The Personal Finance Podcast - If You Keep Saving Your Money You Will Ruin Yourself Financially (For Real!)

Episode Date: July 15, 2020

Episode 10: If You Keep Saving Your Money You Will Ruin Yourself Financially  In this episode we cover:  Why Inflation will eat away at your savings  You Can Never Outwork Your Money  How to Make Your Money Work For You What to Invest in  Why It’s Not How Much Money You Make Resources in this episode:  Charts!  M1 Finance Best Place to Invest  Personal Capital Free Wealth Management and Budget App CIT BANK (Best Savings Account) Learn more about your ad choices. Visit megaphone.fm/adchoices

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Find your advisor at IG Private Wealth.com. On this episode of the Personal Finance Podcast, we're going to talk about if you keep saving your money, you're going to ruin yourself financially. What is up, everybody, and welcome to the Personal Finance Podcast. I'm your host, Andrew, founder of dollar after dollar.com. And today we are on fire because this is a major topic that every single person needs to understand. Because if you keep saving your money, you're going to go broke. and that sounds like a click-bake title, and it's actually not.

We're going to go through it and explain why that is. But a lot of people think that they have to just keep saving their money and shoving it in a savings account to be able to build wealth. And a lot of people think investing is risky or investing is a gamble. And I'm going to show you exactly why it's not. And exactly what's going to happen to your money if you don't invest it. And there's too many people in this world that just don't understand how their money works. And it's really why personal finance should be taught in every middle and high school across America.

Because if you continuously just save and save and save, you're going to destroy yourself financially. You truly are. It's not a pretty picture. You can save a massive amount of money. And if you don't do anything with it, if you don't allow your money to work for you, you will end up broke extremely quickly if you decide to retire. And in this episode, we're going to go through exactly the reasons why. And then in addition, I'm going to show you what to do with your money instead of just hoarding it under your mattress like a bank robber or just shoving it in your savings account and getting less than a 1% interest rate. So let's get into it. So the first thing you need to understand is the concept of inflation. And inflation will absolutely

destroy and eat away at your savings like Pac-Man. Now back in the 60s, 70s and 80s, inflation was a true real problem. It's not as aggressive as it used to be, but it still is somewhat of a factor in terms of how you can go about building wealth because inflation over the last 20 years has risen just above 2%. And this is one of the biggest reasons why just leaving your money in a savings account is so terrible for your finances. Because interest rates inside of a savings account are just not what they used to be. And they're continuously, as I'm recording this, they're actually going down even more. So every single year, you're losing ground on your money. You're losing buying power of each dollar that you make. And most traditional big banks offer extremely.

extremely small interest rates. It's way less than 1%. And it's just a terrible spot to keep your money. So if you think about it, you're saving your money into a savings account and it's making 1%, but it's losing 2% of its value to inflation every single year. This is not a winning formula. You are actually losing money every single year. And there's two rules in personal finance. Rule number one, don't lose money. Rule number two, see rule number one. Your savings are never going to outwork inflation. It's never going to happen. You're never going to be able to outwork inflation just by saving money and stuffing it in a savings account.

It's a complete losing battle. The biggest thing to do is to not allow your buying power to go down every single month. Now, the only time you want to keep your money in a savings account is for, A, your emergency fund. And we talked about that and how important it is to have an emergency fund. And you want to have it in a savings account because you don't want it to lose half of its value. You want it to be liquid and you want it to be. accessible so that you're able to use that money in an emergency when you need it.

