My younger brother has been working for over 3 years now and he has very good financial discipline so he has been able to save more than 30k just from his paychecks (not including 401k which his company gives).
But the problem is he is only keeping this money in a checking account because our religion does not allow us to take any kind of interest.
I have been telling him to put that money into some kind of investment because it loses value due to inflation.
Is this true given the inflation rate today and the value of the dollar? And if so, what is the best way to gauge how much of that amount is lost each year or each month?