You likely know that most banks will have savings accounts and/or high yield interest accounts that you can accrue interest. I recently heard about a bank that will pay you in American Airlines miles instead of cash for the interest. Which would you choose? Cash or airline miles? If you have had savings accounts you know you will get a 1099 tax form identifying how much interest you accrued that year. You also know that you have to file this…
For the past number of years, your savings account probably wasn’t growing much because interest rates were near 0%. Putting your money in a savings account was seen as a non-growth method. That’s not what were seeing these days. To fight inflation, the Fed has been raising interest rates which is also pushing savings rates higher. Savings rates are increasing. As of writing this post, I’ve seen savings rates over 4% now as well as 5%. If you’re looking for…
Money…a major need for early retirement, whether you have money or a plan to earn money. It’s the most important factor for early retirement. My father taught me that “a penny saved is a penny earned.” These days a penny can’t buy much, but if you have a lot of pennies it adds up. So how do you save all these pennies? In modern day terms, we’re not saving physical pennies but it’s the idea of finding ways to save…