Personal Finance Tip of the Week: Reasons Why You Don’t Save Money

While saving money for an emergency, it can be counterproductive. You can save $100 a week for one year and have $5,200, but if you invest $100 per week, at the end of the year that number could change significantly. It’s a smart move to make when preparing for the future. Here are some reasons why saving isn’t always the best thing to do:
• Inflation: The buying power of any money you save is under constant attack from inflationary pressures, which will give your savings less buying power.
• Wealth: Wealth can’t be achieved by simple savings, investment is necessary in order to guarantee some sort of wealth.
• Goals: depending on your material and financial goals you have in your life, savings won’t get you there, investing will.
• Quality of life: Investing enhances your quality of life, or at least in the material sense.
• Providing a future: Sound investments can ensure better opportunities for your children, in terms of education, business opportunities, and health.

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