Savers Are Losers (And This Is Why)
Remember the good old days when you could “save your way to retirement”?
That certainly isn’t true today. Interest rates on savings accounts are abysmal and more and more banks are imposing negative interest rates—actually charging people to hold their money in a savings account.
Seasoned investors and the rich know that our wealth is lost when we save money. Yet when most people hear me say “savers are losers,” their reaction is immediate and emotional. What do you mean? Saving money—saving for a rainy day, as the saying goes—is prudent and smart. Well, maybe it used to be, but it’s not today (we’ll show you the smartest ways to invest in our new Ultimate Passive Income Guide eBook at ZERO COST)
I’m not saying that we shouldn’t have cash reserves—for emergencies, unexpected expenses, investment opportunities we want to act on immediately or just for peace of mind. That’s a very different mindset from viewing a savings account as an asset and certainly the notion that it is an investment--it's not.
In the 1970s, many savings accounts paid double-digit interest. A sizeable savings account, two decades ago, could deliver a return on investment that could make a case for saving money as a path to a well-planned and secure retirement. That’s just not the case anymore…
So what do you do now?
Everyone, myself included, needs to check the expiration date on the ideas in their brain. Do they still make sense in today’s world? Or are they long past their expiration date? Is it time for new ideas?
In our new free eBook: The Ultimate Passive Income Guide, you’ll learn unique and powerful ways to collect money safely and securely.
You’ll learn 5 methods for building and protecting your worth, along with ways to collect steady paychecks in some of the most dynamic ways taught by veteran investors.
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