You know, in America, savings is almost become completely forgotten about. According to a recent survey, 34% of Americans have zero savings and another 35% have less than $1,000. That means 69% of the American population don’t even have a thousand dollars in case of an emergency, like an automobile problem, or a medical issues, a layoff, or an economic downturn. This kind of stress is putting all kinds of pressures on relationship, families, mental and emotional wellbeing. But there are ways of overcoming and one of them is just simply starting with a very practical thing, like savings.
At a starting point, you need to have at least 10% of everything you make put away in savings for those kind of emergencies. Then the question comes up, “Well, Tim, where do I put that money because right now the banks are giving me maybe 0.1% interest.” I think the highest I’ve seen recently was 1%, and it had some caveats around it.
So where would I put that money to keep it safe? Well, what would this sound like to you? What if you could have a place to put your money and get a 4-6% guaranteed return on that money and still be able to use it to eliminate your debt? Would that be of interest to you? If it is, we’d love to talk to you here at Private Banking Concepts because what we do, that’s exactly what we can do to help your future.