It’s common that we tend to lose out on financial gains, when we try to be too safe.
We leave our money in our Savings Account, thinking it’s safe and dreaming that we are building wealth. But if you get out of that traditional mind-set, you will realise that your money is essentially dead.
Why?
You’ve forgotten to factor in
a) inflation and
b) that the savings interest rate is just between 4-6%.
Trust me! If you have to make your money grow exponentially, then you should wake up your money to watch it grow.
How can you do this?
Answer: You should move away from hoarding money in a Savings Account, and better your returns by beating the inflation curve.
Ask yourself these questions on how you are effectively using your Savings Account:
Is my money in the Savings Accounts practically dead money?
Yes, because you have a large piggy bank with an earning of less than 4%.With inflation averaging at 8%, your savings will depreciate faster than you can earn money every year. Therefore, if you need money for your child’s education or a luxury holiday, it would be next to impossible!
Therefore, your money is dead money.
It’s time to fight this inflation and make your money earn for you. You need to realise that — it’s time to #PaiseKoJagaao and enjoy life!
How well do I understand inflation and whether or not it is eating into my saving?
Inflation is the key to an economy’s functioning.It drives businesses to make decisions based on the prices and the availability of the product or service in the market.
It is important to stay ahead of the inflation curve, and enjoy both the necessities and luxuries that are your heart's desires.
How can I make my #PaiseKoJagaao?
i. Follow apps, website and news channels to know where to invest.ii. Talk to your friends who run in business circles, read PDFs on investor's biographies like Warren Buffet and Rakesh Jhunjhunwala.
iii. Keep abreast with the markets by reading about investments.
iv. Learn about products like liquid funds, that can give you a great interest rate at a really low risk!
My advice to you would be to stay ahead of the financial curve, make quick and decisive moves to multiply your earnings, instead of letting it die in your savings account.
Disclaimer : This is a Sponsored Post.
