Now that tax season is over for most of us, wouldn’t it be a good time to review what you are doing with your money?
Is your money working for you or is it just lying around? If you have lazy money, you can put it to work, however, you need to know what to do with it. This was once an easy choice, you could just open a savings account in a bank.
The average bank savings account interest rate is less than 1% including compound interest, not much more than keeping it under the bed. This rate is not a good investment today as it once was when the rates were at 5-6%. What the best way to save for you depends on a number of factors. Your financial planner can be helpful in making decisions about what to do with your savings.
A Certified Financial Planner (CFP) like Les Merritt can be of service. Where you put your savings will depend on how much you have in savings, what risks you want to take and how immediate your need for the cash is. This is where Les Merritt can offer valuable advice. Contact him at (919) 269-8553 to discuss how you can leverage your reserves or visit his webpage to find out more about the best ways to put a bit more relaxation into the upcoming summer months and get your lazy money off its behind and working for you.