The Banks Are Brilliant To Trick People This Way
I saw an unbelievable sign at the bank. What bothered me is
realizing how many people believe the advertisement to be true
without knowing the far better options that are 1,000x better and
still buy the bank's offer.
8 Minuten
Podcast
Podcaster
Beschreibung
vor 8 Jahren
Stop waiting.
Don't let this special offer go away.
Banks are pulling out all the advertising stunts they can to open
more savings accounts and CD's, but it's at your expense.
If you are looking for long-term saving solutions listen to
find out why there are better solutions.
Banks Are Advertising CD's Like They Are What Your Retirement
Dreams Are Made From
You likely already have a checking account with your bank so when
they offered you a certificate of deposit or savings account you
agreed.
Obviously, you want to save your money, right - why not do it all
in one place?
I was in the bank this week and saw a sign I couldn't believe.
What hit me hardest is knowing so many people believe the ad to be
true without knowing better options.
A print ad sign said "Great rates to help you get your savings
going." selling a five-year CD.
WHAT?!? You can earn 1,000x more investing that money better
places.
Banks are scaring people into opening CD's and saving
accounts!!
What rate do you get on your CD? 2%.
What is the historical reality of inflation? 3%.
If you are taking this "GREAT" deal... you are losing money every
year!
Banks Are Scaring You To Park Your Money With Them! And It's
Working...
You don't need anything more than an emergency fund in a bank. (3
months of income)
CD's have a place in retirement plans, but they way banks are
selling them is taking advantage of people! Look at its
limitations 1. you can't access your money when you want it and
2. you are earning less than 1% interest on it when you could be
earning so much more!
If it's so bad, then why is this working in so many
banks? Well, it's important to remember how those bank
employees are incentivized. The more accounts they open, the
better reward they get.
It's a rewards incentive campaign so they can manage and disperse
more of YOUR money.
You have to beat inflation over time and CD's won't cut it.
Your plan may include CD's but don't buy into this BIG
promotional push to be the savior of retirement plans everywhere.
Friends, don't believe it! Think first.
If you ever think an advertisement or promotion you see has a
different motivation or isn't telling the whole story, give me a
call for honest feedback and advice. I'll return your
call as soon as possible and give you good, trustworthy financial
advice.
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