Maintain your old Siemens Hipath system

Whatever You Do....Dont Save Money!

No, that's not a misprint. Even though falling interest rates are good when you want to get a loan, they are bad for people with savings accounts.

In this economy your best investment, the best place to put your money is into paying off debts. Think of it as investing in your debt because that is exactly what you are doing.

If you put $1,000 into a bank savings account earning 2%, at the end of a year you will have $1,020.

If you carry a $1,000 balance on a credit card with a 19% interest rate, and you pay the minimum monthly payments, at the end of one year you will have paid $190 in interest.

If you get $1,000 in a tax refund, small inheritance or from somewhere else you now have a choice to make. You can earn 20 bucks in a savings account or save $190 by paying off that credit card. Keep in mind that your 20 bucks is taxable income so you'll be left with $15 or so after taxes.

Do you need a savings account for emergencies? That savings account may be causing those emergencies! Think about it this way...

If you are earning money in a savings account at 2% and paying anything over 2% on your debts you are sliding backwards financially and you'll never get ahead. It's basic mathematics.

If you earn 20 bucks for five years in your savings account you'll have $100. If you pay $190 in interest on your $1,000 credit card after five years you will have paid $950 in interest charges.

In other words you have wasted, lost, burned or flushed $850 by having a savings account. ($950 - $100 = $850) OUCH!

What can you do? Pay off that credit card and use that as your emergency fund. It's not the best way to do it but it's better than earning 2% and paying anything over 2%.

So, while the stock market is on it's roller coaster and the economy is challenged your best investment, bar none, is your debts! Get them paid off!

Leo J. Quinn, Jr. owner of http://www.LeoQuinn.com is a financial educator from the Albany, NY area. For over eight years he has been helping thousands of people get control of their finances and get out of debt in a fraction of the normal time. He has a special offer for readers of this newsletter at http://www.1shoppingcart.com/app/adt rack.asp?AdID=132551

In The News:

Iran president warns Trump against 'mother of all wars'
Sun, 22 Jul 2018 10:46:00 +0100
Iran's president has warned Donald Trump against provoking the country, telling the US leader that "war with Iran is the mother of all wars".

Syria White Helmets evacuated amid 'threat to lives'
Sun, 22 Jul 2018 07:37:00 +0100
More than 400 White Helmet rescue workers and their families have been evacuated from Syria by Israel "due to an immediate threat to their lives".

11 taxi drivers shot dead in South Africa ambush
Sun, 22 Jul 2018 08:17:00 +0100
Eleven taxi drivers have been shot dead after attending a funeral in South Africa.

Four Britons arrested over 'gang rape' in Ibiza
Sun, 22 Jul 2018 06:30:00 +0100
Four British men have been arrested in Ibiza after a woman was allegedly gang raped on the Spanish island.

'Hero' stray dog adopted after helping injured cyclist
Sun, 22 Jul 2018 10:12:00 +0100
A stray dog who went to the rescue of an injured cyclist when he fell off his mountain bike has been adopted after being hailed a hero.



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