Make "SAVING" Great Again

What is saving? Saving is to not spend or delay consumption. I remember how "saving" was the mantra to build wealth. My parents and grandparents implemented the same wealth building strategy and have instilled that into me and my siblings.

My Parents Taught Me

I never thought spending was a good idea. My preference was to save and save your wealth for the potential down time. For those rainy days, my parents gave us the saving pot- the piggy bank type- and me and my siblings used to put the extra money aside. We never managed to keep the savings for long as we used to spend the money we saved once a year for the festivities. Still, the concept of savings is rooted in us thanks to my parents generation. Sadly, the concept of saving was not doing so great in the last 20 -30 years. Although I am a millennial and saw the advent of consumerism and liberalization, I am glad that I was raised in a society that still valued the art of "saving".

Photo by Diane Helentjaris on Unsplash

Looking back, I think it was smart of my parents to teach me to teach the idea of saving. I would rather have the saving attitude and mix it with smart spending where I am thinking about sustainable consumption. It is a fancy way of saying “spending within your limits”.

Things took a different turn in those big economies (most of the western world) when consumerism and spending were the foundation of the debt economy. Success was measured against the total spending and individuals were encouraged to take credits to spend. Depleting interest rates and the relative ease with which credit was available through traditional financial institutions take the race away from the very concept of “saving”.

The Shift Happened with the Crash

The unchecked consumerism and ensuing high debt is one of the many reasons behind the 2008 financial crash. The market recovered in a traditional sense from the 2008 crisis but we all know that a widening crack started in the economy right then. Many experts doubt that the market recovered after the crisis. The manifestation of that crash was seen in 2020 when governments and central banks tried to patch the huge problem presented by the COVID pandemic. The market has been deteriorating since 2008. It seems things are going out of hand and the traditional financial instruments may not have the answer to this issue. Traditionally, governments would use more printed money to inflate the economy so that consumers spend the Helicopter Money they receive.

Photo by Mathieu Stern on Unsplash

What about Bitcoin?

However, things are not as expected. With the rise in Bitcoin and other new financial instruments, HODL is becoming a central theme to handle your finance. Lately, it is not cool to spend your assets. The cool thing to do is to hold on to your assets, like in previous years, and use them as collateral if you really need liquid. This great shift in consumer behaviour may be a good development for our ailing economy. At least people are recognizing the value of sustainable and attainable consumerism and moving away from spending haphazardly.

Photo by Micheile Henderson on Unsplash

BTC may or may not solve the economic problem we have in the future. But, it has definitely helped change the mentality. The concept of saving and spending within your means should never go away. Bitcoind has helped shift the momentum towards HODL which in its true sense is “saving”.

Make Saving Great Again

So, I would like to conclude here that Bitcoin (and crypto) has Made “Saving” Great Again (MSGA) :) What do you think?

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