Saving alone won't cut it

Making money is tough. Stashing cash is also tough. Getting wealthy and living the good life? Yep, that’s hard too. But here’s the deal: just saving isn’t gonna do it. A lot of people wonder how to break free from poverty, and the simple answer is you gotta earn more than you spend. But here’s the kicker, can you actually get rich even if your bills are higher than your income? Honestly, I don’t think that’s possible. Some folks might resort to credit cards or loans, but that just leads to a never-ending loop of debt. You take out a loan, pay it off, and you’re still stuck, right? Saving money doesn’t do a whole lot on its own either, but it’s a decent start. You can start putting away some cash, and when you’ve got enough, you can think about investing. Whether it’s in crypto, real estate, or starting a business. But just saving? Unless you want to grind until you’re old and gray, that’s not gonna cut it.

Earning money is hard, saving money is damn hard, getting rich and being able to live comfortably is insane. For me saving just for short term, you can't earn anything and your wealth will decrease over time. People have to take big risk if they want to be rich, if they only take some risk or little risk, it's not enough. What does big risk mean? it's a risk where you can lost all of the money you invest e.g. start a business, invest in new thing etc.

you don't need to be saving and saving to save up enough money to invest in something like crypto (bitcoin specifically) since you already have a source of income all you need to do is to map out your ( discretionary income) which your discretionary income is the left over money after you must have settled your needs and your expenses, less say your discretionary income is $100  don't invest all the $100 in bitcoin at once, because you also need to set up emergency fund and backup fund along side your bitcoin investment so that you won't temper with your bitcoin investment if emergencies rise since emergency fund is there to handle that emergency, so for that reason you will quickly run a simple equation and balance the equation by allocating 50% of your discretionary income into bitcoin using DCA method to accumulate bitcoin and hold for long term 5 to 10 years or longer depending on your investment goals and then allocate 30% to emergency fund and then 20%  to back up fund, note this is just my own way of allocating my discretionary income so you can also choose your own way  that will be suitable for you.

This is an important lesson that some people learn late in life or refuse to ever accept. Saving is ok right now, but that is just because we had a spike in inflation which pushed central bank interest rates up and then retail banks could offer higher amounts. Before Covid hit, there was a period of around 10 years where interest rates dipped down to 1% and that was around what banks were willing to pay customers for savings. If the inflation rate during that period was around 2-3% you would losing a lot of spending power in your money each year, whereas investments in the stock market through the same period were probably making 7%. The difference when you factor in compounding was huge. Somebody only using savings accounts would have actually lost value in all the money they accrued, but someone invested in the stock market through would have made a minimum of 50-100% increase on their money during that time period.

There are several ways that people have done so that they become rich in the term saving and that is more than enough. We are now talking to the real world. • Saving while investing, you know gold, so if you set aside your income 30% to save in the form of gold investment in the long run you will get multiple results. Example: your 100% gold price Set aside a month 30% in a period of three months 1/2 you already have gold at a price of 100% saving while investing. This means that in one year you already have more than 300% gold, if in that year gold rises, of course the percentage of your money will increase, for example the price of gold 1 gram $150 when you save if that year the price of gold go up $200 x 3 means you already have $600, it is like. And such a way has been proven to have been done by people, many new rich people have recently soar with the soaring economic price of the economic increase in the capital of savings.

So you are saying that, in order to be rich, a requisite is that you have to be mentally ill somehow (who in their right mind would take such risks?). Don't get me wrong: I agree with you that it makes some sense. On the other hand, those who only save will see how their savings will lose purchasing power over time due to inflation, but it shouldn't be a reason for discouragement and waste, as it's the right step to start improving.

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.

If your expenses are more than your income, how is it possible? I believe you can continue saving from now on, but you should have the mindset to do so, at least for emergencies. Sometimes our expenses increase so much that it can be difficult to save even a small amount. In fact, saving should not be mandatory for them. I think that their first responsibility should be to try to meet the daily needs of the family. Credit cards are a way of making people poorer. People who have not used them may not be aware of their negative effects. The profit from the capital spent increases at a compound rate and continues forever, which is very unlikely to be paid if you do not pay it in a lump sum. My recommendation is that even if you have a source of income, you should develop the habit of saving even a small amount. Taking loans and paying interest on loans will hurt you more financially.

You don’t need big money to start a business. You can start your own business with a laptop and start working. If you think you need to be rich to get rich, then obviously it doesn't make any sense. However I agree that working for a salary is not the way. You’ll be spending your time and energy for your boss, not for yourself. If you start your own business, anything you do with your business will benefit or harm yourself directly and that will force you to make better business decisions. Saving is not enough I agree but only if you are working for a salary. Otherwise your limit is your imagination.

Who has read "the origin of wealth? " The book describes the essential steps that can help a person to become wealthy, saving is one steps that can make a person to grow their financial status but it's not enough, saving is not enough, what are you saving for? If you are saving to spend later on a raining day, you didn't change anything about your financial status but if you save for the sake of investing into an asset, it's a great step to improve your wealth, if you are saving to get a goal that will help you generate more wealth, that's great but if you are saving to eat it later, it will not help you.

