#LIFE HACKs
Put Your $1,000 Here Instead of Your Savings Account
Even during a hurricane there is a time of immense calm, known as the eye of the storm. I can’t help but think that we’re in the center of that eye right now as you read this.
I doubt that my generation (millennials) will feel the full effect of what’s inexorably heading our way:
- Social Security is likely going to run out by 2034 — unless a drastic change happens soon.
- America is on track to default on its loans/debt — for the first time in history.
- The Federal Reserve, or should we call it “The Bureau of Printing” is inflating our money almost to the point of hyperinflation — almost to a point of collapse.
Pre-WWII Germany’s hyperinflation of the German Mark eventually caused many people to use the then worthless paper currency as kindling for their fire places!
“In 1914, the exchange rate of the German mark to the American dollar was about 4.2 to one. Nine years later, it was 4.2 trillion to one.” — Quote from A Mashable Article
Sound familiar?
I hope there’s someone involved with running this country who takes a stand, putting a stop to this before it’s too late, because. . .
History has a tendency to repeat itself.
Wall Street & The Banking Institutions: The Biggest Rip-Off In American History
Once it’s pointed out to you and you think about it for 5 minutes, it’s plain as day. Mainstream finance makes its fortune off the backs — or rather, the bank accounts — of the struggling, overworked middle and lower class.
Hell, there’s barely a middle-class left to speak of in 2021 America.
Let’s go over what it’s like having a typical checking & savings account with any of the mainstream banking institutions in America.
This is what you should except:
- Maybe 1% interest per YEAR if you’re lucky
- You typically have to pay a monthly fee just to have you money sit and not grow.
- Sometimes, you are actually limited to the amount of times you are allowed to take your own money out of a savings account and use it for your daily needs.
Well, that sound like a load of shit, right?
Let’s just say that I highly doubt that people the likes of Jeff Bezos or Warren Buffett out their cash into a savings account.
Here’s what I do — Perhaps you should too
I have a TD Ameritrade account as well as a few Crypto Exchange accounts set up. Now, I’m not giving a lecture on investing, so pick your poison.
They’re pretty much all the same in some ways, so it’s not a life or death decision on choosing which brokerage to use.
What I mean by “there all pretty much the same these days” is that thanks to Robinhood, (the app that essentially forced every brokerage to give us access to $0 trading fees), we can invest into the stock market, option market, and even the crypto markets for basically nothing.
Also, contrary to what many people think, your money is not tied up tighter than a nun once you put your cash in there.
Sorry for the crude language — I’ll attempt to tone it down a few notches.
Anyhow, yeah, you can invest $100 in Tesla on a Monday, then if you need that cash back for a pack of smokes and some gas on say, Thursday for example — no problem.
There is some restrictions on settlement times and stuff, but I’m broad stroking this here and for the most part, those brokerages will work with you and let you take the cash out.
Hell, TD Ameritrade even has a debit card now!
Oh, did I mention that you can borrow money — aka: get a loan fir a car, right there from your brokerage app.
Yep. . .
The world is changing.
If you have enough cash in your account so that you have access to margin, you can actually withdraw that money instead of investing it. The best part is that the APR rates of your Margin Loan is usually a lot lower than what Bank of America is offering.
Just make sure that the cash you have in the brokerage is in a safe investment, or else you’re looking at a margin call and that’s not good.
What’s the point I’m trying to make here?
My point is that there are new ways for storing our cash these days. Even the standard checking account is dying out. Let me ask you this:
Does Wells Fargo or Chase give you 10% cash back in Bitcoin for your grocery store purchases?
Does PNC give you $100 off any purchase after you receive a direct deposit amount totaling over $300?
$300 is like one paycheck for most people — probably half a paycheck to be honest.
I know for a fact that you said no to all of those questions. But guess who could have said yeah? Anyone with a CashApp account.
Did I mention that you can design your debit card for free, literally draw anything you want on the card?
Not to mention that you can buy and sell stocks and cryptocurrency right there from the app, then sell them the same day if the need arises.
Although, you shouldn’t do that — but and hold. Don’t buy and immediately sell, that eliminates the purpose of investing.
Conclusion to this short article
I just don’t understand why people would ever want to pay bank fees or earn 1% per year on their hard earned money. . .
Btw, with the fees and inflation, you’re actually losing money on that 1%
So, unless you have like $100 million in your Chase preferred savings account — perhaps it’s time to explore new options.
Ohh, right!
I almost forgot the best part! Did I mention that if you had your money in say, CashApp, then you bought some Bitcoin every time your went to “save” some cash, you’d have made more than %200 over the past couple years alone.
I mean, people are accidentally making money in crypto these days. Have you seen the DOGE Coin millionaires?
I’m not saying to get your hopes up that you’re going to become rich overnight simply by using CashApp or PayPal, but I am suggesting that the power is slipping away from the white collar controlled Banks and Corporate Institutions.
Trust me, they’re terrified of everyone figuring out that they’ve been horrendously ripping us off for the past 200 years and switching over to a simple, easy to sign up for, free, alternate solution.
The Bottom Line
Stop giving the J.P. Morgan family all of your money! They’ve been gladly accepting it for well over a century now — it’s time to try something new.
Once you open your mind to it, you’ll find other avenues beginning to open up, such as investing or buying options contracts. You’ll eventually grow more confident as you become more informed, more skilled.
Hell, who knows, maybe one day you’ll learn how to write options contracts.
Then you’ll have access to what some traders refer to as the “Weekly Paycheck Strategy.”
If you end up with that — don’t forget about ole Steven Tyler, the Mesium writer who started you off in the right direction. . .
I just killed the vibe huh?
Ohh well, that’s life. You win some, you lose some. As long as you win more than you lose, you’ll do just fine.
I have one last tip for you. Do you want to get a head start on winning?
It all starts and ends right here — on Medium.
No, for real, I’m dead serious!
You’d be shocked at how much of what I know came directly from this platform.
But, alas, that god damn limit of only getting access to 3 free stories as nonmembers.
Well. . .
Humor me (while also doing yourself a favor that you won’t regret) and get a one month membership to have full, unrestricted access to all of Medium’s content.
If you do decide to give it a shot, perhaps consider signing up through my link below. Sure, I’ll earn a small commission, but that’s not my main motive.
It’s just another asset that Medium has — they make it easy for average people like you and me to get our writing voices heard, while also giving you a real change to make real cash.
For free.
No gimmicks, no bullshit.
You don’t even need to be a member in order to do that.
WTF…?
Yep.
Oh, right, the best part. . .
When you’re a paying member, every time you clap for a story a part of your membership fee goes to the author who’s story your clapped for!
Pretty cool, huh?
That’s about it folks. If you’re so inclined, check out my free email subscription that’s definitely not spam my at all. . .
Ha, ha, ha!
No, seriously it’s actually a pretty cool thing. I don’t like to call it a “Newsletter” even though that’s the technical name for them.
It’s just good stories, brought directly to you, so that you don’t waste reading time by searching for them.
All that sifting through the clickbait bullshit until you find them a good article.
Bah!
