Whatever You Do....Dont Save Money!
No, that's not a misprint. Even though falling interest rates are good when you want to get a loan, they are bad for people with savings accounts.
In this economy your best investment, the best place to put your money is into paying off debts. Think of it as investing in your debt because that is exactly what you are doing.
If you put $1,000 into a bank savings account earning 2%, at the end of a year you will have $1,020.
If you carry a $1,000 balance on a credit card with a 19% interest rate, and you pay the minimum monthly payments, at the end of one year you will have paid $190 in interest.
If you get $1,000 in a tax refund, small inheritance or from somewhere else you now have a choice to make. You can earn 20 bucks in a savings account or save $190 by paying off that credit card. Keep in mind that your 20 bucks is taxable income so you'll be left with $15 or so after taxes.
Do you need a savings account for emergencies? That savings account may be causing those emergencies! Think about it this way...
If you are earning money in a savings account at 2% and paying anything over 2% on your debts you are sliding backwards financially and you'll never get ahead. It's basic mathematics.
If you earn 20 bucks for five years in your savings account you'll have $100. If you pay $190 in interest on your $1,000 credit card after five years you will have paid $950 in interest charges.
In other words you have wasted, lost, burned or flushed $850 by having a savings account. ($950 - $100 = $850) OUCH!
What can you do? Pay off that credit card and use that as your emergency fund. It's not the best way to do it but it's better than earning 2% and paying anything over 2%.
So, while the stock market is on it's roller coaster and the economy is challenged your best investment, bar none, is your debts! Get them paid off!
Leo J. Quinn, Jr. owner of http://www.LeoQuinn.com is a financial educator from the Albany, NY area. For over eight years he has been helping thousands of people get control of their finances and get out of debt in a fraction of the normal time. He has a special offer for readers of this newsletter at http://www.1shoppingcart.com/app/adt rack.asp?AdID=132551
 Google News Updated : Tue, 07 Oct 2008 08:49:19 GMT Fan in Room Seems to Cut Infants’ Risk of Crib Death - New York Times
New York Times - By TARA PARKER-POPE Sleeping in a room with a fan lowers a baby’s risk of sudden infant death syndrome by 72 percent, a new study has found. Study Suggests Fan Use Cuts SIDS Risk in Babies Study: Using fan on sleeping baby reduces risk of SIDS Publ.Date : Tue, 07 Oct 2008 03:22:40 GMT Turkey hits PKK targets in n. Iraq on Tuesday - International Herald Tribune
International Herald Tribune - ANKARA: Turkish warplanes pounded suspected Kurdish rebel targets in northern Iraq for a second straight day on Tuesday, stepping up a bombing campaign after the death of 17 Turkish soldiers in a cross-border ambush. Turkish warplanes bomb 21 PKK targets in N Iraq Turkish airstrikes target Kurdish rebels Publ.Date : Tue, 07 Oct 2008 07:30:40 GMT Red Sox roar into AL title series - Boston Globe Boston Globe - By Dan Shaughnessy Bring on the Rays. Bring on the Dodgers or Phillies if you like. There is plenty of champagne left in New England and Mayor Menino has sent the duck boats to have their tires rotated. Red Sox not taking Rays lightly in next round of postseason Red Sox squeeze past Angels, advance to ALCS Publ.Date : Tue, 07 Oct 2008 06:49:29 GMT Frerotte leads Vikings to Monday night victory - FOXSports.com
FOXSports.com - by Alex Marvez Alex Marvez is a Senior NFL Writer for FOXSports.com. He's covered the NFL for 14 seasons as a beat writer and is the president of the Pro Football Writers of America. Frerotte proves mettle against sloppy Saints National Football League Game Capsules Publ.Date : Tue, 07 Oct 2008 07:39:53 GMT McCain, Obama introduce newly sharp tone amid major news events - Los Angeles Times
Los Angeles Times - McCain intensifies his attack on Obama's past and character, and Obama returns the favor. The tactics may not resonate with voters in a time of crisis. Video: AP Campaign Minute McCain, Obama unleash another round of attacks Publ.Date : Tue, 07 Oct 2008 07:01:25 GMT Sri Lanka: international probe called into killing - International Herald Tribune
International Herald Tribune - AP COLOMBO, Sri Lanka: Sri Lanka's top opposition party called Tuesday for an international investigation into a bomb attack the previous day that killed a popular former army general and 26 others. Video: Sri Lanka army closes in on Tamil Tigers - 07 Oct 08 Former Tamil rebel fighter named as member of parliament Publ.Date : Tue, 07 Oct 2008 08:19:30 GMT Man with financial woes kills family, self - San Francisco Chronicle
San Francisco Chronicle - An unemployed financial adviser apparently despondent over his troubles shot and killed his wife, his mother-in-law and three children before taking his own life in a gated community, Los Angeles police said Monday. Video: 6 Die in Family Murder-suicide in Upscale Home California: Six Bodies Found in Los Angeles Home Publ.Date : Tue, 07 Oct 2008 07:38:59 GMT Make Money Online |
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