Post
Topic
Board Economics
Re: Should you save, when you are wealthy?
by
Mauser
on 17/06/2023, 12:29:32 UTC

Probably now I am thinking that I would not like to save all the time, I would like to reach the level at which I would be a wealthy person and I would not have to worry about money, but I have no idea when I can achieve this.

In case you are saving all your life to become wealthy at one point, I don't think you are going to stop and completely change your spending habits. Humans are used to patterns and adapt to their conditions, it takes a long time to change that behavior. I think that even if I become a millionaire overnight I would still evaluate purchases between necessary and unnecessary. There is nothing wrong with treating ourselves with some luxurious items, as long as it doesn't happen every day. Saving all the time is difficult and exhausting, it would be nice to be financially independent and not have to worry about money. But we shouldn't only think about ourselves, if we save enough money we can leave it behind for our children and grandchildren so that they have an easier life. I feel like if we inherit money from our parents than we shouldn't be spending it, but rather leave it for the next generations. We can use the interest for ourselves but leave the principal untouched.