It is important for everyone, including young people, to save money for their future
To what extent do you agree or disagree?
Financial budgeting is essential to reach stability in the future. Therefore, there is a common view that putting aside money should be implemented in one’s budgeting. I believe while saving can be good for the future, it is better sometimes to invest all your money.
Many people struggle financially when they get older, since they did not save up money to cover the expenses after retirement. As a result, seniors often have to work even with limited earning capacity, which would not be necessary had they saved money in their youth. In terms of young people, instead of youthful spontaneity, managing their finances effectively is more prudent for future-proofing.For instance, Warren Buffet, one of the most successful investors, is known for his discipline when it comes to saving money, as instead of spending his earnings, he focuses on living a less extravagant lifestyle. This goes to show that frugality is often a good way to ensure future stability for all people, including young individuals.
In my view, however, there are also some cases where it is more preferable to spend rather than save. For example, in youth, those going to colleges often have to pay a good amount of money for tuition, meaning that if they try to save money, they might have to cut expenses for basic necessities such as food and clothing. Additionally, starting a new business often requires one to allocate all financial resources, leaving no room for saving. Jeff Bezos’s story can be a prime example of cases where taking a risk and investing is better, since he reinvested all of the money from business in the early days for it to grow quickly, eventually building one of the biggest companies, Amazon, in the world.
In conclusion, while accumulating savings and living frugally can be a sign of good financial management, sometimes all one needs to do is risk it all and allocate all money to achieve success.
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