Can I save my way to riches?

Bookwormlux

Valued Contributor
There are different perspectives about savings as some people believe that it is a very good way to get rich while others think otherwise and it would be easy for anyone to become confused when trying to decide which path to settle for as we try to take the best financial decisions that would be relevant to us even in years to come.
I want us to discuss this concept of savings here and what we each think of it as either a good way to become rich or not.

If I start saving money now that I am young and I do not bother investing the money in assets or the likes, do you think it would enable me to become rich after years of savings?
Would love to read your contribution.
 

btaliat

VIP Contributor
Saving is meant for a particular purpose and not for richness. I have never seen a rich person that saves to being rich. Money not in use is just like a car parked. It serves no purpose. But majorly, we always afraid to lose the earned money we have been to save and that's why we refuse to invest on our saved money. And if you don't utilize saved money, richness won't come.
 

A K Rao

Active member
There are different perspectives about savings as some people believe that it is a very good way to get rich while others think otherwise and it would be easy for anyone to become confused when trying to decide which path to settle for as we try to take the best financial decisions that would be relevant to us even in years to come.
I want us to discuss this concept of savings here and what we each think of it as either a good way to become rich or not.

If I start saving money now that I am young and I do not bother investing the money in assets or the likes, do you think it would enable me to become rich after years of savings?
Would love to read your contribution.
In my opinion one can't become rich by saving! Because savings can hardly het good interest like the money that is invested in the business! Saving is generally meant for security and here risk involved is minimum. while in investment one can multiply the money many a folds and can become rich by taking the risk. So in my opinion the savings are not for becoming rich but for the purpose of security of the life and with this one can't become rich!
 

sincerem

VIP Contributor
Hmm, it all depends on the amount of money you're making in a day, week, or month. If you're earning reasonable amount of money in a week and decide to save at least 20% of it every week consecutively for long time that will make you rich when you're very keen to save for long. Everything matters a lot when you're determined for it.
 

Bookwormlux

Valued Contributor
Hmm, it all depends on the amount of money you're making in a day, week, or month. If you're earning reasonable amount of money in a week and decide to save at least 20% of it every week consecutively for long time that will make you rich when you're very keen to save for long. Everything matters a lot when you're determined for it.
That is it. A factor that would help one to succeed in being rich through savings would be if they started saving at an early age, this is the condition that would be more likely to favor someone who intends to get rich through savings. It is not an easy path to take though, but with determination, an individual can make a difference.
 

sincerem

VIP Contributor
That is it. A factor that would help one to succeed in being rich through savings would be if they started saving at an early age, this is the condition that would be more likely to favor someone who intends to get rich through savings. It is not an easy path to take though, but with determination, an individual can make a difference.
As long as the individual is determined to save money having a target for saving that money. With target you can set the pace for your savings to take new dimension. Saving from the early age too, will surely pave the way to cultivate saving culture and earn rewards that follows it when the target is reached.
 

Bookwormlux

Valued Contributor
As long as the individual is determined to save money having a target for saving that money. With target you can set the pace for your savings to take new dimension. Saving from the early age too, will surely pave the way to cultivate saving culture and earn rewards that follows it when the target is reached.
These days, we also have platforms that make savings easy and help individuals to inculcate the habit of disciplining themselves to make sure they have some savings that would help them.
Though it is still not advisable for an individual to rely solely on savings as a way of getting rich.
 

sincerem

VIP Contributor
These days, we also have platforms that make savings easy and help individuals to inculcate the habit of disciplining themselves to make sure they have some savings that would help them.
Though it is still not advisable for an individual to rely solely on savings as a way of getting rich.
Yes, it is not advisable that way, for an individual that got future to take care of family to rely only on savings to take care of others. Through savings reasonable amount of funds can be achieved, and we'll use those funds to help ourselves to develop a business that is mainly for financial derivative to take care of our needs and future demanding needs.
 

Setho

VIP Contributor
Whenever you are saving money you are saving it because you have a goal at hand and not because you want to be rich one day. I do not think there is any amount of money that can be saving that will guarantee you to be, you should instead save so that you can start an investment or a business.
 

sincerem

VIP Contributor
Saving can bring riches, provided the person saving has target for it, and better future plans. Saving has enabled most in life to attain to their goal. Those who aren't saving money face the risk of suffering hard when rainy day comes, that's why we ought to cultivate saving culture.
 

btaliat

VIP Contributor
Saving can bring riches, provided the person saving has target for it, and better future plans. Saving has enabled most in life to attain to their goal. Those who aren't saving money face the risk of suffering hard when rainy day comes, that's why we ought to cultivate saving culture.
You are in point. Saving is done with many aims. And the best thing to know when one is saving is that, one should have a specific reason for saving. If not for investment, it should be to meet some target but never to become rich. This is because no amount of saving is capable of making one's rich.
 

Good luck

Verified member
It will be hard or difficult for one to save his or her way to riches.Saving is what you plan to use for a particular purpose.It can even be for a propose business you are looking towards to.How long will you start saving and you won't spend out of the savings.There may be unforseen circumstances that may warrant you to spend the savings.
 

sincerem

VIP Contributor
You are in point. Saving is done with many aims. And the best thing to know when one is saving is that, one should have a specific reason for saving. If not for investment, it should be to meet some target but never to become rich. This is because no amount of saving is capable of making one's rich.
Yes, no amount of savings can make one rich. Unless you're already a rich man, then you can decide to save huge amount of money in the bank for a specific purpose. Apart from that, their is no need to save and save all through the years. It should be saved for investment purposes in the future.
 

Alexandoy

VIP Contributor
If you are earning a salary that is very high for your standard of living and you can save 50% of your net income every month then I can say that you can be rich when your savings would reach that level to be considered rich. That would be 10 to 20 years from now. It is not easy but it can be done. The only issue for ordinary mortals like me is the expenses that is not easy to handle.
 

Mika

VIP Contributor
Saving alone cannot make you rich, you will have to start investing and continue to invest as long as you can manage your finances. Let say, you save $100 every month, in one year you will be able to save $1200. However, you will have more money if you invest your savings in the share market.
 
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