Why Savings Accounts Are a Sc4m ⛔️

Why savings accounts are a great big scam. Warning: the banking system of a whole, especially with ridiculously high inflation, ridiculously high government debt, and quantitative easing— the banking system as a whole is broken. It is broken, and savings accounts are a scam. Here's why. I'm going to give you some solutions towards the end of this video on how you can protect your money from savings accounts and maybe where you could and should put them instead. There's various reasons why savings accounts are a scam. Number 1, have you noticed that the interest that you get paid by the savings account is never as high as the current interest rate? How is that fair? How is it fair that when the interest rate goes up and you're supposed to get benefit as a saver, they don't pass all the interest to you? So scam number 1 of a savings account is that you don't get passed all the interest, and that's supposed to be the benefit of having a savings account. Scam number 2 of a savings account Your money actually isn't guaranteed. You think you— you think it is, you think it's safe, but in Japan they just shut some local branches and said your savings are now government assets, you can't have the money. In the last recession there was a run on Northern Rock, and because there's a revolution around money happening and around government and power. It's probably not going to be that many years before the first bank goes bust and all the savings money goes down with it, and you will be able to do nothing about it. Why? One, they don't guarantee all of your money. It's not all insured. They don't guarantee it. Um, and technically, when you put your money in the bank, it's not yours anymore. You just trust that when you want it, they'll give it back. The third scam, by the way, is that they lend and invest your money out, $10 to your dollar, £10 to your pound. And so they probably only need about 10 or 20% of the depositors of money in their banks to ask for their money at the same time and they can't meet their obligations, and they would be, um, they'd have cash flow issues and they'd probably end up going bust. Now, Anna has said here, I put my money in the safe. Unfortunately, that's not much better. So the next scam at the moment with the banks is really high inflation versus really low interest rates. So when inflation is higher than interest rates, you lose money in a savings account. When interest rates are higher than inflation, you make money in a savings account. Savings are taxed as well. This is a good point, Marina. So let's just list some of these scams. And by the way, let me know what you think in the comments. Scam number 1 of a savings account: they don't pass all the interest on to you. And people would say, oh yeah, but the banks have got to make their money. They make their money lending and investing it out. £10 to your pound. Scam number 1 then is they don't pass on all your interest. Scam number 2 is they don't guarantee your money. Scam number 3 is it's now not even your money. Scam number 4, if enough people ask for the money back, they won't give it back. They won't be able to. That's called a bank run. Scam number 5 is they take your money, which they won't give you any interest on, and they won't guarantee— Marina has said it's guaranteed up to 85,000, they say. Yeah, watch when everyone asks for their money back on the same day. Watch what happens. I'm just saying, it's happening in Japan, um, and it's gonna— it could happen across the world because of all the shit that's going on in the world with the Ukraine-Russia war, the massive government debt, the double digits of inflation, the massive quantitative easing, and so on. So, um, do you know any other scams of savings accounts? Let me know. And if you've got any comments on this, let me know in the comments. I said I'd tell you what you can do about it. Number 1 is you've got to keep only your basic living costs and budget in the bank, because banks are convenient, current accounts anyway, for, you know, moving money and paying things and doing direct debits, etc. But any other surplus You need to take that money out of the banks and put it into inflation-beating assets. Right now, gold seems to be beating inflation. Watches have been beating inflation. Real estate has been beating inflation. In the long term, the stock market will beat inflation. Putting it into your ISA via, via a stock market, you know, spread fund will probably beat inflation. Investing it in your personal brand and starting a business could beat inflation if you know what you're doing. So you need to get your money out of savings and into inflation-beating assets. Now, there's kind of, for you, when it comes to your savings money, two types of inflation-beating assets. One is money that's safe and secure and low risk, like you'd want in a savings account. So like I said, that could be money in the stock market