Savings Show How Strong You Are
The no 1 financial trait of having your bank account filled with money is savings. These are like the last resort and saviors of humans in life that can take them out of any drastic situation. But there's more to it, saving can also let you earn more than the average. And savings show how stable and strong a person is in financial terms.
How?
In life we get so many good opportunities to earn and the main barrier lies in the investment amount but with savings, one cannot lose such opportunity and use it to earn more.
If you are able to save money you are automatically earning more even if it's by a small amount.
After a job or retirement or in case you got fed up with your working life and want to change your life's path, the only thing that can save you is savings. Because for starting and stepping into that new path you will need money, possibly a good sum.
The amount of savings doesn't matter as now you can earn more even from a small amount in sectors like Crypto, stocks, etc.
Saved money can be used on tours and travels giving you the best moments of life. But make sure you choose a reputed location or it can be the worst experience.
And these are the proof you are in a stable financial condition as being broke you can't travel anywhere in the world, haha. Because travel costs don't go as planned most of the time. Extra money is spent on tours a lot of time.
Why Saving Is Hard?
Actually, Truth is saving is not hard. When you earn more than your expenses you can easily save some amount. But in the case of low income, it's hard to save so focus on increasing your income through work, business, side hustle, etc. That's the best way to save money.
Value Of Savings:-
I think I don't have to tell you this because by this time life has already put you in many phases where you had to think deeply about why didn't you save some amount earlier. Lost opportunities, not able to give support in need. Lots of hurting examples that I don't want to recall all due to I didn't save. For present and future, savings is a must have habit. No matter what age you are save money. It's the best financial advice and exercise for any age group.
One more thing, don't forget to live your life, save money but at the same time enjoy life with your money.
The adult age pressure is too much, I see my parent's savings are very less all due to the fact they invested in us and our education as much as they can without any thought of savings. Which puts them in a difficult situation when I reached their teenage. As we reach teenage our standards and lifestyle cost increases which showed me some bad moments in life, I wouldn't have to feel bad if the society wasn't so advanced here in the city. But that actually put a great sense of the importance of having money in life.
And with time I learned money is important but saving them is the real art of finance as even you earn more, if you have any sense of savings then you are like a holed ship sailing in the sea. And the power of compounding works wonders in savings.
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How To Save!
Save 5-10-20% whatever percentage you are capable of every month. Cut your extra expenses on shopping, fast food, etc. As said earlier power of compounding small funds will result in a big fund one day from which if you take 5% out of it someday it won't affect it that much. Just like if you take a glass of water from a bucket. Hey, but that glass should be small, lol.
Final Thoughts
Of course, I'm not a financial advisor or I wouldn't have been here. I would be dealing with money and customers somewhere. These are my own thoughts and views on savings. Feel free to point out the mistakes or any extra ideas you have.
And as said at the start. Savings show how strong a person is! When you have money in your pocket you will be more confident and will be considered more valuable among other people even though you don't want it haha.
And those who were able to save Bitcoin Cash in this big dump can enjoy the fruits later of their savings. The positivity has started.
And never share or tell about your savings to anyone except your life partner or parents only if both the parties have mutual trust between each other. Otherwise some way misuse you!
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No doubt savings is a must. It can be in the form of investment also. Like purchase of asset at a cheap price and later selling if required, when the market price is high.