Bank deposits won’t help you become wealthy but they can be a very important way to hold on to your wealth. That’s why they are so important to understand. When you deposit money in a bank, they usually promise to pay you interest in exchange for “lending” them the money. While you have the money […]
Banking Related Posts
After taxes and inflation, we usually lose money by keeping money in the bank. But that doesn’t mean we should ignore savings, checking and CDs. Everyone needs liquidity. Some banking products can help you. But others must be avoided like the plague. This category contains a number of posts to help you determine which is which.
On top of that, you can use your bank statements to better understand how you are managing your financial life. You’ll also find some important posts to help you make the most of that information in this section.
If you have a family living trust and a safety deposit box your attorney will probably tell you to retitle the bank box into the trust. This way, if something happens to you, your successor trustee will automatically have access to it. Smooth. To put the box into your trust all you have to do […]
You may find this hard to believe but the amount you keep in your emergency fund may do you a lot more harm than good. At the very least, how you approach emergency funds speaks volumes about your financial process and is a good predictor of what may lie ahead on your financial path. The […]
No matter how you’ve arranged your finances, chances are you have at least one banking relationship. But are you using your bank well or is your bank using you? It’s an important question because not only can banks dip into your pocket, they can also lead you down the wrong path – and that can […]
If you are in college or know someone who is, be careful about the student banking accounts you set up. A wrong move could cost you unnecessary fees and even give you bad credit. Some banks prey on students because they think the kids don’t pay attention. Not on my watch Pilgrim. Let’s start at […]
A few days ago a kindly Pilgrim reader (Paul) asked me about breaking a CD’s term, giving up some interest and investing his money elsewhere. He wanted to know if it was a smart move. Sometimes it is….but not always. Here’s an excerpt from the email: I’m wondering if I should break my CD and […]