Post
Topic
Board Economics
Re: Are people really having the wrong concept of savings?
by
jaberwock
on 24/02/2023, 16:58:09 UTC
I also think like that, make a deposit at the bank within a certain period of time. Even a deposit also gives us a few percent of the profits from the money we deposit, but the majority of people in the village prefer to just keep it in an account because their goal is to saving, not to get a percentage. Another consideration, they keep it in an account because they can still access it if there is an emergency need.
That type of saving, even though would give you a small amount, would allow you to grow your wealth and how you should be approaching the current world. The only way of getting richer is to make your money work for you, that is the ideal end level of any rich person. If you have enough money that your interest makes you enough to live off, then you are rich enough to not work and be considered rich.

Of course I highly suggest keep working, like if 1k per month is enough, wait at least you make 3k per month, that way you would be guaranteed to grow your portfolio while also still living without working. Putting it on regular account makes no sense because of this, no matter how small, always invest and earn more.