Quote:
Originally Posted by Xist
Last I checked, the interest on my savings account is one percent...
...of one percent!
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That's why reward checking accounts are way better. You'll earn several percent interest, and get ATM fees refunded.
Savings accounts do just that; preserve the funds you deposit over time. They aren't called investment accounts, which have the goal of outperforming inflation and return a profit on the investment.
Quote:
Originally Posted by Xist
I am not excited about deducting 55¢ per mile from my first client's house to the last client, when I only pay 15% interest.
I am currently paying 6% on my student loans. Where can I find an investment that pays better?
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I don't know what you mean by deducting $0.55 per mile and what you are paying 15% interest on, but I sure would like to have $0.55 for every mile I drive.
The best investment you can make is to take most of whatever is in your 0.2% interest savings account and pay down your student loan debt. Paying off debt is like a guaranteed investment at that rate, except you are avoiding that cost instead of gaining that amount.
Try to think of paying your student loan like putting your money in a 6% savings account.
Pay off the highest interest debt first, so that means eliminate credit card debt, unless you have a promotional zero interest card.