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Tired of putting thousands into your savings account only to get dust back in interest? Then this Savings Account vs Certificate of Deposit (CD) tip is for you… (a side-by-side comparison would be good!)
An account you can open with a bank or credit union and use to stash your cash.
When you allow the bank to hold some money for a certain amount of time, you’ll get interest in return. The more cash you let the bank borrow, the higher the interest you get back. The longer you let them hold your money, the higher the interest rate you get back in return.
Listen, I know these interest rates aren’t high as you want them to be. But stash that cash you have on hand.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.