Stop Paying Interest; Start Earning Interest, says it all. This is the tagline of BGR Financial Coaching for one reason. It makes sense!
First of all, banks are known for their checking and savings accounts. Most are known for the following: car loans, credit cards and mortgages.
- Car loans, credit cards and mortgages all items you essentially pay interest. This is money the banks are earning at your expense.
- Savings accounts, money market and Certificates of Deposit (CD) are items you earn interest (very little) while the banks still earn at your expense.
We believe banks or credit unions serve a purpose for most people. We recommend you use them for checking and emergency savings. Emergency savings should be 3-6 month’s worth of expenses (not income); this money needs to be liquid (easily accessed) for real emergencies but not so accessible that you use it for everyday purchases.
Create a separate savings account for the following:
- Emergency Fund
- Future Purchases Fund
- Travel Fund
- Car Fund
When it comes to really earning interest on your money you need to look to investing in your company’s 401K, a Roth IRA and good growth stock mutual funds. BGR Financial Coaching recommends you seek out a qualified financial advisor with the heart of a teacher for professional advice. One great place to look is the Dave Ramsey website most noteworthy the Endorsed Local Providers (ELP) section.
When planning for your financial future Stop Paying Interest and Start Earning Interest!