An emergency fund completely reduces your stress and your anxiety. So an emergency fund is extremely important so that you can make fantastic financial decisions and invest your money properly. And the other reason why you want to put your money into a savings account would be for larger purchases like buying a home, getting a new car. If you're saving for things like that where you need the money within the next two years, then investing it is not always the best place to put it because you again you can lose half your money and all of your hard work is gone when you need the money. The second reason why you can never build wealth just by saving money is because you can never outwork your money. If you put your hard-earned money into a savings

account for years, your money will work against you instead of for you like we just showed because of inflation. But every single day that you save your money, inflation is just eating away at it and chomping away bit by bit by bit. So the thing you need to understand and the thing that needs to ring true in your head is that you can never, and I mean never, outwork your money. Compound interest is one of the most amazing things on this planet. And it allows your money to grow and it allows your money to go to work for you. And as time goes on, your money is going to make new money. And that new money is going to mix in with your old money and it's going to produce more money. And it's just going to grow and compound and snowball over time until you have an avalanche of money.

that you've put together and that you've saved over time because you invested it properly. And eventually, once that money grows enough, it will replace your income. So now your money's working for you and it's working harder than you ever could. And it's replacing you. And now you don't have to work anymore. You don't have to go to your job every day anymore. Your money has now officially replaced you and you're what's called financially independent. You don't have to trade time for money anymore. And the beautiful thing about this is now you can live life on your terms. You can do what you want. You can pursue your hobbies. You can start your own business. You can do exactly what you and this is extremely powerful. This is the most powerful thing that money can do for you is it can produce

freedom. And that's why we do this. You have to have a why behind why you do this. And producing freedom so that you can do whatever your why is is exactly why you sacrifice. And this is why understanding how to handle your finances is so important. Because two people can make the same amount of money throughout their career, but if one person understands how to utilize their money and the utility that their money has for them and the other person does not, then they're going to be in drastically different places by the time that they're ready to retire. And the earlier you figure this out, the faster your money can start working for you so that you can become free. Now, the next thing you have to understand is that it's not about how much money you make. So increasing your income is a crucial part. And I talk

about it constantly on this podcast. You have to increase your income so that you can save more of that money for your financial freedom and your retirement down the road. And the faster you save that increased income, the faster you're going to be able to retire. So you can retire early. You can retire in your 30s. Some people retire in their early 30s like the fire movement or you can retire in your 40s or 50s or whatever you want to do. But the faster you start to accelerate and fuel that fire, the faster you're going to be able to retire. And that's the key. But it's not how much money you make. So increasing your income should be your main focus, but it's not what makes you successful, because all that matters is how much of your income that you actually keep.

This is why so many pro athletes that you see out there like Mike Tyson or Alan Iverson or Antoine Walker or Warren Sapp, all of these people made massive salaries. They made huge salaries, but they spent it all because they didn't keep any of their money. And this is also another reason why a lot of times when I see somebody driving down the road in a Ferrari, my mind actually triggers towards that person probably spends more than they make. And most people, the first thought is, wow, that person must be extremely wealthy. But if the guy that drives a Ferrari spends all his money on cars and houses, then they are completely and utterly broke.

You can make a million dollars a year, but if you spend more than a million dollars a year, then you're more broke than a baby that was just born yesterday. And I know a lot of people who were making, you know, $600,000 a year. But when the recession hit, all of a sudden they were in some real trouble, some real financial trouble. It's because they were spending so quickly and losing so much of their money. See, making money is the easiest part of the whole equation. That's why I say you've got to increase your income because it's not as difficult as some people

make it to seem. And I'm going to show you in further episodes exactly how we're going to increase our income. We're going to continuously do it and show you how you can do it on the side with side hustles and various other aspects that will allow you to increase your income to reach this freedom faster. See, that's the easy part of this equation. The harder part is using your mind and keeping your emotions in check so that you can keep more of the money that you earn. And the way to do that is to develop a system to keep your money.

