It is argued by many that it is important for individuals of age to save their earnings for future purposes. I strongly agree with this notion and this essay will provide an in-depth analysis of the various benefits of building up wealth for the future.
To start with, life is unpredictable. As we can’t know for sure what events will conspire as time goes on, it is up to us to be prepared for whatever comes. This goes not only for us but also for the people we care about the most who can get into emergency circumstances where they’re in need of financial support. Moreover, such events will keep becoming more and more inevitable as time goes on and our loved ones get older, as people’s health naturally starts deteriorating and medical emergencies will become a likely occurrence to be ready for. A recent Norwegian study showed that more than 60% of people aged 50 and above have had such cases where they required some sort of immediate medical help, and this number proved to be even higher in individuals aged 65 and above. Going into more detail, it was revealed that over half of these citizens did not have sufficient funds to cover their medical bills, subsequently putting their families in debt which could have been prevented if they had been saving money prior. Give
Another point worth noting is in the quality of life aspect. We all have desires, whether it be the latest car for our father, a nice home for ourselves, or even the simple wish to be free of financial burden. No matter what it may be, we all have things we want and it is our decision whether we want to pursue our goals and turn these dreams into reality or remain stagnant. Moreover, saving up for these objectives gives our lives a sense of purpose and it could be argued that the simple aspect of having a goal is the most valuable thing we can attain from doing as such. Not only is saving up money the most realistic way of achieving these goals, but it is also the most accessible as it can be done by anyone. For instance, consider a child who wishes to get a new mountain bike to ride with his friends, but his parents don’t have the cash at hand to immediately buy it for him. The simplest way for the child to get the bike would be for him to save up his lunch money. Such a task is undoubtedly challenging for him, but this also teaches the child the value of money and to put in effort to get what he desires. After a few months of consistent saving, the child buys the bike himself and also feels a sense of accomplishment.
Simply put, saving money is a simple and accessible way for everyone to secure their future financially and get what they desire out of life. It also assists in giving our lives a sense of direction and teaches us the value of discipline and effort.