2 minute read
Have you looked at your bank statement lately? Getting much interest? Yea, I didn't think so. This is the issue with bank money. Low interest. But this isn't the ONLY problem with letting your hard earned dollars sit in a bank collecting dust. In my opinion, there is an even bigger mistake. And a lot of people have made this mistake, myself included.
Many of us are consumers. We spend money and buy things. If money is sitting there, not growing, it gets bored. And you know what people do. They spend it on stuff they don't need. And guess what? Many of us have done this over and over. So now we all have that SNUGGLE blanket thing or a pillow that was supposed to help us sleep but only causes nightmares or a slicer dicer gadget sitting in the way back part of our pantry. I am not suggesting that we should deny ourselves some indulging but during times of financial uncertainty you may want to start paying some more attention to where you are spending your hard earned money. And where you store it.
When I find myself about to fall for the next latest thing on Instagram (yes I bought Bobbi Brown's foundation....hated it) I start asking myself these 3 questions.
1) Do I need it?
2) Will I REALLY use it?
3) Will this improve or negatively effect my current financial situation?
And then based on my answers I either move forward or stop.
There are better places to put your hard earned money than a bank and if you are interested in any of them reach out to us. We will be happy to share our strategy that will keep you and your money happy!