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Savings Account

What Bruno Mars says (in his song, Billionaire)

“I want to be a billionaire so freaking bad and buy things that I never had….. I want to be on the cover of Forbes magazine smiling next to Oprah and the Queen.”

 

What we can learn from Bruno:

Billionaires stay wealthy by placing funds in savings accounts that earn them interest. It’s the smart thing to do.

 

What we can learn about savings accounts:

The benefit of a savings account is that it is earning interest on the money, and you don’t have to do a thing! Another added benefit is that it separates your “saved money” from the money you have free to spend, making it harder to spend impulsively.

 

The Financial Lessons:

  1. You always want to have a little bit in a savings account for emergencies and larger purchases.
  2. Many financial institutions will offer a free savings account when you open up your checking account. Just watch out for required minimums and hidden fees!

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