Really enjoyed the video and the tips given. I have a question, I’m super bad with money in general, (love spending it:(, but have recently started a savings account with 1.5% interest. Do you happen to know if my money will still depreciate in value in lets say 10 years despite the interest rate? Or is it best if I invest it in something instead?
I hope you don't start investing your emergency fund?? Let's say that would be 2000 (dollars, euro's?).. 10% profit on 2000 by investing would only accumulate 200 a year, so then I'd rather spend money on education in order to get a better job. Only from 10.000 and beyond investing becomes interesting if there's a 10% return. So I would start out with 1. Emergency fund; 2. Education. 3 Better job 4. investing. In the mean time look for a government supported big bank which won't collapse too easily in case of a banking crisis.
Glad to see you liked it! ✨ Historical data shows that the average inflation rate is 2-3% per year. A savings account with 1.5% interest is still better than nothing. However, if you compare it to the average inflation rate, you would fall short by 0.5-1.5%. Depending on where you live, maybe you can start researching banks that offer higher interest rates?
Really enjoyed the video and the tips given. I have a question, I’m super bad with money in general, (love spending it:(, but have recently started a savings account with 1.5% interest.
Do you happen to know if my money will still depreciate in value in lets say 10 years despite the interest rate? Or is it best if I invest it in something instead?
I hope you don't start investing your emergency fund??
Let's say that would be 2000 (dollars, euro's?)..
10% profit on 2000 by investing would only accumulate 200 a year, so then
I'd rather spend money on education in order to get a better job.
Only from 10.000 and beyond investing becomes interesting if there's a 10% return.
So I would start out with 1. Emergency fund; 2. Education. 3 Better job 4. investing.
In the mean time look for a government supported big bank which won't collapse too easily in case of a banking crisis.
Glad to see you liked it! ✨ Historical data shows that the average inflation rate is 2-3% per year. A savings account with 1.5% interest is still better than nothing. However, if you compare it to the average inflation rate, you would fall short by 0.5-1.5%. Depending on where you live, maybe you can start researching banks that offer higher interest rates?
Awesome video keep it up !😊
Thank you💙
Great video. Thanks
Happy to hear you liked it✨