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When you put your hard earned money in the bank's savings account they'll give you 2% interest or put it in a time deposit and they'll give you an 3-5% interest. Still below the 7% inflation. And when you'll withdraw your money savings you wont get it full 100% because of tax deductions.That's the reason saving won't make you rich.
Because the banks interest is not enough to fight the inflation.
Savings is the foundation of wealth. But, savings is not enough.
What should you do now?
1. You can put your money in mutual funds (average 12% interest a year) or the stock market where your money can earn an average of 12% and up interest a year.
2. Another is you need to do is to learn how to develop an alternative income stream aside from your job..or an alternative income stream that one can use during retirement. One of the income streams I am working on right now is network marketing or multi-level marketing.
I was skeptical about network marketing before because, and its true that there are many ponzi scheme out there waiting for their next victim/s. BUT my thinking about network marketing changed after I read Robert Kiyosaki's "The business of the 21st century" After reading the book I started researching, looking for a network marketing company where I can join.
And I found the best network marketing company in the Philippines. It is also operating in Singapore, Hong Kong, UAE, Taiwan,Brunei, and Nigeria and still expanding Globally. It has remarkable products that many people are using and the benefits that you can get are incomparable and you can generate passive income quickly.