Wealth Secret - Use All Your Money - At the Best Interest Rates
Wealth Secret - Use All Your Money - At the Best Interest Rates
You work hard for your money; make sure it works hard for you. If your money sits idle, not earning best savings rates you are the loser, not only right now, but for many years to come. Even small returns are better than none because it offsets your loss. You loss is two things, the lost earnings right now and lost purchasing power in the future due to inflation. Make sure that all of your money works for you all the time, no matter how small the amount. Don't let funds accumulate is a non-interest bearing savings account. The banks usually have several types of savings accounts. Find out the best interest rates and other conditions about each of them and pick the one that pays the highest interest rates for the flexibility you want. There is another option you might consider. If your money is not needed for a year or two, you might look in to buying gold and silver coins. In times of high inflation and economic uncertainty gold and silver coin prices should rise substantially, whereas the interest bearing savings accounts will earn less than the inflation. Make regular deposits to your savings account. If you use a current account or checking account, set up a regular transfer to your savings. If by good fortune you have some money left at the end of the month transfer that to your savings as well.Bank interest is commonly calculated on the minimum monthly balance; therefore it is wise to transfer any funds before the end of the month and not the first of the month. This will increase your yield.If you miss a hundred dollars a year in interest income that was invested at 9% , in 25 years that would be $8,470; an amount you would not likely want to lose.Even the best savings account, while they offer low risk due to government deposit insurance, also provide very low savings interest rates. You should be looking for as investment that pays the highest interest rates available and is also highly liquid - that is, it can be readily sold or cashed in if the need arises.On an average account balance of $1,000 at 3% you would make $30 in a year. That extra $30 a year invested at 9% for 25 years would be $2,500. Is this amount worthwhile? Only you can be the judge.If you are not certain what to do with your cash, you may want to consider 90 day or one year certificates. For the longer term there are bonds. But there is another alternative, which has been out of fashion for quite a long time, which I think may be wise to consider at this time of global financial crisis. You may want to consider buying silver bars, buying silver bullion coins or you could buy gold bullion coins. In the past few years gold and silver prices, especially coin prices have been outperforming other safe investments and will likely do so for a couple of more years. It's also a great hedge against inflation which appears to be raising its ugly head. When you need money, you have a choice of cashing in the investment or keeping it and borrowing against it. Do a simple calculation and see which method will get you the most for your money and make an informed decision.You now have your money working for you. Now you can afford to take the time and look around and see what other ways there are to get an even higher return on your investments. It's time to get a financial education. Learn about real estate, holding second mortgages in your retirement plan, stocks and bonds or small business opportunities. The more you learn the more options you have and the more comfortable you will become with investing.
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