Saving up money could be having that different purposes: •Investment/Business •Emergency funds When it comes into the point that you've been thinking on having that better living in terms of financial then let those savings to put in work. You cant just that holding off those funds in your bank account and earned that peanuts in the end of the year or something that do speaks annually. There are just that those times that we are just that being contented with our situation. Honestly, no matter how we want to have a life to have that something more better but still ended up on having nothing just because you've been that failed on doing so due to some factors. Saving is indeed not enough if you are planning to get rich but just like on what have said that if you are just that contented on what you do have now then you wont be making further steps and you would be just that simply working for the rest of your life. You are the ones will be leading up your life on how you do handle it out. If you are jus that contented on your current state then its up to you but if you do want up some changes then you do need up to be smart on doing things on which it could give out that chance for you to be able to achieve such goal or targets.

Savings cannot make you rich. It is only investment in business that you understand that can make you rich. The way to get rich is to have access to that rich. Having access to the rich is the simple leverage I have come to find out that it opens more doors to the company of the rich. if you are starting out and your savings is all, do not have crypto as your first choice of investment. Gone are the days where your return on investment in Bitcoin will triple with a month or two. The way it is currently , it takes a very long time to have that happen. Turn to other business that has better ROI.

Saving money is not enough to give you the life that you want. Education is the key to a better life. By educating yourself, you can land a high-paying job or set up a company that can become your financial back bone. However, saving is essential if you dream of launching a company, as you need capital for this endeavor. Additionally, if you want to attend college, you will need to pay tuition, and that's where savings will play a crucial role in fulfilling your dream. Saving is not enough, but it's essential to have savings to help you attain your dream life.

Except you have inherited enough money or you have other sources income, spending more than you earn would lead to poverty. To live a modest life your income should be equal to or more than your expenses. For low income earners investing is an ideal means of coming out of the rat race. Bitcoin has proved to be a reliable form of investment. But for high income earners they might be able to live comfortably on thier salaries and retirement benefits.

Life and its events are uncertain, which makes it clear that saving money doesn't make you financially stable or allow you to start businesses or make investments with it because the little that you save will eventually be spent on something unexpected and then you will start from scratch again, and the same thing can be repeated. Sometimes, you will even need more money than you might have saved so far in case of an emergency, and in such a scenario, you will even need to borrow funds from someone or take a loan to fulfill the need and then it will take you more time to repay that loan and in that period, you won't be able to save anything. And of course, as you said, that is only possible if you are earning more money than you need for basic essentials, and you can't save anything at all if you are living paycheck to paycheck while having no money left at the end of each month. To get rich or have financial freedom, one needs to start doing something that can make them more money over time, it could be a business, even a small one that you can grow over time, but you will at least need to work on something that can bring you more over time instead of relying on a source of income that doesn't change.

In this time and age saving money would do nothing for you..if your money cannot generate more money then you are still going to end up broke, it's almost like delaying the inevitable, sooner or later you are going to spend that money...so instead of just saving to spend in the future invest that money into something that you know is profitable.. This is why most people prefer to buy Bitcon than keeping their money in the bank

If your expenses is higher than your earning, then you’re just earning to feed from hand to mouth. There is no balance in this type of situation and you’ll only see yourself progressing (increase in salary) and you’ll see yourself still stagnant with everything about life. The best way is to cut down your costs, have a scale of preference and focus more on what is important for a budget fixable for the month and save up to have another means to be earning you some more money. Believe me, one way source of income is not enough to make a good living, you’ll need to take on some extra work to get some extra pay if your expenses is way higher than your basic salary. I am really not a fan of taking loan and investing it into a business. I know people may say you just have to take the risk and see if you can make something out through this, but I don’t really wanna take a risk as the expense of a loan (people’s money). I’d rather save up and put my money into a business while risking to see what the outcome of it will be. Saving is good and when you do, get yourself a business that will serve as another source to earn from.

You're actually right saving is not enough when it comes to creating wealth because saving is not a way of creating sustainable wealth because wealth creation is one thing that is done via investment because when it comes to wealth investment is the only way that can lead to wealth creation, investment prospects is what anyone who is serious about creating wealth should be after. Saving is a something that people do for the sake of using the saving in executing projects that is in their plan not for wealth creation purposes saving is good but people should look forward in investing rather than saving because saving play a little role in creating wealth

I do not think there's a way any one will get rice if he or she is spend more than they earn. If you want to be rich, you need to plan to earn more than you spend which I believe you already know. The point is that if you keep on spend more than you earn you will end up being in dept, because if you earn $1000k in a month and you spend $2000k in a month, where do you get the extra $1000k from? If not from loan. Although you are right, no amount of money can be enough for us because we are humans and that's our nature, we always want everything even when we have enough, the reason why is because if you have enough and you stop hustling for more money and the enough finish you go broke, so that's why if you become rich you continue hustling so as not to become poor again.

Saving is very important. But your point are very clear and meaningful, as long as you are not financially stable you won't be able to save for future use. Our current economics situation is very hard, many people are struggling to survive to maintain their financial stability. And it as really been difficult for them because they spend more than they earn. Saving have a lot of advantages, and I can't also deny the disadvantages. Anything can happen, any day, anytime or anywhere. Life is full of uncertainties and unexpected event, emergency can arrive at any time. And that is the time that you will know the advantages of your savings. You can't take loan in the name of saving, it doesn't make sense. Because you can't borrow money from Peter to pay Paul, because at the end of the day, you will still be owning Peter.