Griffon:
I am not actually against savings, I am not either entirely in support of it.

What makes the savings idea a bad idea is the motive behind why you are savings. If you are stacking up cash in the bank or in the hands of a confidant, with the motive to spend that savings on a big house project, luxuries cars, wears, gadgets etc, then sooner or later, you'll become broke.

The only motive why you should save your cash is to invest it into an idea when the time is due. That is the way of the rich.

Only folks with a poor financial knowledge save to spend. You save to invest. That is the important step to take towards attaining financial freedom.

Okay, what about saving just to have something to fall back on probably for emergency?
I wanna know so I do the right thing.

mamatayour:
That no 3 ehn na No No

I concur!

LifeIsGuhd:


Even a spouse can disappoint!

Not my darling wife, dear.

Thanks for the tips...appreciated much.

lonelydora:


Not my darling wife, dear.

And not my darling sibling

Another good way to save is to convert your money to Gold i.e ..save in Gold to protect against inflation

LifeIsGuhd:


Okay, what about saving just to have something to fall back on probably for emergency?
I wanna know so I do the right thing.

In this case, I'll advice you to create two savings columns or accounts.

Account/Column Savings A: This savings account or column should be strictly for investments. And it should be at least 80% of the cash you've set out for savings. No expenditures must be done from what you have in this box.

Account/Column Savings B: This savings account or column should be laid down for all your expenditures or fall back when the chips are down. 50% of the profits made off from your investments should be directed here.

This is you balancing the whole process. Every money that goes out of your pocket should be buried in an asset not a liability. When that assets returns double of the cash you invested, you can then take a part from there to buy into liabilities.

That is as simple as having money work for you.

Griffon:


In this case, I'll advice you to create two savings columns or accounts.

Account/Column Savings A: This savings account or column should be strictly for investments. And it should be at least 80% of the cash you've set out for savings. No expenditures must be done from what you have in this box.

Account/Column Savings B: This savings account or column should be laid down for all your expenditures or fall back when the chips are down. 50% of the profits made off from your investments should be directed here.

This is you balancing the whole process. Every money that goes out of your pocket should be buried in an asset not a liability. When that assets returns double of the cash you invested, you can then take a part from there to buy into liabilities.

That is as simple as having money work for you.

Thank you for taking out time to explain this!

Deciding on what to invest in is my problem rn.

LifeIsGuhd:


Thank you for taking out time to explain this!

Deciding on what to invest in is my problem rn.

There are many investment plans out there, it all boils down to which you have got the drive for. Let's talk more though off-line. Drop me a mail at Iammcsinclair@gmail.com

seguntijan:
Saving money is the worst thing any visionary person can get involved with, it gets you poorer and makes the Bank, Business men and investors richer. The Business man or investor goes to the bank to take up the money you save as loan and invest it into their business and make huge amount of profit they pay back the loan(your money), give interest (Bank profit on your sweat/money), and keep their profit. Mind you the tax they'll deduct from their money won't be much because government needs to give investors some incentives because they're helping the economy, providing jobs while you that own the money will be tax. The bank also will remove charges from the money you save and give you at most #50Naira out of millions they made as interest. It can even be better if you fixed the money then you'll be entitled to about 6% of your money depending on your bank, at most they use 30% of your money to maintain the Bank staffs and building, therefore Jim Ovia and co will have 64% of your money invested to himself and family. before you know it you're helping him to maintain his private jets, his residential apartment at Abuja, Banana Island and co, you'll be helping him to send his wards to school abroad and come back to be your boss, and the chain continues. Worst of it the money you save up should now lose its value as we're experiencing presently, mind you Jim Ovia and co has access to dollar than you the saver, so they'll trade your money off again to make more money and you'll be withdrawing worthless money again.
In summary saving is the worst thing anyone can advise you to do, you can never see the likes of Dangote, Warren Buffet saving up money, they'll rather be serving loan collected on your money (don't forget the money they paid on your money is meant for Jim Ovia and co NOT YOU). funny enough it's LEGIT u can't sue them, so keep working under the sun and in the rain, keep working from 7am-7pm, keep taking your money to them, while they keep going to gym, club, expensive leaves on your money.
NB:- Not peculiar to Nigeria alone, and this is the reason why the RICH ARE GETTING RICHER AND THE POOR ARE GETTING POORER BECAUSE YOU'LL KEEP STRUGGLING TO SAVE MONEY

Saving is not a bad idea at all..
Having some savings by the side is what EVERY big man does/hsve

what makes saving bad is when it is done to the extreme, and done for the wrong reason

This is assuming everyone has time and heart to go into business. However, there are several high interest yielding investments. Leaving your funds in a savings account is the least you can do with your money. You can invest money in Treasury Bills, Bonds, Mutual Funds etc for very good interest rates. Essentially, your money works for you while you continue your day-to-day work. But if you have a good business idea and are willing to take the risk, why not? That's the best form of investment.

seguntijan:
Saving money is the worst thing any visionary person can get involved with, it gets you poorer and makes the Bank, Business men and investors richer. The Business man or investor goes to the bank to take up the money you save as loan and invest it into their business and make huge amount of profit they pay back the loan(your money), give interest (Bank profit on your sweat/money), and keep their profit. Mind you the tax they'll deduct from their money won't be much because government needs to give investors some incentives because they're helping the economy, providing jobs while you that own the money will be tax. The bank also will remove charges from the money you save and give you at most #50Naira out of millions they made as interest. It can even be better if you fixed the money then you'll be entitled to about 6% of your money depending on your bank, at most they use 30% of your money to maintain the Bank staffs and building, therefore Jim Ovia and co will have 64% of your money invested to himself and family. before you know it you're helping him to maintain his private jets, his residential apartment at Abuja, Banana Island and co, you'll be helping him to send his wards to school abroad and come back to be your boss, and the chain continues. Worst of it the money you save up should now lose its value as we're experiencing presently, mind you Jim Ovia and co has access to dollar than you the saver, so they'll trade your money off again to make more money and you'll be withdrawing worthless money again.
In summary saving is the worst thing anyone can advise you to do, you can never see the likes of Dangote, Warren Buffet saving up money, they'll rather be serving loan collected on your money (don't forget the money they paid on your money is meant for Jim Ovia and co NOT YOU). funny enough it's LEGIT u can't sue them, so keep working under the sun and in the rain, keep working from 7am-7pm, keep taking your money to them, while they keep going to gym, club, expensive leaves on your money.
NB:- Not peculiar to Nigeria alone, and this is the reason why the RICH ARE GETTING RICHER AND THE POOR ARE GETTING POORER BECAUSE YOU'LL KEEP STRUGGLING TO SAVE MONEY

Good one from the OP. Please not that the OP did not say you should leave your money in a savings account. There is a difference between developing a savings culture and leaving your money in savings account. What he is saying is DO NOT SPEND ALL YOU EARN. Keep some aside and invest.

I don't think anyone taught me how to save.... I just grew up with it..... Saving is my lifestyle for me cuz I started as a lil boy and now I have enough to start up my own business when I graduate

I recently discovered N0.2 and its been awesome!!!

Great

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