Can You Build Your Wealth With Savings?

[Nomad]

A lot of people will tell you that saving alone isn't enough to build wealth. You need to invest or start your business in order to build wealth. Do you really have to invest or start a business to build wealth? Can you not build your wealth just with savings?

What if you keep your savings in high-yield saving accounts, can you not get a good return? What if you continue to compound your interest on savings? Would you be able to build wealth by compounding your savings and saving regularly for an extended period of time.

 

[Yaqoob Habib]

A lot of people will tell you that saving alone isn't enough to build wealth. You need to invest or start your business in order to build wealth. Do you really have to invest or start a business to build wealth? Can you not build your wealth just with savings?

What if you keep your savings in high-yield saving accounts, can you not get a good return? What if you continue to compound your interest on savings? Would you be able to build wealth by compounding your savings and saving regularly for an extended period of time.

As inflation is increasing day by day, it may be difficult for you to save, but if you still save a little with hard work, then you can use that money in some work from where you can get some benefit from it.You know that a drop of water turns into an ocean. If you save a little bit, then one day you will be able to have so much money that you can start a business of your own.

 

[Nana D]

I'm someone that savings have helped alot. I don't know for others but I'm good with savings, very good with it.

I can remember when I used to work, I try as much as possible to save from my salary and hopefully, it was enough for me to open up my mini bakery.

 

[Nomad]

As inflation is increasing day by day, it may be difficult for you to save, but if you still save a little with hard work, then you can use that money in some work from where you can get some benefit from it.You know that a drop of water turns into an ocean. If you save a little bit, then one day you will be able to have so much money that you can start a business of your own.

True, if your income is small, you might not be able to save much when there is inflation. However, if you downsize your life, saving can be easier when there is inflation. The idea is the reduce your lifestyle costs so that you can save money. Reducing lifestyle costs could mean something like not buying new clothes or even moving to a cheaper location to save on rent.