Explain why a savings account is not a good option for long-term wealth building.

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asked Jul 13, 2023 141k views

2 Answers

Justrusty · Answer 1 · 2023-07-16T11:02:59+0000

A savings account is not a good option for long-term wealth building because if your money is in a traditional savings account, you're probably earning less than inflation, which is how the price of everyday goods increases steadily over time.

Tlrobinson · Answer 2 · 2023-07-18T15:04:23+0000

Answer:

While you can grow your money daily and take on zero risk with high-yield savings, they are not the best way to grow your wealth long-term. The rate of inflation can be higher than the yield you earn over time, so it's better to not keep piling cash into your savings and instead invest your money.

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Explain why a savings account is not a good option for long-term wealth building.

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