#27 High Yield Savings Accounts
Many financial planners will agree that saving your money is a losing deal.
Because of inflation, the value of your money today will decrease in purchasing power over the next few years.
So when people save in low-interest-rate savings accounts, they end up losing money in the long run.
The best way to avoid this is to invest your money, not save it.
But like with all investments, there’s an inherent risk involved.
Fortunately, you can mitigate that risk by saving your money in high yield savings accounts with high enough interest rates to counteract inflation.
This means that your purchasing power will remain the same (or possibly increase) as your money grows with interest over time.