@nobudgetbabe: STOP MAKING THIS MONEY MISTAKE 👇👇👇 I don't keep my savings in a regular checking or savings account anymore because let's face it, that's a great way to LOSE money to inflation! 💸 Instead, I invest my money and make it GROW while I sleep. Here are 5 reasons why you shouldn't keep your savings in a regular bank account: 1️⃣ Low interest rates - most banks offer a measly interest rate of less than 1%, meaning your money isn't even keeping up with inflation. 2️⃣ Inflation - inflation is currently at an all-time high, meaning the value of your money is decreasing over time. 3️⃣ Opportunity cost - while your money sits in a bank account, you're missing out on potential investment opportunities that could grow your wealth exponentially. 4️⃣ High-yield savings accounts - if you're going to keep your money in a bank account, at the very least make sure it's in a high-yield savings account. I make about $100 a month off of the interest from mine! 5️⃣ Financial goals - if you have any financial goals, like retirement, you'll never reach them by keeping your money in a low-interest bank account. If you're saving for something shorter term like a house, car or vacation, you could get that money into a CD/GIC to help it grow (I have a GIC right now from EQ Bank that is paying me 5% GUARANTEED over the next year 💯). So, how much money could you be losing by not growing your wealth? Let's do some quick math. If you had $10,000 in a regular bank account earning 0.05% interest, you would earn a measly $5 in interest after a year. Meanwhile, if you invested that same $10,000 in the stock market and earned an average return of 10%, you would earn $1,000 in a year! 💰💰 Don't let your money sit idle, invest it, get it working FOR YOU (instead of for the bank) and watch it grow! 💸💪

Nicole Victoria | Money Coach

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Saturday 18 March 2023 02:07:37 GMT