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Explain why a savings account is not a good option for long-term wealth building.
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Explain why a savings account is not a good option for long-term wealth building.

User Wulong
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A savings account is not a good option for long-term wealth building because if your money is in a traditional savings account, you're probably earning less than inflation, which is how the price of everyday goods increases steadily over time.
User Justrusty
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Answer:

While you can grow your money daily and take on zero risk with high-yield savings, they are not the best way to grow your wealth long-term. The rate of inflation can be higher than the yield you earn over time, so it's better to not keep piling cash into your savings and instead invest your money.

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User Tlrobinson
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