Must I Save if I Have an Endless income Source

[Carpon]

This is actually a singular question on my head and I need some response from you guys. I'll share my view on it for the purpose of criticism and correction.

I have been wondering whether it is important for me to save when I have a guaranteed source of income which will be there as far as I am alive and won't stop flowing cash to me unless my live cessates.
So now my question is that must I save despite the fact that I have found myself in the above explained condition?

Well, based on my judgements, I have agreed that it is good to save because anything can happen to my income source though it is actually a very secured one. And even if I will not benefit directly from my savings, my kids and other close ones will.

This makes me think I should save but do you think they are reasons enough? Or what are your thoughts?

 

[Heartstrings]

It depends on what you want and how comfortable you would be if you decide not to save or save, having an endless source of income is a good thing and first of all I congratulate you for that great achievement,in this present age,it actually a blessing to achieve that. You can save if you wish, you never can tell what the future holds, you stated your endless source of income is secured but then we never can tell what may happen,the unforseen circumstances.

Your family members and children may gain from your savings in future and they will thank you for it, even if you can't save all the time atleast drop something once in a while,you can also invest. Most of the rich men we see or heard about today has an endless source of income but yet they have different investment all over Nigeria or rather all over the world for future sake.

 

[moonchild]

Paul, you gotta read Die With Zero, it will change your perspective on inheritance, savings.

If I build my business to profitability, I'll definitely put my money on fixed deposits, that's the remaining after expenses and I'll be earning from that, but if my business can't support my lifestyle then I gotta grind hard to skyrocket my income.

These days, I just wake up and attack the day, work on my business, tick off to do list, that's all that matters now

I don't save thinking the money will save me when I'm down or sick or unplanned expense, these are all bullocks.

If you have a business that support your lifestyle that means you're on the right path and then you can put the remnants on fixed deposits, there are really cool deals out there .

That's how I see it though, other people might have different opinions and it's totally cool, to each his own.

 

[Rubz]

I believe saving is very important even if one has an endless source of income. If savings were based on one's source of income, then the rich wouldn't save because a lot of them have a stable and endless source of income. We save for future use and unpredictable financial issues and not because we feel we have a good source of income. Funny enough, no one knows what would happen tomorrow. One might feel like one has an endless source of income but at the end, something might happen and one's source of income might suddenly be cut off. If one is not backed up by savings, one will be left stranded. This is why it is important to save no matter the amount one earn and no matter the source of one's income.