DON’T JUST KEEP YOUR MONEY IN THE BANK. DO THIS INSTEAD!

if you're ready to make your money Works SM and make more money for you in return then this video is for you today I'm going to share with you why you should stop keeping your money in the bank I'm also going to share with you the alternative options Beyond traditional banking but before we dive into that please subscribe to my channel and turn on the post notification Bell right beside it so you can get notified when I post similar content related to this one I mostly talk about how to make money how to grow your money and how to invest your money [Music] all right so before we talk about how you can make your money work for you let's talk about what actually happens to your money I know you probably think the bank keeps your money in a safe little box for you to pick up whenever you're ready but no it doesn't work like that what the bank does is that they put your money to work for them let me explain if you have a friend friend B who needs a house or wants to start a business but only has about 20% down payment or capital B can approach the bank for a loan and what the bank will do is to take some of the money in your account some of my own money some of my cousin's money put it together and they will give it to baa by doing that they will make money from all of our money through interest but this is where it gets a bit tricky the interest rate they would charge B is very different from the interest rate they would pay out to us that kept our money and the bank at the end of the month so obviously our money would be making absolutely nothing for us but we'll be doing everything for the bank process that now if you think your money is not doing anything for you it means you or your money isn't taking any obvious risk but let me tell you something the most significant risk you and your money are taking is called inflation right now inflation has gone up to about 27% and when you hear the word inflation it simply means that that the prices of goods and services have increased so imagine if you have $100 in your bank account and you're sleeping thinking you can buy four things that cost $25 each now because of inflation those four things that would have cost you $100 would now cost you $120 because each item is now selling for $30 but still you only have $100 in the bank are you not losing money you are in reality the old point of money is to be able to buy things and if everything gets expensive but your money doesn't go up you are the one losing money so what is the real meaning of this what exactly do I mean by all of the nonsense I've been talking about does it mean we shouldn't keep our money in the bank well I would say you should consider a high interest Sav account which which you can access all day anytime and here are three buckets of money I would recommend keeping there the first one is your emergency funds and this will majorly cover for unfor circumstances and as a rule of thumb start with about 3 month of your living expenses the second one is your sinking fund and this is the money plan to be spent on specific things say like vacation a new car or anything you want but obviously you must have saved up for it lastly your operating capital and this is meant for your day-to-day living basically things you need to survive say food Transportation gas utility anything just things that you need to use on a daytoday basis this three bucket of money should and always be in your ey interest account and it also varies depending on the country you live in but if you want to learn how to save and budget your money properly there are tons of applications and website that would easily help you do that at no cost the best part is they even pay you as high as 10% just for keeping your money with them free money sign me my check so now let's talk about how you can actually make your money work for you the first way that I always recommend is to invest your money and it's not just about investing your money but investing wisely you need to explore diverse investing opportunities such as stocks bonds mutual funds or real estate that way you're spreading your investment across different asset classes to minimize risk but before you do that it is very very essential that you do your research before investing and then tailor your portfolio to match your risk tolerance and your financial goals you can also invest invest in natural gold red gems and cryptocurrencies the second way is to build an emergency fund because having a solid emergency fund in place helps covers unexpected expenses and that way you won't need to dip your hands into your investment or run into debt during challenging times a lot of people borrow money because they want to you know cover for things that happens unexpectedly but if you have your emergency fund in place you will be able to do that without B anybody the third thing you want to do is to educate yourself by staying informed about financial market and investment Trend so that you can always make informed decisions and adapt your strategy to changing circumstances the fourth one is to budget budget your money trust me when I tell you that if you don't budget your money properly or if you don't budget at all there is no way you can become wealthy okay take it from me you need to learn how to create a realistic budget to track your income and your expenses this would in return help you identify areas where you can save and allocate more funds towards your investment lastly you want to explore opportunities for additional income say you can learn a skills start a side usle or even a passive income that could generate more money for you if you're able to reach the banks completely and explore other opportunities then you one step ahead of others and obviously on the part to Financial Freedom so yeah we've come to the end of this video if you watched up until this point let me know where you're watching from and what kind of videos you want me to create that could help you make money online thank you very much stay safe stay fabulous and I'm going to see you in my next one don't forget to subscribe like this video and turn on post notification Bell down below peace [Music] out I wake up in the morning open the shades [Music] let [Music] I wake up in the morning open the [Music] shades I wake up in the morning open the shades letting