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Millionaire Advice: Saving vs Investing your money. Saving money is great! Keeping ALL your money in a bank is not so great... Leaving all your money in the bank is how you actually lose money. How is this possible? If you have $500 in the bank and you don't touch it, after 1 year, you'll still have $500. This is true yes, but the value of that money decreased. In other words, the stuff you can buy with that $500 went down. This is due to our good friend inflation. On average, inflation is 3% per year. Some years it's lower, some years it's higher (like recent years). Your goal should be to save money for the short term (ex: down payment on a home) AND invest money for the long term (ex: retirement). Comment "mommy" for a link to my free step-by-step investing video for beginners (USA only). #millionaire #finance #money #savingmoney #personalfinance
Duration: 62 sPosted : Mon, 15 Jul 2024 21:59:05Views
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