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As the gap between the inflation and interest rates on saving increases, you lose more and more money in the long run. I'd go for a more general advice, that is
by hdjjhhvvhga 5y ago
As the gap between the inflation and interest rates on saving increases, you lose more and more money in the long run. I'd go for a more general advice, that is trying to diversify your savings maximizing them while avoiding unnecessary expenses.
- DamnYuppie 5y agoPlease note that for many when they say compounding interest they mean compounded rate of return. This return can be on any asset class not just bonds. I 1000% agree with you on avoiding unnecessary expenses. Until you get a few million in the bank your greatest wealth building tool is your income so be wise in how you deploy it. Best advise I have is have a budget, try and save 20% of your GROSS, 10% to retirement the rest non retirement accounts.