What is Cash?
Let’s differentiate between cash, pure cash that’s sitting under your mattress non yielding non-interest bearing cash in cash alternatives like a money market, or a CD. Those are things that are yielding you a return on investment. CDs for a defined term, they’re going to give you a stated rate as long as you keep it in there. Money market has a stated rate on it as well. That’s going to fluctuate depending on where the Fed in the interest rates are. So when we’re talking about cash, we’re mostly talking about cash alternatives just because they are at an attractive yield that people couldn’t get over the last decade, you weren’t getting 4-5% on cash alternatives. Your cash is still paying you nothing. I mean, go and look at what the yield of your checking or savings account or your mattress, as we were joking about, is it’s zero almost. You’re not getting anything on those particular true cash investments. Even though we might be at all time high yields, you got to think about the fact that we also have all time high inflation. We were a 9.1% inflation back at the peak, even though yields were upwards of 5%, you still have a loss of purchasing power if you are putting your money purely in cash, which is why we talk about equities and always maintaining an equity sleeve in portfolios because in reality that is what acts as your inflation hedge over a 30 year retirement period is the equities that gradually and hopefully outperform fixed income over that in retirement period.
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