Myth #6: “A Savings Account Is a Good Place to Park My Cash”
The average interest rate on savings accounts ranges from 1% to 2%, which is lower than the average rate of inflation. In other words, the longer your money stays in a savings account, the more value it loses. A savings account is a sound place to park a small amount of cash for emergency purposes. The rest of your money should be invested in assets that generate enough income to beat inflation.
