If you’re looking to hit the right financial notes in a market with steadily increasing rates, a bump rate certificate can be a great addition to your savings plan. Just like you might turn up the volume on your favorite song, this particular type of certificate offers investors the opportunity to “bump up” their earnings.
Albert Einstein famously said that compound interest is the 8th wonder of the world, but its power is difficult to grasp. So, to give a simple visual demonstration, I'll double the amount of "c"s each time one is used in just three short sentences below. Imagine that each "c" is one cent deposited in a compounding savings account:
Laddering your certificates is an attractive investment strategy for new and seasoned investors looking to diversify their portfolios. With laddering, you will be able to decide how you want to split up your investments and whether to reinvest each time a certificate matures. By opening multiple certificates with staggered maturity dates, you have the potential to earn better returns while keeping your money safe.
Are you ready for a powerful New Year’s resolution?
Eliminating debt, learning new spending habits, or building savings are choices that can change your life. They can affect your entire wellbeing – from stress levels, to physical and mental health. The new year is a great time to commit to your financial health.
Getting your financial goals in shape requires discipline and determination. Credit card debt, economic challenges, and a competitive labor market are just a few factors that can challenge how you think about your particular financial situation. The question is, how can you improve your financial fitness? You can start your mindful monetary practices with the steps below so you can tone up your financial well-being.
