Whats Better Than a Savings Account | Park Your Money
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So whats better than a savings account and what’s the best place to go to park your money. I’m not talking about safe or just keeping money under your bed.
- Savings Account are usually Pretty Good for the average person but they have two main Cons
- Interest rates fluctuated, and some big banks just don’t care enough to give you any money on your savings. For example, Chase gives .01% on any balance you have, and a bank like Varo Money gives you 2.80% on the first 10k and 1.21% on all other balances.
If you have $1Million bucks, chase will pay you: $1000 and Varo will pay you $12,100 ( its 12x the money) - The second problem is that basically: savings do not have offer enough security, 250k is a lot but not a lot when you have Millions.
Tip: although right now, you might not have millions of dollars in the future you will, and its important to know what plan works best.
- Warren Buffet is sitting on $128 Billion in cash
- Do you think he keeps it in savings, or in the walls of his house
- The answer is no he keeps it in T- Bill ( that stands for treasury bills, these are usually short term notes issued by the US Government)
- As short as 4,8,13,26 and even 52 weeks ( that’s how short term this actually is)
Important Information: - This is not FDIC insured at all
- But it according to the FDIC they say, it’s backed by the full faith of the US government, the best guarantee there is
- Meaning that if the US government Fails, that’s the only way you can possibly lose your money. ( and I doubt the FDIC insurance would kick in if the US goes down)
Overall: The idea is that by investing in T-bill you can park your money safely and earn some interest also for the short term. If you want to buy some you can go to https://www.treasurydirect.gov/ and buy some their.
Btw Guys:
– When The Fed raised rates last year in 2019, the interest rates/Coupon rate for the T-bill was around 2.60% ( very good)
– Today since rates are so low its around .16% almost nothing
– But the point is, if you have a lot of cash you want to park and not rely on a bank, this is one of the best ways to do it
- But there is another way to actually do it, it’s actually an investments strategy
- Say for example you wanted to park your money, but also have the freedom to get it back at anytime
- Instead of waiting 8 weeks or 52 weeks
- The answer you can actually invest into an Index made up of 1-3 years of treasury bonds ( for example with an ETF called SHY, issued by BlackRock)
Here is How it works:
– You can use Robinhood, acorns, m1 finance, etrade and even fidelity to buy this ETF
– Right now it sells for $86.63 per share, it pays 1.74% more than most high yield savings
– But more important check out the history of the price.
– Compare Index fund like s&p 500 vs SHY 1-3 Years treasure Bonds
However: this is riskier, because of its subject to demand and supply and market conditions.
Overall: In time most likely if you are watching this video, you will build a lot of wealth, and the idea is that instead of relying on the middle man the bank, you can go straight to the source and get some better rates.
Ps. They also have long term bonds with higher rates.
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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.
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You need not fret about not having the money to do your company. In the case of merchant account loans a particular amount is dispersed to you with a somewhat larger quantity due. Do you need more cash to grow your organization?
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Naturally, when the majority of people believe of a business loan, they consider going to the bank. So for instance if you acquire funding by doing this with a 10% discount rate you will owe 10% more than you borrow.
For any businessman, it is difficult to get one of the appropriate company loans. Lenders and banks may require some documents that may be tough to provide. The procedure is complex and often rigorous when you acquire a company loan. Credit approval is not that guaranteed. Even if it is supported by Small Organization Administration for funding the loan, it can’t fulfill the bulk of all business. Although there is a boost in those people who are obtaining for one, it is not that simple to get a business loan.
Having a different Business Banking account is encouraged given that it will assist you keep your financial records straight. It will conserve you a great deal of time during tax season to keep your service and individual costs separate. I suggest using a bigger bank, such as Bank of America or Wells Fargo, which serves business neighborhood. They will use a wider series of services and perhaps be a good source of service loans to assist fund your development.
You’ll definitely need to take inventory of your Credit Cards if you’re going to be using for a home mortgage soon. Even those without a balance can keep you from getting approved for the home mortgage. That’s because home mortgage lending institutions not just think about the amount of financial obligation you have, however the also the amount you could have if you charged up your credit line.
Like the organization address, you can avoid this step if you intend on utilizing an existing phone number. But you ought to think about including a 2nd contact number to your house or workplace to be utilized simply for your brand-new organization. You can even get what is called an “overlay” and put a brand-new phone number on top of your existing phone. It will go to the same phone as you have now, and in many cases you can appoint a different ring tone so you know it is for business.
There are many lending institutions out there that manage quick Business Loans. These lending companies have actually turned up all over the nation and assist people get unsecured loans as soon as they need it. It will depend on your circumstance and scenarios. However, there are numerous organizations that discover this as a practical option.
You likely understand some things about personal or business checking accounts online if you are up-to-speed with online banking and money-transferring. These types of virtual accounts are typically used by company owner and specialists all over the world nowadays. This is essentially since of how hassle-free they make things. Remember the old days of doing all of your banking at the regional branches? What a discomfort in the butt this was. As you probably recall, you constantly needed to go back to the closest branch in order to get anything done. Luckily nowadays are long gone. Now it is all about banking on the internet.
Banks are already knowledgeable about the various advantages of online business banking. So you see huge banks, little banks and even rural banks are entering it and providing their own versions of electronic banking or internet banking. All they need now is for their customers to trust them enough to do their deals online. Take a look at it by doing this, banks have a lot to get with our trust. They would not run the risk of the trust that we provided by providing us services that are not protected and untrustworthy.
Do you now have a better understanding how charge card use will ultimately enhance bad credit? So they generally burn the midnight oil in the evening to the wee hours of the morning and they sleep the whole day.
However that’s not the only method, and definitely not the most thriving way, to generate income off credit cards. Since there are various currencies used on the world market today each has a benefit.
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