????Spoiler Alert: Your shoebox of cash isn’t a savings account ????
I know that shoebox, ziplock, insert whatever you store that large amount of cash you have at home in, feels like safety.
You can take it out and hold it in your hands.
You can count it over and over and feel like a baller.
It feels more real because you can touch it. I get it.
But thanks to inflation, the minute that dollar bill made its way into your g-string then your at-home savings, it started losing its value.
Think about it, in the eighties, you could get a lap dance for $20 and as a dancer, you were making out great because $20 could get you A FULL TANK OF GAS.
To make a tank of gas for ONE dance now, you’d have to charge between $70 & $100.
Sadly, in most clubs in 2021 a lap dance is still $20! (You should totally be charing more than your clubs base rate)
Let’s say you never let your cash stash get below 2k… In ten years that shoebox would still have 2k.
If instead you took that 2k and put it in a HYS account with an interest rate of .51 % in ten years you’d have made $102 in interest
Before you think, eh 10 years only $102. That’s $102 your shoebox didn’t make.
Every dollar counts.
I know I don’t have to explain that to a hustler.
Now imagine if you set up automatic recurring transfers of $25 a week or $100/month.
That’s $1200 a year meaning you’d have $14,000 in that account and you’d make $404 in interest! That’s a total of $14,404.
Sounding a lot better than that 2k in a shoebox huh?
The more money you save the more money your money makes.
That’s the epitome of a great hustle if you ask me. ????