Hoarding Money Isn't An Investment: Money On Deposit and the Effect on your Wealth

Most people consider having money in the bank as the most effective way to create wealth. Little do they know that the banks give very little return to its customers for a high amount of investment they can make at their expense.In this episode of Everlake, hosts John McNicholas and Marc Westlake explore the limited control individuals have over their bank deposits and the hidden costs associated with state savings. The conversation emphasizes the importance of financial education and transparency, highlighting the disparity between bank profit motives and depositor returns. They discuss the missed opportunities in the Irish financial sector due to misallocated savings, the cultural tendencies towards cash savings and property investment, and the need for professional financial advice. Through historical and contemporary contexts, the hosts advocate for a balanced approach to saving and spending, stressing the role of investments in personal and societal growth.---Thanks so much for listening to this episode of the Everlake podcast!If you'd like to work with us, head to https://www.everlake.ie/ and follow the instructions to book a consultation. If you enjoy this podcast, please share it with a friend or colleague and leave us a rating & review on your podcast app.LinkedIn || YouTube || X (Twitter)This podcast is intended for information and educational purposes only and does not represent a specific recommendation or advice for an individual to follow. Speak to your financial adviser, in the context of your own personal circumstances, prior to making any financial or investment decisions.This podcast uses the following third-party services for analysis: OP3 - https://op3.dev/privacy

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