Ep 92-Why Investing May Not Be a Good Savings Strategy
Description
In the final episode of the savings series, the conversation focuses on distinguishing between savings and investing. Savings involves putting money in a bank or money market account, offering low risk and moderate returns, mainly for short-term goals and emergencies. Investing, on the other hand, involves higher risk for potentially higher returns over the long term, such as through stocks or mutual funds. Austin and Bob highlight the importance of understanding the right time and place for each strategy, particularly for those new to financial management.
They emphasize that a balanced approach, including both savings for security and investing for growth, is crucial. They discuss the limitations and benefits of various options like high-yield savings accounts, CDs, and market investments, stressing the need for diversification. Additionally, they note that individuals' decisions should be tailored to their specific financial situations and goals, taking into account factors like risk tolerance and time horizon.
Ready to take the next step in gaining control over your money?
1. Watch my free training on the 5 budget categories you need to be in control of your money
2. Register for my FREE masterclass “Financial Freedom Blueprint” here
Or
3. Schedule a FREE Discovery Call to determine if you would benefit from 1:1 coaching
United States
