Why Money in Savings Accounts Won't Build Wealth
Be Wealthy & Smart
Linda P. Jones
4.8 • 883 Ratings
🗓️ 8 April 2019
⏱️ 8 minutes
🧾️ Download transcript
Summary
Learn why compounding rates at 2% interest is not the key to wealth.
No matter how great it sounds to have "over 20 times the national average" in a savings account, we are still talking a meager 2.1% interest.
That will take 36 years to double your money.
In this episode, I share with you what to focus on that is more important for creating your financial freedom.
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Be Wealthy & Smart,™ is a personal finance show with self-made millionaire Linda P. Jones, America's Wealth Mentor.™ Learn simple steps that make a big difference to your financial freedom.
Transcript
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| 0:00.0 | Be wealthy and smart, episode 548. |
| 0:02.8 | I'm gonna live no rich life. |
| 0:06.8 | Rich life. |
| 0:07.8 | If y'all know what I mean, put your hands up and declare with me |
| 0:13.6 | Yeah, I'm full of bed time I'm gonna live a good life |
| 0:20.7 | I'm gonna live the good life |
| 0:21.1 | a beautiful and glorious night Good Life. |
| 0:25.0 | Step into a world of wealth and financial freedom without budgets, boredom or bosses, |
| 0:31.0 | on Be Wealthy and Smart. |
| 0:33.9 | And now here's your host, Linda P. Jones. |
| 0:38.0 | Welcome to Be Wealthy and Smart. |
| 0:39.4 | I'm Linda P. Jones, America's Wealth Mentor. |
| 0:41.7 | Empowering women and Men Worldwide to Financial Freedom. |
| 0:45.1 | On today's show, we're going to talk about why compounding money is key. |
| 0:49.8 | And I wanted to share this with you because I was watching television the other night on a rare occasion. I don't watch a lot of TV, but I was watching some. |
| 0:58.0 | And I saw a commercial where they were expounding how fabulous it was that they paid over 20 times |
| 1:06.8 | the national average for their savings rate and that was a whopping 2.1%. |
| 1:13.2 | So I immediately wanted to do a podcast about this |
| 1:16.1 | because people get very frustrated that their savings |
| 1:20.3 | isn't earning a very high interest rate and I get that we all long for those |
| 1:25.3 | five six seven percent rates from yester year a long time ago and it seemed like that was a nice savings rate you got paid to have some |
| 1:34.8 | money in the bank and your money could actually earn money but nowadays the |
... |
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