It was Mark Cuban who said that "saving is a bad idea." But what I heard growing up was, "save as much as you can." "Save at least 10% of what comes in." "Keep your money in your savings account and don't touch it. It will earn interest." Still I never really learned how to save. And by the time I was finished college, I was deep in debt with no job and got to the point where I had no place to live.
It wasn't until I read "Rich Dad, Poor Dad" about 12 years ago that things started to change for me. I started to see money not as an asset, but as a medium of exchange. Money in itself is not something you park. It's something you move. If you park it, it does nothing. It doesn't gain any traction in the wealth building game. It gets rusty and lazy and eventually...you lose the game.
When I learned that money was suppose to be used to acquire assets and that it in and of itself was not an asset, things started to change drastically in my life. I went from homeless one year, to living my dream and travelling the world the next and starting several businesses in the process.
Not many of us were taught that money isn't an asset. We're even tricked into believing that we're somehow gaining from the 1% per year that we're "earning" in our savings accounts. While the inflation rate averages at around 2-3% --- It's a brilliant move when you think about it. The banks win. The banks win. We lose. We lose. Until we take our money out of our savings and start to make it work for us.
I do recommend always having enough fiat left on you/bank for emergency purposes. Always have enough for your weekly and monthly needs. Some people say have a reserve of at least 3 months. Some say 6. Some say 1 year. I guess each individual/family will have to decide that. But ultimately, keep your money moving. Don't let it rot away in a savings account. You'll lose.
That's why I believe savers are ultimately losers. The ones who win in the financial freedom game are the ones who take their money and allow it to work for them.
Let me know your thoughts in the comments below! I'd love to hear them!
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My question would be what would cryptocurrencies be considered, an asset or medium of exchange? Gold and silver were mediums of exchange and stores of value, now I believe they are just the latter.
I think precious metals and cryptocurrencies are somewhere in between. I 100% agree that fiat should never be saved, only stored, like you said for emergencies. People would do so much better if they had goals that focused not on money but on assets, knowledge, and experiences.
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Well, Savers are losers, really. It's better to invest one's money than saving it. When you invest in increase as a result of the profit one accrues from such business.
When you save in a bank for instance, there would be little or no interest with lot of bank charges and deduction etc.
My opinion
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SO TRUE!
Upvoted for truth
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💯🙋
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Yes I thought Bitcoin was slow,the bankers take up to 9 days to clear a large check through another bank witch is also digital.
HHHMM I think we are at the right place Steemitgossiper :)
Nice post AltC :) BE Positive ...
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Toddjr.
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@altcoinpost You are absolutly right and i think i will read "Rich Dad, Poor Dad". Thanks for the recommendation.
But one thing i have to clearify, it's not the governments who steal the money. They just sold their citizens to an elite of people who long to finanicialy (and so also physically -> work) enslave the whole world. Opening the gates by undocking the currencies from gold (->no material equivalent), allowing banks to print money (creating money out of nothing), allowing banks to lend people money 10times the amount of what they have in stock (creating enormous amounts of money out of nothing) and allowing the interest- and compound interest-system (which means the money out of nothing lend can't be payed back i money because there isn't enough money (over all) at every specific time on the timeline) - are the 4 main mechanisms to rapidly enslave the world. It's the banks who practice and all banks belong to the central banks like the FED or the EZB, which are not owned by the pulbic (like they try to suggest) but are owned by private hand if you dig deeper.
Investing money in crypto is the first step to free yourself from the banks and the enslavement. It would even become more decentralized when we accomplish doing an opensource coin/blockchain/tangle system where there is no company for the elite to go after.
Second is to buy actual material value like gold which is not robbed by the enslavement tools listed above. But never go all in materials as you never know when the Fourth Reich is going to search your home and impound you belongings since they claim everybody to be a debtor and make poperty illegal.
It's the governments (corrupt or dumb) who sold our rights, our freedom and even our souls to an elite that is robbing and enslaving us through banks.
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Thats all about to change!
As adoption of crypto takes hold, like anything with limited supply that has demand, and is considered a currency you may spend freely where you please without the setback of fiat from that moment forward savers will be able to be winners once more.
You are right, the problem is not the principal behind the notion of saving rather the selected "platform" it is being saved through.
Genius how we are tricked into believing we earn interest when really it devalues faster then it grows, all set up to support the entire fractional reserve system.
How does crypto change that? First must be adoption, I had an interview with KOHO this morning. I was not allowed to record sorry, but it went well and I suggest they adopt cryptocurrency into their loading and unloading from the card.
They said it is on there discussions panels priority list with alot of interest, as you may know there is no crypto CAD credit cards only USD which ends up being a rip off for us! With just this simple move in a few clicks of a button you could load and spend crypto with absolutely no fees plus you get cash back on a prepaid card! They hinted it would be done on the fly, meaning your crypto would not be converted until spending it thus you are at the whim of the market yet not inflation of fiat.
Once this goes through, I could simply use my bank as intermediary to my new crypto savings account on my Koho card and even send it back through Koho to my bank as fiat when needed!
Get the point? No more exchanges! No exchange withdrawal fees, less blockchain traffic, less blockchain fees.
CASH BACK ON A PREPAID VISA CARD and they are seriously considering adopting crypto!!! They are Canada Based with an awesome support team offering a banging product looking at solving the "fractional reserve pay to use your own money problem" and they called me for an interview!!!! I guess my suggestions caught their attention, so stoked dunno how to even write about it yet.
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My main man. Yeah. Crypto is definitely changing the game. It’s changing it all! People are finally being set free from the bondage’s of false information. That’s why places like th she with decentralized information is also super important.
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Through a conglomerate of opinion we find the truth!
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They said it is on there discussions panels priority list with alot of interest, as you may know there is no crypto CAD credit cards only USD which ends up being a rip off for us! With just this simple move in a few clicks of a button you could load and spend crypto with absolutely no fees plus you get cash back on a prepaid card! They hinted it would be done on the fly, meaning your crypto would not be converted until spending it thus you are at the whim of the market yet not inflation of fiat.
Once this goes through, I could simply use my bank as intermediary to my new crypto savings account on my Koho card and even send it back through Koho to my bank as fiat when needed!
Get the point? No more exchanges! No exchange withdrawal fees, less blockchain traffic, less blockchain fees.
CASH BACK ON A PREPAID VISA CARD and they are seriously considering adopting crypto!!! They are Canada Based with an awesome support team offering a banging product looking at solving the "fractional reserve pay to use your own money problem" and they called me for an interview!!!! I guess my suggestions caught their attention, so stoked dunno how to even write about it yet.
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Thought provoking. Thanks for the post. Love the Abe Lincoln meme.
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