Savings

Why You Should Spend More Money and Avoid Savings Accounts

Practice good judgment as to whether spending money may actually be more conducive to your ultimate goals.
VIP Contributor
2 min read
Opinions expressed by Entrepreneur contributors are their own.

In this video, Entrepreneur Network partner Phil Town describes some of the ways that saving can actually be detrimental to long-term financial health. Nobody wants to lose money, but that impulse can be destructive if it means sacrificing important life experiences and opportunities. Town mentions there is a difference between establishing a safety cushion and saving every dime for fear of losing your money.

According to Town, putting your money in a traditional savings account can also be a mistake, in part because the value of your money kept in them will decrease over time.

Click play to hear more from Phil Town.

Related: Break Bad Investing Habits by Adopting These Tried-and-True Tips

Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.

EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on RokuApple TV and the Entrepreneur App available on iOS and Android devices.

 

 

More from Entrepreneur

Jason's expertise and experience can help you with storytelling, motivation, and pitching your business to media.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur