Saving vs Investing: Which route should you take in 2022?

In this week’s episode I answer a question people of different backgrounds and knowledge levels might be wondering about, and, chances are - you are asking yourself the same question too. What should you do with spare cash in 2022 - save it or invest it?

First, we dive deep into two concepts: saving and investing. How they work, what is the difference and the downsides to consider when it comes to both. I offer two questions to guide you in the decisions whether to save or invest your spare dollars, and the foundations that need to be in place for either of these processes to work. 

Second part of the episode is dedicated to the environment we are in today - with rising interest rates, does it still make sense to invest in the stock market if you carry an unpaid balance on your credit card, a variable rate loan on your car or real estate property. 

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Key Takeaways:

• 00:40 Send me a voicemail
• 1:35 Why this topic?
• 2:45 Specifics of the environment we are in this year
• 3:40 Let’s establish some common language 
• 4:04 You don’t need a specific reason to save $$$
• 6:14 Pros and cons of saving
• 7:05 Investing - a way to streamline your wealth building journey
• 8:05 Two questions to understand whether you should save or invest
• 9:50 Why not keep everything in a savings account?
• 10:33 Investing is no exception when it comes to sudden downturns
• 11:50 Should you invest in the stock market when interest rates keep rising?
• 12:55 How you can make money by paying off debt now
• 13:20 What to do if you’re unable to pay down debt quickly?
• 13:50 Best practices for 2022

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Have a personal finance question or a situation you're unsure how to deal with? Leave me a voicemail here - I will make sure to offer you answers in the episodes to come!