which is well diversified in well, you know, um, proven companies. It could be in a bit of gold, a tiny bit of Bitcoin, maybe, um, in an ISA, but in things which are relatively liquid, i.e., you could, you know, cash out in say a week, um, and are relatively low risk, i.e., aren't just going to go up 30% and down 70% like a lot of cryptos have. That's one type of asset beating inflation, beating asset you'd rather have your savings in than cash. The next one is an asset that beats inflation that produces income. So real estate, starting a business, your personal brand, um, you know, monetizing social media, investing in digital assets where you're looking for more of a return. You're maybe even looking for a recurring or a passive income. Um, now the thing with these are they're slightly higher risk than gold or the stock market. Um, and NFTs are definitely even higher risk again, Tim, because they're quite new and no two NFTs are the same. One NFT could be amazing and another, another NFT could be awful. Um, so you've got the inflation-beating, safe, secure, low-risk, liquid asset And then the inflation-beating, higher-risk, income-producing asset. And they are much better savings account than a savings account. And beware of the 5 scams of the savings account. Can you remember any of the 5 scams of a savings account I said earlier on at the start of this video? Um, I don't think premium bonds are any better because anything that's a government-backed asset, you still have the same issue. Because the government are in trillions of debt, they make billions in interest payments. That's taxed to you, by the way. Wars are financed by tax to you. So I don't think any government-backed asset is any better. You want it decentralized, ideally. Now, if you want to learn how to invest, if you want to learn how to beat a savings account, if you want to learn how to have inflation-beating assets, join rob.team. Because on rob.team, I've got a 9-hour 10-module training called How to Invest, teaching you about 10 different asset classes and how to protect yourself from the scam of the savings accounts and the scam of the banks and the massive inflation. Have the low-risk, secure, liquid asset that beats inflation and the higher-risk, income-producing, inflation-beating asset and all the different assets to invest in. It's a masterclass on Rob.team, one of many masterclasses, and it will cost you less than a large cup of coffee, one-third of the price of Netflix. You can cancel anytime and there is no contract. And to join, it's really easy. Just go now and open a new web page and type in Rob.team. R-O-B, Rob team. Rob.team. Open a new page on the internet, there's— type in Rob.team. There is no contract, you can cancel anytime, it costs you less than a large cup of coffee. And one of the many masterclasses there is the 9-module, 10-hour— I think I said 10-module, 9-hour, it's actually 9-module, 10-hour course on how to invest. Someone is asking, what's the link again? Rob.Moore. You need to stick that in a web page. Do it now and grab that 9-module, 10-hour How to Invest series because savings accounts are a scam. 5 reasons they're a scam. I've covered them already in this video. I'll do a summary at the end. Inflation is wiping out your savings. Interest is really low, relatively, even though it's going up. And, um, inflation is really high relatively, and it's going up, which means you're double losing on your savings. And the banks could steal it if there is a run on it, uh, and they don't guarantee it, but they will lend and invest it out. So, um, you need to know how to protect yourself. And the 9-module, 10-hour How to Invest series, a recorded course that you can immediately access now is in rob.team. Just open up a new page on the internet, type rob.team. Go do it now real quick. There's loads of other masterclasses. If you want to monetise social media, there's a masterclass on it. If you want to start your business, there's a masterclass on it. If you want to scale your business, there's a masterclass on it. If you want to automate sales and marketing and generate leads, there's a masterclass on it. There's a masterclass on most things around starting your business. Scaling your business, getting better financial education and knowledge, making, managing, and mastering money, and building assets and building recurring income. So go now to rob.team. Nanny has said, should I move my savings account into an ISA? Yeah, I think having, um, your money in an ISA is better than having it in savings, um, because you'll probably get a better— well, you will get a better return over time if it's invested well. Not a cash ISA. I'd probably put it in a, um, a well-managed stock market fund. Um, now of course it depends how quickly you need to access it because there'll be a very small amount of fees investing into the ISA. If you can keep it in an ISA for a long time, that's better. Uh, what else do we have? I