Saving As A Way To Build Financial Independence

[moonchild]

Saving is a good way to build a nice income for yourself that you can use for other stuffs like building a passive income, starting a business or even preparing for retirement, in this short article we'll be looking at how you can use your savings to build wealth incrementally.

The number one thing is to get intona career that pays good money, for example software engineering, if you're earning a good income then it'll be easier to put a chunk of it in your savings and get to real wealthy level faster, it'll be hard to build wealth if you're making a minimum wage.

Another way you can build wealth through savings is through starting a scalable business, look around your environment and see if there's any value you can offer that can be scalable, start the business and save the chunk of your profits in your account.

If you have any other tip add below.

 

[Mika]

Saving is important, however, you cannot build your wealth just by Saving, you also need to invest your savings or use your savings to build your wealth. When you save money, your money does not grow. Even when you are holding your money on interest bearing Saving accounts, your money does not grow, you just receive very small interest in your savings. Having said that Saving is the first step to build your wealth as you can start investing or create your business only when you have savings.