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Choose the Right Bank Account: Build Passive Wealth Faster

With an increasingly unstable job market and job vulnerability quotient, it makes sense to explore alternative sources of passive wealth. Earning money from more than one job establishes a safety net that protects you from sudden job loss and gives you a much-needed respite when you’re done paying your bills.

Passive wealth or income is money that you can earn despite not actively working at a job. What you really have to do is just do the legwork and the income will start flowing automatically.

Earning a comfortable income and increasing your passive wealth reduces financial vulnerability and can pave your way to a bulging bank account in no time.

Here’s the secret to building your passive wealth from home:

Invest your money in a high interest savings account online

A great way to make your money work better for you is to choose to invest it in a high-yield account. A high-yield account means that if you have, say, $2,000 to invest, you can increase the money to $2,400 in a high-yield account instead of @2,200 in a lower-interest account. To find out which bank offers you the best rates, you may need to meet with a customer service professional who will explain the account.

The good news is that online banking now offers the opportunity to take advantage of great interest rates. Remember that online banks do not have all the extras that physical banks have to pay (rent/mortgage), premises, electricity, etc.) so their operating costs are lower than those of conventional banks. Online banks offer up to 5.4% annual interest on the sums deposited in them.

This interest rate is significantly higher than the 2% typically offered by traditional banks. So if you invest, say, $5,000 with your online bank, you can expect to build up a balance of about $5,240 instead of $5,100 at a brick-and-mortar bank. Thats not all; Online bank accounts can be checked at any time of the day or night right from your sofa. Most reputable online banks have 24/7 customer support, so you can always call if you have any queries.

The more you can invest in your savings account, the higher the level of your passive wealth will be. If you leave the sum untouched for a couple of years, you can expect to see an extremely attractive buildup of passive wealth in your account.

Housing your hard earned money can lead to an impressive accumulation of passive wealth with your money working hard for you.

  • admin

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