WHAT IS YOUR PICK, INVESTMENT OR SAVINGS?

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On a starting note, both savings and investment have one thing in common. They both help a person in accumulating money. They are both concerned with the putting away of money for a period of time Saving simply is all about keeping your money aside for future use; basically the money is just kept somewhere, not that it is used or lent to someone, and assumed to be useful on a later day. Investment on the other hand refers to the act of committing your money (not money alone at all times, time, energy, resources) to work or to be used for a purpose with the hope of getting it back at on a later date, getting back the actual amount invested and a profit/gain. Savings may or may not be gathered on the due date with interest depending on what system of saving was employed. For savings, if at all there would be interest, it usually is somewhat low and little. While investment actually carries an appreciation which can be high when investment is done wisely. There is no risk of losing money while saving whereas there is high risk of losing money while investing. There is high liquidity in saving and low liquidity in investing. Savings are majorly short-termed or in foreseeing emergencies; investment is somewhat of a long-term. While saving, you are not acquiring anything, you are just keeping your money to prevent or reduce unnecessary spending; while investing you are acquiring assets no matter how little. Saving is saving ranging from having savings account to money-market accounts wherever or however you are saving; investment differs as there are different forms from stocks, bonds, mutual funds etc. Savings is easy while Investment is harder. Savings is not expensive; Investment could really be expensive depending on what the investment is based on Savings are of different types and can be grouped in this manner: personal savings, emergency savings, retirement savings, savings for certain projects such as school, building, and others. Investment is also of different types, some of which are growth investment (shares, property), defensive investment, cash investment, fixed interest investment. Savings might though seem for everyone but the truth is not everyone has the saving mentality; some people literally believe there is no need to save and they should just spend and live as they can, following the statement that tomorrow will take care of itself. Investment also seems not to be for everyone as some people are just not in luck with investing in something even when every other person is thriving in that thing; they are always affected by the high risk and sometimes can even get depressed when things does not go as planned. Pick your lane. Choose what works for you. For savings and investment, you do not have to follow the crowd. Be yourself. Do not be pressured into getting involved with any. By Akinleye Grace Oluwabusola @grace_akinleye

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