I believe everyone should be saving money for a rainy day. Saving money is very important for anything that comes up in life that needs money to fix it. Things happen in life that is out of our control and we need money to fix it. So I am a big in saving money. Where saving money comes at a disadvantage is when people put all of their money into a saving account.
So I love saving money but I think they are some disadvantages of saving money that we should be thinking about and what kind of saving account should be used cause there are some bad ones out there. I think that online saving tend to be better overall. Using an online bank for the most part will have low to no bank fees. A online bank tends to have a higher interest rate than a physical bank.
Online banks tend to be better with less or no fees, you can use any ATM with no fee’s. So finding a good online takes time and research and you should do so.
What are the disadvantages of saving money?
One of disadvantages of saving money is inflation. Saving money in a bank will only gets you .04 of interest rate or lower or a bit higher. You can’t make money with an saving account unless you have a lot of money inside. Saving money will not build you wealth. You can’t save your way into being wealthy.
Saving money is not passive income. You have to work to make the money and then you must save that money in order to make money. Also if things happens in life that you must take out that money. In life things happens that is out of your hand and we need money to fix them like a new roof or your car breaks down. Again we should be saving money but I think we need to be investing that money. The sooner you invest your money, the more money you will make.
Quick story, you day I was looking at my saving account and I saw my interest payment from my online bank. I got $1.24 dollars. Now that is not a lot of money. I think to myself, if I took out $300 bucks which will still leave me some money, but if I took $300 dollars and invest that in a stock market, I could have made more money
