What to do if you have too much money
If you are reading this title and get confused, it is perfectly normal as most people don’t have this problem. But there are some who do have this problem, as they may have a high amount of savings, but aren’t sure what to do with it. Here are 3 things you can do if you have a high amount in your savings account.
- High Yield Savings
High yield savings accounts offer higher interest rates compared to conventional savings accounts. Many of these tend to be online banks and with lower overhead can offer better rates. The magnitude of difference is staggering. As most retail banks or credit unions rarely offer more than 1% in their annual interest rate for savings. A high yield savings account typically will offer 3% or more, with many offering more than 4%. This is a major difference that will speed up your savings growth.
2. Invest
Investing in the stock market is another very effective way to grow your wealth. But if you aren’t comfortable with stocks you can invest in real estate. The bottom line is that you want to make your money work for you with investments. Investments are important because its money you can afford to lose and as you have a high amount of savings this can cover losses you may face. Investing is challenging but can be the fastest way to make money. It is important for you to do your…