And it really all comes down to a simple equation. It's how much of your salary you keep and how much of that salary you invest. That's how you determine how much wealth you actually have. If you increase your income and continue investing a large portion into assets, I promise you you will build wealth. I promise you that. Over time, it's going to grow. Let's get into some of the numbers so I can show you exactly what I mean by this. I remember when I needed to hire someone fast, but finding the right person quickly felt

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Via Rail, love the way. Now, I want to dig into some of the numbers so that you can see exactly what happens if you just save your money. Because a lot of you won't be convinced unless I show you the numbers. I know exactly how the personal finance podcast audience works. You guys want me to show you the numbers. So that's exactly what I'm going to do. And this is the biggest factor in determining why you will go broke if you keep saving

your money. Because you will never save enough to live on retirement. And I'm going to show you exactly what I mean. Now, you may be thinking, hey, I'm going to get Social Security and I'm going to be able to live off my Social Security. And as we all know, that's not guaranteed, but that is going to be a possible supplement to your income. But I'm going to show you exactly why that supplement isn't enough. And if you save money on top of that, it still won't be enough unless you're putting that money to work. So let's say, for example,

that you worked for 30 years and you put together a milly, a million dollars. That's an amazing accomplishment to say the least, because to do this without investing, you'd have to save $33,333 per year over the course of 30 years. And let's say you kept that money in a good old-fashioned savings account because you don't like risk and you wanted the sure thing and the only sure thing in your mind is to just stuff that thing in a saving account or put it under a mattress. But you know at least if you put it in a savings account, you're going to get a 0.08 return on your money. And then you finally reach retirement at the age of 60. Before you retire, you're going to run a couple of numbers and maybe you think that you can live off of $6,000 a month between you and your spouse. Now remember, this is 30 years from now.

So the cost of living is going to be much higher than it is now. And let's say you want to travel and do all these things that you never got to do because you were saving $33,000 a year and you were stuffing it away, and you guys were living on a modest salary. And so to be able to do this, you have to save that money. So you wanted to travel and do it now when you retire. I mean, you got a million bucks. Why wouldn't you be able to do that?

You figure you could live at least to $90 and the money will last, right? Well, your boy did some math. And if you save a million dollars, and you retire at the age of 60, and you live off $6,000 a month. That means that you're living on $72,000 a year, which in 30 years is a modest retirement at best, because as inflation increases, the cost of goods go up,

your groceries are going to cost more, your health care is going to cost more, everything's going to cost more. At the age of 65, you're only going to have $568,000 left. At the age of 70, you're only going to have $208,000 left. At the age of 72, you're only going to have $64,000 left. You don't even have a year's worth of expenses left at the age of 72.

And I'm going to link this chart in the show notes so you guys can take a look at this yourself as well. But your money is going to be eaten away instantly because it's not invested. It's just sitting in a savings account and it's going nowhere. It's just spinning its wheels. And I'd say, Houston, we have a problem. Because as you can see, you're going to be dead broke.

You're going to have a negative income by the age of 73. just when you're hitting the prime of your retirement, just when you're getting there and you're having grandkids and all these other things are happening, you're going to be dead, broke. And this is why having a financial education is so important because a lot of people are going into retirement blind because they don't understand this and they don't know how this works. And it's so incredibly important to have this education and to have this understanding that you have to invest your money. You don't have another option. Unless you save a significant, significant sum of money, then your retirement. is going to be a disaster.

And understanding this is so key. And in this example, this person saved $33,000 a year. Most people in America don't save a dime into their savings account. And this person saved $33,000 a year. They did their due diligence. They put in the discipline. They put in the time. They put in the effort to save money.

But they didn't invest it properly. They didn't have the education to go ahead and invest their money properly. And maybe you're saying, well, $6,000 a month, I'm not going to need to live off that. I'm not have my house paid off. and be doing all these other things. Well, guess what? Your boy, I already thought of that. And remember, I've already talked about this,

that inflation's going to eat up your buying power. But let's just drop it down. And let's say you only need $4,000 a month. You're going to get some Social Security, a couple thousand dollars, and you're going to be able to live off $4,000 a month. At $4,000 a month, if you have a million dollars, by age 70, you're only going to have $472,000 left. By age 79, you're going to have $40,000.

