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:

Explosions at churches and hotels in Sri Lanka: '20 killed, 280 injured'
Sun, 21 Apr 2019 05:26:00 +0100
At least 20 people have been killed and 280 others injured after a series of blasts hit three churches and three hotels in Sri Lanka, according to a hospital official.

He stood up to Sudan's tyrannical government. Soldiers shot him dead
Sat, 20 Apr 2019 19:15:00 +0100
As Sudanese soldiers fire live rounds at unarmed protesters, a young man stands his ground, then moves forward, berating the soldiers for firing at civilians, telling them they should be ashamed.

Anger over Notre-Dame donations as yellow vest protests turn violent
Sat, 20 Apr 2019 17:19:00 +0100
Protesters have voiced frustration that the effort to save Notre-Dame Cathedral is overshadowing the yellow vest movement's demands, as protests in the French capital turned violent.

Ukraine election: TV star could uproot corrupt elites
Sat, 20 Apr 2019 12:24:00 +0100
Ukrainians will head to the polls today to choose their next president in a run-off vote.

We need to know if Russia's interference won Trump the election
Sun, 21 Apr 2019 03:15:00 +0100




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