Today we're going to talk about why saving money is a horrible strategy. In fact, saving up piles of cash

might be the least financially intelligent thing that you can do with your money in 2024 and

2025 and beyond. Here's an interesting statistic. According to Nerd Wallet survey, nearly 90% of Americans

save their money on a regular basis. But interestingly, only 45% of people would be able to cover

a $1,000 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. They're too low to help you accumulate any type of

significant return. I mean, just put your money in a traditional savings account at a bank and you're

getting like 0.001%. It's awful. And the traditional annual yield is only about 0.61%. It's terrible.

And many banks are offering rates really, really low. Much like most financial advice that is

circulating today, the idea of saving money is outdated. While the 1980s and 90s, savers may have

collected anywhere from 5 to 8% interest. It's just a different ballgame

today. So saving money in a dusty old savings account isn't getting you anywhere in this economy.

Inflation eats away at most of your account anyway. So if you have money in a savings account,

I'm sorry to tell you, but you're actually becoming poorer every day and you're like,

wait a second, that's ridiculous. That sounds like fabrication. But think about it. If inflation rates are 4, 5, 6%, and you're making 0.001%, what's worse?

Right? What's higher? Inflation. So your U.S. dollar is going down in value every day that it sits in that savings

account, right? When inflation occurs, the purchasing power of your dollar decreases. So the prices of

everything is rising. Your dollar is worth less sitting in that bank account. The inflation rate in

2023 was 3.4%. So unless your savings account has rates above

that inflation rate, you're losing money. I mean, that's simple math. Fiat currency or government

money always fails. I want to remind people, every government currency in world history has collapsed.

Okay. Every government currency, that history has collapsed. Okay?

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