“How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.”
–Robert G. Allen
I remember when I was a kid thinking that a savings account would make me lots of money. I thought that because the bank charged mom and dad interest, that when I gave the bank my money, I could charge them interest. (And who doesn’t wish that were the case!) But que sera, such was not to be. This doesn’t mean that you shouldn’t have some money saved up for a rainy day.
Having some money stored for the inevitable calamity is a good idea. However, don’t think that saving is going to make you a lot of money. Invest money in a business, even invest in yourself… If you save $20,000 in lieu of investing in a college degree, it’s pretty unlikely that you’re going to get ahead. (I know my degree cost more than twice that but you get where I’m going) That $20,000 invested in yourself will compound interest in how much the world thinks you’re “worth” much faster than a bank will give you ‘extra’ money.
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