You'll Never Get Rich By Saving Money

Fox30

15 years ago

100% true. Money grows that more it gets cycled.

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marketinggt

15 years ago

Spooon - I liked that! " You can't get the money train rolling until you get it moving."

Let's put it in the positive... "To Get the Money Train Rolling You Have to Get the Money Moving!!"

Yeaya!

Rock on.

Also, in addition. The only way to get rich by saving money is to have a lot of money to save. If you are saving pennies, you'll never get rich by saving it. You would have to "invest" it.

Are we talking the same thing here? Saving = Investing or no?

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Ron Douglas

15 years ago

Originally Posted by marketinggt

Spooon - I liked that! " You can't get the money train rolling until you get it moving."

Let's put it in the positive... "To Get the Money Train Rolling You Have to Get the Money Moving!!"

Yeaya!

Rock on.

Also, in addition. The only way to get rich by saving money is to have a lot of money to save. If you are saving pennies, you'll never get rich by saving it. You would have to "invest" it.

Are we talking the same thing here? Saving = Investing or no?

Saving = not taking any (very little) risk - ie money market account, US Treasury bond.

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julesbrad

15 years ago

What do you think of this statement (true or false) and why:
"You'll Never Get Rich By Saving Money"

True.

Although you won't get rich by throwing your money at every opportunity which presents itself.

There is a U.K. saying
"look after the pennies and the pounds will look after themselves"

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Adrian Cooper

15 years ago

Originally Posted by Ron Douglas

I was just having this interesting discussion with a friend of mine and I figured I'd post it here.

What do you think of this statement (true or false) and why:

"You'll Never Get Rich By Saving Money"

Absolutely true in every possible sense.

From a business perspective it is crucial to invest in everything needed for the business without compromise and above all without fear.

I just cannot understand people who aspire to making a fortune with Internet Marketing, then save a few bucks per month on an inferior hosting service, or want all tools and software for free.

I hear plenty of people complain about paying Google for AdWords, even though each $1 spent could make $3 profit - that is 300%. No bricks and mortar business could ever usually achieve that, especially with massive expenses.

The fear of spending mindset is doomed to failure and always does fail every time.

On a different level money is energy - you must let it flow. The more you allow the money to flow out without fear, the more the money will flow in.

It does not matter what you do in life, whether business, sport or whatever - 90% of success is in and with the Mind - everything else is a means to an end.

Every single successful marketer I know - and I know plenty - spend fortunes, even millions to make even more millions, without thinking twice about it.

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trippmarxx

15 years ago

Originally Posted by apc01

Absolutely true in every possible sense.

From a business perspective it is crucial to invest in everything needed for the business without compromise and above all without fear.

I just cannot understand people who aspire to making a fortune with Internet Marketing, then save a few bucks per month on an inferior hosting service, or want all tools and software for free.

I hear plenty of people complain about paying Google for AdWords, even though each $1 spent could make $3 profit - that is 300%. No bricks and mortar business could ever usually achieve that, especially with massive expenses.

The fear of spending mindset is doomed to failure and always does fail every time.

On a different level money is energy - you must let it flow. The more you allow the money to flow out without fear, the more the money will flow in.

It does not matter what you do in life, whether business, sport or whatever - 90% of success is in and with the Mind - everything else is a means to an end.

Every single successful marketer I know - and I know plenty - spend fortunes, even millions to make even more millions, without thinking twice about it.

I agree that you need to spend money to make money, but only to a certain point, to say the least.

Those internet marketers out there who want to make a fortune, but are skimming back on certain costs does make sense to a certain point, especially if they are beginners. What's the point of spending money on something you may not need?

Like any internet marketer, I've wasted a TON of money on tools and other things that I "thought" I needed....Tools that were not cheap, either. I've since cut back on buying things like this, unless they are tools that are essential and particularly crucial to my success.

