Rich by Thirty. Lesley-Anne Scorgie
Чтение книги онлайн.
Читать онлайн книгу Rich by Thirty - Lesley-Anne Scorgie страница 8
Название: Rich by Thirty
Автор: Lesley-Anne Scorgie
Издательство: Ingram
Жанр: О бизнесе популярно
isbn: 9781459729766
isbn:
These websites, and others like them, include graphs showing the historical performance of your investments. They also include information to help you determine if a particular investment would be good for you. Some websites even allow you to download data for creating your own graphs in spreadsheet programs.
Twenty Minutes a Week
Getting a handle on your money doesn’t take much more than a little planning and checking up once a week. If you’re willing to take 20 minutes out of your busy week to devote to your financial future, I can guarantee you success. How many hours a day do you spend on social media, surfing YouTube, watching Netflix or television? If you are like most North Americans in our age group, you are glued to your electronics for 6 to 10 hours a day! That’s between 42 and 70 hours per week![5] If you cut back 20 minutes per week of Instagram or Facebook and spend that time checking in on your money and learning more about how to make it, grow it, and spend it wisely, you can become a self-made millionaire.
With the 20 minutes you manage to free up, you could:
Review your banking transactions. This will help you keep track of your expenses and income to ensure that you aren’t overspending.
Brush up your investment skills. Read a book about money management or surf financial websites or the business section of your local paper.
Keep tabs on how your investments are doing.
Set up your automatic banking transactions for the coming week.
The Big Bad Bank
Nineteen-year-old Kumar is in his second year of college. He hides half of his savings in the box his Apple LED Cinema monitor came in two years ago. The other half can be found in a small box in his closet. At any given time, he has a stash of more than $9,000 cash hidden in his room. Because he can easily access his money, he considers this technique more financially convenient than a bank.
Despite often getting a bad rap, banks are not evil. In fact, a good relationship with a bank you’re comfortable with is a key component in your getting-organized campaign — as important as that filing system I recommended earlier.
As convenient as it may seem to have money sitting under your hard drive, it isn’t very safe. There are way too many risks associated with keeping your money “under your mattress” rather than in a bank account. What if your house was robbed? What if your roof leaked? You could lose everything! Besides, if your money is sitting in your closet, it isn’t earning interest, is it? And if you read chapter 1 carefully, you now know how important compounded interest and reinvested returns can be. The best place for your money is in an account where you can monitor its activity and earn interest.
Setting Up an Account
If you haven’t already set up a bank account for yourself, now is the time. The first step is to pick a bank or institution that you would like to deal with.
There are large banks like RBC Royal Bank (Canada) or Bank of America (U.S.), or local banks like Vancity Bank in Vancouver or Columbia State Bank in Seattle. Most of the larger banks are owned by shareholders, whereas some of the smaller banks — typically credit unions — are privately owned or owned by the collective group of their customers. And Internet banks, like Tangerine (formerly known as ING Direct and now Capital One 360 in the U.S.), are becoming more popular because they have lower fees due to low overhead as they generally don’t have a network of brick-and-mortar branches.
When selecting a bank, consider fees, location, convenience, policies, and customer service. Check out their websites and pay attention to word-of-mouth reputation. It can also be very helpful to get a referral from someone you trust, like your parents or a close friend.
Once you’ve selected the institution with which you’d like to deal, it’s time to set up your accounts. If you are under 18, you may need to bring a parent or guardian along. You’ll also need at least two pieces of up-to-date identification (a driver’s licence, birth certificate, passport, or Social Security (USA) or Social Insurance (Canada) card, for example). Finally, be aware that some financial institutions require a minimum deposit of up to $100 on the day you open your account. Once you have all of that in order, an account representative or personal banker will help you determine what type of account will best suit your needs.
Chequing Accounts
A chequing account is designed for activity. Typically, people have their paycheques deposited into it and pay their bills and spend out of it. As the name would suggest, you are also able to write cheques from it (but paper cheques have largely been replaced by email or Interac money transfer technology where you can electronically transfer funds from your bank account to another person’s email through your online banking). A chequing account generally doesn’t receive any deposit interest, which makes it less than ideal for long-term savings. Use a chequing account if you are likely to spend your money within two months of depositing it.
Конец ознакомительного фрагмента.
Текст предоставлен ООО «ЛитРес».
Прочитайте эту книгу целиком, купив полную легальную версию на ЛитРес.
Безопасно оплатить книгу можно банковской картой Visa, MasterCard, Maestro, со счета мобильного телефона, с платежного терминала, в салоне МТС или Связной, через PayPal, WebMoney, Яндекс.Деньги, QIWI Кошелек, бонусными картами или другим удобным Вам способом.