I overheard someone talking about this topic the other day and couldn’t help but take interest.
The conversation went something like this:
“I can’t believe how little I’m getting in bank interest on my money. It’s like I go to work every day and work really hard but my money which is safely tucked away in an interest bearing account sleeps in till midday, gets up, makes a snack and watches all the afternoon soaps on TV and when it feels a bit weary has a little nap. It may then work for an hour or two but then goes straight back to bed to start the process again tomorrow. That money has been living the good life for years and I’m the one working 50 plus hours each week.
Doesn’t that sound strange to you that the money you earn is doing so little instead of making your life easier?
Over the years we’ve come to accept that “that’s just how it is” – we work hard and that money earns a tiny bit of interest and so the nasty cycle keeps us working hard until we retire.
My question is: Who is still relying on the “saving my money in the bank” strategy as a retirement plan?
If that’s your plan then you really need to take a hard look at the likely end result of that plan.
I worked out around 15 years ago that my money wasn’t working nearly hard enough and that it was likely that I would live a very poor retirement lifestyle if I continued with that plan.
Rather than accept that end result as my fate, I made the decision to stop saving and start investing.
This one decision meant that I took control of my money and my future. This decision also propelled me to help others who are stuck in the “working hard and saving money” trap.
Take some time to look at how you are dealing with your money and take action. Get that lazy money out of bed and working hard for you.
Need to chat about how you can get your money working harder? Call me.
