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:

Frightened Rohingya fleeing to avoid Myanmar return
Wed, 14 Nov 2018 17:13:00 +0000
Hussein Ahmed’s wife and children are missing.

CIA considered using truth serum on al Qaeda suspect
Wed, 14 Nov 2018 00:05:00 +0000
CIA interrogators considered using a truth serum on an al Qaeda suspect after waterboarding and other "enhanced interrogation techniques" failed to get the answers they wanted, according to newly declassified documents.

50 dead in California wildfires as first victims named
Wed, 14 Nov 2018 02:56:00 +0000
The first of the victims of the California wildfires have been named by officials in the north of the state.

Searching for bodies after devastating California wildfires
Wed, 14 Nov 2018 08:01:00 +0000
The mood has suddenly changed in Paradise.

Trump lacked 'common decency', says French government
Wed, 14 Nov 2018 15:00:00 +0000
The French government has accused Donald Trump of lacking "common decency" after his Twitter tirade on the third anniversary of the Paris terror attacks.



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