Even if you are operating purely based off of the check card that comes with your Checking Account or a credit card, I would highly recommend opening a savings account as well.
Here’s the reason why, by just having money sit in a checking account you are actually losing money. The US inflation rate is presently around 3-4% which means the value of your money is decreasing by that much every year if you have it just sitting in a zero interest checking account (That would be between $300-400 lost if you had $10,000 earning zero interest for a year).
Instead, what you should do is put any money you don’t need on a daily basis in a savings account and I have one that I recommend that will earn you over 3% in interest.
Continue reading ‘How To: Get 3.3% Interest On A Savings Account’
By the end of this post you will have bought stock on the stock market at no fee to yourself in just six steps.
People in their teens and twenties spend money at a frenetic rate, few save money and fewer still invest on their own. However, just taking a small percentage of the spending (whether money is coming from parents, work, gifts, etc…) and investing it will reap tremendous dividends later on in life. I would argue that young people are unlikely to invest (unless their parents do it for them) not because of lack of interest -indeed, I’ve had numerous friends ask me how to get started- but because it simply isn’t that easy to figure out how to get started.
Time is the single most important part of investing, and the younger you are the richer you are in that resource. I am going to explain why this is and how you can get started investing, literally today, with just $100.
Continue reading ‘How To: Start Investing Young’
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