SAVINGS IS OVERRATED!
To many, the statement, ‘Savings is Overrated’ is the notion they hold on to, and see the other party as depriving themselves of some comfort they should benefit. How overrated is savings is a big question that calls for answer.
Savings is simply what we keep from our earnings, to make use for future purposes. Earnings here cut across salaries, allowances and even ‘side hustle’ as used in the street parlance. Allowances and side hustles are part of our income and should not be let out for pleasure alone.
No matter how small it is, saving from one’s income either 10%, less or more, helps in many ways. The benefits are just numerous like the sand particles at the river bank. There would be bright days and some would be much darker than the darkness of the late night. Whichever situation, our savings would assist us in countless ways.
The following are some of the benefits.
- Delayed Gratification/ Self Control: According to findings, one major benefit of savings is that it establishes a mindset that gratifications can be delayed. The delay of gratifications, pleasure et al can cause no harm to such individual, and once this is established, such individual is able to take a switch from frivolities and less important dealings. The established mindset of saving from one’s income would teach one self discipline and control, and this is not only applicable to financial intelligence, but also other areas of human endeavors.
- Prepares you for unplanned opportunities: Undoubtedly, your savings is preparing you for whatever opportunity is readily available to be harnessed, mostly with short time notice. Whenever situations arise for you to expand or grow your business and wealth as the case may be, proceeds from your savings can be easily withdrawn for such reason. Getting funds ordinarily cannot be as quick when taking loans from others as using your own money which you have saved.
- Ability to pull funds for other emergency use:
An instance is the covid-19 pandemic that ravaged countries and sectors of the world, and led to businesses crumbling and many went into extinction, the savings could be an aid to the unexpected survival of a business and even an individual. Funds are not coming or there is need to expand the coast, or even spread the tentacles of the business, the savings is to the rescue. From this, the savings would help build the business.
It is important to note that ‘everyone has the potential to be rich, but not everyone would be rich’, as a result, we should let our business come before pleasure and avoid spending our future.
Work hard, save and invest in legal and profitable businesses. Though there is hardly no business or investment without risks, but the returns would obviously show that ‘Savings is not Overrated’ and it’s key to our survival as humans.
