I was watching a show and a billionaire was interviewed, it got to a point billionaire where he was talking about money and how much he hated saving money. He describes saving money as a bad thing and if you had listened to him you probably would have hated the idea of saving money. I understand everything is trying to say but like I’ve said in one of my previous posts saving money is not bad and is one of the best things you can do for yourself when you want to change your finances. I’m not asking you to do it for a long period even after I’m making a lot of money. You still need to save money because you can’t tell what the future might bring.
We don’t know what might happen and one of the best reasons we save money is for emergencies. Your emergency can be anything from feeling sick, your gadgets needing repair, Something might happen to your family and so on so. for these, you need an emergency saved somewhere, this helps you to keep growing your investment and also it helps you to tackle your emergencies instantly without going out to lend extra money. this is not the only reason why you should save money, there are things I call emergencies opportunities that might show up at your door, You can use savings to tie them down.
Emergencies don’t have to be about you taking care of yourself. We have some opportunities that you have to take within a short period and some of these opportunities require money.
We have so many opportunities out there that you need to jump on immediately because if you don’t jump on them immediately, you will lose them because they are too good and most times require money. It might be someone who wants to sell their land and they need the money so bad but if you don’t have some kind of emergency funds somewhere, you may not be able to buy it. These opportunities can come in a different form and without funds you won’t be able to jump on such opportunities. This is not the only reason you save, if you’re just starting to invest you have to take your time.
When you are new to the game of investing, you have to save your money and do your research. It would be a bad thing to invest without saving. You might keep on investing your money without doing your research because you believe your money should not be with you, it should be a terrible idea. When you listen to people on TV they make savings look bad for you but saving is not that bad, one thing you have to understand is that money is currency and it flows, you have to let it flow and immediately you hold on to the money you’re holding back it's potential, which isn’t good for you.
Let the currency flow
I’m not part of those people who will tell you that saving is bad but I’m part of those people who will tell you that you don’t have to save your money for a long period. You can have emergency funds and some extra cash saved somewhere but a larger percentage of your money should be put to use. You should let your money work for you and what you should understand Is that immediately you put money into banks They are also using your money because they are going to lend it out. The best way you can save your money is to buy an asset. Saving money is good, but can be bad when you hold on to it for so long.
The best way to save your money is by buying an asset and not saving the actual money in the bank. The bank knows this that’s why they pay you interest on the money that you save with them and becomes a liability to you. It’s always advisable that a good percentage of your money should be an asset and this way your money will work for you. You can save a small percentage of your money somewhere for opportunities or emergencies.
Thanks for your time.