It's important to understand the difference between saving and investing money... A savings account is the perfect place to park cash you have earmarked for unplanned bills or near-term goals.
I asked her how she's doing on retirement savings. Her answer? "Eh."... she’s in her 40s with more money in her savings account than in any account she has earmarked for retirement.
My advice to everyone is to find a high-yield savings account and keep enough money in it to cover a minimum of three months of essential bills.
But when we talk about money being used to meet long-term goals, like retire or put kids through college, a savings account is not the right place.
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