Three Ways to Have a Big Bank Account In 2020
The year 2020 seems to be the dawn of savings and investments. Most of us aim to boost our bank account not only for the short-term but for the long run. Below, we pick specific ways that make sure you can achieve that. Although these tips may be underrated, they are useful.
Saving has been reiterated more than a million times and for a good reason. An act of saving even a small amount can make a huge difference. It will always be the first step to the road of financial freedom. Follow the 80/20 rule, no matter what. Force yourself to save. Keep the motivation high. Create a need to save. Give yourself a reason to not touch the money and stick to it under all circumstances. Don’t make excuses and do this in the name of financial freedom.
The beauty of saving cannot be recognized immediately for it takes a painstaking action and a lot of sacrifices, especially when you are a big spender. Do not be afraid to keep that amount because that amount is not only a mere saving but instead a future treasure. Everyone knows saving is so difficult to do, especially when everything is getting too pricey and you have a lot of needs. But with the right motivation combined with action, saving can be possible. You will wake up one day surprised with the money sitting on your account. This year is the perfect year to start. Ready, start, save.
If you want a passive income, you must invest. Investing will allow your money to grow and allows the money returned to you to build wealth in the course of time. This year is the best year to invest your money in order to make more money. Though this is very easy to say, it is truly hard choosing a trustworthy investment company. Investing ensures future financial security. The money that investing will generate can provide financial security for your most after and dream of financial freedom.
You can invest through stocks, bonds and/or certificates to name a few. Many investment companies that pay monthly, quarterly and annually will allow you to check if your money is indeed growing. Investment interest can be used as a part of a higher amount of investment you can withdraw and save in your bank account. This passive income can actually replace your paycheck and can boost your bank account. Pretty sure this year of the metal rat that according to the Chinese astrology is a good year for money, don’t waste your time anymore. Invest to boost your account.
Find a Good Bank
Where do you save? Where do you keep the money you earn from your investment? It’s a no brainer, the BANK. There are so many banks that are present around the country. There are a lot of banks and they are all in a race to offer a higher interest rate when you deposit. And over the course of the 21st-century banking, both internet and free checking accounts have changed. In choosing a bank, determine your money habits. Are you an ATM user, would you rather do online banking or are you a credit card user? This is important so you can choose a bank that will best cater to your needs.
Most of all, choose a bank that has a signing bonus. Most banks nowadays offer a huge signing bonus depending on the amount that you deposit. They have a signing bonus bracket, meaning you can earn a free amount automatically saved in your bank account if you reach a certain bracket of amount deposits. Always choose a bank that offers a high-interest deposit rate in this way you can earn a fair interest even if you are just depositing and signing up for the bank. This is one ultimate way to boost your bank account in a passive way.
Seeing your bank account grow is definitely fulfilling. But it doesn’t have to just be a dream. You can definitely make it a reality. Just follow what is needed to be done and by the end of the year 2020, you’ll be enjoying your big bank account. And not to forget the peace and financial freedom that it brings along!
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