Building wealth takes money handling skills and one way to develop those is to learn about the various methods of savings and investment. While it may be tempting to attempt short cuts like playing long-shot stocks, the sure-fire way to build wealth remains investing in a way that pays a specific return of a minimum yield, hence the popularity of money market accounts, certificates of deposit (CD), and life insurance policies with a cash value account component.
Read MoreOne of the most important financial tools you have available is savings accounts. These types of accounts are essential for anyone who is working to build wealth. They benefit consumers in a variety of ways.
Interest is a big reason why these accounts are so beneficial to consumers. Savings accounts will typically offer some amount of interest. If you don't know how interest works, it's time to learn.
Read MoreWe all know that we should save money. There is never a bad time to start saving money, but choosing an avenue to do it through should be considered carefully. While all wealth management tools provide benefits, they all come with their own risks, too.
Each tool has the propensity to help you successfully manage your money to some degree, but much of that success will depend on your needs, your goals, and your current financial standing. Here we discuss some of the different savings avenues and compare CDs vs. other savings accounts.
Read MoreWhen it comes to managing money, there is a lot to think about and we always have a lot of questions. If I have learned anything it’s that there is no one size fits all answer. However, there are some basic principles that we should all try to live by.
One of these principles is to save money, and the safest way to do that is through a savings account. While other investments may be a smart idea, we are going to discuss the benefits of opening up a savings account so you can fully understand your options.
Read MoreIt is a smart financial decision to open a savings account. I am sure you know the basic idea behind a savings account. After all, it says its purpose in its name - to save money. There are other benefits to opening and using a savings account that you probably have not considered.
Read MoreA certificate of deposit (CD) is one of the many financial management tools that is a low-risk investment and has many benefits. Just like a savings account, CDs also allow you to earn interest, are FDIC insured, and there are different options to choose. A CD will usually have higher interest rates than most savings accounts but those rates do change often.
With so many benefits of CDs, it can seem like a no-brainer to get one. However, there are some things you should know before getting a CD.
Read MoreSaving money is something we all think about doing, but do not seem to spend enough time doing it. For those of you that have your lives together and this adulting thing is no sweat for you, this may not be the article for you. For the rest of you, me included, keep on reading to find out more about saving. The first step to saving is to open a savings account.
Read MoreFinding the best CD rates is just one of the many things you can do to save money and get some money handling skills. The best CD rates can usually be found at credit unions and online banks. If you don’t need immediate access to your money then a high yield CD can be a good way to build savings.
With rates on the rise for a six month or just a year-long CD, this could be a better option than some longer term CDs. With this, you will be able to access your money in months and then even reinvest it into higher rates.
Read MoreSaving money often proves to be difficult for some people. I completely understand. I admit, saving money, while I do it, is not the highest on my priority list. It should be higher, I know. It is something I struggle to do. To me, it is a balance between having what I want now versus saving money for a future that may never come.
Read MoreA Certificate of deposit (CD Account) is an agreement to deposit money for a fixed time period with a bank or financial institution that will pay you money. You can choose to invest your money for three months, six months, one year, or even five years. The longer your time commitment, the higher the interest rate.
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