Someone pointed out in a comment arguing that there really isn't any point to saving. He reasoned that we are a poor economy with limited resources and no matter how hard we try, saving isn't going to change our situation. We were born poor relative to the standards of first world countries and it will be likely that we'll live and die poor. So why should we even bother saving?
To me, the best answer was by Dr. Johnny Noet Ravalo in and Inquirer article. He said "we judge how well we have saved by benchmarking it against the opportunities we would have lost out on had we not saved in the first place."
Let's explore what I think he meant. I'm an engineer, and I'm more likely to be direct and just write things down in bullet points or list. So I'll do that.
The Many Reasons/Opportunities Why We Need to Save
- to extract more money for investments
- to extract more money for investments
- to figure out how to quit a job, move, build a house, have a baby
- to get out of debt
- to prepare for big expenses like college, a new house, a vacation, a face-lift?
- to retool your life after losing a job or becoming too sick to work
- to keep money from slipping through your fingers
- to be able to buy what you want
- to prepare for the harder times
Three Reasons Not to Save
- You're rich enough to buy anything you want and still have plenty of money left over
- I forgot the other two
Hey, even rich people save. So why don't you?
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