Safe Money Advice

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Why a 5.5% Money Market at the Bank is a BAD IDEA…

Don’t get me wrong, 5.5% sounds amazing and is something we’ve been hoping to see for well over a decade. Everyone should move money into one of these rather than stay at zero.

Dave Ramsey says “every dollar should have a job.” Admittedly, I agree with Dave 100% on this. Every dollar should have a job. You don’t want any lazy money sitting around doing nothing.

Why am I speaking out of both sides of my mouth? Why am I saying money markets at 5% are bad and also everyone should have one???

Here’s the problem… that money market rate could drop tomorrow and plummet back down to zero or close to it. It’s NOT a good place for your long term money. When that rate drops, and it will, then all your other options will be gone as well.

The solution. You need to look past your nose and ask the question, “what’s my goal with this money?” Also ask, “what’s my time frame to reach that goal?” The reality is many people have been taking risk in the market and paying fees with the hope to get 6.0% return on their money.

TODAY, we have 6.0% guaranteed for up to 10 years for your long term money with NO fees and no market risk. It’s 100% guaranteed. We also have 5.5% or more guaranteed for 5 years. These rates won’t last forever because we don’t know when the market’s going to change, but we have them today.

If this is something that hits home for you, then maybe we should discuss your options.

My mentor always told me “when none of your options look good, you just don’t know all your options.” You don’t have to take risk or pay fees to get solid returns. It’s not intended for all your money, but may be a fit for some of it.

You Got That Right!

You got that right!