Are you saving your money when instead you should be investing it? Or maybe you’ve been investing, but alternatively you should be saving! Folks get confused as those terms are often used interchangeably, but they are very different. For example, we call it “saving for retirement” when we are actually “investing for retirement.” Saving and investing are both important and have their place, and so the trick is knowing when you should be doing either. During this episode, we’ll cover some of the different indicators and considerations that will help you to determine whether you should be saving vs investing. And it depends on your goals, but there’s a good chance you’ll need to do both!
Additional Resources:
- It’s tax season! Be sure and head to IRS.gov to see the different providers where you can file your taxes for free.
- There is a lot of perceived risk when it comes to investing in the stock market that isn’t actually true. Listen back to this previous episode to learn what the real risks are when it comes to investing in the stock market.
- Also here’s a longer post on the 6 ways most people lose money in the stock market. Also check out what to do when the stock market is crashing… We can learn a thing or two from other people’s mistakes!
- Where to go if you’re looking to save: check out why Joel opened a high interest savings with CIT. Also check out Discover and Marcus and they both have solid offerings.
- Where to go if you’re looking to invest: check out why I opened a automated and free account with M1. And of course you can’t go wrong with Fidelity and Vanguard.
During this episode we enjoyed a Kong Double Hazy IPA by BarrelHouse Brewing Co – a big thanks to our friend Josh for donating this beer to the show! And if you enjoyed this episode, be sure to subscribe and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to spread the word to get more people doing smart things with their money!
Best friends out!
