It is important for everyone, including young people, to save money for their future. To what extent do you agree or disagree with this statement?

Money
is crucial, and learning how to manage it is an essential lesson for everyone. Saving
money
is one efficient way to keep financial health.
Therefore
, I partly agree that
people
need to save
money
even when they are young. On the one hand, saving
money
for emergencies is rational, since
life
is always unpredictable. A sufficient savings account may assist
people
in overcoming many adversities,
such
as accidents, illness, or unemployment.
For example
, during the pandemic in 2019,
people
who did not save
money
before would have a harder
life
than
people
did, because they lost or reduced income sources, but had insufficient
money
to deal with that accident.
Furthermore
, saving
money
could be vital for young generations who want to get an education and achieve their goals, that's the reason young
people
need to save
money
earlier. Many ambitious youngsters pursue get advanced education in college for bright prospects, but the tuition in top universities is generally expensive. So, saving
money
at an early age is a solution.
However
, saving
money
is not always the most efficient way to make
life
easier from a professional prospect of finance. First of all, savings accounts in banks merely offer a minimum interest rate, in comparison to the inflation rate and economic growth, which means
people
are losing their
money
gradually in savings accounts.
Secondly
, as a cautionary asset manager, it is necessary to weigh the returns and risks from saving
money
against the potential rewards that the same amount of
money
could bring back, so-called opportunity costs. More particularly,
people
should consider whether should they save their
money
in a bank account or invest it in the stock market, since if
people
wish to collect wealth for their future, the stock market usually would offer better returns depending on its historical performance. In conclusion, saving
money
is a fundamental skill for everyone, which would enhance
life
quality.
However
,
people
are
also
obligated to acquire more financial knowledge for managing assets, since saving is not the best method sometimes.
Submitted by Timothy on

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coherence cohesion
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coherence cohesion
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Topic Vocabulary:
  • financial security
  • safety net
  • unforeseen circumstances
  • emergencies
  • future investments
  • retirement planning
  • financial discipline
  • habit of saving
  • amassing wealth
  • substantial fund
  • opportunity cost
  • additional income
  • inflation
  • purchasing power
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