Published in · 3 min read · May 22, 2022
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You should not save your money in a bank because you don’t earn much interest, and the fees can add up.
Many people will tell you that you should save your money in a savings account to make it work for you by earning interest on the deposit, but they are wrong. It’s true that most banks do offer some sort of interest rate on your deposits, but this is usually very low (1–3%). The average annual percentage yield (APY) on savings accounts is 0.09%. Even if this sounds like a lot — and it doesn’t — you won’t get anywhere near it if you just keep your money in an account with no additional activity. If there were any point at which I would recommend opening an account with a bank, it would be because of their ATM network: since many credit unions don’t have their own ATMs or branches, they could easily find themselves paying out-of-network fees when withdrawing from another institution’s ATM machine (which can be anywhere from $1-$5 per transaction). However, even though this may be beneficial for some people who often need cash on hand during emergencies or unexpected situations such as medical bills or car repairs/repairs/repairs…
The real danger of keeping money in a bank is that it’s not a safe place. Banks are not insured against losses and can fail at any time. In fact, there’s a high likelihood that your bank will go out of business before you do. That’s why you need to diversify where you keep your money: in assets like gold, silver, and cryptocurrency — not in banks.
If you want to save up some money for a rainy day or an emergency expense, then what should we do? How can we protect ourselves from losing our savings if something happens? It’s easy: open an account at a credit union instead of putting all your eggs into one basket at the bank by opening separate savings accounts at multiple banks (if possible).
If you are not investing, then your money is working for someone else. Inflation is a powerful force that will eat away at your hard-earned cash. By choosing to save in a traditional bank account, it seems like you’re doing yourself a favor by putting money “away” for the future. But really, no one knows better than you how much inflation affects prices of goods and services in the economy; if you have money sitting in an account without earning interest or dividends, then inflation will be able to take more from your savings than if it were invested elsewhere.
In short: investing makes sense because it allows investors to influence their own financial destinies by investing their funds so that they grow over time rather than simply surviving on what’s already been earned through their labor or capital (i.e., savings). It also helps them avoid feeling cheated by inflation if they know there’s something being done about it ahead of time — even though many people still don’t know how important investing really can be!
Investing is the key to beating inflation and protecting your savings.
You can invest in stocks, bonds, real estate, and other assets. You can also invest in your own business or other people’s businesses by lending them money or buying shares in their companies through an investment fund.
Investing is essentially putting money into something like a stock market index fund that will increase over time at a rate higher than inflation — this means that your money will become more valuable over time while still providing you with access to cash when you need it (through dividends or selling shares).
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