thousand dollars left and by age 80 once again you're dead broke and that's no way to live a retirement so now you're living at a level that is probably below modesty it's probably below middle class because you're living off 48,000 dollars a year by age 80 you still go broke so you have nothing to give away to your children nothing to give away to your grandchildren or charity or whatever else you want to do with your money and you're now becoming a burden for your children and grandchildren and that's for someone who worked their butt off they saved 33 grandkids a year and they have nothing to show for it. Saving $33,000 a year is saving almost $3,000 a month. And if you think about that, it's astounding that the money would run out this fast. But unless you

run the numbers and you have this understanding, you're never going to know this. And if this is your first time coming across this, you might be panicking in your head. You're saying, I'm 40 and I haven't saved a dime yet. And you're saying if I saved a million dollars, that it's going to all be gone within a first decade of my retirement. And I understand why you're panicking. I understand why this sounds scary, but there's a better way to handle your money, and I'm going to show you exactly how to do it. So let's get into how to make your money work for you. Hey, real quick, if you're getting value out of this episode, leave a rating and review in Apple iTunes and share it with a friend. Now let's get back to the episode. So how do you make your money

work for you? How do you put your money to work so this doesn't happen to you that you go through 10 to 15 years of your retirement, and then all of a sudden, you're already dead broke? Well, the equation is actually pretty simple. What you're going to do is you're going to invest your money into cash producing assets instead. And here's exactly why. We're going to jump into the numbers again. This is exactly why you want to do this. So let's say you save the same amount as the previous example. So you save $33,300 a year. And you put that money into an index fund. And on average, that index fund earns roughly 7% a year. Here's the massive difference. If you're starting balance in year one is zero, by year 10, your balance is.

is going to be $542,000 just from investing that $33,000 instead of just saving it up. By year 17, you will have $1 million already. By year 25, you're going to have $2 million. And by year 30, you're going to have $3.2 million. Now, that's a massive difference by saving the same amount of money and getting to retirement. You just tripled your money because you put it in an index fund. And you allowed your money to work for you. And that's the amazing power of compound interest.

But not only will your money grow more, you will preserve your money in retirement. You will actually be able to preserve the amount of money and the principle of your money that you've invested. And this allows your money to grow even more. So you may be asking, well, how much can I take out every single year? Well, we're going to have a podcast episode on this exact topic in the future. But the quick answer is you can take out about 3.5 to 4%. And this is based on a study done called the Trinity study, which studied a bunch of, of investment portfolios and showed that your portfolio can be preserved by sticking to this rule of

thumb. And in this study, they did it at 4%. And the majority of portfolios were preserved all the way through retirement. And a lot of times, as we're seeing happening now, a lot of these portfolios are being maintained and increasing. So the income that they have in retirement is actually increasing because they're maintaining their investment. So with this example, for every million dollars invested, you can draw down $40,000 per year in retirement. So if you have $3 million invested, you can draw down $120,000 a year in retirement and that money stays preserved. You don't lose the value of that money. And this is a massive, massive difference from just stuffing your money into a savings account and getting less than optimal returns inside of that savings account, getting less than 1% in your

savings account. This is a massive, massive difference. So you may be saying to yourself, okay, I'm finally convinced. I've never been shown these numbers before. What the heck do I invest in? Well, I'm glad you asked, because there's a million ways to invest out there. There's a bunch of ways that you can invest your money that will help it grow and it'll become profitable for you, but there are some that require you to have some knowledge and to put in time to be able to research those investments. And there are others that are more passive and they're the simple path to wealth. And it kind of can be tough to look through all the noise and the fog. And a lot of people will go one direction and they'll go the other direction because they don't have a set

plan in place. So what I'm going to go through is in order what I think are the best investments for retirement for someone who may not have a ton of knowledge and a ton of understanding of how their investments work. And I'm going to go through them in each order and we'll get into each piece so that you can make the best decision for yourself. So where in TAR Nation should you put your money if you want to invest it. Well, there's a couple of things that you can do. And the first place to put your money, and this is the most passive investment of all, is index funds.

