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Why being a super saver won’t be enough in the Tech Twenties
If you have budgeted or earn enough to live below your means and have money left over for savings, congratulations! The statistics always seem to vary, but it appears that a majority of people are unable to save money. This is understandable with the increasing costs of housing, medical, food, expenses, childcare and just about everything else that has a bill attached to it. Establishing a savings account is quite a feat and you deserve to feel proud of yourself for being responsible enough to have extra money. 100 years ago, America experienced a financial decade of American prosperity aptly named the Roaring Twenties. I would argue that with advancements in technology and artificial intelligence, we are embarking on a decade that may one be known as the Tech Twenties where technology will surpass the traditional models and systems and open up significant wealth for those willing to embrace these changes.
There once was a time when people could save money and get paid interest. This was not a time of unicorns, fairies, or magic castles in the woods. In fact, it was in the 1980s when I was a child. At that time, a person could deposit money in a savings account at a local bank and earn over 5% just for keeping your wealth in an FDIC insured account. Take a look at the graphs comparing what CDs (certificate of deposits) were paying in the US…
