You Can't Save Your Way to Wealth; You Must Own Assets!

This morning I thought about something that happened last week.

My 18-year-old son received his first paycheck from his job at a local fast-food restaurant . My wife and I were so proud. As he walked away, my wife said:

“Remember to put some of your check in your savings account!”

That’s responsible advice, but saving alone is an extremely slow way to build wealth .

His savings account pays 0.4% interest . At that rate, it would take nearly 180 years for his money to double .

So I told him:

“And don’t forget to take a portion of your money and buy some stock!”

He opened the TYKR app, saw Microsoft’s strong score and recent dip, and bought his first shares.

Microsoft’s 10-year compound annual growth rate has been about 23.6% . If he invested $50 consistently over time, the long-term outcome would look dramatically different than leaving that money in the bank. (~$24,000 vs. ~$6,100)

The lesson is simple: Saving money is good.

Owning high-powered, income-producing assets is a better way to build wealth.

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