Do you want to be rich? Don't save money!

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It may sound strange to you, but saving money won't make you rich. In this video from the most exotic Hawaiian island of Kauai, I explain why. There is also a contest at the end of the video.

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Get free chapter of my upcoming book about billionaire thinking: http://TheBillionDollarSecret.com

Follow me on twitter: http://twitter.com/BillionairePal
Follow me on steemit: https://steemit.com/@billionairepal
And read the blog where I test the limits of human capabilities: http://nolimits.co

Buy the book "Ready, Set, Go!" that I have co-authored with Brian Tracy:
E-Book: https://www.amazon.com/Ready-Set-Special-Entrepreneurs-Professionals-ebook/dp/B078WZXJDW/
Hardcover: https://www.amazon.com/Ready-Set-Go-Nick-Nanton/dp/0999171402/

Get free chapter of my upcoming book about billionaire thinking: http://TheBillionDollarSecret.com

VIDEO TRANSCRIPTION

Hi guys! Today from Hawaii, from the Hanalei Beach on the paradise like island of Kauai called The Garden Island.

Today I will tell you why you shouldn't save money.

Stay with me till the end of this video. There will be a contest and something to win.

[Music]

Why shouldn't you save money? What I mean by that?

Most people try to conserve their money by saving up money every month, which is great.

And then trying to save it in a saving account or maybe leaving it on a bank account.

Or maybe even some people put it on the mattress and put them in the piggy bank.

And what most people don't realize is of course inflation.

Inflation is officially depending on your country, let's say, the Western countries between 2% and 2,5%.

But in reality if you take the amount of money created in the economy, the inflation is around 5%.

So, every year your money, the currency or let's say cash is eaten up by inflation.

Cash is eaten up by inflation. Let's say 2%-5%, depending on the country.

And if you keep your money in the piggy bank or in your mattress or on your bank account... this money loses its worth.

Its value, its purchasing power.

You may say "Of course, I don't keep it in a banking account, I keep it on my saving account and I get percentage on that".

But what you don't realize is the percentages on saving accounts are are always lower than the inflation rate.

They are always lower. So, it means even money on saving account, they don't grow.

They actually decrease. Their value decrease, their purchasing power decrease and every year you lose your money.

And on top of that you're exposed to the counterparty risk, meaning the bank can go bankrupt or experience a bail-out.

And then you say "But my money is insured in some fund or whatever".

Usually in the countries, at least in Europe, these pots with money that insure the banking accounts are so small that they won't cover a major crash.

If a major bank crashes, if a big bank crashes

And I assume you hold your money in a relevant bank, then these pots are not big enough to cover these bank accounts that will be affected.

So, it means you will probably get out, if you're lucky, 10% of your money. Probably 1% of your money.

So, you expose yourself, when you keep money in your bank to counterparty risk, to high risk of losing your money.

And the same is if you keep your money under the mattress. Your house can burn. Somebody can break into your house and steal your money, and so on...

There is always a risk of keeping cash.

So, what do you do if it is unwise to save money? What do you do?

Okay, you save up every month and there is a saying...

If you have more than $10,000 or let's say more than $20,000 on your bank account, you are stupid. Because this money shouldn't be lying around.

And losing its value. It should be invested.

So, why most people don't invest their money? Because they are lacking knowledge. They are lacking access to investment instruments.

That's why they actually don't invest money.

But amount you invest should be depending on the investment vehicle. Is it real estate? Is it stocks? Is it securities? Or maybe cryptocurrencies?

Depending on the instrument, there is a level of let's say, viable investment level that makes sense for this investment.

It doesn't make sense to invest in real estate, let's say $1000, because the fees would eat that up.

And they are not that small real estate objects.

But if you have $20,000, it starts to make sense to invest in real estate, depending on the country.

And of course, you can also split... there is like time share, stuff like that, that allows you to invest with smaller amounts of money.

In stock market you can invest starting with several hundred, maybe several thousands of dollars.

And in cryptocurrencies the limit is even lower. You can start practically with every amount of money that you can save up each month.

And invest it immediately in cryptocurrencies.

What is the difference between saving and investing?

The investment vehicles usually aren't affected by inflation. They may keep the value of your money or they may even increase the value of your money.

Of course, they can also go down, depending on the market conditions but generally they are unaffected by inflation.

They keep value independently of the inflation.

So, that's why you should invest in other vehicles. Don't keep cash in any form because it just makes sense.

So, that's what I wanted to tell you today about not saving money. You shouldn't save money. You should invest your money.

It's getting dark here in the hotel but I want to show you the swimming pool, the amenities here. The Westin in Hawaii.

So, I hope it helped you a little bit to manage your money and at the end I want to remind you I am not an investment advisor.

This is not an investment advise. I don't encourage anybody to do anything. To invest or not to invest.

I just want to tell you to take care of your money and not to lose your money by let's say saving money which actually doesn't save your money.

It lowers the purchasing power of your money, the value of your money, of your cash.

I hope you liked this video. If yes, give me a thum up! Subscribe below and don't forget to hit the bell button.

Share this video with your loved ones, with your friends. They will thank you for that.

I talk here a lot about money, about how the wealthiest people in the world think and act. How the self-made billionaires of this world think and act.

I talk also about cryptocurrencies, about my investments in cryptocurrencies. And I talk about doing the impossible.

Doing great things, doing big things.

So, I invite you to comment on that video. What is your perspective? What is your experience? What is your opinion on that topic?

And I promised you a contest at the beginning of this video. So, let's do the following.

Share this video on your social media, on your Twitter, maybe on your Facebook and add the hashtag #TheBillionDollarSecret.

I repeat it: #TheBillionDollarSecret

Among the best shares, among the most successfull, among the most creative, maybe the most effective shares I will choose one.

And the winner will get a copy of the book I've co-authored with Brian Tracy with the title "Ready, set, go!".

Brian Tracy is the greatest business teacher in the world. The best personal performence trainer and this is a special edition.

It looks like this. And the winner will get a copy of this special edition with my personal dedication.

So, it's worth trying, worth participating. I invite you to do that.

And if you liked this video, you will certainly like my other videos. I invite you to watch them. That's it from Hawaii.

I wish you a fantastic day. Let's do something extraordinary today!

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