The Pros and Cons of Savings Accounts

The convenience of a savings account is in safety and liquidity.

In today's Better Wealth Episode, I continue my series of episodes  “Where Should I Invest My Money”  as I discuss the framework of how to analyze the best places to invest your money. In the last episode we discussed my ideas on the Roth IRA and the Roth 401K, but today I look at savings accounts. Listen as I walk through the pros and cons of savings accounts comparing them alongside the 11 attributes of a perfect investment. Join me on the BetterWealth YouTube Channel to see the whiteboard examples in this episode.  

1. Safe (Low Risk): Your money suffers little to no risk of loss.
2. Liquidity: Your money is accessible for emergencies or opportunities.
3. Growth: Your money multiples at a competitive rate of return.
4. Passive Cash-Flow: Your money produces income on it’s own. 
5. Leverageable: You can use your money as collateral.
6. Private: Your money grows without restrictions and has creditor protection.
7. Tax Deductible:You can subtract any money you put into the account from your taxable income.
8. Grows Tax-Free: Your money grows without being taxed.
9. Tax-Free Distribution: You can access your money without paying taxes on it. 
10.  Protection/Legacy: You are provided for in the event of tragedy and are self completing.
11.  No Contribution Limits: You have no limits on how much you can fund in the asset. 

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Episode Links & Resources: 

Episode #162: Wealth Building with Taylor Welch 

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