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Module 1- Savings
Notes for passing Savings
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Checking accounts are good for quick purchases and purchases that needed in the near future.
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You will earn the most money by opening a savings account that compounds interest daily .
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The best way to maximize the amount of interest earned on a savings account is to select an account with a high interest rate and leave your money in the account for a long period of time.
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A certificate of deposit gives you the least access to your money.
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A certificate of deposit and a money market account are both considered types of savings vehicles
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To maximize the amount of interest earned in a savings account one must first select an account with a high interest rate, then leave ones money in the account for a long period of time.
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To earn as much interest as possible, you should open a savings account that earns compound interest and has the highest interest rate.
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When planning a budget you should eliminate unnecessary wants first before needs.
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Before opening a savings account, people should evaluate different forms of savings vehicles based on their needs.
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If you have money that you don't need to use for less that a year, the best way to earn the most interest is to put your money in a certificate of deposit.
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The typical relationship between time and interest rate is a longer time period usually equals higher interest rates.
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Checking accounts typically have very high liquidity, low or no interest, and low minimum balance.
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Certificates of Deposit usually requires a high minimum balance.
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Wants are things you desire but don't need to survive.
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A budget helps you plan how you will spend the money you earn or receive.
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Daily Compounding offers the best rate of return on interest.
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When planning a budget you should Budget for your needs before your wants.
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When buying high priced long term payment items, annual compound interest is the lowest interest option available.
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Interest is the amount owed for borrowing money.
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A need is something you must have in order to survive and not something you desire or prefer.
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