30/09/2021
Ben Franklin said, “A penny saved is a penny earned.” I say, he was WRONG!
I’m sorry to burst the bubble of well-meaning parents and teachers who preach that saving money is a great way to build security and wealth.
But… Frankly, it's bad advice.
Saving money is a horrible fallback plan and certainly not a good one for retirement...
Now, there’s nothing wrong with saving. It’s better than blowing loads of money in Vegas, or on a new sports car.
But (apologies to Ben Franklin), it’s NOT ENOUGH.
In fact, anyone who plans to JUST work hard and save money, is actually digging a financial grave.
Here’s the TRUTH…
Savers Are Losers!
The fact that interest rates on savings today are so abysmally low only makes matters worse.
But it’s not new: My rich dad told me YEARS ago that “savings” is the worst place a person can put their money.
To learn why, we need to go all the way back to 1971. That’s when President Nixon took the U.S. off the gold standard and made the U.S. dollar the reserve currency of the world.
This is one of the BIG reasons that we have so many problems today.
Everything from high gas and food prices, to stock market booms & busts. Even the housing market fluctuation can all be traced back to this. Money just isn’t worth what it used to be!
In fact, savers are actually LOSING through depreciation.
So, what can we do instead?
My answer: Invest.
And for my money, the absolute SMARTEST and safest investment I know I can make today is in myself.
Invest in your mind.
The great thing is that no one can take away what you’ve learned. They can take your home, take your business and take all your stocks away, but you’ll just get them again because they can take away KNOWLEDGE!
As an investor, we get to CREATE money — lots of it — instead of just saving it.
Then, instead of the downward spiral of eroding “savings”, invested money will be busy MAKING us more money.
That’s the “Rich Dad” way.
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