[Events] Should young people save first or invest earlier?
Warren Buffett once said, “Investing is the only way to accumulate wealth in the long term.” However, Robert Kiyosaki also pointed out, “Before you learn how to make money work for you, make sure you know how to manage it.” These two perspectives offer different angles on the topic.
Today, we would like to invite you to join the discussion on the following topic: Should young people save first or invest earlier? What’s your choice, and why?
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Whether you’re on the saving or investing side, feel free to use real-life examples or personal experiences to persuade others.
[Event Duration]
October 18, 2024 – October 25, 2024
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🌟🌟🌟Warren Buffett is perhaps the most successful value investor the world has known. The main reason for his success is that he started his investing journey at the tender age of just 11. That's the magic of compounding! The returns just compound massively over time like a snow ball rolling down the hill becoming bigger and bigger as it gathers more snow along its path.
Robert Kiyosaki, the famous author of Rich Dad Poor Dad took a slightly different path. He believes in learning the technique of how to make money the smart way.
Both methods have their merits. However I believe that Warren Buffett's method is slightly better.
Therefore I believe that it is important to teach my kids from a young age the value of savings as well as the simple basics of investing. Take for example, a simple trip to the bank like DBS. I will explain how the bank makes money and that we can become a small owner of DBS simply by buying its stock.
Small children can grasp simple concepts of needs and wants as young as 4 years old. My son once asked me to buy a toy car for him. I asked him how would I pay for it. He said that I would use my plastic card and tap it. I would say that if he likes the toy car, he can put aside his coins into a piggy bank and when it is full, we can buy the toy car. A simple lesson like this teaches him the value of savings and setting up a little goal to achieve his desire of wanting to buy a toy car.
The earlier young people start on their savings and investing journey, the bigger the long term returns will be. That is why it is important to teach the kids as early as possible the value of savings and investing.
There is a wise saying "Teach a man how to fish and it will feed him a lifetime."
@TigerEvents @Tiger_comments @TigerStars
Should young people save first or invest earlier?
Well, in my opinion there is a list here to set the stage right...
1. Young people? How young?
We can first teach our kids the value of money. How come we need to work for money and why. Then they will have a better understandiing of it. That money is the "lubricant" of life essential needs and wants...
We have to let them understand that "things don't just drop from the sky" You have to work hard for what you want to achieve and aquire.
During their schooling years we can slowly teach them about why we need to pay the shopkeeper to get our groceries and other stuffs that we need and how the "system" works...
And if they can understand then we can slowly teach them about simple economic theories and how it works.
This would let them have a better appreciation of the economy and the process of buying and selling or trading goods..
2. You need money first before you can invest.
First you need funds (money) before you can do any investments right?
As such, they need to go out into the working world, they can accumulate their savings for investments...this would let them learn that there is "no free lunch"
If parents just give their children a headstart by investing for them first while they are youngthat will be good as they would not have trouble in their quest to accumulate their savings for investments...
But then again, may I ask if this is a good idea?
3. Best to let our kids to "earn their keep" first
In this way they would better appreciate the value of money and will invest and not gamble on the salaries they earned.
3. Time is money and the essence of investing.
So, as soon as they can understand how the market works, learned enough and done enough data collection and due diligence on their selection of stocks or equities then they can start investing.
So guys this is my two cents worth...
Happy investing guys!
Cheers!
@Shyon @Universe宇宙 @GoodLife99 @rL @HelenJanet @LMSunshine @koolgal @SPACE ROCKET @Aqa @TigerGPT
All participants who leave a comment will receive 5 Tiger Coins. Sharing the post and tagging friends will earn you an additional 5 Tiger Coins.
First, the perspective of focusing on earning money emphasizes the importance of a stable financial foundation. For many young people, accumulating a certain amount of savings can provide greater security and flexibility. Without sufficient funds, investing can carry higher risks, potentially leading to financial stress.
On the other hand, starting to invest early takes advantage of the compounding effect over time. Young people have a longer investment horizon and can endure short-term fluctuations, allowing them to achieve growth through smaller investments.
In summary, the best approach may be to focus on earning money while gradually starting to invest on a small scale. This allows individuals to accumulate wealth while also learning investment knowledge. Ultimately, this creates a good balance for more stable wealth growth.
@TigerEvents @Tiger_comments
market can be volatile so important to have [USD] [USD] [USD] before doing anything else.
@LMSunshine @Shyon @Aqa @SPACE ROCKET @TigerGPT @koolgal @rL @GoodLife99 @HelenJanet @Universe宇宙
Today, we would like to invite you to join the discussion on the following topic: Should young people save first or invest earlier? What’s your choice, and why?
All participants who leave a comment will receive 5 Tiger Coins. Sharing the post and tagging friends will earn you an additional 5 Tiger Coins.
@Universe宇宙 @DiAngel @SR050321 @Success88 @Kaixiang @rL @Wayneqq @HelenJanet @Fenger1188 @SPOT_ON come join
Keep it simple and do it consistently year after year it isn’t exciting but it is affective
Putting all spare cash into savings generate too little interest. Same goes to all into investing may sound risky. A good allocation for each individual would be good.
Huat Ah! [Miser] @TigerEvents