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:

Suicide bomber kills 57 at Kabul voting centre
Sun, 22 Apr 2018 11:43:00 +0100
At least 57 people have been killed after a suicide bomber struck at a voter registration centre in Afghanistan.

Four Britons killed in Saudi Arabia coach crash
Sun, 22 Apr 2018 16:09:00 +0100
Four Britons have died after their coach collided with a petrol tanker in Saudi Arabia.

'Jungle police' risking their lives for gorillas
Sun, 22 Apr 2018 00:50:00 +0100
The rangers of Kahuzi-Biega National Park take part in a parade every morning before setting out to do their jobs guarding one of the world's most critically endangered group of gorillas.

Naked gunman kills four before 'hero' grabs weapon
Sun, 22 Apr 2018 12:14:00 +0100
A manhunt is under way after a naked gunman shot and killed four people at a restaurant in Nashville, Tennessee.

Man bitten by shark previously attacked by bear and snake
Sun, 22 Apr 2018 10:40:00 +0100
An American man who was bitten by a shark in Hawaii has also previously been attacked by a rattlesnake and mauled by a bear.



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