MYTH-1. SAVING AND INVESTING ARE THE SAME THING
· Saving is about setting aside money for use in the short term, usually less than a year.
· Such money is put in a cash management account or term deposit with very little risk.
· This saved money also has limited growth potential.
· Investing, on the other hand, is about putting away money for the medium to long term.
· It involves a measured degree of risk with the aim of growing your wealth.
· It usually involves creating a plan (investment strategy) to achieve your financial goals.