Post
Topic
Board Economics
Re: Saving is not enough
by
RTX-G53
on 02/06/2025, 03:50:08 UTC
Earning money is hard. Saving money is hard. Getting rich and being able to live comfortably is hard. But the truth is saving is not enough. Lots of people will ask how to really get out of poverty but the simple straightforward answer is that you need to be earning more than what you are spending. The question begs, is there a way to get rich even if your expenses are higher than what you are earning?

I don't think so. Some people might use credit cards or loans but it is just a cycle of taking a loan then paying it and you are not really moving forward are you? Saving also does nothing much but it can be a good start. You start saving money and at some point when the money is big enough you can start investing. Either in crypto, real estate or in a business. But just saving the money? Unless you want to keep working until the day you die then it will not be enough.

Your comment is realistic. It will never be possible to become truly rich if our expenses are more than what we earn. Many people only think about income but do not pay much attention to expenses. The initial step to financial progress is a clear budget plan. In today's era, depending on only one profession has become risky, in my opinion, freelancing provides an opportunity for additional income along with employment. Saving is a good start to becoming rich, but saving alone is not enough. When the savings reach a certain level, it must be put to use.