HOW TO SAVE MORE MONEY MAXIMIZE Y OUR SAVING S
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While saving money is difficult for some and easy for others, we can all agree that doing what we can to put a little money aside can help us in the long term. Here are two ways you can get the most out of your savings.
1%–2.2%. So, if you put $10,000 in a traditional savings account with a 0.01% interest rate, then you’d earn $1 at the end of one year. But if you put the same amount into a high-yield savings account with a compounding interest rate of 1%, you would earn around $135 in one year.
PAY YOURSELF FIRST.
OPEN A HIGH-YIELD SAVINGS ACCOUNT.
Even if you have a great savings account with a high interest rate, it won’t do much good if it’s empty or not being added to regularly. Many people don’t think about their savings until after the bills have been paid each month. However, it’s actually better to save first! Contributing to your savings before you pay your bills or make other purchases will ensure that you prioritize saving and maximize your great interest rate. As a bonus, when you put money into your savings first, then pay your bills, you’ll minimize the temptation to spend on unnecessary extras. To figure out how much to save each month, start by making a simple budget. Add up your monthly expenses, then see how much is left and how much of that you can put away. Make saving a priority by building this habit into your monthly routine, and you will rest easy knowing that you have a little extra tucked away for a rainy day.
There are multiple ways to open a savings account, but which is the best? If you want the highest interest rates and low (or no) fees, a high-yield savings account is your best choice. The main difference between this kind of account and a traditional savings account is the annual interest rate. While some brick-and-mortar banks do offer high-yield accounts, many — and those with the highest interest rates — are offered through online-only banks. Why is it worth moving your money into a high-yield account? They offer interest rates that are 20–25 times higher than traditional savings accounts. Whereas a savings account at a traditional bank may offer a 0.01% interest rate, a high-yield savings account offers rates between
BALL FIELD
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LESSONS FRO
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If you’ve known me for a while, then you know my family and I are big football fans. I played in high school and college, and my son Isaiah followed in his “old man’s” footsteps. As a sophomore at an NCAA FCS Division I school, he likes football even more than I did at his age. We end up talking football much of the time we are together, even with the pandemic throwing a wrench in things. Isaiah worked hard through preseason tryouts to get significant playing time. Watching his games this last season, I thought he did a good job. His team came away with some victories but also had a few tough losses. I think football is a great learning experience for a young man. A lot of life lessons can be learned from the game, including how to be a successful person and team member. This is similar to investing. Great investors need to be willing to learn and grow, which I’ve seen firsthand with 99% of my long-term investment clients and partners.
Obviously, as investors we all want to make fantastic returns and get above-average benefits. It’s the same with football. But there is a big difference between wanting something and getting it — and that difference is taking action. My son Isaiah wanted to play a higher level of football and wanted to get significant playing time, just like hundreds of other kids. But out of all of the players who wanted those things, only a fraction of them took action to make it happen. What about you? Are you taking the necessary action with your wealth, retirement funds, income, and net worth (especially in this roller coaster economy) to make a huge difference in your investment life? Will you do what it takes to become a successful long-term investor? If you’re not satisfied with your current investment results, I recommend an investment “tryout” here in the heartland. Once you take action, which is easy and affordable here, you’ll see the concrete benefits of owning your own investment real estate.
Over the last few months in this newsletter, you’ve seen some investment properties that would be great tryout candidates. In my opinion, these properties are low risk and will produce above- average returns. They’re perfect candidates for smart investors like you to try out as we head into the fourth quarter of this year. To take action today, contact me at 319-350-5378. That’s the first step — I’ll take it from there.
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