Why You Should Spend More Money and Avoid Savings Accounts Practice good judgment as to whether spending money may actually be more conducive to your ultimate goals.
By Phil Town
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partner Phil Town describes some of the ways that saving can actually be detrimental to long-term financial health. Nobody wants to lose money, but that impulse can be destructive if it means sacrificing important life experiences and opportunities. Town mentions there is a difference between establishing a safety cushion and saving every dime for fear of losing your money.
According to Town, putting your money in a traditional savings account can also be a mistake, in part because the value of your money kept in them will decrease over time.
Click play to hear more from Phil Town.
Related: Break Bad Investing Habits by Adopting These Tried-and-True Tips
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