Best Place to Keep Your Money

It is hard to earn money.  It is harder to keep money.

You will find that many people have the ability to earn money.  

Even when they hate to go to work, they still go.  They still smile at the bosses whom they hate just for the sake of paycheck.

However, most of them cannot keep their money.

Their money seem to fly away without their knowledge.

Let us hope that you are an exceptional.

After earning money, where is the best place to keep your money?

The worst possible place is your wallet.  The second worst possible place is your home.  

Once you have easy access to cash, you will spend it.

Let us look at the best place to keep your money.

1.  Bank

The first and best place to keep your money is the bank.

However, to keep your money really safe from your greedy heart, you must not have it in the same account that you receive salary.

You should open another account for the sole reason of saving.

In this case, you have the money available when you are faced with an emergency.  This account serves as an emergency fund.  It earns interest for you too.

2.  Insurance 

Insurance policies, especially whole life insurance policies, are the second best place to keep your money.

It is better than bank saving account, since the insurance policies provide coverage.

The problem is that you cannot use the cash value as easily.

You have to apply for a policy loan in order to unlock the cash for emergency needs.  You need to pay the interest to the insurance company since you are borrowing money from them.

3.  Stock market

Stock market is the place for people to grow money.

You should choose good companies that make money in all situations.

These companies give out dividends at least once a year.

The problem with keeping your money in the stock market is that you are not guaranteed a profit. Selling at the wrong time loses money for you.

If you have the time to wait, you will get rich.

4.  Gold and silver bars

People buy gold bars and silver bars when they see the US Dollar devalues against major currencies of the world.

The problem is that you have to find a place to store.  You have to find a time to sell, and a place to sell too.

While this method prevents you from spending all your hard earned money, it also prevents you from getting access to ready cash should an emergency arise.

After all, you cannot pay your medical bill with a gold bar!

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