Saving is not enough

[SUPERSAIAN]

Earning money is hard. Saving money is hard. Getting rich and being able to live comfortably is hard. But the truth is saving is not enough. Lots of people will ask how to really get out of poverty but the simple straightforward answer is that you need to be earning more than what you are spending. The question begs, is there a way to get rich even if your expenses are higher than what you are earning?

I don't think so. Some people might use credit cards or loans but it is just a cycle of taking a loan then paying it and you are not really moving forward are you? Saving also does nothing much but it can be a good start. You start saving money and at some point when the money is big enough you can start investing. Either in crypto, real estate or in a business. But just saving the money? Unless you want to keep working until the day you die then it will not be enough.

You can go to wealth by saving and making small monthly savings. When the small savings you make grow, you need to create opportunities that will create passive income for you, in other words, what you say is actually true, on the other hand, it is difficult to live a comfortable life by just saving and making small savings, it is only necessary to fill a few steps and the steps behind.

This is also a matter that requires patience. Savings and what you do with them are very important in my opinion.

[STT]

You will never get rich just saving money when inflation is more then the rate you get paid.  Where I will agree is when the saving is a result of great business and perhaps the savings is just there to help feed growth of the business or your career so then the investment is yourself more then plain cash.

[ancafe]

I don't think so. Some people might use credit cards or loans but it is just a cycle of taking a loan then paying it and you are not really moving forward are you? Saving also does nothing much but it can be a good start. You start saving money and at some point when the money is big enough you can start investing. Either in crypto, real estate or in a business. But just saving the money? Unless you want to keep working until the day you die then it will not be enough.

Things are going to be tough in the current economy and while saving is not enough it is still much better than doing nothing. But if we talk about accuracy, saving is probably not the way to generate wealth because fiat currencies will continue to decline in terms of maintaining value over time. Another more complicated problem is that not everyone can start investing in real estate because it requires a lot of capital to implement it.

So it is much more appropriate to take an approach to investing in bitcoin or gold because people can buy in the amount they can afford so that slowly if done consistently it will make their investment grow over time.

[tottong]

Earning money is hard. Saving money is hard. Getting rich and being able to live comfortably is hard. But the truth is saving is not enough. Lots of people will ask how to really get out of poverty but the simple straightforward answer is that you need to be earning more than what you are spending. The question begs, is there a way to get rich even if your expenses are higher than what you are earning?

Almost no formula to get rich if someone spends more money than they make.
And even difficult to achieve wealth if someone makes money is not greater to be used in investment or building a business.
The worse economic period makes people think to meet the needs of life and rarely think of how to get wealth in this condition.

For example see how people have difficulty making money, then how the formula someone can get wealth.
Living comfortably is more than enough as long as people know how to place and wealth can be achieved if someone is able to prepare the instruments needed to achieve wealth.

[bounceback]

Earning money is hard. Saving money is hard. Getting rich and being able to live comfortably is hard. But the truth is saving is not enough. Lots of people will ask how to really get out of poverty but the simple straightforward answer is that you need to be earning more than what you are spending. The question begs, is there a way to get rich even if your expenses are higher than what you are earning?

I don't think so. Some people might use credit cards or loans but it is just a cycle of taking a loan then paying it and you are not really moving forward are you? Saving also does nothing much but it can be a good start. You start saving money and at some point when the money is big enough you can start investing. Either in crypto, real estate or in a business. But just saving the money? Unless you want to keep working until the day you die then it will not be enough.

If saving alone will not be enough to get out of poverty because the more money we save, the higher the inflation rate in our finances, maybe in this situation I think investing is one way to overcome poverty because by investing, our financial portfolio can grow, from year to year the Central Bank always prints fiat money so that without realizing it, the longer the inflation will increase and this is a very difficult problem for every country to handle.
In today's era, if you want your money to always be valuable, try to put it in an investment place and this is the right decision.

