We have previously discussed various methods to increase your income. Now, we will turn our attention towards mechanisms for savings and investments. For a considerable period, I have been channeling my funds into Certificates of Deposit (CDs). The reason behind this is that it restricts my direct access to the money, reducing my temptation to make unnecessary expenses. Hence, the savings section was introduced on this website – as all the money I would have kept in my normal savings account would have been indisputably spent by now.
THE PULL OF CDs FOR ME
My investment strategy includes the principle of diversification. Along with other investing tools, CDs remain a fundamental component of my portfolio. Some may critique CDs, arguing their returns barely surpass inflation, which indeed might be true. However, for people investing small quantities akin to how I used it as a fail-safe saving account, it is arguably the most effective way to keep your money untouched. This feature makes CDs extremely valuable in my opinion.
Read more: Comparing Peer to Peer Lending with CDs
