Quote from: Abiky on Today at 08:10:31 PM

Quote from: passwordnow on June 18, 2024, 11:56:03 PM

-snip-

Exactly. One must prioritize saving over spending. You'd need to make a budget that would allow you to spend less than what you earn. Avoiding a deficit, is key towards building your wealth. Spare money should be invested in scarce assets like Bitcoin and Gold. "Stick" to the plan, and there should be nothing to worry about.

However - I agree that everyone should prioritize saving. This sounds simple - but basically each of them has their own obstacles in the process. Anyone who has more than one source of income is very likely to save once they have met their needs - but it will be very difficult to prioritize saving when they only have one source of income which only covers their monthly living expenses and bills.

Personally - I am having a really hard time saving money amidst the current bad economic situation. The cost of necessities increases due to inflation, the value of money is unreliable when you can only afford so little. Prioritizing saving will make me reduce many other needs – in fact this is never good for supporting a healthy life from a physical and mental perspective.

Quote from: Abiky on Today at 08:10:31 PM

At some point, I think inflation rates are going to decline all the way down the drain. Prices for goods and/or services can't remain high forever. Central banks are doing their best to keep things under control. I sure hope they don't fail, or the global economy will be ruined forever. Who knows what lies ahead in the future? Grin

Improvements will of course be attempted - but things will not return to normal easily. The world is not even in a good condition when war is everywhere - this will clearly make things worse. Of course we hope for the best - but we have to find solutions ourselves instead of relying on the government.