The rich is measured by how much money they have saved, not how much money they earn or spend

TeslaSmurf : I’m a party and adventure guy and I tend to measure wealth on my lifestyle, on how can I finance the material and non-material things I love to experience. (the most important of which is the freedom to do what I want whenever I want, at any time I decide to do it, according to my personal priorities). So, accumulating is not my parameter. Investing with a purpose it is. Saving may be important at the beginning, but after a certain “base level”, it’s much more important to produce money than to save it.

Juliogumz : I'm agree with the saving part cause you need a base to take opportunities in the market. How are you going to invest in good opportunities if you don't have cash or savings? the market crash is gold cause you buying low the stocks that are already overvalued so you don't lose anything cause the banks "hedge funds" who manipulated the market and the federals who increase rates will fight back to keep the price of the market even the CEO will buy back the stocks to keep the price high so those times are good for you to invest so you need that cash on hand or saving to invest and take opportunities. When the market is stable you just gambling your money with the big sharks and whales who play with the market at they desire.

doctorpot1 OP TeslaSmurf : Investing to me is part of saving, because there is 2 ways to get investment, 1 via saving or 2 via debt. So with more savings, we can then create savings-based income (investment) to help us generate more income. With the ultimate goal being we want to have a large savings-based income and less time-skill-based income.

doctorpot1 OP Juliogumz : Some other way people do it is via debt, but to get those debt the banks will also evaluate if you have enough savings (cash, assets, etc) and income before loaning.

Yea the covid crash was golden and managed to get a lot of good stock at a great deal hope you manage to snatch a few great deals too

TeslaSmurf doctorpot1 OP : Just different perspectives: I never needed to save because I was earning very good money when I was young… and never cared to invest much either (that’s not good, but it’s in the past). Of course I saved some money along the years and that’s what allowed me to start trading and I recognise it requires a  different mindset and approach: that’s what I’ve been working on in the past three years, but it came at the right time, as I wouldn’t have done it before. The pandemic and the huge success of Tesla were the key.

doctorpot1 OP TeslaSmurf : that's great to be earning big bucks from young but you not planning for the days when the earning stops, say like recession or retirement?