STEVE DOWN: WHY SAVING MONEY IS NOT A WEALTH CREATION STRATEGY.
By Pauline DegaullePublished On April 21, 2022
I remember the first time I had saved up to ten pennies. As a child, I was over the moon that I could own so much at such a young age. Every time I had been sent to get something, I would ask my father to let me keep the coins. My money habits were learned directly from watching my parents. My mother would save and save to buy furniture and clothes. She believed that the only way to make big purchases was through putting money aside monthly. My father on the other hand was a risk-taker. I watched him multiple times purchase stems and roots that we would grow.
As a wealth coach now with a best-selling book on wealth creation, I can confidently tell you that money saved will not make you rich. After saving my first coins, I ended up splurging on recreation. Most of us save money in banks because we found people saving then we follow suit. We save without a goal. We enjoy watching money in our bank accounts grow. It pleases us when we have a lot of money sitting somewhere.
The truth is you have to change your money beliefs. In order to build wealth, not get rich; you have to change the way you were made to believe money works.
Saving money is only great for emergencies.
Every year your money lies idle in the bank, it loses 2–3% value. As if this is not enough, saving without a goal only puts you in a position where you will have to spend to keep afloat.
I challenge you today to learn the strategies of wealth creation. Money has to work for you. When in retirement, I want you to remember the article Steve Down wrote that changed your life. It is no value that you work so hard only to do so little with your money.
Saving should only be limited to emergencies. Nothing more. Instead of piling money in the bank, ask how you can put your money to use so it can multiply. With the right wealth coach, you can learn how investments can build a home in just 5 years