Why is it that we as a modern society are so eager to sign our way into any number of financial contracts without truly understanding the financial implications of what we are signing? Now big business knows this and it is used extensively to make deals look more attractive to us, especially when it comes to the area of automotive marketing.Vehicle dealerships and companies roll millions of dollars every year into their automotive marketing strategies and for good reason, the better they can make the deal sound for the client, the easier they are able to make a sale of their highly priced product which comes in the form of the vehicles which we drive every day.By not taking the time and effort to actually invest in yourself and find out how the structuring of all of these fancy deals and financing options work, you are lining yourself up to fall prey to the automotive marketing machine and at the end of the day this could end up costing you a whole lot more than you are led to believe.By taking the time to actually understand the structuring of these flashy deals and no deposit offers, you stand to save yourself a lot of money and interest payments when you purchase a new or used vehicle. Take the time to sit down, understand what you are signing and do the calculations, you might just be in for a shock.Many new methods of automotive marketing are specially designed by marketing experts to make it seem as if the automotive dealer is trying to create the best possible deal for you with the easiest payment terms, but when you actually go and do the math you find that they are making far more out of you in the long run and you are definitely losing financially.
Most financial books are written by businessman and other people who either have educational or street credentials. Personally, I would rather read and learn from someone who has street credentials. These are the people who have applied their philosophies to succeed in their personal finances. The book, “Thou Shall Prosper: The Ten Commandments For Making Money”, was written by a Rabbi. Not just any Rabbi, but a Rabbi who has a successful business. He practices what he preaches.
This is one of the best books on personal finances I have read. Its practical lessons incorporates Jewish teachings and current topics to reinforce his lessons (or commandments) on making money. His perspective on using the Jewish faith to discuss about money is intriguing and effective. Unfortunately, in our present culture, money is looked upon negatively. Even though people pursue it everyday (by going to work or business), it is generally accepted to just have enough (e.g. scarcity) rather than a lot (e.g. prosperity).
The first commandment and principle is to believe in the dignity and morality of business. There is true dignity and morality when you do your business dealings properly and ethically. Most of the time you will hear from our media about the negative aspects and effects of business. You will hear about the fund manager who swindled his clients billions of dollars.
You will hear about the banker who cheated customers on millions of dollars. You will hear about a retail store overcharging (and under delivering) to their customers. It would seem that these are common and generally accepted business practices. This could not be further from the truth. As Rabbi Lapin demonstrates in his book, there is more dignity and morality displayed in a prospering business than an “efficient” government program.
There are nine more lessons or commandments that are helpful to become a prosperous person. These include about being generous with your charity, extend your network, know thyself (Socrates would love this lesson), know your money, and never retire (very important to practice). Most people are trained to work for several decades then retire. Retirement is a state of mind. When you are working and being productive, you will be prosperous. Just like exercise and proper diet, you want to continue to work and become prosperous. This will give you longevity in your life. Also, it will give you a quality style of life and life style.
This is an important book to read on your personal finances.
Getting the best interest rates for your savings account can mean the difference between earning just $20 or $200 extra per year. Annual percentage yields of the best online savings accounts are up to 10% higher than the traditional accounts. The national average last year was around 0.09%, but some online financial institutions are able to give APY rates of 1.70% – 2.0%.What is 2020 looking like so far? Here is a look at some of the top savings account rates:
CIBC Agility Account
Offered by the CIBC Bank USA, the Agility account currently comes with an APY of 1.85% per account. In order to apply, you’ll need a photo ID, minimum deposit of $1,000, to be at least 18 years of old, SS #, and employment details. There are no maintenance fees. You can make limited transfers via CIBC NetBanking.
Alliant Credit Union
Alliant offers a high-rate savings account rate of around 1.65%, and the minimum balance to keep the account open is just $5. However, to earn interest, you must maintain a daily average balance of at least $100. This is a low average amount compared to many of the other top account rates on this list. As long as you select “eStatements”, there is no monthly fee.
American Express Personal Savings
There is a 1.70 APY with a Personal Savings Account through American Express. It’s easy to set up an account and you can even have multiple accounts linked together and move the money between them. There are no monthly balance requirements, although you’ll still need to keep at least $1 in order to earn the APY.
This online bank offers a couple of good account options, including a Savings Builder (up to 1.80% APY) and Premier High Yield Savings (1.55%). With the latter, you can start growing and reach your financial goals more quickly. With the Savings Builder option, you’ll need either a minimum balance of $25,000 or a $100 monthly deposit. As far as customer service goes, CIT Bank is the best option on this list of top savings account rates.
Regardless of which bank you choose, you must be sure to choose one that is backed by the FDIC. All of the financial institutions on this list are. Read reviews as well to see if there are any complaints, and to understand the pros and cons of each bank.
As far as top savings account rates go, CIT Bank is usually at or near the top of everyone’s list.