For those who want to earn passive income, do not leave your money in a bank account. There are a lot of ways on how you can earn without actively engaging in an activity and sacrificing your sweat and blood. You can save money then put it into an investment or trading account afterward. If you want to grow your money, you must be ready to learn more about saving and investing because these are more than just opening an account. Many of you might think that depositing your money in a bank account can make it earn an interest that you can use in the future, you are wrong. Here’s why you should better pull out your deposits in your bank accounts.
Catch me in my live training events! (quick plug)
The heart of why I do these seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more about how you could time the market check out the trainings below.
If you leave your money in a bank account for a year or so, this will earn an average of 1-2% annually. Not as big as you thought, right? While if you pull out your deposits then put in into something else, there is a greater chance that it will earn more than 2% a year. Some good examples that are better than bank deposits are bonds and mutual funds because they have almost the same level of risk. There is no gambling required when you invest in bonds and mutual funds, which makes them an ideal portfolio if you want to keep your money safe.
Letting your money sit in your bank account means you will not use them for a while. This also means that you are not learning to use your money wisely. Come to think of it, once you put your money in a stock trading account, you start seeking for more knowledge so you can trade well. You start reading books, watching Youtube videos, and attending stock seminars. But would you do this to learn more about how to deposit your money in a bank account? Use your money in a way that you can learn and earn!
Unless it’s for emergencies, pull out your deposits and start opening an investment account. Emergency funds are meant to be put in a safe account with 0% level of risk so it’s fine if you are leaving these funds in a bank account. However, if the purpose of why you opened a bank account is that so your money can earn interest, you are not doing a wise thing. Instead of bank accounts, open an account in COL Financial to start investing in stocks. The earnings are way better than the 1-2% average interest in banks.