Gettin’ Paid – Conservatively

Gettin’ Paid – Conservatively


Now, I’m all about the principle and getting paid what I’m worth. I’m also about maximizing whatever capital I have into whatever profit I can receive. Here’s the thing, right now, I don’t have enough time to invest in the stock market – I want to be as thorough and knowledgeable as possible about the market before I jump into it. But, the stock market is NOT the only way to make money on your money. A very easy way to make money is to invest your money into a high-yield online savings account. I mean, I think this is a very easy way to get paid – and to get paid conservatively. You won’t become rich like this, but the rate you will receive on these accounts are astronomically higher than whatever you are probably receiving from your bank. In many cases, the rates are even higher than the offered CD (certificate of deposit) rates.

It seems like a no brainer to me. A year ago, I invested a decent amount of capital into an online savings account with HSBC. With my current bank, Wachovia, I was getting an abysmal interest rate on my money (less than 1%) . When I signed up for HSBC, I started receiving 6% for the first couple of months and then it dropped to the mid 5’s after that. It has dropped sharply recently because of the recent drops in the interest rate by the Federal Reserve – so I’m in the process of looking for another high-yield savings account with another bank.

My basic point is this: why make less when you can make more? And there isn’t even a risk involved – you simply sign up for an account and transfer money electronically (easier than it sounds) – and that’s it. Your money will not be as accessible as it would be with a local bank, but savings are exactly what they are – savings, right? You shouldn’t be dipping into your savings anyways, so why not leave it in an account where you are making at least 5 times more money on your money? I think this is an easy way to get paid – conservatively.

I know that folks are a little reluctant to invest in a bank they can’t see nor visit – but online banking is the way to go. Since they have very little overhead (very few branches, less employees, etc.), they can offer a much higher interest rate than a local bank can offer you. Once you can get over your reservations and mistrust of online banking, you will realize that you are way better off financially.

If only my parents had invested their money years ago into an online savings account, they would be straight balling! (well, sort of, not really – but you get the point). Plus, a high-yield savings account is one way to combat the inflation rate, because remember, 1 dollar a year ago is NOT a dollar now. I’m just trying my best to educate folks out there and try to bring to light easy ways to make more money. The earlier you start to invest and make financially wise decisions, the more they will pay off when you get older. Plus, it’s a matter of principle, let me reiterate: why get paid less when you can get paid more? Simply because you’re too lazy or inefficient to do a little research on your own? Simply because your apprehension has whittled away your common sense? Online bank accounts are the way of the future – get on that train or get left behind.

BY THE WAY – THE BANK I AM CONSIDERING MOVING MY MONEY INTO IS ONEUNITED – WWW.ONEUNITED.COM – THEY ARE CURRENTLY OFFERING THE HIGHEST INTEREST RATE OUT THERE – 5.15% APY – AND THEIR RATE SEEMS TO HAVE REMAINED STEADY FOR OVER A YEAR

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