[fuguebtc]

If saving alone will not be enough to get out of poverty because the more money we save, the higher the inflation rate in our finances, maybe in this situation I think investing is one way to overcome poverty because by investing, our financial portfolio can grow, from year to year the Central Bank always prints fiat money so that without realizing it, the longer the inflation will increase and this is a very difficult problem for every country to handle.
In today's era, if you want your money to always be valuable, try to put it in an investment place and this is the right decision.

First, investing is risky, there is no guarantee that every asset or investment will be profitable, so it is necessary to choose the right type of asset to invest in.

Second, investment may help us cope with inflation better, but it will not be enough to help us overcome poverty. How can we overcome poverty if we only invest small amounts like $100, $1000 or $10k? There is no investment that is both safe and can give us 1000% or 10,000% returns and take us out of poverty, not even bitcoin. If we want to escape poverty, we need to make efforts to increase income, save and combine with asset accumulation to gradually increase assets.

[Jaksonhard]

This is a very difficult matter. Earning money and saving money is very difficult for many people. Because in the present time, people's expenses are increasing day by day. Out of 100% of a person's income, they spend about 50% on shopping and keep 20% for their own expenses. And the remaining 30% is spent on the family, and at the end of the month they do not have any money to save. So in the present time, people cannot save much and save money. We should always have the mindset that from the money we are earning, we should save and save some amount for the family. When we have enough money, we can use it for one of our businesses and if we are in crypto currency, we can invest there for a long time by looking for a good currency. Which makes it easy for us to earn a good amount of money.

[Oluwa-btc]

If your expenses are higher than what you're earning, there is no way that you would not be in debt. If you are in debt, there is definitely no way you are becoming rich unless you keep getting loans that may finally catch up with you. There will always be expenses and things to spend on this is why as someone who aspires to be rich, you must develop the skill of managing your finance such that you do not spend on unnecessary things, and you do not spend more than you earn.

Even with a good savings plan one will still be in debt but then one can come out of this by making some adjustments which may include investing and management of ones finance as you've said,but then people will want to spend more than when they feel they've made too much money. So then it's advisable to spend wisely making sure that they can be profitable in the long run cause savings will never be enough to make one rich.

[skarais]

~~~

Even with a good savings plan one will still be in debt but then one can come out of this by making some adjustments which may include investing and management of ones finance as you've said,but then people will want to spend more than when they feel they've made too much money. So then it's advisable to spend wisely making sure that they can be profitable in the long run cause savings will never be enough to make one rich.

Someone who already has a master plan for saving and starts implementing it is likely to have minimized the possibility of debt and expenses. Debt will only make it difficult for them to be consistent with their plan, while irregular spending also causes their plan not to run smoothly. Saving is not instant and usually requires time and good consistency, it could be 5 to 10 years or maybe faster.

I also think that getting rich just by saving is hard to achieve. Someone who has saved and has a large enough savings, then he should start looking for ways to multiply it. One of the many options is investing, but they should not use all their savings to invest and I think 30% to 50% is included in the category that may be safe. Having 50% to 70% as a reserve fund keeps them safe from the volatility of the invested asset price. Even if they do not get a return in the first year, they can still wait patiently in the second year or longer.

[Ricardo11]

If your expenses are higher than what you're earning, there is no way that you would not be in debt. If you are in debt, there is definitely no way you are becoming rich unless you keep getting loans that may finally catch up with you. There will always be expenses and things to spend on this is why as someone who aspires to be rich, you must develop the skill of managing your finance such that you do not spend on unnecessary things, and you do not spend more than you earn.

Even with a good savings plan one will still be in debt but then one can come out of this by making some adjustments which may include investing and management of ones finance as you've said,but then people will want to spend more than when they feel they've made too much money. So then it's advisable to spend wisely making sure that they can be profitable in the long run cause savings will never be enough to make one rich.

I agree with you on this, saving alone will never be enough to become rich, to become rich you have to be very careful in managing your money, you save your money and create only a capital, and later use that capital to create a high income from which you will get sufficient support, use your money in such a way that you will constantly get stable income. To achieve good success, start a new business, become an entrepreneur, take risks, great success cannot be achieved only by saving, to achieve great success you have to create different types of income, develop your own different sources of income through honest work, great success will come through these.