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How much out of your income should be kept for saving purposes.
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[QUOTE="Mika, post: 263123, member: 29399"] A lot of people say you need to save at least 10 percent of your income. However, my strategy is to save at least 20 percent of my income. When I receive payment, I deposit 20 percent to my savings account. In a few months, when my money in my savings account accumulates, I use some portion of that money to make an investment. You need to save money but saving money alone will not minimize your financial risks or grow your wealth, you also need to invest your money. I have portfolios on stocks, crypto, and equity in businesses. I built all of these through saving, I first started saving, and then started investing. I don't invest everything I have saved. I always keep some funds in my savings accounts, this will allow me to manage life during financial difficulties. Some people say you can actually save 40-50 percent of your income. [/QUOTE]
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How much out of your income should be kept for saving purposes.
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