How important is saving money to become rich?

[Essy]

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.

You have a very valid point that most savers do not take cognisant of, the answer is simple though, if you would save, save in something that would yield more interest than the depreciating and inflation rate in the economy

 

[Senator]

Saving money is very important in general live situation. Bit saving money to become rich isn't just enough to make you just rich yet. You must have to turn that savings into very profitable Investment to become rich

 

[Sotherefore]

You have a very valid point that most savers do not take cognisant of, the answer is simple though, if you would save, save in something that would yield more interest than the depreciating and inflation rate in the economy

Yes, there is nothing wrong with saving if you have an opportunity to save money I'll rather advise you to save money and invest also in the US dollars because the US dollars may not depreciate but the value of your currency may depreciate.

 

[Essy]

Yes, there is nothing wrong with saving if you have an opportunity to save money I'll rather advise you to save money and invest also in the US dollars because the US dollars may not depreciate but the value of your currency may depreciate.

Unfortunately, many people do not understand that the US dollar is also depreciating not just as fast as other currencies. It's better to save in crypto

 

[Ellamma]

You can't get rich in a day. One of the surest ways to become rich is through savings. You save as much as you can and gradually you've become rich

 

[eLdavis]

You can't get rich in a day. One of the surest ways to become rich is through savings. You save as much as you can and gradually you've become rich

Indeed it is a good thing to save and it would help you in some sticky situations but saving alone can never make you rich. The best way is to also include investment so you can get returns to save more.

 

[Sotherefore]

Unfortunately, many people do not understand that the US dollar is also depreciating not just as fast as other currencies. It's better to save in crypto

The level of depreciation of Nigerian currency against the USD is alarming in this case people who have invested in the usd we will be making a lot of profit from the investment because I consider it as one of the best way to preserve your money if you are not interested in crypto m

 

[Essy]

The level of depreciation of Nigerian currency against the USD is alarming in this case people who have invested in the usd we will be making a lot of profit from the investment because I consider it as one of the best way to preserve your money if you are not interested in crypto m

Oh well I would not advise against financing against USD to gain profit against weaker currencies but I am saying there are better options.

 

[Tislad]

I believe you can't save to become rich because only work gets you rich, now I know I have lost a lot of people but if you think it deep you don't save to be rich it's your work that makes you rich.

 

[Sotherefore]

Oh well I would not advise against financing against USD to gain profit against weaker currencies but I am saying there are better options.

That is true ,but some people do not really have an understanding of cryptocurrency and they are not really interested to engage in it. that is why I said that in this case they should rather consider the US dollars or maybe the Great British pounds.

 

[Lucy ID]

In this day and time it's not advisable for anyone to save money rather it's better for to invest in things that will bring about profits and more gains

 

[Bright7777]

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.

Saving money can be very difficult because of difference reasons but it is very important to save because it can be useful in the case of unseen expenses and meeting a financial target.

 

[Lucy ID]

The truth is saving money to become rich is not advisable at all, over time the currency may depreciate instead invest that money into something that will bring more interest return

 

[tyrim88]

You can be more right my friend, but I think we should learn the concept of investing rather than just saving money. Your money cannot grow in savings.

Just invest as much as you can.

Money you actually put into savings does not really make one to be rich,but a careful and wise investment in a profitable venture would,as this will be generating returns for you over a period of time.

 

[Nomad]

You cannot become rich by saving money, you need to invest to become rich. However, before investment, you can save your money for sometime to grow it and then finally invest it.

 

[eLdavis]

I believe you can't save to become rich because only work gets you rich, now I know I have lost a lot of people but if you think it deep you don't save to be rich it's your work that makes you rich.

Indeed, saving does not make you rich, even working alone does not make you rich. Make a research on most of the Rich people we have today, majority of them are entrepreneurs who have multiple businesses and investments.

 

[Immilash]

saving money to become rich in your nearest future is a great idea,but for me I think it will be better investing those money than to save them , when you invest you will gain more profits but savings you gain anything.

 

[Lucy ID]

To save is a very good one but to invest is better if not best, this days savings is little or not profitable it's doesn't bring the expected return value. It's either the bank charges you or the money or currency devalue but when you invest you get increase or return in value

 

[Hrtbeat]

money saving is really important. Because it provide peace of mind, open up options that improve your quality of life, increase your wealth due to compound interest, and may even allow you to retire early. Many people earn wealth through a combination of working and savvy saving.

 

[Joy123]

I think just saving alone can't make one rich but continuous savings and investing in a good business, and then saving whatever gains one makes can actually make one rich.