308- Cash is Trash!
b'It\\u2019s never a great idea to sit on too much cash. Why? One word: inflation.\\n\\xa0\\nInflation is the devaluing of a currency\\u2019s buying power. It occurs over time as the government pumps money into the economy and there\\u2019s a larger money supply buying a relatively fixed amount of items.\\n\\xa0\\nAs the money supply grows, people feel like they have more money, so they\\u2019re willing to pay more for things. When there\\u2019s a lot of inflation, wages tend to increase and people then feel like they\\u2019ve got even more money, so they\\u2019re willing to pay a little bit more for a Coca-Cola.\\n\\xa0\\nInflation is something that many people completely forget to factor in when calculating how much money they\\u2019re going to need for retirement.\\n\\xa0\\nMost people tend to assume that if you want to live on, say, $50,000 a year for the rest of your life you need to multiply that number by 30 years and that\\u2019s how much you need.\\xa0\\n\\xa0\\nWhat they don\\u2019t take into account is inflation. This means that to retire, you may need much more than you think. The small percentage may not seem like a lot, but over time, it adds up.\\n\\xa0\\nThis is why investing is one of the most important things you can do to set yourself up for a financially secure future. Not just investing in anything, but investing in companies that align with your values. By making the decision to invest based on our personal values, we can change the world radically.\\n\\xa0\\nIn today\\u2019s episode of the InvestED podcast, Phil and Danielle discuss why cash is trash, and why it\\u2019s important to set yourself up for a financially secure future by investing with your values.\\n\\nLearn how to invest with your values with my Four Ms for Successful Investing Guide. Click here to download: http://bit.ly/3eFrdWP\\nLearn more about your ad choices. Visit megaphone.fm/adchoices'