Savings is the first step

in #hive-16792221 hours ago

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When people talk about money, they make it seem as if saving money is bad, but in a world where a large portion of the population is living on a paycheck, it is very good to consider savings because it is very possible that you don’t have money to cover all your want and your needs. Sometimes to be able to afford this, You need to save and plan with the money that you earn, when you save for the right reasons, it makes it easy for you to become rich, but the truth is that most people save for the wrong reasons and that is why some financial advisor out there don’t take saving seriously and they ask you to take another route.

You see the truth is, some people save just to spend. What this means is that they save to spend on their liabilities and some people save to spend on what they want. It’s not as if it is bad for you to save but when you save just to spend on your abilities, it makes the purpose of savings not reasonable because you keep the money just to spend it on things that are of no value to you. 70% of people that save spend the money on their lifestyle and l to buy what they want. People who have a larger scoop about money save their way out to freedom. When you save up for emergencies or to pay for your basic needs is good but when you save to sponsor your lifestyle you might not be getting the real value for savings because savings provide freedom. 

Opportunities and freedom

When you save money, it gives you a chance to be able to seize the opportunities in front of you. Most time people miss out on opportunities just because they don’t have any savings and with savings, you can get amazing deals just because you are going there with Cash, and with the money at hand people will want to listen to you and also make deals with you. Savings don’t only provide the means to seize opportunities, They also give you means to save you from poverty. When people save little money, they believe that is not enough to make an impact in their lives, but when it’s compounded for years, this money can be significant and can be used for all purposes. 

It will be bad when you save money and you don’t put it to good use, and this is where saving money and putting it to good use can be very good. You can put your savings into good use by creating a business or putting it into stock to gain more money. You can also invest your money into cryptocurrencies and so on. The thing is to put your money somewhere that can make more money for you. This is how people use savings to avoid poverty, when you save for years it will compound and you invest this money into something good, This will not only give you freedom but also makes you retire early, it also means that you can make more money. I would also compound it. 

Saving can save you

Savings are indeed good, but if you don’t put the money that you’re saving to good use you may not be able to reap the benefit of savings when you save. When you invest your savings into things that give you more money, it becomes a good plan but a good thing that can save you from generational poverty. The act of saving is the first step to financial freedom.

Thanks for your time.

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For me, savings are more of building an emergency fund for unexpected situations that could happened in the future. Also, I think having enough savings allows you to take more risks in investing, since you'll have a safety net to fall back on if things take a bad turn.