Fact or Fiction: Purely saving money is a waste of time?

[Apollo Creed]

I know many of us have parents who told us to save money and don't spend ,or even in general the mentality of "stacking bread".

When those of us actually do "Stack our bread" we do it to buy something/consume, but we have the benefit of little to no debt since we used cash.

Would you say it is more beneficial to teach and have the mentality "Make your money work for you" and it "cost money to make money"?

Not to be a conspiracy theorist, but hypothetically speaking, say some horrible market crash happens and the dollar is worthless, couldn't you essentially say all the cash you saved is now worthless also and you in the same situation as the person who didnt save anything?

Would we be better off using our savings/money in general/ and even credit to purchase/invest in things like precious metals/stones and land? I would assume if you own land and metals/stones no matter what happens no matter what currency is in place, you`d always have something of worth that can be sold/converted to the dominant currency?

Are savings accounts (not investment accounts like 401k and IRAs) a joke?

 

[Jhoon]

I have $25 bucks cash in my wallet. I only have about $10K in credit. But my investments/assets are through the roof. After I get my settlement, it's going to be real interesting.

I think saving is unnatural.

 

[Apollo Creed]

I have $25 bucks cash in my wallet. I only have about $10K in credit. But my investments/assets are through the roof. After I get my settlement, it's going to be real interesting.

I think saving is unnatural.

Do you believe in Rainy Day funds, or more so that one should make investments/have assets that can be turned liquid in hard times?

 

[Groanman]

Live for the moment and require help from folks who don't give a shyt about you when you get old, bruhs.

 

[Apollo Creed]

Live for the moment and require help from folks who don't give a shyt about you if you get old, bruhs.

did you read the OP?

 

[Silkk]

Be Stupid Brehs​

 

[Groanman]

did you read the OP?

Hey man, it's Thursday.
I'm already making plans for the weekend.
Of course I didn't read all that shyt.

 

[Apollo Creed]

Be Stupid Brehs​

so you didnt read OP.

 

[Raptor]

Invest money not save money. Because of inflation and the reserve banks, money is always losing value. So yes, saving money in the longterm is incredibly stupid. 100 dollars yesterday will be worth less today.

 

[Silkk]

so you didnt read OP.

 

[Dreamzeedream]

You gotta have a Good/large amount of income to get the best of stacking your money

 

[Pdiddy]

I say live it up....Why wait until you are old and wrinkly to have fun? Especially if you dont have kids

 

[MeachTheMonster]

To an extent it is. If your saving up for a specific investment then that's fine. But saving for the sake of saving is counterproductive. You gotta spend money to make money.

 

[Apollo Creed]

Invest money not save money. Because of inflation and the reserve banks, money is always losing value. So yes, saving money in the longterm is incredibly stupid. 100 dollars yesterday will be worth less today.

Yea, throughout my life when I hear people say "I`m stacking bread" it is usually on some "I`m stacking bread for this car/shoes/vacation/etc"

If you aren't saving money to make a purchase to be able to generate more money, isn't that time wasted? Like your typical savings accounts interest rates are so low, that if you put 100 bucks to the side, a yr later it would still be 100 bucks.

Would you say people are afraid with the risk that comes with investments, or many simply just don't understand the concept?

 

[Apollo Creed]

To an extent it is. If your saving up for a specific investment then that's fine. But saving for the sake of saving is counterproductive. You gotta spend money to make money.

I think many people have the "shoebox" bank mentality. Like unless you are a multi millionaire for example, isn't paying cash for everything a bad thing? Granted you dont have debt, but you also won't have credit, which can make things difficult if you want to purchase something like a house.

Say you wanted to buy a new TV that was 1k, and Best Buy has a 12 months no interest no payments program, in a sense wouldn't you be better off using credit to buy the tv, take that 1k and put it in a short term investment, and at month 11 or so pull out the 1k to pay off best buy before you incur interest AND you potentially come out wealthier due to any potential ROI on that initial 1k investment.

I noticed when I was in College working retail a lot of white dudes would get Tax IDs and say they run a "Consulting Business", and literally write off all of their purchases as business expenses, and use credit for everything.