Saving money/cash in a bank account or at home is useful to teach someone the basics and importance of money handling but that is where it ends! See the following reasons why saving alone is pointless in todays era:
1.) Banks no longer give you a reasonable amount of interest like they used to going 20+ years back. Lets say you have 10k in the bank account (which maybe your typical savings amount) and your bank provides 2% interest per annum. Thats a measly £200 per year.
That may seem good for some but not when you factor in the next reason!
2.) Inflation! Inflation alone makes savings totally pointless regardless of other factors. Every day, your pounds, dollars, euro, yen etc depreciates in value drastically! If inflation increased that year by a typical 1-3%, your £200 savings has gone out the water.... infact your loosing money!
3.) Food for thought: what is the point in saving money, when by the time you come to use it 5, 10, 20, 30 years later, it will buy you less than when you first saved it. Save a £1 now to buy yourself a Snickers bar in 5 years time, will cost you possibly £1.20.
INVEST YOUR MONEY! WE ALL KNOW CRYPTOCURRENCY IS ONE WAY WE CAN DRASTICALY INCREASE OUR WEALTH IN A SHORT AMOUNT OF TIME.
"If you want to be "rich" or "wealthy" firstly change your inner definition of both of them" - ImpeccableToor
