IT’S TIME TO DIVERSIFY YOUR BANKING! 5 REASONS NOT TO KEEP ALL OF YOUR MONEY IN ONE PLACE
You’ve probably heard the expression, “Don’t put all of your eggs in one basket.” But what about “Don’t put all of your dollars in one bank”? Banking at a single institution is the default for most people, but just because something is the typical strategy doesn’t mean it’s the best one for you! Here are five reasons to consider taking the road less traveled. 1. Different banks have different perks. Credit unions are member-run nonprofits and often don’t have minimum balance requirements. Traditional banks have cutting-edge financial technology and more loan options. Some banks offer high-yield checking accounts while others don’t, and online banks can have interest rates on savings accounts up to 15 times higher than brick-and-mortars. By banking with more than one institution, you can get the best of both (or three!) worlds. 2. You’ll have a backup if one bank fails. According to Bankrate, 511 U.S. banks failed between 2009 and 2020. That’s not nothing! If your bank isn’t insured by the Federal Deposit Insurance Corp (FDIC) and it fails, you could lose your entire balance, so diversifying your accounts (or choosing only FDIC-insured banks) is a good backup measure. 3. You can make sure ALL of your money is insured. The FDIC only covers up to $250,000 per depositor, per bank. So, if you have high-value accounts, depositing with multiple banks can ensure all of your money is covered.
4. The more accounts you have, the more withdrawals you can make penalty-free. Many money market and savings accounts have limits on how many times you can pull money out each month. If you bank with several institutions, you can make a few withdrawals from each of them, stay under the limits, and avoid fees. 5. You’ll have access to more banks and ATMs. Do you travel across your city, state, or the country regularly? If you do, it can be beneficial to bank with several institutions so you’re always close to an ATM or bank branch. For example, you may want to use a local credit union at home for the member benefits but bank with a national bank for out-of-state emergencies.
Why Does the ‘quip’ Toothbrush Really Work?
Inventing a New Design After seeing the sleek, modern design of a quip toothbrush, it won’t surprise you that two industrial designers invented it. Co-founder and CEO Simon Enever got the idea for quip toothbrushes in 2012 after a visit to the dentist in Queens, New York. His dentist mentioned that, despite electric toothbrushes working so well, people still didn’t use them enough. That day, Enever called Bill May — who’d worked for Lifetime Brands like Farberware and KitchenAid — and they started working on the company and product idea. But how do you break into a market dominated by two corporate brands? Existing electric toothbrushes worked great. But Enever, like most Americans, just couldn’t find one he wanted to use. The toothbrushes were heavy, the charging stands were clumsy, and the brush itself often felt too big, too small, or too oddly shaped.
Have you seen a toothbrush that’s always showing up in Facebook ads? If you don’t have one already, it might surprise you that quip, the company that invented it, currently has a net worth of over $1.14 billion. How did they get there? Unlike most consumer product companies, quip didn’t start with a product first. They focused on a problem first: People weren’t brushing, changing brush heads, or flossing nearly enough. Using those shortcomings as a starting point, they began to revolutionize the dental product industry.
toothbrushes had while keeping the most useful features, like a buzzing timer. That led to the signature, simplistic, and familiar quip toothbrush design we know today. Creating a Worldwide Trend With a competitive, affordable price ($25) and subscription service, quip makes it easy for users to stay on top of their oral health. Quip also works directly with dentists, who offer patients free quip subscriptions if they come in for six-month checkups. With quip’s sleek, light, and convenient design, and even a Bluetooth app for tracking and rewarding customers with healthy brushing habits, it’s no wonder quip toothbrushes are a worldwide success. Enever and May’s innovation wasn’t really in the toothbrush itself, but the way they envisioned how a toothbrush can encourage people to keep brushing. We think it’s safe to assume that many other dental brands, even other health-focused brands, will take inspiration from this approach.
From there, Enever and May stripped down many expensive, unnecessary features that
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