Arkad was well-known for his enormous wealth in the book ""The Richest Man in Babylon."" According to the tale, he believed that ""A share of all you earn is yours to retain."" No matter how little money you make, it should be no less than a tenth; pay yourself first.
Unfortunately, this kind of thinking has become rare in most of society.
The fact is that Canadians are collectively carrying historic levels of debt and aren't saving as much as they used to. In Canada, the average household savings rate fell from around 20% in the 1980s to 5.8% in the fourth quarter of 2016. I Many people think they can't save since they don't have much left over after paying ""all their bills."" However, keep in mind that this approach may not always work if you're trying to save after paying all of your expenditures. Instead, make saving first a habit or think of it as paying yourself first. Once you've established this practice, you can consider the type of vehicle in which to invest your money.
In general, when people DO think about saving, they frequently use the conventional strategy; they open a bank savings account and deposit as much money as they can into it. Wait for your savings to hatch while you perch on it like a geese perches on her eggs. The unfortunate fact for the majority, however, is that they will be able to buy less with their savings after a future cash withdrawal due of inflation. Additionally, since bank savings account interest rates are never higher than inflation, you will constantly be losing money.
Another alternative that many people think about is investing money in the stock market, but this should not be done because the stock market has a history of crashes that go back further than 1929.
[ii]
While investing is defined as ""to devote (money) in order to gain a financial return,"" saving is defined in Webster's dictionary as ""protection from danger or damage."" Although neither approach is good or bad, you must be aware of what you're trying to accomplish.
Finally, I discovered during my research that throughout history, many people have turned to gold when they have lost faith in their national currency, the financial system that manages it, or their governments. The earliest kind of money is gold, which has long been seen as a refuge of safety. It is impossible to print, devalue, or inflate gold. Gold is merely a form of financial insurance.
Start investing in your own knowledge if you want to better understand this idea. Unfortunately, financial literacy is not taught in our educational system. You will need to take matters into your own hands if you are worried about where to hide your cash in order to secure it from theft and loss. Your savings should be in your possession for good reason, as your economy should be the most significant economy to you.
Discover the information that banks don't want you to know to safeguard your funds from harm.
Saving-tips-1.4131592 at www.cbc.ca/news/business
[ii] List of stock market collapses and bear markets, en.wikipedia.org""" - https://www.affordablecebu.com/
