The Savings Account Replacement


Manage episode 152573494 series 1063725
Por Joshua Belanger descubierto por Player FM y nuestra comunidad - los derechos de autor son propiedad de la editorial, no de Player FM, y el audio se transmite directamente desde sus servidores. Presiona el botón de suscripción para rastrear cambios en Player FM o pega el URL del feed en otras aplicaciones de podcast.
Yesterday, right after the market closed. I headed over to a JP Morgan bank branch near my home to speak with one of the private client reps named Jackie. I was looking at opening a new business credit card to diversify the lines of credit we currently have. She asked how they could earn more of my business with moving our main account to them. If I didn't loathe all big banks, it would be pretty easy for them to win me over because I'm fed up with BofA and not wanting them to make a dime of my deposits or fees. However, it's which terrible firm will not rip you off the most, which you don't know until you move everything over. She told me about how good their mobile banking and other features that don't mean too much. However, as I started to ask a few questions about money sweeps and deposits, she answered with, "we are not supposed to talk about that." She provided options like putting the money into a CD. Ahh… Products that tie up your money that provide zero return. And when you ask the tougher questions, they provide no transparency. Of course, she suggested I open up a savings account. The whole point me sharing this story with you is that they never offered me any solution that would allow me better access to manage my money myself. They wanted to take it off my hands all for a "modest fee". As you might have learned, I want all control of my money. That is why I think people should have a brokerage account before savings. Firms like TD Ameritrade allow you to manage your cash right from your brokerage account. The great thing I love is that the brokerage account works similar to banking or savings account with having an ATM card, free bill pay, etc. I remember as a kid putting money into a savings account and then seeing it barely grow. What did that teach me? Yes, we need to put our money somewhere. Which is why I believe I would have learned so much more about money, investing and risk as a kid if I had a brokerage account than a savings account. The other advantage I wish I had was a book that could teach me how to be strategic and successful trading options, which is what I teach you in: Disclosure: I'm not affiliated with TD Ameritrade and only a client To your wealth, freedom and options! Joshua Belanger

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