If you have 7 figures saved and don’t have it properly invested you’re losing money at the rate of inflation minus the paltry interest rate you’re getting from the bank.
Except for retirement accounts, the middle class and lower keep most of their money (I would guess most times it’s all of their money) in banks because it’s easy to make it liquid. On any given day you may have to spend it.
True, but you don’t need 7 figures to make your bank account look like a phone number. You need at least $10k, since there will always be two more digits to cover the cents.
I didn’t really think of it that way because I can’t imagine really advising people to stop working once they have $10k in the bank. That seems like a recipe for disaster.
However, you are technically correct. The best kind of correct. I hereby promote you to grade 37.
If you have 7 figures saved and don’t have it properly invested you’re losing money at the rate of inflation minus the paltry interest rate you’re getting from the bank.
Except for retirement accounts, the middle class and lower keep most of their money (I would guess most times it’s all of their money) in banks because it’s easy to make it liquid. On any given day you may have to spend it.
True, but you don’t need 7 figures to make your bank account look like a phone number. You need at least $10k, since there will always be two more digits to cover the cents.
I didn’t really think of it that way because I can’t imagine really advising people to stop working once they have $10k in the bank. That seems like a recipe for disaster.
However, you are technically correct. The best kind of correct. I hereby promote you to grade 37.