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
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.
“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.
Why Alysoun Loves Her Horses
Celebrating I Love Horses Day
There’s really a holiday for everything, and as a horse lover, I am happy to indulge in I Love Horses Day on July 15.
Horses sleep standing up. This is probably hard for us bed- loving humans to imagine, but it’s true. You’ve probably seen horses lying on the ground, too. They can sleep that way as well for short periods. Horses have a long lifespan. As I said, I’ve had my horses for 12 years. It’s not uncommon for horses to live 30 years or more with the proper care. As veterinary care has improved over time, horse life expectancy has actually increased. Horses are herd animals. We sometimes think of horses as loners, but as wild horses show us, they prefer to live in small herds. Even domesticated horses like having companions, which is why I have more than one horse! Horse height is measured in hands. Americans are accustomed to measuring things in feet, but horses are measured in hands! This ancient measurement has been standardized in modern times to 4 inches.
When people ask what it is I love about my horses,
I could go on and on! At the end of the day, horses are a lot like people. They each have their own unique personality
— and every horse, just like every human, is different. I really see this up close and personal because I live around my horses and see them every day. I’ve gotten to know them quite well over the last 12 years and have come to appreciate each of their traits. If you haven’t had the pleasure of getting to spend time around these amazing animals, here are a few fun equine facts to get you started.
-Alysoun Eversole
2 www.eversolelaw.com
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