{"id":36046,"date":"2013-02-08T12:45:28","date_gmt":"2013-02-08T17:45:28","guid":{"rendered":"http:\/\/countingpips.com\/forex-news\/?p=36046"},"modified":"2013-02-08T12:45:28","modified_gmt":"2013-02-08T17:45:28","slug":"how-to-earn-7-tmes-more-interest-on-your-savings","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex-news\/2013\/02\/08\/how-to-earn-7-tmes-more-interest-on-your-savings\/","title":{"rendered":"How to Earn 7 Tmes More Interest on Your Savings"},"content":{"rendered":"

Most people think building long-term wealth is difficult to do. But what they don’t realize is that it’s really just a matter of what you do with your money<\/a><\/strong>.<\/p>\n

You see, truly wealthy people… I’m talking about the ultra-rich… don’t think like most ordinary Americans. Because they don’t think in ordinary ways, that also means they don’t do the same things with their money as “normal” folks do.<\/p>\n

It’s all about protecting and building capital. And they take steps to avoid what I call “capital killers” — conventional habits that can have devastating effects on long-term wealth building<\/a><\/strong>.<\/p>\n

Here’s a simple example of what I’m talking about…<\/p>\n

If you have money in a regular bank, let’s say one of the “too big to fail banks,” your capital is being eaten away in fees. I’m talking about the wealth-killing fees they charge you every single day. On checks. On ATM usage. On balance requirements. And on dozens of other bogus “services.”<\/p>\n

These fees are “capital killers.” And without capital, it is almost impossible to create lasting wealth.<\/p>\n

If you don’t have capital, you end up on a treadmill… always trying to keep enough cash coming in to pay the bills. That’s where 90% of American households are. You need to avoid it.<\/p>\n

This is why I urge you to do everything possible to get out of their clutches now. <\/strong>Giving away free money to the “too big to fail” crowd may be OK for some folks. But serious wealth builders NEVER allow their costs to drain their capital. <\/strong><\/p>\n

Instead, they continually reinvest their capital in new business<\/a><\/strong> or investment profits. Capital is the key to creating lasting wealth. Reinvesting your profits and keeping your costs low is the way to build capital.<\/p>\n

Bank of America, for example, charges a $12 monthly fee for a standard checking account, subject to conditions such as
\ndirect-depositing your money or maintaining a balance above $1,500.<\/p>\n

Then you pay $2 each time you use a non-Bank of America ATM. It’s $10 if you need to visit a branch for a cashier’s check. You pay $5 if your card gets cracked or stops working.<\/p>\n

Individually, none of these fees will sink you. The fees your bank charges you are nickel and dime size. But they mount up.<\/p>\n

Consider too that you’re also not making anything on your deposits (which are essentially loans to your bank). If you have a common yield-bearing checking account, you make pennies per year. If you’re lucky.<\/p>\n

A “Tiered Interest Checking” account with Bank of America pays you 0.02% on deposits between $10,000 and $99,999.<\/p>\n

One step you can take to free yourself of these wealth killers is to switch to a credit union.<\/p>\n

Credit unions are member-owned. Members elect the directors. The directors set rates and fees. With a credit union, you’re dealing with a local institution. Not a faceless corporate board on Wall Street.<\/p>\n

I found a credit union near where I live offering accounts that pay 0.15%. That’s seven times the interest a “too big to fail bank” like Bank of America will pay you.<\/p>\n

You will also save money on fees. For example, some credit unions reimburse your ATM fees. The one I found has none of the “account minimums” that tend to trip extra fees in banks.<\/p>\n

Credit unions also have far fewer “nickel and dime” fees than banks: no check fees, overdraft protection, free online bill pay.<\/p>\n

And depending on the credit union you find you’re eligible to join, you could receive discounts on homeowners or auto insurance.<\/p>\n

You could also be eligible for special deals on rental cars or accidental death and dismemberment (AD&D) insurance. Taking advantage of these local “ins” will save you even more money.<\/p>\n

It took me only a few minutes to find a way to save myself hundreds of dollars a year and make over seven times the interest on my deposits than I’d get with Bank of America.<\/p>\n

You can do the same by investigating a local credit union today.<\/p>\n

In future dispatches, I’ll show you more ways to rid yourself of hidden wealth killers and switch from conventional to unconventional ways of building wealth.<\/p>\n

As Bonner & Partners chairman and colleague Bill Bonner puts it, “You’re either a contrarian or a victim.” And that goes for the way you bank too.<\/p>\n

Best Regards,<\/p>\n

Aaron<\/p>\n

http:\/\/www.insideinvestingdaily.com\/<\/a><\/span><\/strong><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Most people think building long-term wealth is difficult to do. But what they don’t realize is that it’s really just a matter of what you do with your money. You see, truly wealthy people… I’m talking about the ultra-rich… don’t think like most ordinary Americans. Because they don’t think in ordinary ways, that also means … <\/p>\n

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