#bf_samples_2CAMBRIDGE 19 - TEST 3 - TASK 2Some argue that everyone, regardless of their age, should save money for future use. While investing their money may be a wiser choice to multiply their savings, I believe that by saving their funds, people, specifically young people, acquire financial stability as well as be better prepared for unexpected emergencies.
Firstly, saving money typically leads to financial independence. That is, while saving up for their future, one can develop such positive monetary habits as financial literacy and discipline. This experience, although austere, teaches savers the true value of monetary assets, leading to an efficient spending of their resources. For instance, young people with sufficient savings can cover the costs of their education and, perhaps, wedding expenses without incurring a debt.
Secondly, income earners setting aside some of their funds with future use in mind are better prepared should a financial emergency occur. That is, it is inevitable for anyone to end up in a situation requiring an urgent financial decision. Specifically for young people, one reckless driving conduct, or one awkward move in a random sporting match can cause unplanned physical damage of various levels. Consequently, those involved are resigned to going through both legal and medical procedures the service of none of which is delivered for free.
That being said, it may also be wise to invest money into emerging businesses rather than simply save. Most entrepreneurship gurus now recommend that financially sound people, particularly the young, invest into fields like cryptocurrency or online sales when overall consumer wealth is at its peak now, rendering businesses more capable of selling whatever their commodity may be. I, honestly, think treating savings in this way entails deliberately risking their financial assets without any guaranteed return, hence creating the need for a careful consideration.
Therefore, I would like to conclude that, for the sake of financial stability and readiness for financial emergencies, earning had better be saved for future use. However, this does not neglect the fact that potentially prospective investments are also a sensible choice.
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