What are three reasons not to save money? | MASTER INVESTOR | FINANCIAL EDUCATION #shorts #money

Like most people, you were probably told growing up that saving money was a smart financial decision. Our culture is filled with positive little sayings about saving money like, "A penny saved is a penny earned," "rainy day fund," and aAnother day, another dollar." Our culture is also filled with phrases like, "Broke the bank," "Cleaned out," and "Money burns a hole in his pocket."

You are reading: What are three reasons not to save money?

So the question becomes, if saving is considered such a good thing, why aren’t we encouraged by the government to do it, and rewarded by the government for doing so? Therein lies the truth.

My friends and mentors have taught me many lessons about money. Specifically, they taught me three reasons why financially smart people don’t save.

Read entire blog here: https://www.masterinvestor.education/pages/blog?p=what-are-three-reasons-not-to-save-money

1- Taxes:
If the government thinks saving is such a good idea, why don't they have tax breaks for those who save in order to encourage such behavior?

In fact, it’s quite the contrary. According a to CNSNews, a the Bureau of Labor Statistics reported that Americans spent more on average on taxes than they did on clothing, food and healthcare combined in 2021

People who work hard and save money have a hard time building wealth because, relatively, they pay more in taxes.

One big reason why the government doesn’t encourage saving is because banks see your savings as a liability. Why would powerful lobbying forces like our banks allow a law to pass that encourages you to increase their liability sheet? Most policy is not geared to help you and me, but instead to help the banks.

The government taxed savers when they earned, saved, spent, and passed on their money in the form of income tax, capital gains tax, sales tax, and estate tax. You can see the impact of these taxations in the chart above.

2- Inflation

We explained that another tax decimated savers—a hidden tax called inflation.

We used a simple figure of $1,000 to explain why savers almost always became losers in the economy.

3- Risk-taking

When you work hard to save money, you place your “security” in those savings. It becomes very hard for those who spend all their energy saving money to branch out and invest it for fear all their hard-earned money will be lost.

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Read the entire blog here: https://www.masterinvestor.education/pages/blog?p=what-are-three-reasons-not-to-save-money

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