Saving Too Much Could Cost You Money: Savings Mistakes To Avoid | Money Mind | Personal Finance

Why saving too much can actually be a financial mistake – and where you could stash that cash instead.

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#CNA #MoneyMindCNA #Finance #PersonalFinance #Savings

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[moscrew]

I was a stay at Home mom with no money in my IRA or any savings of my own, which was scary at 53 years of age. Three years ago I got a part time job and save everything I make. After 3 years, I am 56 yo and have put $9, 000 in an IRA and $40, 000 in my portfolio with CFA, Dorian j Townsend. Since the goal of getting a job was to invest for retirement and NOT up my lifestyle, I was able to scale this quickly to $150, 000. If I can do this in a year, anyone can.

[antaeusguy]

Sorry, I think this does not applies to everyone. It really depends on each individual. I've known elder people who avoided stocks, unit trust, ETFs and keep on saving into their CPF, maxing it out the annual cap, nothing else. Most importantly, they did not withdraw at all, hence did not disrupt the compounding effect. They now have ten million plus after many years of saving due to compounding at around age 70. Some prefer to play it safe, some prefer to take risk, it all depends on individual wants and needs in life.

[ongea]

And then they always list this. "Investment products are subject to investment risks, including the possible loss of the principal amount invested."

[nonni]

This is a highly irresponsible video imo. You're allowing these fund managers a free platform on a news channel. This is not journalism.

The outcome will be that some people are swayed by the scare tactics and lopsided advice, instead of knowing their own risk level and comfort and acting accordingly.

Again, this is a highly irresponsible video on a national news channel.

[emalejack]

Yes I listen to all this bs in 2020 I put my investment in unit trust and my investment now shrink 40%

[ALI]

I do not understand. Saving too much can never be a mistake in my opinion. When you need money for emergency you have it readily in your savings. The more you save the better you are financially. Investment is always with risks. You can fight inflation with assets, buying property. However, it also depends on the type of property and the projection of appreciation.

[koruspring]

Shocker, investment company peddling investment FOMO. Can you do better than USD deposit rate lol?

[tkyap]

Those selling investments will tell you that - can't blame them, that's their income. We will have to judge for ourselves whether to listen to their sales pitch - no venture, no gain as some will say.

[martinalbert]

Investments are the way to go but I definitely understand if those who choose to just save their cash are just not comfortable giving control of their money to strangers.

[ajunthamedicinewoman]

CNA you have to reconsider the music you use as background to serious issues, like this report….. your signature light, playful themes, are not appropriate.

[tatsuhitot]

Living in a world where we are constantly worrying about money for most of our lifetimes.

[jon_nomad]

Anyone who have lived through a serious financial crisis or a war will tell you 12 months is not enough. All these advise are mostly from so called experts who have never lived through the experience of a period of extreme instability or war. When you disastrously start to loose love ones, you'll know you don't save enough. Even when you try to escape to a much more stable nation, a 12 months savings don't cut it. The experts are just stuck in their consuming life styles and ignore the mind blowing hyperinflation that comes with widespread crisis and devastation. Then, there is the elements of scam and crime that will deplete your savings as everyone trying to scavenge to survive.

This is based on real experience and not some hypothetical projections by experts who do not know what they are talking about.

[-Avenue]

You must have a crystal clear mind to differentiate between Investment or Speculation. Normal laymen and many professionals just don't get it correct.

[jaxontn]

Halo, we still need emergency funds, savings, expenses bank account, not only investing. Investing is good but like an add-on after we settled and have enough allocated to the basic ones mentioned above

[steventay]

Investment carries risk too. Unless you know what you are doing, don't invest blindly

[ybbolb]

I like how people making investing sound like MSW. Bao jiak!! Inflation is SO SCARY!! Must invest!! DCA into SPY or VWRA and you will be set for life. If only investing was this easy. How bad Is losing 2%..3% a year as compared to the potential of unlimited lost to your capital?

[Jo-lzie]

She isn’t right. Too diversified would also mean the average return is not that fantastic thus why all these troubles but Juz leave your money with TBill then

[ajum]

Well, this applies when you are saving too much by not buying essentials and ending up wasting your time or worsening your health. For example, I refused to buy a humidifier during winter. That winter dryness affected my eye sight and now I have to wear glasses plus use eye drops. Had I spent some money back then, I won't be spending so much money now.
All this talk about investment accounts, savings etc. sound good but hard to manage when you don't have a lot of money. Not to mention how evil financial institutes can be.

[khaosmue]

Nope. First thing first, the only thing that matters is hard cold cash.

Don’t bother talking about diversification until you have a substantial amount of money.

4% of 10k is $400, but you need that 10k more than that 400. There is no point if you lock in your 10k for 400.

[yauchanlim]

Love it when reporter teaches us how to invest.. haha… too long no recession…