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.
By Phil Town •
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
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