Now, index funds, all you're buying is an index. So you could buy something like an S&P 500 index fund, which you're just buying the S&P 500 index, or 500 of the best stocks in the stock market. But another great one that I recommend, and it's one that I love, is VTSAX, which is Vanguard's version of the total stock market index fund. And you'll hear a lot of people talk about VTSAX, and it's a huge proponent inside of the fire community and other financial independence communities. But what it is is you're literally buying the entire stock market.

And over time, it's returned 7 to 8%, which is where all the numbers that I pulled earlier come from. They come from the index fund returns in exactly what would happen to your money if you invested it into index funds. And index funds are a fantastic thing to invest in if you don't want to put in the time or you don't have the time to be able to research stocks or research real estate or research other assets that we're going to talk about here. Now, the second option to invest your money is into real estate. And real estate is a wonderful way to invest your money. I've invested a ton of money in real estate in the past couple of years. And my main bread and butter was cash flowing rental

properties. Now, cash flowing rental properties are great for retirement purposes because they produce cash for you so that you can live off the income from the rents. Now, the thing about rental properties is they are not passive. And you have to work at them and you have to work to find the rental properties. You have to work to fix up the rental properties. You have to find tenants. And you have to go through these processes to be able to build this portfolio of real estate. And you also have to have an understanding of what you're doing because real estate requires that you know what you're doing because you can get burned if you have no idea what's going on. So a lot of people think that they can just buy a house. And if the house rents for more than their

mortgage, then they're okay. They're making money. But that's not. not the case because a lot of times you have to go into buying rental properties and understand the market and understand the costs associated with buying rental properties. So there's things like repair costs, insurance, taxes, capital expenditures, or put another way that's repairing roofs over time or your water heaters over time or repairing flooring. And each time a tenant leaves, a lot of times you have to replace at least a few things. So it costs money to invest in real estate. And then you have to have a system in place to be able to run the numbers and you also have a have a team around you, like a handyman or repairman, to be able to fix things that need to be fixed

when they go wrong. And things always go wrong in real estate. Let me just tell you right now from experience, they always do. And one option you can have to make it a little more passive is to get a property manager. Now, property manager, what they do is they take 8 to 12% of the monthly rent. And all you have to do is now manage the property manager. And they'll take the phone calls from tenants and they'll do all the pieces that you may not want to do on the day to day, and they just call you for approval, or you give them a system so that they know what to do in case a call comes through. But real estate is a fantastic way for cash flow. It's a fantastic investment, and it's a fantastic asset to have because you can leverage money by using other people's money, you can live off

the cash flow, and you have the benefit of appreciation. So all three of those things combined allows you to have significant wealth building principles that you can use to build significant wealth over time and massive wealth. We're going to have a lot of episodes on real estate. We're going to do deep dives into real estate as an investment so that you guys have an understanding of exactly how you can go about doing this because there's a lot of other ways to invest in real estate, like you can invest in REITs, which basically is investing in real estate assets with a lot of other people into real estate companies and it performs like a stock and you just get a higher dividend and a little bit of cash flow off that.

And it's not the same cash flow as if you were buying a rental property, but it is a significant number to where it's a way that if you want to passively invest in real estate, then you can look at REITs, real estate investment trusts. Another way is flipping houses. Now, flipping houses are extremely active. It's not passive at all. So flipping houses is more so of a real estate business because you have to actively be pursuing houses and you have to fix them up and you have to repair them and you have to

understand after repair value and there's all kinds of other things that go into it so that you can understand how to flip houses. So that's why rental properties or reits make the most sense if you want to retire off of real estate. Now the next way you can invest your money is into dividend stocks. Now dividend stocks are stocks that produce a dividend for the shareholder. And all a dividend is is a piece of the profits that's distributed to the shareholders. And now I specifically invest in dividend aristocrats. Now that's the companies that have increased their dividend for 25 years or more straight. So these are companies that are longstanding companies

and they have very predictable cash flows. It's usually like old companies. You can think of companies like Johnson and Johnson, ExxonMobil, Walmart, Target. All these companies are divined into aristocrat. But once again, you have to have some market knowledge and you have to understand what companies are good to look at and what companies are good to invest in. And you have to do some legwork to be able to do that.

