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how much do you save?
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redondo
#1 Posted : Wednesday, December 09, 2009 11:58:55 AM
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Joined: 12/2/2009
Posts: 161
Location: nairobi
its said that the average working Chinese saves about 45% of his/her income. i believe the Americans are on the other end of the scale i.e very little savings. How much of your monthly income do you guys save/invest? personally i save 16%.
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akowally
#2 Posted : Wednesday, December 09, 2009 1:46:26 PM
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Joined: 5/20/2008
Posts: 1,126
Location: Nairobi
smile I think it is good to be saving 10 percent minimum...I heard in other countries like Denmark their tax is up to 63 percent but service delivery is awesome..with most essential services being free...making it the most uncorrupt and happiest country according to surveys...thus no emphasis on personal savings...but here you can save even 50 %Laughing out loudly
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kyt
#3 Posted : Wednesday, December 09, 2009 4:29:27 PM
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Joined: 11/7/2007
Posts: 2,182
The stipulated UN is 10%, i do 20%. Its always wise to save.
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
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Mkimwa
#4 Posted : Wednesday, December 09, 2009 4:59:47 PM
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Joined: 10/26/2008
Posts: 380
is saving that important? Why not invest that money instead?

Personally, i have an emergency fund equal to my salo.. the rest i invest. Saving is a myth, why have x amount lying somewhere doing nothing? For emergencies.. yes.

Why should I save?
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anasazi
#5 Posted : Wednesday, December 09, 2009 9:18:47 PM
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Joined: 6/8/2007
Posts: 675
Personally I save/invest about 25%. @Mkimwa... I kind of mix it up.. I guess you need more liquidity depending on your risk profile. EG if you have a family, you need more liquidity. And if investing your savings, the question may be how quickly you can access those savings if you need them..
Form is temporary, class is permanent
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JeanLucPiccard
#6 Posted : Thursday, December 10, 2009 6:54:55 AM
Rank: New-farer


Joined: 12/9/2009
Posts: 23
Location: Nairobi
The big questions are - what happens if you lose your job? What happens if you get an emergency that needs quite a bit of money? What happens if you get a good clean investment opportunity, and you dont have money? After all these years of working, what do you have to show?
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akowally
#7 Posted : Thursday, December 10, 2009 7:36:00 AM
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Location: Nairobi
@ mkimwa

Economists also advice that you have the emergency fund that is equal to six months salary, this makes it easiest to handle the concerns that Jean has very well articulated...in case of a job loss or portfolio going down or both...investments are equally important and they should be able to cover all your liabilities...thus little dependency on job
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Kamaa
#8 Posted : Thursday, December 10, 2009 9:59:36 AM
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Joined: 10/6/2007
Posts: 1,177
Location: Nairobi - Kenya
remember to save less and invest more… diversify your investments and you shall not regret…
When you hear what I say, you will not understand. When you see what I do, you will not comprehend
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