat to now invest it in bitcoin, what form of investment do you have in mind because this is already sounding like a lump sum target instead of the DCA target. What if the market skyrocketed overnight due to a new factor which could have influenced it, does it mean you won’t be able to invest again  because of lack of investment in it earlier, how long do you think the market will recover from this crash and how fast. While this strategy looks like a great idea, why don’t you invest now through the DCA approach and be growing with the market slowly and steadily.