Why You Shouldn't Be Saving Money | Phil Town

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money tricks, financial advice, money traps, investing money, financial mistakes,

[ChrisInvests]

Almost done reading Rule #1 and can't wait to implement the strategies 👍

[robh]

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..

[benlevitz]

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.

[Jadam]

My game plan is while I'm still working part time and studying in college is to save 5% per paycheck (in a emergency savings) and another 5% goes to xgro in my tax free account. Finally I pay off any full statement credit card bills and bills (cellphone, internet, and etc.) Whatever I have left I just put into a savings account and when it piles up to about 4-5k I use that to pick out individual stocks.

[TheVisionWeShouldShare]

I love all your videos. Keep up the great work!

[dr.gerikruckenberg]

Just came back from Atlanta from your seminar. All I can say is 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.

[karimosama]

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.

[abumoath]

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 !?

[AlexanderScavello]

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?

[Spanguolis]

best video ive seen in a good while and ive seen alot good videos lately :) good job Phil!

[thefireprint]

Greetings from Norway!.. just here to say thanks for great podcast as well as youtube!.. they last around 30 min which is perfect for my evening walk with the dog.
I’ve now made the choice of becoming a full time investor and looking forward to the breeze! 😎🙃
(Really enjoyed the last buyback episode where your daughter put you in your place a bit with “who told you this!?” He he)
So thanks again!.. be well!

[tyewarren]

AHHH! The dreaded "click bait!" LOL! Jk. Love ya, Phil.

[dmedrano]

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?

[McDuvel]

Still learning about investing but for me it seems like a bad idea to buy stocks right now. Prices look really high right now. It seems to be that saving right now is the best option and use that money when the market crashes. Even Berkshire H. currently holds record amounts of cash. (130b compared to the normal 30b). PS: do you ship your books to Belgium?

[jlien]

what if you're close to buying a home within the next year or two? I'm keeping the cash toward a down payment in a savings account and investing the rest...

[mathiasgomez]

I purchase Rule #1 Investing and I love the information is brings. I look forward to a copy of Payback Time when I finish this book. Keep doing amazing work :)

[Son-of-Krypton]

Money in bank sitting is slow decay of wealth due to inflation.... Investing is the best option of growth.

[ManOfLeasure]

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

[PN]

Phil, what advice would you have for your fans in Europe? It just seems that starting investing here is way harder than in U.S.

[stcegolf]

Been trading options, making a couple hundred percent over the last 2 years, and pulling profits to buy silver and gold. Shocked at how quickly it adds up.