Where to Safely Grow Your Cash

As humans we tend to shy away from risk but always seem to want high returns. The problem with that is, risk typically follows returns. In general; the higher the risk, the higher the return. Being an entrepreneur takes some risk but entrepreneurship has unlimited potential with what can be achieved. A popular quote by Teal Swan states “We do not fear the unknown. We fear what we think of the unknown.” The quote resonates so much because we make preconceived notions on everything in our daily and future lives. A recommended book that can help guide through uncertainty and is available on Amazon is “Thriving Through Uncertainty: Moving Beyond Fear of the Unknown and Making Change Work for You” by Tama Kieves. The book touches on how how to thrive through future obstacles as well as controlling the mindset and mood to stay focused and happy. After recently watching a Jeff Bezos interview on The David Rubenstein Show, Jeff stated one of the reasons he was motivated to start Amazon was that when he turned 80 or 90 years old, he does not want to regret not venturing out on his visions during his lifetime.
People tend to fear investing into the stock market especially during volatile times even when it is widely known that the money is really made in the market during market meltdowns and not when times are great. This is because everything is on sale during a downturn and can be capitalized on during that time. A popular and free trading platform making strides in the financial technology (fintech) industry is M1 Finance. You can read my review of M1 Finance. Be it either stock investing or real estate with Fundrise or fixed income investing, there are various ways to grow wealth and have your money work for you. In my series of writing on this blog, I would also like to touch on ways to generate risk-free returns that are available to the regular Joe.
Savings accounts and certificate of deposits (CDs) are the typical ways of generating risk-free returns. All the deposits are FDIC insured. The standard FDIC insurance on most accounts offer coverage up to $250,000 per depositor. Now, the question is what bank can the cash by parked that will generate the highest risk-free return. A website was recently brought to my attention by a reader and I believe the site can be a great resource especially for individuals who are looking for where they can generate risk-free returns. The inputs to the website is the time period you plan to have the savings in the account, state, and an estimate of the amount. The tool then runs a lot of queries extracting the interest rates from different banks and ranks the best options based on returns. There are recommended options such as keeping it simple by having the highest rate savings account out there today and other options that mix-it-up with a combination of the highest rate CDs, savings accounts, and rewards checking accounts. The site is a great tool and eliminates the need to browse different websites in search of the highest rate. I have found the tool useful and hope you will as well.

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