And there's a number of other ways to invest. value investing, there's rates that we just talked about, there's growth stocks, there's bonds, and all of these categories have subcategories. So you have to go through and you have to research each one and have an understanding and say, hey, do I want to actively work at my investing? Does this bring value to me? Do I get fulfillment and enjoyment out of investing my money? If not, then just take a look at index funds and see if they're going to work for you, because that's the simplest path to wealth. And it's the simplest path to be able to stick your money into a fund and know that it's going to earn a return for you over time.

But if you want to have a more active role, then look at some of these other sectors to be able to see if that's something that you want to do and you want to take an active approach to your investing. Now, one question that beginning investors always ask me is they say, isn't the stock market like gambling? And a lot of people who say things like this are maybe folks who lost money in 2009 during the Great Recession

and they may still have bitterness or cold feed or they don't understand exactly how the markets work. But if you look at some of the investments that people sold in 2009, if you look at where they are now, they're much higher than they were in 2009. And that's because the key to investing is not to sell, especially if you're invested in something like index funds or something extremely well diversified.

Because selling, when the market is down, is how you can lose money. Investing is a practice that requires emotionless discipline. You've got to remove your money. motions when you're investing because selling when the market is down means that you lose and you will never ever make money that way. There's a reason why the most common quote in the stock market is buy low, sell high. You hear that over and over and over again. Everybody says buy low, sell high, but most people do the opposite because their emotions come into play. And if you think

about something like an index fund, that's a passive investment, if you think about what an index fund actually is, if you buy something like VTSAX, you're literally buying the entire stock market. You're betting on the United States of America. That's exactly what you're doing. And this is a bet that I would take every single time, betting on the United States of America. And what I'm going to do is I'm going to link into the show notes to kind of help ease your mind on this.

I'm going to link into the show notes a chart of the S&P 500 since the Great Depression. And if you take a look at the S&P 500, what you're going to see is there's going to be a bunch of dips and recessions and depressions and bumps in the road and it's going to go up and it's go down. But over time, that chart goes one direction. and it goes up. And you have to understand this when the market goes down because this is only

temporary and you just have to have the fortitude to stay in the market when times are tough. Recessions are expected. We talked about recessions in past episodes. They have to be expected. You have to understand they're coming. They're going to come multiple times throughout your investment career. They're going to continuously happen. Historically, they've happened every 10 years. But you have to stick to your long-term plan and understand you're waiting for retirement. You're investing this money for the long term. And if you stick to that plan and understand this and keep continuously reminding yourself that the market always goes up, then you're going to have a great financial future. And if the markets go down forever and they just completely crash, we're all doomed.

I mean, it's not just you're going to be doomed because you have all your money in there. Everybody's going to be doomed because every company that they work for is going to be in trouble. But you have to know one thing. and historically the last 100 years, the market has gone in one direction. And each time you feel yourself saying, oh, the market just dipped, I need to take my money out. Ooh, the market just dipped. I need to take my money out. Go ahead and look at a chart and just see exactly what happened after all these dips.

Even in the Great Recession, even in the Great Depression, the market always goes up higher than it did before. It just takes time. It takes patience. Thank you guys so much for listening. And if this is our first time meeting, consider subscribing so you'd never. miss an episode. And hey, we're giving away a free one-on-one money coaching session with me. All you have to do to enter is subscribe to this podcast and leave a rating or review on Apple podcasts, then send it over to Andrew at dollar after dollar.com, and you'll be instantly

entered to win the one-on-one, one-hour coaching session with me. Again, thank you guys so much for listening. We truly appreciate it. And we'll see you on the next episode. Have a great day. Rose in lasagna, medium power, 15 minutes. Sounds like Ojo time. Let's play. Feel the fun with Play Ojo. The online casino with all the latest slot and live casino games. What you win is yours to keep with no wagering requirements, instant payouts, and no minimum withdraws.

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