Don't Hoard Money in Your Account: Agree or Disagree?

[Suba]

The phrase "Money is King" is often misinterpreted by people as meaning to hoard or accumulate as much cash as possible in your savings account.

According to Jessica Goedtel, a Pennsylvania financial planner, hoarding too much money in a savings account will be very detrimental in the long run, as the value of money will decrease due to inflation. Furthermore, banks are not responsible or will not compensate if our account is hacked and the balance is lost, which is very different from crypto exchanges.
Meanwhile, Gregory Guenther, a retirement planning counselor in New Jersey, says that it's best to keep money in an account only for needs and transactions. While emergency funds and retirement funds for freelancers should be kept in separate accounts, especially to avoid large account balances being hacked.

 

[Springtime]

Well said. Do not put all eggs in one basket. Money in savings account should only be used for daily expenses and emergency. For spare money, you need to invest to grow your wealth.

 

[eLdavis]

While saving is good, it will not get you what you actually want. It would be better to have an investment as well.

 

[King Belieal]

I don't believe in hoarding money in bank account. I prefer to smartly invest money for it to circulate and yield.

 

[Augusta]

Well said. Do not put all eggs in one basket. Money in savings account should only be used for daily expenses and emergency. For spare money, you need to invest to grow your wealth.

I agree with you. There's no need keeping money you would have invested into any account it is better you invest it.