Re: Save money? Interesting perspective

Save money? Interesting perspective

LakeNormanTiger

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May 16, 2025, 8:55 AM

When I see this video I focus in on the part "they tell you to go school". I am assuming this indicates you are going into debt, to pay for schooling. Then you have to work and pay taxes to get out of debt.

I agree with him that just packing money away into a 0.01% interest savings account is not wise. But I do believe having a level of savings that aligns with a true emergency or loss of job is smart. This allows you to limit going into debt that is not manageable. That is the 3-6 months' salary that Dave Ramsey advocates. Going into debt, or being able to not be drawn into debt is what I take from this. Savings is just part of a strategy to mitigate risk. Thats how I would answer him.

Banks making money on savings. Well that is expected. The infrastructure of moving money and paying for things with ease the way that we do is not free. I am thankful I dont have to carry a pocket full of gold coins around in my pants. Heck they fall down as it is with the darn cell phone.

And going back to the gold standard argument, linking our currency to gold, diamonds, or whatever is still just a promise of keep X item against Y currency. It can be changed by the group making the promise. When the US was on the gold standard it was not 1 for 1. It was a ratio that could and was altered over time. So it is all about putting honest people in charge of the monetary supply. Thats the best you can try to do in my opinion.

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Save money? Interesting perspective