Traditional Savings Just Doesn't Make Sense Anymore

in LeoFinance27 days ago

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Traditional Savings Just Doesn't Make Sense Anymore

Once upon a time there was a middle class working man/women who went to work every day, committed over half of their life to a company to help it thrive. He/She later in life retired with a pension, 401k savings, Medicare and social security and lived a good end of life. They where able to put money in safe areas such as banks and other funds and earn a reasonable interest rate on it which they could live off of while only tapping a bit into the core assets or not tapping into it at all.


Today I ran into this old timer yet again offering up total crap of investment advice.

This man at the ripe age of 63 is stuck in the old days that when yeah maybe these things really did exist. But this man is CLEARLY far out of touch with reality. Telling kids to save $5 a week and safe often ok sure that's good advice but when you throw in 8% in the mix it's laughable!

In what safe security blanket can you earn 8% right now?
NONE! - Unless you are the bank

What riskier investment can you earn 8% in right now?
Very Few and in most cases right now a number of these are in very high risk zones because of what's going on in the world you could end up with all of your money trashed or cut in half. At best a decently secure company dividend yields would mark around 3%-6% and that's just barely covering inflation at the moment.

The only place you can really earn and earn big right now is crypto which in my opinion is just nearly as risky as investing in the stock market or putting your money into savings and having it eaten away by inflation.

Cryptos Use Case

The other reason why I'm long term bullish on crypto unlike this man is because the use cases of it continue to grow. It was 12 years ago that bitcoin became a thing and was born out of the economic recession which we might be heading into yet again due to how mismanaged governments have become.

A recession often happens in the past every about 7 years on average however that's changed and the recession we currently find ourselfs in is one of the greatest and longest we have ever seen. Currently this recession started in Feb of 2020 and is ongoing with a current 14.7% unemployment rate something we haven't seen since 1937 and a GDP decline of 19.2% again one we haven't seen since 1937. You start lining up those numbers and it looks more the we are headed into a great depression and no longer a recession.

Take that into account with the great depression numbers of lasting 3 years 7 months with a unemployment rate of 23% on average and a GDP of -26.7% and you can clearly see we are not far away from those numbers.

Gold No Longer Holds It's Value

With those numbers above and inflation you would expect to see assets such as Gold and Silver skyrocket in dollar value right?
Instead we get some of the lower price values ever.


I firmly believe that gold and silver are highly regulated and manipulated. The USD is no longer backed by gold and silver thus we see a great disconnection. So what exactly gives paper FIAT value? It honestly comes down to faith in the government that is printing it and that's it. It is no longer backed by anything asset wise and instead continues to be printed more and diluted in value.

One asset that does seem to be holding it's value to the USD?


When the depression we are currently in started what did we see happen with crypto? Not a sell off but instead one of largest increase we have ever seen!

I don't see us coming out of this recession or what honestly I would soon call a depression any time soon and thus I feel the value of crypto will actually moon again while old farts such as the SEC chairman try and bring faith back to their USD.

*This article is for entertainment purposes only and is not financial advice. Do your own research before investing and take responsibility for your own actions.

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“I basically treat crypto like savings” is one of the most repeated phrases I say to people on the topic. I’ve never lost $40 in my bank account and recovered $200, but it happens with crypto fairly consistently.

Crypto is more than savings, it's actually an income source.

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Investing in Crypto currency is good. Due to how what's happening now,is better to share your money into two. Invest half in BTC and half in other things.

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Haha. Start saving early? That's what my 'poor' dad told me to do. If I had listened to him, I would have never invested in crypto because it's a "Risky Investment" according to him.

Gold and Bank Savings are the things of the past now. We are entering a new age of Finance powered by Blockchain tech. Everyone should freely access financial services without middlemen waiting to eat away their profits.

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If I put $5 in bitcoin every week for 1 year I would have an ROI of 40% or even more, honestly traditional savings don't make any sense.

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