Why do you feel you need that much money in savings? Why is that a security blanket to you, and what does security mean to you?
Often times when folks retire, and there is no more income coming in, their attitude about money can change.
Hoarding cash matters. Money sitting idle in a bank account is earning low, low interest. Actually, it would take a United States investor 35 years to double their money in cash, assuming an interest rate of 2.0%.
Financial hoarding is keeping more cash than neccessary
Emergency funds should be 3-6 months of expenses.
Mindless saving trades off the present for the futurre.
There may be missed financial oppotunities.
Cash will not be keeping up with inflation.
Why do you save money?
If you want to put your cash on an exercise program, I can be your coach. Call me today.
This is meant for educational purposes only. It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action.
Please consult with a financial professional regarding your personal situation prior to making any financial related decisions. 09/19