You can't get rich by simply saving money

[freelancermaria]

According to a book I read a few weeks ago, simply saving money won't make us rich, and I could not agree more. I am sure you agree as well. We need to have a stable job and find ways to boost our income. It is essential to make investments and start a business so that money keeps coming in. With inflation on the rise, we need to take action now. Poverty rates are increasing in different parts of the world, so we must do our best to survive.

 

[eLdavis]

The biggest mistake anyone would make is to assume they can become rich by just saving alone. One of the best ways to financial freedom would be to have an investment.

 

[Springtime]

Agree. You will not get rich by simply saving money. You need to have a stable job, start a business or make investment to grow your wealth.

 

[King Belieal]

The value of your money would just remain at the same amount that you had saved. It is better to invest of wealth is the goal.

 

[Suba]

Although saving is good for collecting money, just saving will never make you rich. Although investing is a quick way to get rich, it must also be adjusted to your skills and risk profile.

 

[eLdavis]

I actually prefer a mixture of both, while I save, I am also investing instead of just putting all my focus on one.

 

[Min George]

How much interest does saving generate for one think that it can make him rich? We only save to accumulate money for projects.

 

[Augusta]

That right you can't just save your money and expect more money.. you just have to save and invest some and it is done

 

[Starmix]

If you are saving millions then you are rich lol but if an ordinary individual saving is vital. It's from what you save that serves as business capital. Also invest and invest your savings. Money saved in the bank does not grow.

 

[King Belieal]

I have never seen anyone that is rich who is pursuing just savings. I don't see savings as replenishing money.

 

[freelancermaria]

When we deposit our money in a traditional bank, it usually earns a relatively low interest rate. Instead of depending only on savings accounts, it is a good idea to consider investing our money in different ways to help it grow. Diversifying our sources of income and starting a business that aligns with our passions can also be effective ways to build wealth and financial stability.

 

[Starmix]

Rich people save, they do not just scatter their money anywhere. They save, invest, and do business. You cannot do or invest right away without money and that will derive from your savings Let us not underestimate the power of savings.

 

[Xtynehappy]

I do think that the savings could only help you accumulate some funds for one but one must invest in the savings for them to become rich.

 

[oldbuddy]

That depends on when you start saving and how long you keep it working in a Daily Compound Interest account. It is pretty easy to earn $35 a month online free and blow it on dinner and a movie, but if you found a way to earn daily compound interest on it at even 1% a day in 5 years you would have 2.6 Billion Dollars, or if you had the same account working and deposited another $35 every month most people woulld consider you rich indeed.

 

[Starmix]

Money saved in the bank does not multiply. The purpose why save money is for future use like investing or managing a business online or offline. But if your saving is sufficient, invest right away. Our money does not grow in the bank.

 

[Kross]

Savings has not made anyone rich. If so, poor people would have been very rich because they save more.