With the current inflation rate hitting 7% and expected to keep rising indefinitely, any cash sums you have in savings accounts is literally depreciating by the day.
Most banks are still offering interest rates of around 0.1%, which is legalised thievery by any other name.
Historically, high rates of inflation were matched by high rates of interest in current and savings accounts so, effectively, so there was a balancing effect, although it was always in favour of the account providers.
Not so, now. At of today, the average inflation rate is 7000% higher than the average interest rate. Your money is being stolen if you keep it in a bank account.
So what are you going to do about. We all need an ‘emergency’ cash reserve to see us through troubled times in life but investing in your own and your family’s future is the only real defence you have against a disintegrating economy.
If you think that politicians of all colours, the mega-rich corporations or the establishment gives a flying one about you and your financial health, you’re either naïve or stupid or both.
Don’t be. Get in touch with us today about our training courses and we’ll help you plot a course for a financial future where you will be thriving instead of panicking.
You’ll always need to keep some of your funds in savings accounts. Here’s a helpful guide: