Today I had a long debate with a colleague of mine. He started by telling me of he’s idea of saving Ushs 50,000 every day for the remaining part of the year and on calculating we realized that would fetch a little over ush. 13,500,000 which is USD3688. He had already started on this campaign which he told me had kicked off with at the start of this year 2018. After listening to him, I brought in an argument; why would one have to keep cold hard cash somewhere safe when it could have a chance of generating an acceptable rate of return over the same time. This meaning by the time of collecting it, it would be much more than if it had been in one place.
The two have a common goal.. and that is financial well being which is key to financial independence. Saving money only becomes wrong if the intention is to build wealth. Yes this is a less riskier way of accumulating wealth but I hate to say this it looks more of the cowards' path to getting wealthy. The wealth accumulated is limited, it can't go beyond what you saved over a particular time which is certainly not the best way to grow wealth. The fear over losing money only prevents one from making more money which he could make if the returns got good. And yet still this volatile economy could have one withdrawing the savings at a time when inflation is at it's peak.. The money obviously wouldn't be the same value it was earlier.
With investing, one has a potential of getting much returns compared to savings. These returns are seen in the profits when one sells at a higher price than he/she invested.. increasing one's networth. The wealth keeps growing in value over a period of time, and during this time it continuously fetches some interests. Reaching bigger goals in life is worth the risk and given the fact that you can calculate the choice of financial security to purchase, this gives one advantage of lessening the risk.
I encourage saving if the main goal is having money to care for any emergencies or cover some short term goals like purchasing a gadget, organising a function.. But when it comes to accumulating wealth, I advise investing, which is a much bolder move to financial freedom.
And given the dip in the crytptoassets at the moment, this would be one hell of a venture to give a shot. This is where money starts working for you even when your asleep.
This is just my take on investing and saving.. I would love to get your opinion on the two.
I retired on the tripling of my first crypto asset, and several 10,000% gains since. My plan is always make more than you are spending and never hold anything that decreases in value ie; any paper currency. I have metals, eth, dash, bch, gold, silver, and more than 60% of my total in steem.
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Your story is a true testimony of investment. 10,000% is super massive.. Am inspired. Am not yet that level but it's such stories that keep me going further in investing. Thanks for sharing.
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This is true James the youth especially fear to invest there money in pontential investments most of them are interested in seeing there money grow on there accounts
The point has come thanks Jim
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It's true.. fear only gets in the way of the much rewards life offers. Thanks for reading.
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This must have sorted him very well. I second it as well. I rather invest my money in a business than saving it. One of the major problem making us lag behind in our nation uganda is the under utilisation of the available resources. In fact there are many resources which are even still idle. That is how it is also when we just save any howly without the purpose of investing.
Thanks for sharing.
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The nation would indeed be far if everyone played a part in investing. Thank you for elaborating it more.
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You got a 4.84% upvote from @allaz courtesy of @musamalijames!
Thanks for using Bid Voting Bot @allaz service and Steem Upvote Bot Tracker
I want to introduce you to my new friend @monsterbit in order to give additional thanks!
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This post has received a 3.19 % upvote from @boomerang.
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Saving is good if one is what I like to term as ‘target saver’ where u save to meet a certain figure intended for investment. It is the most effective way of gathering capital for relatively small investments. In my experience savings and investment go hand in hand
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For me, investment has always been the best option.
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