Another thought - Why spend an assload of cash on hosting if you don't have server crushing traffic? And, if you find a tool that works great for YOU (and it happens to be free), why NOT utilize that tool? Just because another guy says it may save you time, doesn't mean that it actually will. You have to use what's right for YOU.

I wouldn't necessarily call this "saving", but more or less "smart spending". All businesses should watch what they spend, because spending unnecessary money cuts in to your profits.

In other words, everyone's business is different, and they are all unique. Some require more needs than others, but like I said, it's all about "smart spending". That's what will take you places. Throwing money around on things without even thinking twice about it (or without compromise, like you mentioned above) will eventually leave you not making as much money as you could have in the first place. I don't know about you, but I like maximizing my profits as much as I can. Isn't that what business is all about?

Perfect example of a hugely successful company that doesn't spend money on fancy tools and other things that they don't need - CDBaby. Check them out sometime. They are the largest independent music distributor in the world, and it's all run out of a shack somewhere up North in a distant location.

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Johnathan

15 years ago

Originally Posted by Ron Douglas

I was just having this interesting discussion with a friend of mine and I figured I'd post it here.

What do you think of this statement (true or false) and why:

"You'll Never Get Rich By Saving Money"

That is too general of a statement to accurately comment on.

Some people's definition of "saving" money is simply by sticking it in a bank and collecting 0.01% interest/year (banks are ridiculous nowadays), while others is "investing" it to make it grow. If your definition is solely the act of sticking it in a bank, then unless you are living for a few thousands years or the bank severely increases the interest rate, no, highly unlikely you'd get "rich" just by saving it.

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Mgwolf

15 years ago

Putting a few thousand in the bank and hoping it will turn into something big after awhile is a bad, bad idea.

If takes money to earn money, but proper planning and research is a must.

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jasonvthomas

15 years ago

I think Money can be made only by wisely investing money and not by just saving it. saving is for the non risk takers.

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Brandon Tanner 15 years ago

Obviously you have to save (acquire) money in order to be rich. But if what you mean is "You'll never get rich by not investing", then I would have to say that is ABSOLUTELY TRUE!

Not to get religious, but I think the following story sums it up very nicely...

BibleGateway.com - PassageLookup: Matthew 25:14-28;
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misterwrecker

15 years ago

Making money is only half the battle. "It is not what you make but what you save." Saving includes investing your money wisely and not blowing it lavishly.

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Sean A McAlister 15 years ago

I might not get rich saving my money....

But let me manage yours

Rock On Dude!!!!

Sean
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Mark Brian

15 years ago

The best thing to do: save some, spend some, invest the rest, repeat.

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ShellySamuel

15 years ago

You can preserved money by saving, but money makes money, you can save some and invest some or probably spend some on your self

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Shannon Herod

15 years ago

The last time my sister in law was in town, she said basically the opposite.

We were talking about something, and she was like... "people are rich because they don't spend their money"

I had a chuckle and didn't say anything. But, I think it is the total opposite.

People are rich because they took a risk, they took a risk and invested their money in something. They invested their money and their time into something that got them to where they are.

Now, it may have been that the people inherited their wealth, but the person that made the wealth in the first place took some type of risk with their time and money.

So, no I do not think you get rich by saving your money. I think you get rich by investing in yourself and your future.

Shannon Herod

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Troy_Phillips

15 years ago

Originally Posted by Ron Douglas

I was just having this interesting discussion with a friend of mine and I figured I'd post it here.

What do you think of this statement (true or false) and why:

"You'll Never Get Rich By Saving Money"

True but you also can not spend yourself rich :confused:

Thanks

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Amy Bass

15 years ago

I think you need to find a balance. Hoarding it all wont get you too far, BUT on the other hand if everything coming in goes out... what do you have at the end of the month? I think everyone should have a 3 - 6 month emergency fund to cover all their basic expenses. You never know and it is always better to be safe than sorry.

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Germanakos

15 years ago

To get rich you need risk capital, or a darn good idea, or powerful contacts. Or all three.

