Save or be in debt ?

We are all taught to save money from a young age, or at least that's what i choose to believe.

But is saving money a financially smart move ?

I mean saving money throughout your entire working life, is it a smart move?

Some people would say yes, saving for rainy days you would say.

But really, think about it again, is it a really really smart move?

Inflation is a platform that is used to steal your wealth with or without you knowing if you are a saver.

I can work for my entire life saving for my child's education or my retirement, but when I need the money to pay for them, I realised money wasn't as valuable as when compared to the point of time when I saved my money.

And to save for a child's education can takes alot of time considering that most of us are heartlanders.
Years after years of hard earned money goes into savings, and my child spend my savings within 3 years. Well done man you kids!

Many of us couldn't save money as fast as the inflation is growing, and therein lies the danger.

If you could save money to grow as fast as our inflation, your money retains it's value.

Ironically,

It makes sense in our world today to be in debt, imagine me borrowing $1000 from you.

I'll return you the $1000 in 1 year time.

Which make more sense ? save or be in debt ?

That's provided there's no interests on the $1000.

And I believe that "ah longs" understand this and make it into a "lucrative" business, BUT it is illegal and our authorities is coming down very hard on illegal money lenders.
Even if they don't splash paints on your doors & chain up your house, it will still be illegal.
Because it's like robbing the people through it's absurd interests rate.

But seriously, don't you agree with me if money is all you want, it's a very good business?

So what else can we do?

Open a bank ?

Lend people money to pay for their condos and cars, and charge them more reasonable interests on that.

Or personal line of credit ?

Are you aware that your credit card actually have a facility call credit line or line of credit, which you can up your limits to 4 times your earned income. (Some of the banks I know of they offer 4times your earned income, might be more or less)

You can withdraw the money from their atm to buy anything you want to just in case some of you might argue some items you want to buy might not accept credit cards.

Many of you understand that our currency is being peg to the US dollar.

Till date, US dollar is still THE dollar.

But what many of you don't realized is that, our currency today is no longer money, it's debt.

There is no real value in our currency today, people accept our currency due to good faith on your government and the employees in the country able to pay it taxes.

Prior to 1971,

every US dollar is peg to gold or silver, meaning, for every dollar notes out there circulating, there is a physical gold or silver in the bank to back the piece of paper up.

After 1971, ever since president Nixon severe the relationship between dollars and golds, something changed.

Means you don't need to have a physical gold or silver in the bank to circulate that piece of paper anymore.

Instantaneously, our currency which used to be an asset, became a debt instead, which is back by good faith of our nation and it's economy.

Knowing this truth, hiding your money in your milo tin under your bed is no longer a wise financial move.