We have all been taught to leave our money in a checking account.
After all it's better than putting it under your mattress … right?
Most people are faced with debt. It's a large part of our lives. So much of
our income goes to paying interest on those debts.
Now the banks that so happily supply us with a checking account are the same
ones that are lending us money and charging us interest on our loans wherever
it be your car loan, student loan, mortgage, or credit cards.
The banks are typically calculating interest on those loans on a daily basis.
That's how much interest they know to charge us when we get our monthly loan
and credit card statements.
What we as faithful bank customers do is to deposit our paychecks and income
into our checking account and have our money sit in our account waiting to
pay our monthly bills and expenses. The same thing can be said about putting
money into a savings account. Your money earns very little interest in a
savings account compared to the amount of interest the bank is charging you
on your loans and credit cards! It does not really make sense to put our money
into a checking and savings account when the bank turns around and charges us
a high interest rate to borrow that money.
What if there was a different place we could park our money that could help
us combat the daily interest our friendly bank is charging us on our loans
and mortgages and credit cards? And imagine that by parking our money
somewhere else we could quickly pay off our debts and mortgages at the speed
of light and still have access to our money like we always have.
There is just such a strategy that you can use to not only quickly pay-off
your debts but also to rapidly fund your retirement account and put you years
ahead of where you are today!