The recent banking problems highlighted an important question. How much money are we giving up by holding large cash balances? Banks are still paying minimal/no interest while risk-free interest rates are at 5%.
Instead of moving to a larger bank for perceived higher protection, consider staying with your local bank, keeping your balance below $250,000, and taking advantage of 5% interest rates outside your bank. It takes very little time to set-up, lowers your risk, and you always have immediate access to your money.
Make $500 per year on $10,000, $5,000 on $100,000, and $50,000 on $1,000,000, while setting yourself up for long-term success.
If you’d like help making your money work for you, feel free to reach out to me.
(410) 900-0005
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