Why You Shouldn't Be Saving Money | Phil Town

Do you currently invest? If so, how? Share with me below! If you decide to start investing in the stock market, use this guide to help you realize the best way to maximize your wealth >> http://bit.ly/31rWZNK

As a general rule Phil, you are correct about savings accounts. Furthermore, by investing now, you grow your money for retirement, and if you do the max contribution to something like a Roth, you'll grow your money substantially, granted you pick the right companies. However, your'e leaving out the fact that if you have a liquid savings account,(not a CD), that pays you 2% APY or more like wealth-front or Sofi, Discover, Barclays, and the slew of others out there, you aren't losing money if you're keeping on track with the inflation rate or slightly beating it. Also, you can't possibility put all your money into investment accounts either. People have expenses that need to be paid, so regardless, you'll need a high yield checking account and a high yield savings account, (gets back to your point about an emergency fund as well). Finally, people need to know that putting their money into most banks will lose them money, such as most major banks out there, but the exact details are key to ensuring you don't ruin your financial situation. I will fully admit I'm a financial conservative, coming from a relatively religious family, but even I know that the right companies will make me wealthy over time yet, I still need money in the bank no matter what.

Sitting on too much cash makes me jittery.

Luckily I bank with a credit union, all accounts are compounded daily, paid monthly, savings .75,mm 1.75 and Roth 2.50 daily compounding does miracles,I take advantage of all 3 along with investing

I have about 2k in savings (Incase I need cash same day).The rest of my take home cash is in VWEHX (I max out my 401k and Roth IRA every year so I can't put the cash anywhere else). The money in VWEHX is my emergency fund. I chose this investment because it is lower risk then a stock and I didnt want my money to just sit for the reasons you explained on this video. Do you think this is a good approach?

Phil, could you make a video about other investors beside Warren? How did they do?

I dont know you would read my comment or not, but watching you giving advice is really comfortable and your way of explaining things is completely amazing.

I'm a little embarrassed to admit that I actually never thought about how the inflation rate is higher than my high yield on-line savings account. I do invest my money but I agree I should take more out of my savings account and invest it and only leave the emergency fund amount

Just came back from Atlanta from your seminar. All I can say is AWESOME!!!!!!!!!!!! My gal pals and I went and we are not only taking a step, but following through. I can't thank you and Melissa enough for all that you're doing for us beginning investors.

Saving money doesn't secure your future. It instead puts it in jeopardy, as your money is not supposed to sit idle. It should bring you more money, and even more. That is why investing in Forex is the best decision one can make.

Thanks Phil

save money and wait for the crash…. coming soon

You also have viewers in Africa, South Africa to be specific

Hello Phil, I have £17600 saved up in a British Virgin ISA account. Is there another place I could have my money In were I will get a good return on it? I really haven’t a clue what to invest in or how to grow my savings in the best way I can. I’m really enjoying your videos by the way.

What about investing more in real estate. Specifically house hacking and buying multi-family homes?

Just wait. The fed will lower rates and start QE4 on the next market crash. The trigger will be huge corporate bond defaults.

Do you have any military lifestyle finance videos or could you make one?

Problem is transaction costs with other vehicles

I just moved my emergency fund to Investors Bank out of NJ with 2.5% money market. As Phil boy says, at least I'm not losing money.

Just keep on parking all in $VTSAX

Kind of surprised someone who clearly knows the market is on a big bubble that is about to burst would recommend you to put money in that market… If we weren’t on a bubble that would be good advice, but this video was just posted a day ago, so for me he just lost my trust. He talks so much about Buffet and how we have to follow what he does, well Mr. Buffet is holding onto as much money as he can waiting for this market to crash to then buy all the stock. This video is not necessarily bad advice, but posting it right now is the worst thing you could do.

Instead of saying we should invest tell us what and which we should invest in with a Guarantee that we will make and not lose our investment

Ive got assets and want to invest in gold

How can I leverage Roth IRA or Roth 401K to get tax-free returns?

how are you going to give this advice meanwhile in other videos, at the same time, you tell people to hold a large amount in cash to be prepared for better prices in the markets with an upcoming coming bear market?

hey Phil, what you say is usually true, but before a market crash or big financial crisis, everyone should "save money" to go in cash and not invest it now. You said a few months ago in another video "you should consider to exit now" and i perfectly agree, though you re a bit early, as usual, but right anyway ;)So OK extra money should be invested, but NOT NOW. Dont you think?

Could we see videos related to the Rule one tool box?

How can you start by investing? I’m very interested in starting but don’t know where to start

Correct me if I am wrong but right now and throughout the year you have said that you are taking your money out of the stock market and into cash since you think there is a crash coming. This video is not in line with that right?

What happened to your new MacBook Pro? Keyboard issues? I see you went back to the old one.

All the dislikes are from people who put too much money in saving account instead of investing.

no dude, most online savings account are over 2% now. still not great, but yea it beats inflation for the time being.

some savings accounts have yields over 2%

Hi Phill .. thanks for your video !! I’ve learned a lot from and your daughter through this channel and the podcast .!

However, this clip made me confused because the last year or so you mentioned that the stock market is overpriced. You recommend at least not to put new money in the market right now. You mentioned that great investors have a lot of cash ( maybe in saving accounts) waiting for the right time !?

I have money in the market already but since I listened to your advice I started putting money aside in saving account! Can you tell me where i got it wrong if i did !?

Phil, when's the next Rule #1 book. I know the basics stay the same but would be nice to have an updated or revised edition. It'd be a best seller, again. 🙂

In Australia you can easily get a savings account with an interest rate of 2.8-3%.

Is it money or fiat currency?

I'm about 30% oil at the moment. Started buying back in Q1 2016, with more buying in Q2 2017. I'm still learning, so after the drop in Oct-Dec I didn't buy more oil, (but did mentally) also just bought more (mentally) last week. I'm really just waiting until the next big crash to get on the merry-go-round at the right time. I'm looking to be selling over the next 2-3 years.

God it is shit starting out. Trying to buy when they all say sell, hahaha. Rodney Dangerfield's CaddyShack character was right.

Nice advice again Phil. I think the biggest problem for people is the basic details of where to invest. People want to go to a simple website that is fair and clear. Something that explains where to pay, how dividends and fees are calculated and instant access to follow your portfolio. My money is in my bank account because i don't know where to put it! But man, I am desperate to invest..

Thank u for sharing ur knowledge.

Still paying off student loans, and planning on contributing to my works 401k once I start in a few months.

Hi Phil… how do I start investin ? How do i go about it and what would you recommend I inves in? I don't earn much but I try saving the little that I get. I'm 31. Thanks