From the course: Managing Your Personal Finances
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How to put your money to work for you
From the course: Managing Your Personal Finances
How to put your money to work for you
- You work hard for your money. Investing puts that money to work for you. Investing also turns a linear money story into a circular one. Think of it this way. If all you're doing is working, spending and saving and spending some more, money comes in, some stays and then goes out the door. When you put your money to work through investing, you're buying future potential gains or income that money is making money and now you have money coming back to you as more income. There are a variety of ways to put your money to work through saving and investing each with different levels of risk and the potential for return and loss. The most secure are bank accounts. Your deposits are locked away and almost always insured. So the risk of loss is almost zero but in return for this low risk you get very little interest on your money. In fact, with fees your money could actually lose value. Banks also offer certificates of deposit…
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