Risk capital is money you can afford to lose. It's not that funny money that you're nervous putting on the poker table because your rent is due.

To get risk capital, you need to first have a stable income that pays your bills. If your business is consistently bringing in enough to pay your bills, you should have a few months reserve and then invest the rest. The bigger the risk, the bigger the reward.

The problem most people have is, as soon as their income increases beyond their cost of living, they increase their cost of living and go back to living check to check.

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Sean A McAlister 15 years ago

Originally Posted by Germanakos

Risk capital is money you can afford to lose. It's not that funny money that you're nervous putting on the poker table because your rent is due.

That's classic right there.

".....honestly honey.....I thought I would win...now pack your bags" ...lol
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Daniel E Taylor

15 years ago

Take it from somebody who has made ALOT of money in one
day via internet marketing.

It's a balance. Marketers tend to be on the spend side and not enough
save. Hence why we make alot of money, but have very few assets.

My problem was since I know money is always one email, one salesletter,
or one quick launch away, I would just spend spend spend.

But that is no way to build wealth. that will just leave you moving up
and down the financial scale repeatedly at a very fast rate.

Know when to spend, when to save, and when to make a big move, or
wait until you grow a little more.

That's been my experience at least.

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ragnartm

15 years ago

False, one way to get rich is saving money. Buy things cheaper than everyone else then you can sell it cheaper and overtake the market.

Saving money doesn't necessarily mean not spending any, you can save money spending and if you do it right, that can make you a lot of money. At least this is the common illusion forced upon us by major corporations.

I don't want to get more specific than that since I make no claims to be rich.

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Germanakos

15 years ago

Originally Posted by ragnartm

False, one way to get rich is saving money. Buy things cheaper than everyone else then you can sell it cheaper and overtake the market.

Of course this may not be the answer that you seek but not being rich myself I don't really feel like giving advice on this.

That's not really saving money, that's investing in a product with the intent to resell it. If the product doesn't sell, you're out the money. Saving money is not risking it as someone said earlier. It's much different than investing.

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ragnartm

15 years ago

Originally Posted by Germanakos

That's not really saving money, that's investing in a product with the intent to resell it. If the product doesn't sell, you're out the money. Saving money is not risking it as someone said earlier. It's much different than investing.

"At least this is the common illusion forced upon us by major corporations." Quoted from my own reply.
Just a sarcastic reply, although technically if you get a real discount for say 20% and then manage to sell it for full price you're making money, although it's called investing you could call it making money by saving money x.x

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CurtisN

15 years ago

Money has been inherently losing value since it was invented, as in, when people stopped using precious metals and started using worthless paper instead.

Now if you (properly) invest your worthless paper on gold, real estate, domains, stocks, then you'll be rich.

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Germanakos 15 years ago

Originally Posted by CurtisN

Now if you (properly) invest your worthless paper on gold, real estate, domains, stocks, then you'll be rich.

If it was only that easy.
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- CurtisN 15 years ago
  
  Originally Posted by Germanakos
  
  If it was only that easy.
  
  If only I was smart enough to register sex.com or diamond.com back in 1994 when the Internet was new. Of course, I was 4 years old back then
  
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Adrian Cooper

15 years ago

Following up - yes of course you need to spend money wisely - but fearlessly.

I can absolutely guarantee this. If you approach spending money with fear, whether it be IM, stock market - whatever - you will lose 100% of the time.

People in debt focus on their debt, and end up with a whole lot more debt.

People with money focus on making money and make a whole lot more money.

The only difference is the Mind.

Before you do anything your Mind must be right - without that there is nothing.

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SeanSupplee

15 years ago

True, Just with inflation bank rates never keep up and stocks are a high risks game where some get luck and some fail. Savings account = big scam your always losing money you are actually trying to save. Pay off a credit card, car loan, house loan your actually going to make yourself money in the long run by doing so.

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You'll Never Get Rich By Saving Money

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