David Adefeso just told his fans and followers that their savings account is a bad investment. Check out what more he had to say.
‘Your savings account is a bad place to hold your long-term investments due to the silent “asset killer” called Inflation. SIDE NOTE: When I shot this video a few months back, annual inflation was at 5%, but has now shot up to 7% today. With savings accounts currently yielding an average of 0.06%; This means your savings account is on track to lose you -6.94% this year in real dollars….all while you sleep,’ David said.
He continued and said: ‘It’s the opposite of what I call “Sleep Money” because you lose, not gain, money while you sleep. Click on the link in my bio for the full episode and to learn more #wealthdemystified #savings #financetips.’
Someone said: ‘Thanks for the great advice. I agree that savings accounts pay little to nothing in interests. For me, I have been holding money in my savings account so I can buy real estate and hopefully make a better return than 0.06%.’
A follower posted this: ‘Thanks for the advice and so true. But I have also been losing badly on mutual fund investment in shares. So what’s the alternative that would give me a yield slightly above inflation, David ?’
A commenter said: ‘A 529 Education Savings Plan is a great, higher yielding, tax-efficient, alternative to savings accounts when it comes to saving for education expenses.’
A fan posted this: ‘thanks for all the advice!’
In other news, David Adefeso just showed fans his three sisters, and people cannot get enough of his family. Check out the pic that he dropped on social media below.
‘My 3 sisters. Guess which is oldest and which is youngest? Ronnie runs a thriving catering business and at the same time manages her husband, BobbyO’s, large medical practice in Dallas FW. Abby is a Medical Doctor. Family medicine. She also makes clean herbal products that enriches our beautiful melanin African skin. And then there’s Mo. She’s has a PhD; so I think we’re supposed to call Dr. Mo. Instead, we call her The Beast! She’s changing the African education system one brick at a time; she advises governors and Presidents on policy, and has “hung out” with the Queen of England (I heard more than once!’ David began his message.
Check out the rest of his message on social media.