Planning For A High Interest Savings Account
Michalis 'BIG Mike' Kotzakolios
Defined Tag: High Interest Savings Account.
It is amazing how things have changed only to loop back again to previous standards. In the 1920's many average people were placing their hard-earned dollars into stocks, bonds, and other forms of investment so that they, too, could ride the amazing wave of prosperity. Yet when everything came to a crashing thud in October of 1929 it would be years before the common American would again feel safe to invest their money.
These times of rapid investment for the common person are coming back again. Yet in the vast interim between the great crash and today, one of the few ways most people saw it fit to invest was by way of a high interest savings account.
The high interest savings account is a wonderful thing. This is as everyone likes money, particularly money simply made from allowing one's primary stock of capital to remain in a bank. Yet the average bank account doesn't provide much over a few percent points of interest. So how does one get the high-paying interest accounts?
The 'secret' to this is best illustrated with the old saying "You've got to have money to make money." This is true as a high interest savings account is usually applicable only with a large amount of money, at a minimum of $10,000, and that's on a lucky day.
Yet this is not to say that such an account (and its lucrative interest rate) is not beyond the reach of the average person, with a little intelligent financing. The secret to getting such an investment is time and patience and a bit of studying. The first step is to get a few books on investment to learn the ins and outs of investing. Then, as money is saved up, it can be invested. This is not to say that every investment will pan out, but if a person is frugal with his or her money and able to successfully save it, in time, more and more investments will prove successful, as the learning curve on such a venture is less than 5 years for most people.
If this basic plan is conducted along with other people, in only 2 or 3 short years a collective pool of money can be used to open up a high interest savings account. While this might seem almost "too easy," the truth is that it's a lot of hard work, study, and planning, but it can be accomplished.