Check out Part 1 for my recommendations on where to save your money!
Last week, I covered recommendations for where to save money, but there are plenty of places where people save money that aren’t so great. I’ll try to make quick work of them:
CDs, or “Certificates of Deposit” have been offered by banks for decades, and they have offered a guaranteed percentage rate of interest for your agreement to keep a certain amount of money in the bank for a specified term. CDs are offered in terms anywhere from 6 months to 60 months, and individuals are heavily penalized on their interest if they withdraw the money before the specified term is up.
The reason these aren’t good investments is that your money is illiquid or inaccessible to you during […]