Author Reno Omokri has dished out a piece of money advice via his Instagram page.
According to Reno, saving money in banks is only saving the banks themselves. He advised that people should instead invest their money in businesses that will fetch them more money.
”The reason they call putting money in banks SAVING is because you are saving the bank, not yourself. Invest your money, dont save it. And if you must save, save only to acquire enough money to invest.”None of those on Forbes’ rich list have savings. Their net worth is a calculation of their assets, not their cash in the bank. If the inflation rate is 1%, banks will give you a savings interest rate of 0.5%.”You will be happy, thinking your money is growing. But in reality, it is depreciating. Don’t be their fool. Invest in something that yields an interest higher than the inflation rate”
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