How important is saving money to become rich?

[Ub40]

Usain bolt strategy of being financially free is not a bad one though, but we should not forget that just saving money without multiplying it either through investment or business is not really advisable. So it is better we also learn the concept of investing our saved money rather than leaving the money idle. It is just my opinion. Thanks for sharing.

 

[Oliver4smile]

There is this law that if you want to succeed in any business you are doing ,then you should learn to save at least 10% of your profit, it is highly important because that is what will serve as your backbone in the future when you eventually need an extra cash.

 

[btaliat]

Saving won't make us rich. It is only meant to meet some situations. The only thing that can make us rich is when we invest in the right investment with high returns.

 

[Tochi]

for some one that knows what he is doing and wants to be rich. It is best thing that he save some money from what he earn to start up a business. Because if we say that what we earn is too small there will be no time that we will save to become rich

Saving is important, and should be encouraged among both old and young, especially among young people. However care should be taken while saving, in a country or state that experiences high inflation rate. The point is to invest any money one gets, in such economy. Saving is good, and shows how financially disciplined one could be, but I believe it's best to save in a country that there is deflation.

 

[nimzy]

I don't think savin money is quite enough to make you become rich but I believe the uses of the money in investing in particular kind of business will help and assist you to become rich in future if you wish to.

 

[Oyibo Eneojo]

Saving money is good and it makes you to have your need when you want, but it is advisible to invest money, because it makes an individual to be rich in a shot period of time.

 

[Josan]

When we talk about becoming rich is not only by saving cash but by Saving & Investing. Now it's getting to know savings & the investing percentage in other to balance the "equation"(becoming rich).

 

[FreshKaz11]

Usain Bolt says - " If you make $10 , save $6". And then you can figure out what to do with the rest of the money , whether to spend it for something important or use it for luxury. He suggests it's better to spend those left over money after saving on paying bills and other important stuffs. So the concept is simple to get rich or to become financially independent, one should always try to maintain higher percentage on saving money than spending it.

Right now in my country, most people don't believe in saving money anymore because the work we do now is not enough to pay bills for ourselves and our family as well so we don't earn much so that we could save from as well.

 

[Aaron625]

Right now in my country, most people don't believe in saving money anymore because the work we do now is not enough to pay bills for ourselves and our family as well so we don't earn much so that we could save from as well.

Yeah , when the earnings are low , the possible effect of pandemic , the mindset to save money will not be there as well. Almost all the earned money goes to feed our family and nothing is left to save.

 

[Snazzy001]

I don't value this idea even one bit. Instead of spending a lot of time to save this morning just to become rich, why not invest it if becoming rich is the goal at the end of the day

 

[Skysaint]

Saving won't make us rich. It is only meant to meet some situations. The only thing that can make us rich is when we invest in the right investment with high returns.

You're right on your thoughts I think. Saving will not make anyone rich rather it will even pave way for poverty because at a certain point in life our savings might not be enough to cater for our numerous needs but investment will always make sure your earnings increase in value passively

 

[Sotherefore]

I don't really know much about saving money but I think saving money may give you a little possibility of becoming rich the best way you can become rich is to invest your money in something really good.

 

[Kelly5]

Saving your money for the purpose of becoming rich is a very good thing, but it does not just simply stop at savings alone, but what you use that savings to do to make you rich is what really matters now. That's were the bulk of the Work is at

 

[Sotherefore]

Saving your money for the purpose of becoming rich is a very good thing, but it does not just simply stop at savings alone, but what you use that savings to do to make you rich is what really matters now. That's were the bulk of the Work is at

How can saving make people to be rich when the economy of our country is depreciating ? this can only happen when the economy of a particular country is improving every year then is possible. to me I consider investment as the best way to get rich.

 

[Essy]

Though it is very important to have savings to support yourself but savings alone cannot make you rich, you need to have investments as well

Following what usain bolt said, we should save 60℅ of our total income while some say 50℅ but what's important is to leave a reasonable amount of your income to save and grow it over time, that's a secret to being rich to most people

 

[Seno inyang]

Saving money to become rich is quite an important thing to do but don't just save because it won't grow or multiply. Simply invest and reinvest.

 

[eLdavis]

Following what usain bolt said, we should save 60℅ of our total income while some say 50℅ but what's important is to leave a reasonable amount of your income to save and grow it over time, that's a secret to being rich to most people

That is true this is exactly why when you see some persons you would think they have it all, when things are hard for others, they still have more than enough to spare this is simply because they have made the sacrifice before that time.

 

[skyliequiz]

Saving money is one of the most important components of accumulating wealth and ensuring a stable financial future. Saving money provides a route out of life's uncertainty and allows you to live a more fulfilling life. Wealthy individuals have a strong practice of conserving money and limiting their spending in order to increase their fortune.

 

[Essy]

That is true this is exactly why when you see some persons you would think they have it all, when things are hard for others, they still have more than enough to spare this is simply because they have made the sacrifice before that time.

Then I gues it not really about outward appearance but also inward appearance too and how much money ine has in savings as back up in case of rainy days

 

[Joseph212]

Is good to save cos it helps us grow in wealth and wisdom cos savings help us at old age where we sit and enjoy our labour