STOP saving your money right NOW | Morris Invest

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4 Smart Investments You Can Make in 2024: https://youtu.be/vLwKOlvc47o

Nearly 90% of Americans save their money on a regular basis. But interestingly, only 45% of people would be able to cover a $1000 emergency without going into debt. So clearly, saving money isn’t working for most Americans.
These are the major downfalls of saving money:
Interest rates are too low to help you accumulate any type of significant return. The average yield on a traditional savings account is only .61%... and many banks are offering rates as low as 0.1%. Much like most financial advice that is circulating today, the idea of saving money is outdated. While 1980s and 1990s savers may have collected anywhere from 5-8% interest, it’s just a different ball game today. Saving money in a dusty old savings account isn’t getting you anywhere in this economy.
Inflation eats away at your account. If you have money in a savings account, I’m sorry to tell you, but you’re essentially becoming poorer every day! Here’s why: when inflation occurs, the purchasing power of your dollar decreases. So the prices of everything are rising, and your dollar is worth less! The inflation rate in 2023 was 3.4%. So unless your savings account has rates above that inflation rate, you’re losing money.
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