Personal Finance Learning Guide
<aside> 🗒️ In this section: If you've made it here, congratulations! That means you have money to save! We'll discuss how and where to do that to begin growing wealth.
</aside>
Saving money is the easiest way to begin building wealth! All you do is take the money you have left-over (hopefully a lot after you've reduced your expenses) and store it in a savings account in a bank.
<aside> <img src="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/4245f9b3-4be2-4c74-8b58-57f68c452188/Favicon-simplify.png" alt="https://s3-us-west-2.amazonaws.com/secure.notion-static.com/4245f9b3-4be2-4c74-8b58-57f68c452188/Favicon-simplify.png" width="40px" /> "Auto-Saving" is a hack to save by automatically stashing away money to a separate account before you can spend it. You can set this up yourself or use apps such as Acorns, Digit, WealthSimple, or Qoins to help you.
</aside>
No ❌! Unless you need the money urgently, you should try to have no more than ~25% of your money in a savings account. Savings accounts typically pay you a low interest rate (~1%) and don't maximize your money's ability to make more money. In fact, keeping your money in cash lessens its total value over time due to inflation 📉 (cash is worth on average 3% less each year).
<aside> ✅ Want to see how much you've learned so far? Try our Quizlet!
</aside>
Now that you've learned how to save, check out Section 6B on building a "money flywheel" 🎡 to begin growing wealth.
Want to skip ahead to learn how to invest your savings? Check out Section 7: Investments.
To learn about how to save for retirement, check out our section on 401Ks.
