74: Is Cash Trash?

"Wealth is about what you have in the bank, not what you owe to the bank"

This mindset just doesn't work when preparing for the future of money...

Yes, it is important to have some level of cash available for the cost of living and in case of emergency situations but money in the bank is not a measurement of wealth.

Mainly the reason behind this is the governments of the world and their love to print more money.

Every year they print more and more of it which is actually decreasing the value of the money in your pocket or bank account!

Especially during the time of the pandemic, in the last year, the world money supply increased by 21%...

This means that the value of your cash went down by 21% overall.

Is cash trash?

Money is exchangeable right now, we can earn it to pay for goods and services, but with the value of your cash dropping each year you have to find another way to get ahead.

To get ahead of this deflation rate you need to be earning more than the 21% difference.

Starting your own business can allow for this to happen, as whatever you invest has the potential to multiply well beyond 21%.

We have plenty more to come on the topic of money, especially as we move into the future of it, so keep your eyes peeled for weekly episodes for more insights into the world of business and money multiplication.

The future of money is critical, we must have multiple ways of multiplying our income otherwise we are going to be cut off under that deflation percentage.

Thank you for listening and I will see you here again next week!