In this blog post we are going to look at the question “what is the best way to make your savings work harder.” This is a very popular question and I am sure that most people have asked this question at some point in their lives.
It is no secret that since the relatively recent global economic crisis and global economic recession from 2008 onwards, interests rates have typically fallen rapidly.
Interest rates have fallen to all time lows in many countries around the world and have stayed low for the past 6 years so far. The reasons why interests rates have fallen are obvious and well documented, however, the global debt crisis is certainly at the heart of the matter!
So – what is the best way to make your savings work harder? What proactive measures are you personally taking to make sure that your savings are working harder for you?
We frequently hear people complaining about the fact that because interest rates are so low, they are not getting much of a return on their savings.
The reality is though, that interest rates are likely to stay low for quite some time yet and even if and when interest rates do start to rise, it seems to be widely speculated that they will still remain at low levels for a significant period of time.
If this is the case – people need to re-think their savings strategy!
The majority of people who save money or have savings, do so with their bank. This consensus thinking or traditional thinking.
Saving money in a bank account might have been the norm several decades ago when interests rates were higher, but it just does not make sense today when interests rates are so low.
In fact, many savings account in the UK for example are currently offering a return of between 0.5% to 2%. When you then take into account the effects of inflation, you are actually making a loss if your money is only saved or invested in this way!
We need to help people to think differently about their savings options. We have probably always been taught to save our money into a bank or building society savings account, but there are many other options that we should consider before making an automatic knee-jerk decision.
What Is The Best Way To Make Your Savings Work Harder? Options?
Of course when you stop to think about what is the best way to make your savings work harder, you have many options depending on your attitude to risk.
You can save your money in a bank. You could save some of your money in stocks and shares (provided you pick the right ones and are happy with the risks – personally – we are not happy with the risks).
You could also save some money into property (again if you are happy with the risks). These options are relatively common.
If you are looking for a financially shrewd way to save some money in 2020 and beyond, you could take an alternative view. You could do what many truly wealthy people do and to be honest, we need to start learning from such people if we aspire to create some wealth for ourselves and our family.
The wealthy tend to save money into commodities. They understand the importance of exchanging some money into precious metals such as gold and or silver. According to Rich Dad Poor Dad author Robert Kiyosaki, silver in particular represents one of the greatest savings opportunities on planet earth! Find out why by watching the video below.
What Is The Best Way To Make Your Savings Work Harder? Options? Robert Kiyosaki Tells Us!
As self empowered entrepreneurs, my wife and I have spent many years improving our knowledge of financial education and studying wealth creation trainers and educators – people like Robert Kiyosaki and Michael Maloney.
What we have discovered is that as a general rule, the population can be broken down into two main parts. The 95% and the 5%. The 95% clearly represents most of the population and the 5% represents the wealthy.
If we are to move ourselves from the 95% to the 5% group, then we need to study the wealthy group and do what they do! That is surely common sense.
Financial experts Robert Kiyosaki and Michael Maloney have taught for a long time that people should pay attention to saving or exchanging some money into precious metals on a regular basis.
Precious metals always have intrinsic value as they are genuinely a store of real wealth and they never lose their purchasing power (unlike our paper money).
Now that we know and understand this education, we are all potentially in a position to be able to profit from it if we decide to take action upon that knowledge.
We have acted upon this knowledge. We believe like many other experts and top educators and authors in this field, that by saving some money into precious metals we are potentially positioning ourselves to take part in the greatest wealth transfer that the world has ever seen.
There is less silver on earth now than gold, so clearly at some point this will have a massive effect on the price and value of silver.
We save or exchange some paper money for silver every month. We also actively trade Cryptocurrency as a way of diversifying our savings and investment portfolio. Personally, we like to spread our savings and investments out into various different pots. Some into gold, some silver, some cryptocurrencies and some investment funds too.
We have now explained in our opinion what is the best way to make your savings work harder so if you have enjoyed this post and got some value from it – please like, comment and share.