Where to Store Your Money in These Unsure Times
In the world today it is hard to trust anyone or company with any form of currency. So what should you do with your money? Where should you store it? Is a bank the best place? How do I know my money will be OK? Well the answer to all these question I hope to answer for you my friends.
So what should you do with your money? The economy is not just down right now we are on the brink of major break down. In our history of this great country we call home we rebound so this is not out of the ordinary. There are three options right now you can do. One you can store it on your own. Two put it in the stock market yeah its down but that's the best time to do it. Three put it in a bank for safe keeping. Now I know what your saying "Marvin how can we trust the stock market or the banks" Well my friend that is the next question I will answer.
Were should you store your hard earned cash? Well this question is not as hard as it sounds. Again you have three options home, bank, or stock market. The most risky, you will be shocked, is not your home its the stock market. With the constant fluctuation it is by far the most risk but has the highest gain if you invest right. How do you know if you invest right? Well if you like a company that you feel you would like to invest in look go to there web site, if they have one. There will be a link just for investors that will tell the future business plan and goals of that company. Some small companies may not have this and trends right now are not all that great to look at. Suggestion would be to sign up for e-trade or scotttrade on line. Both sites have daily news and help when ever you need it. Be careful though and your research.
The second which is also risky is storing the money in your house. Being burglarized is not out of the question. Even though crime last year was at a low burglary was only down %.8. If you do choose to store your money at home store it in a safe. A gun safe is the best but a small non portable safe will work. Storing it in your computer or in your freezer may not be the best place. Computers are very high stolen items and food is too tempting to take. Keep a log of your money and know how much is in the house at all time.
Last the safest place to store money is the bank. A savings account or a CD are to ways that you can make money off of stored money. The thing that makes the bank so safe the FDIC. What is the FDIC you ask it is the Federal Deposit Insurance Corporation. When I was a kid I use to get annoyed at the end of bank commercials when i heard at the end "Member FDIC" not knowing how important they are. The FDIC, get this, insures anyone that uses that bank up to $100,000 of there money. That means my friend that if you have $10,00 in the bank and they go well bankrupt you get $10,000 dollars back. Isn't that great to have. I do not know about you but my house does not have that kind of insurance. Banks are the best way to store your money. Plain and simple now how at the bank should you store your money? Well if you just want to store it a checking account would work just fine. If you are looking to make a little off of it a savings account or a CD would be what your looking for. Again do your research on both to make sure your getting the most. The only thing with a CD is you cannot touch it for an allotted amount of time. This makes it less desirable but it will be worth your wait.
Well my firends I hope you got some information out of this. For anyone that did not understand money in bank good money at home bad. Stay safe, do your research, and as always good luck and thank you!