had somewhere here about, um, NFTs. So Tim wanted to disagree with me about NFTs. I wouldn't say we're saying a different thing, Tim, because I actually launched my own NFT project, but I did it very differently, and I only launched 43 of them, and already some of my NFT holders have got a return or a higher return. But I'm not doing it the same as any— a lot of other people's NFTs. And there are many NFTs that have gone down to virtually nothing in value. Most NFTs probably will fail, just like most cryptos probably will fail. That doesn't mean that there aren't good ones, because the few that are good might and probably will succeed, or hopefully will succeed. So, quick summary then: savings accounts are a scam. There's 5 reasons why. By the way, share this because it's important we get this money message out to as many people as possible. Reason number 1 is they don't pass on all the interest to you. Reason number 2 is they don't guarantee all of your money. They don't guarantee most of it. Reason number 3 is they will take it off you and lend it out £10 on the pound, $10 on the dollar. Doesn't really seem fair. Reason number 4, if everyone asked for it back at the same time, they wouldn't be able to meet the obligations and they'd probably go bust. Um, yeah, there's actually quite a few reasons why. At the moment, inflation is so high and interest is so low that you're losing a hell of a lot of money on a savings account. Hmm, some things to think about for you there. So let me know what you think in the comments. And if you'd like to start a business and scale a business, if you'd like to get better financial education and knowledge, if you'd like to make, manage, and master money and build multiple streams of recurring income and learn how to invest and beat the banks at their own game and protect your money, and if you don't have much money then learn to make money with not a lot of money. If you'd like to learn how to do all of this stuff, just open a new page now and type rob.team into any new web page browser. Do it now because I've got to get out of here. As you know, I'm an early-to-bed kind of guy. So just open a new web page, type rob.team, go and join for less than a large coffee, one-third of the price of Netflix, No contract, you can cancel anytime. Immediately downloadable information, education, and resources on making, managing, and mastering money. Your online financial toolkit, um, for one-third of the cost of Netflix. And you can subscribe anywhere in the world. So just go and join Rob.team by typing Rob.team in any web page right now. Protect yourself from the banks. The tax system is a scam, it's far too high. The banking system is a scam because fiat money is getting lower and lower in value and they just print more of it and devalue the money that you've got, but then they devalue their own debt, so they'll just keep doing it. Interest rates are historically low, inflation is historically high, which means if you have any money, it's getting wiped out. Cost of living crisis is going through the roof. Limited supply of fuel and energy is— and food is a low we haven't seen for decades. We've got wars going on, we've had lockdowns going on. The world is a bit fucked. Yoda said, can you put the link in please? It's rob.team. When I finish the live, I'll go and type it in, but I'm not finished yet. The only way to protect yourself from all this shit that's going on is to be financially free and independent and decentralized. So if you have more money coming in from assets than your expenses, you're, um, financially secure. If you have double or triple money coming in from your assets than your expenses, then you are financially free. And then the banking system doesn't really affect you. High inflation or low interest rates don't really affect you. Cordale Mark Loveman has said, don't you borrow money from the bank? Ah, now you see, this is I'm going to do a live on how to beat the banks, and that'll be another live for another time, but let me just tease you. Yes, you borrow money from the bank, and when you borrow money from the bank and you invest it into an income-producing asset, you use the bank's money like they use your money and you beat them at their own game. I.e., you take a depreciating liability, which is cash, because it goes down in value, and you turn it into an income-producing asset with the bank's money. And then when the banks do loads of quantitative easing and inflation is really high, The banks are essentially paying off your debt. So there are ways to beat the bank at their own game, and I'll do a live on it. So hit the share button and go and join rob.team and grab immediately the 9-module, 10-hour How to Invest series to beat the banks, to wipe out the scam of the savings account, and use and save and invest your money more wisely. You must protect it. And remember this: if you don't risk anything, you risk everything. I'll see you later.