Save More than Spend

[sleepfirefly]

I totally agree with you. It is better that we are saving more than we are spending as for me. I usually save money in order to start an investment or a business. We know that we can start up a business even with the little money we have but businesses are indifferent categories. There are some business that requires good amount of money for you to start up however, any business you want to go into need a start of money it may be small or big but whichever way in order to raise that money for the business or investment you need to save, so savings is very important and what you use it for after saving should be for business or investment because if you use it for the wrong thing then your savings is meaningless.

I can’t agree that using savings for anything other than investments or business is pointless. Savings can be used for travel or for improving one’s health, for buying a home or a car. These are all equally important and worthwhile goals. Of course, if there is access to cheap consumer credit, that need may diminish, but overall savings have far more possible uses than just investments and business.

savings could also be used for emergencies life is unpredictable we never know what could happen. should you ever need a pretty big amount of cash for some reason then it’s good that you can get money from somewhere without worrying too much.

[BALIK]

Your advice is good. It's indeed better not to save cash, especially in these uncertain economic times, as cash will lose value due to inflation. Therefore, it's best to only hold enough cash. Savings or emergency funds can be transferred to gold, as gold is easily exchanged for urgent needs.

Unnecessary spending should be reduced as this is a bad habit for your finances in the long run. You should get used to using money wisely to achieve your goal of financial freedom. Therefore, you must have a long-term plan for managing your finances, investing in Bitcoin and using gold as savings or an emergency fund.

Gold is considered a fairly stable asset, but using it as an emergency fund is not as good or safe an idea as you might think.

In just the past five day, gold has fallen from $5,500 to $4,400, a decline of roughly 20%. As you can see, even assets considered safe havens can experience significant short term volatility. If you were in this situation, what would you do if you needed money but your emergency fund was reduced by more than 20% due to gold price fluctuations?

Fiat depreciates over time, but it will not fluctuate and lose 10-30% in the short term like investment assets. Therefore, fiat remains the best choice for emergency fund. Bitcoin and gold are only suitable for speculative and longterm investment