Can I Get Wealthy Through Saving

[Carpon]

This thread topic is trying to ask a very frank question that I have had on my mind lately. It has been settled that saving is very good and there are many ways that saving helps your finances and at some point, your saving does save you.

But my question now is can I start saving with the goal, aim or intention of getting rich? What I mean is that can I be able to by Saving consistently get or become rich?

I have been trying hard to save and amass money but I came to discover that the money I saved last month will be what will save me from one thing or the other this month. This makes it visibly and literally hard for me to amass any good amount as savings because the more I save, the more issues come up which I'll use my savings to settle.

Please I want to hear your views on this and how best I can save to get rich if it is possible.

 

[Abigael]

I have experienced this too. The moment I start saving, so many issues come up. My sister needs help, my clothes/shoes get torn and I have to buy new ones, boyfriend needs help or I fall sick. So I have to dig into my savings a lot.

This kind of saving ends up being helpful in time of need yes, but it never leads to building wealth. It acts as an emergency fund that saves you from taking loans that take a toll on your financial stability.

Building wealth requires something that brings in more money rather than just sitting there in your account. That is why investment is the best option to building wealth. So many experts and rich people always recommend investment rather than saving.

There are so many things you can invest into. A business, a sacco or you can do online trading but only if you have skills and knowledge.

 

[Richee84]

There are some motives for keeping morning and some of them are;
Transaction motive; Money kept for this motive is purely for transaction purposes and the money will not be use for anything less than the purpose it meant for.
This type of motive is to take care of our daily needs or daily transac

Another one is investment motive; Money can be save for future investment. This type of motive is for future purposes, the money will then be invested on a particular business to bring in return on investment.
Another motive for saving money is for speculative motive. Money is save for this kind of motive to take care of future event.

Savings require a lot of self discipline in us to achieve the purpose of saving. My advise to you is to be more discipline in saving and to know what you are actually saving for. You can decide to have two type of savings so that one can be for your immediate needs while the second savings can be for your future purpose or investment.

One can actually get rich by saving money for the future if the person is self discipline and determine to achieve it, though it is not an easy task by its possible.

 

[Heartstrings]

I can say it is 50/50, because I noticed that the more one save,the more so many expenses comes up as you stated, saving doesn't necessarily makes one rich/wealthy but it can help through the way that leads to it. When you save for a very long time,like for years without making use of the money in anyway,then you can actually start a business with it and you are on the way to been wealthy. But for you to save such amount,needs decipline, determination and a goal/aim.

You can't just start saving without any goal in mind,you will end up using it as you save. And for you to save in order to be wealthy needs a good source of income,in which you save and so have something left to take care of your daily needs and emergencies. Saving up is really not an easy task but you will be able to do it when you are determined and sure of what you do.