Saving Money Vs. Investing Money

[Jasmine]

For a lot of people saving money is the ideal way to build wealth, however, you never build your wealth through saving. You can build your wealth only through investment.

Now you might ask, I have $10, bank allows me to deposit this money in the interest bearing account and pay some interest, how can I start investing with just $10.

Here are a couple of options:

Buy some crypto coins, you can start buying for as little as $1.

Start investing through micro investment platforms like acorns, stash etc. all you need is just $5.

Saving money in banks you actually make you poor because they don’t offer great returns and you ultimately end up getting a loan (to buy a house, car, etc.) and when you pay interest on your loan, you will be paying 10-12 times more than what you received as an interest on your saving.

Even buying gold is better than putting money in your bank

 

[Mika]

Well, investing money is certainly better than saving money but before you can start investing you need to save money. How can you invest when you do not have any funds? How would you have funds, if you have not saved? Well, you sure can start buying crypto for $1 or invest in micro investment platform for as low as $5. But where will you reach with this kind of investment. Even with the current crypto market crash $1 will buy you just about 0.00005 BTC. With $5 you will not even buy one stock, you will be buying a fraction of stock. There is not much to gain with this kind of investment. Instead of investing negligible amount, you need to fist save money and when you have substantial amount, start investing. Open a saving account deposit your savings every month and withdraw one year later and invest the money. This is what I did and this is the best strategy you can apply for yourself.

 

[Oluwasegun purpose]

Talking about saving money ... Saving is one of the best ways in which one can be free from debt and poverty,to be saving part of your salary or income is a very good thing in life.how to start saving,you should at least be saving part of salary every time you received it at least10% of it and if you can be saving it in a saving bank all you need to do is to go and open an saving account in any Bank of your. choice and you can Also be saving it in a saving box . so to be saving part of your money is a good ideal...

Talking about investment,investment is also and very good ideal too ,the main purpose of we investing our is that we should be able to multiply it and be able to have more money . so investment is also and good ideal too



So both saving and investment the two are very good ....

 

[Jasz]

Saving money is important, but investing in high-quality assets can help you grow your wealth over time. The problem is findding the right investment, one with low risks and high yield.

Saving: This is the process of putting money aside so that it doesn't need to be spent right away. For example, if you want to buy a car, you'll want to save enough money for the down payment and monthly payments until the car is paid off. Saving is not just about putting money into a savings account — it's also about taking advantage of tax-free interest on your savings accounts.

Investing: Investing is the process of buying an investment with the goal of earning more than its current value by selling it again at a later date (or "returning"). It's often used synonymously with "stocks" or "shares," which are investments that can be bought on an exchange like the NYSE (New York Stock Exchange) or NASDAQ (National Association of Securities Dealers Automated Quotations). However, you can also invest by establishing a business or some sort. Well I'm not a pro financial advisor, the answer still stays in your mind.