The View From The Pinnacle
Is it time to put your lazy money to work? On today’s show, we talk about what lazy money is and why you shouldn’t keep too much of it lying around.
Click the timestamps below to fast forward to certain points of the episode.
Thing’s You’ll Learn Along Today’s Journey
Your lazy money is the money that isn’t working for you, maybe it’s resting. This is money that is barely keeping up with inflation if at all, things like a checking account, savings account, or CD. So why does anyone have it?
For a lot of people, the money in the bank account provides a feeling of safety and security, you can see it and access it at any point. Some of your money should be in the bank and held for an emergency, but certainly not all of it. Maybe you don’t know where the money should go or where to invest. Is this really a problem?
If you leave too much money as lazy money, you’re just losing money “safely.” You won’t be able to keep up with inflation. If you’re not seeing your money grow, it deflates you and kills your motivation to save and invest more money. Sean helps his clients handle this by starting with a plan. If you have a whole bunch of cash and no plan, that’s an indicator of what’s comfortable for you. Instead of having a plan of inaction, come up with a plan that strategizes and considers what you want your money to accomplish for you.
When you look at the three things your money can do for you, you’re looking at safety, liquidity, and growth. Typically, you can get two of the three, but you can’t have them all. Money in cash or savings is liquid and safe, but no growth. Think about the timeline of when you need this money. Reach out to an advisor to put together a plan that considers your needs and goals for your money in order to have the right amount invested and in the bank in case of emergency.
Listen to the entire episode or skip ahead using the timestamps below.
1:00 – What is lazy money?
3:09 – Why do people have it?
4:29 – Why is having lazy money dangerous?
6:43 – How does Sean help?
Looking Back From The Mountaintop
“If you don’t have a plan, let’s come up with one. Let’s come up with what you want your money to accomplish. Let’s come up with an idea of what your goals, beliefs, and values are.”
-Sean Lee
Resources From Today’s Podcast
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