Savings has become a major stake vis-a-vis growing a credible future financial returns but this concept has been misunderstood and wrongly interpreted with an indication that saving money simply means keeping your money in banks no!
The concept of savings simply means safeguarding your valuables or possibly your money and not keeping your money in banks alone because even your bank can go bankrupt.
It is a wrong connotation when we limit our mentality of saving to just keeping money in bank wares.
Savings means a whole lot. In the Economics discipline, the classical economists quantified savings to investment meaning that what you save is equal to what you invest and this is absolute except you borrowed to invest.
Nevertheless, savings could mean investing your money or liquids to hold tangible goods like landed properties real estates and currently we are all talking about crypto currency so one can save his money in cryptocurrency etc.
The generic idea or cogitation about savings isn't keeping your money in banks it simply means investing your money against uncertainties like inflation, against losing it to rubbers by investing into tangible properties like real estate because I've never heard that rubbers ever stole someone's landed properties or houses to an unknown destination.
From the credible indication we can attest through the hive ecosystem what savings should be. The vibe and drive of savings should come with a luring and attractive incentive that has the credibility of wooing investors to save but this is not the case in the different centralized exchanges,
All being said, always have it in mind that if what you saved isn't what you invested, that means you've not saved and if your savings could not yield a credible return, that means your savings isn't worth it.
Nonetheless, my emphasis isn't about expounding on savings but rather a shift in the paradigm on how people conceptualize savings. Thanks for going through my publication for today bye.
Back in the days, majority of people saw Banks as the One-stop-shop for anything that has to do with safeguarding money.
The series of financial crisis we've seen all over the world in the last two decade has proven that even the money in your bank is not completely safe. Aside from possibility of bankruptcy of a bank, the value of what people keep in Banks usually reduces over a period of time.
That's why it's important to also explore other options aside from stacking bundles of money in banks.
Outrightly on point friend @kenechukwu97. It is factual that money as a liquid asset devalues over time by default. for instance, what people were able to actively purchase on demand in the 80's using ₦100 with respect to quantity can never be gotten with the same value of ₦ now which is as a result of different factors which inflation is one of them and moreover, savings as you would agree with me goes beyond just keeping money in banks. Well thanks for your opinion on this subject matter cheers and bye.
You understand the workings of money and how inflation hits us hard when we have our money domantly sitting in a bank. Haha.
Being financially informed is never to be taken for granted
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The concept of savings is funny to me seeing as since oo 1910 and 1940s the purchasing power of the dollar has decreased so much that it's a common thing to say adjusted for inflation x used to cost x and it's some crazy higher number than expected.
Yet we are told to save money well if $100 today was worth $10,000 100 years ago what sense does it make to attempt to $10,000 for 20 years?
Lol instead of consumption or savings accumulation should be the name of the game. Savings is hard constantly planning to consistently accumulate is easy now it's about what suits your fancy.