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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:

Hong Kong leader 'sorry' but does not abandon extradition bill amid fury
Tue, 18 Jun 2019 08:57:00 +0100
Hong Kong's leader has appeared in public to offer her "sincere apology" following mass protests against a proposed extradition law, but has not said she will abandon the bill.

Platini detained on suspicion of Qatar World Cup corruption
Tue, 18 Jun 2019 09:20:00 +0100
Former UEFA president and French football legend Michel Platini is being detained for "technical reasons", according to his team.

Stuntman found dead after magic trick in River Ganges goes wrong
Tue, 18 Jun 2019 09:24:00 +0100
The body of an Indian magician who drowned when his Houdini-like escape stunt went wrong has been recovered from the River Ganges.

Two boys, both 14, guilty of murdering teenage girl in Dublin
Tue, 18 Jun 2019 16:59:00 +0100
Two teenagers have been found guilty of the murder of a 14-year-old girl in Dublin.

Bella Hadid apologises to Arab fans for 'insulting' Instagram post
Tue, 18 Jun 2019 15:16:00 +0100
Bella Hadid has been forced to apologise after insulting a number of Middle Eastern fans in a social media post.



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