Could Your Cash Savings Hurt You?
It's hard to imagine having too much cash. But it's actually possible to do.
If you're decades away from retirement and you literally have more money than you know what to do with, it probably doesn't matter if it's all sitting in cash somewhere. Most of us, though, have more financial goals than we have money to accomplish them with -- so we need to take the money we do have, and grow it over time.
Cash savings is important (especially to retirees), but it's not the answer to growing wealth -- which is what Millennials and Gen-Xers really need to focus on. And this is where you can truly have too much sitting in cash savings vehicles, whether that's under your mattress, in a bank account or CD, or even a money market in an investment account.
There are a few ways sitting on too much cash in these various places can hurt you:
Cash Doesn't Grow on Its Own
Not only will inflation erode the power of
