It was Mark Cuban who said that "saving is a bad idea." But what I heard growing up was, "save as much as you can." "Save at least 10% of what comes in." "Keep your money in your savings account and don't touch it. It will earn interest." Still I never really learned how to save. And by the time I was finished college, I was deep in debt with no job and got to the point where I had no place to live.
It wasn't until I read "Rich Dad, Poor Dad" about 12 years ago that things started to change for me. I started to see money not as an asset, but as a medium of exchange. Money in itself is not something you park. It's something you move. If you park it, it does nothing. It doesn't gain any traction in the wealth building game. It gets rusty and lazy and eventually...you lose the game.
When I learned that money was suppose to be used to acquire assets and that it in and of itself was not an asset, things started to change drastically in my life. I went from homeless one year, to living my dream and travelling the world the next and starting several businesses in the process.
Not many of us were taught that money isn't an asset. We're even tricked into believing that we're somehow gaining from the 1% per year that we're "earning" in our savings accounts. While the inflation rate averages at around 2-3% --- It's a brilliant move when you think about it. The banks win. The banks win. We lose. We lose. Until we take our money out of our savings and start to make it work for us.
I do recommend always having enough fiat left on you/bank for emergency purposes. Always have enough for your weekly and monthly needs. Some people say have a reserve of at least 3 months. Some say 6. Some say 1 year. I guess each individual/family will have to decide that. But ultimately, keep your money moving. Don't let it rot away in a savings account. You'll lose.
That's why I believe savers are ultimately losers. The ones who win in the financial freedom game are the ones who take their money and allow it to work for them.
Let me know your thoughts in the comments below! I'd love to hear them!
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