Doug Goldstein, CFP and director of Profile Investment Services Ltd., outlines the advantages and disadvantages of keeping money in the bank.
Having money in the bank offers investors a sense of security, but leaving money in the bank can impact your long-term financial plan. While an investor’s money kept in the bank is secure and liquid, low interest rates impact an investor’s potential growth.
The right answer as to what you should do with money in the bank depends on your financial goals, your risk tolerance, and your time frame.
Doug created the free resource What Should You Do With Money in the Bank. Download the free resource on The Goldstein on Gelt website in today’s show notes.