Saving or Investment which is more important
Achieving financial freedom starts with saving. Without saving it is impossible to achieve financial freedom. Saving means to save amount of money from your daily, weekly or monthly expanses. Saving is a good habit which helps to control your expanses. Developing saving habit will make your life easier during rainy days. You don't need to take loan if you save some of your amount from your expanses. Beside this Saving is less riskier than investment. If you put your money in bank saving account you will earn interest on your saving. Altough the interest rate is much lower than investment but at least it is safe and easily available for you during emergency situation.
One of the draw back with saving is tha currency may depreciate with the passage of time which ultimately shrink your savings. In my part of the world our local currency has almost depriciated by more than 60%. This is one of the big problem with saving. You can solve this problem by keeping your saving in precious metals like gold and silver. One of the advantages of saving your money in the form of gold and silver is that it will not depreciate with the passage of time and you can easily sell gold any time.
Investment is a good option to achieve your long term financial goal in short time but there is huge risk associated with investment.
Investment doesn't guarante to give you profit. With profit there is a probability of loss in investment. As, investment is riskier so better idea is to save some money before investment. Never invest money by taking loan. When you take loan, you have to pay interest rate on your lending amount. It is just like put an extra burden on yourself and your problem may be exponentially high if you loose money on your investment.
Personally, I am not against the investment as investment provide you opportunity to generate extra income source but at the same time it is important to remember always save first and than invest. You can't deny the importance of both. Both are equally important
what is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
https://twitter.com/lee19389/status/1705983244947304804
#hive #posh
Great post @zartisht.
I will start by saying that your intro statement of wishing hive users good health is so thoughtful of you, it shows that we still have people that cares for others aside the hustling matters. I have always notice it, so I decide to react to that.
As for the post, their is nothing bad in saving or investing. Both are ways of securing finances, but one seems to come with risk. Definitely, I would prefer investment, knowing fully well of the risk that comes with it. But ideally, the goal is to make more money so your money should be busy instead of sitting in one place.
I have a post I have been working on, is it ok if I mention you ?.
https://twitter.com/jewellery_all/status/1706034806734377265
It is an excellent post, I think these are topics that sometimes we do not know much about and saving is something very important to achieve financial freedom in the future, it really has a lot of informative value.
It is a fact that if a person controls his spending, he will collect some money which can be used for his future children and can also be used for his own needs and investments. It is very important that the way we operate in the market, if we have a little bit of money in today's time, the way the bear market is going, we should definitely invest.
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https://twitter.com/LovingGirlHive/status/1706247891428544653
I feel savings and investments are both very important in their own way savings help manage urgent needs and investment is for the future