In today’s video we are going to talk about investing to build wealth. Whether you invest with a bank or through another platform.
There’s nothing that excites me more than someone that is ready to invest! 🤩
What excites me even more is when they DO take action.
But here is the problem with that, there are so many different options, and maybe the option you choose isn’t the best for you.
I am going to share a reader question today, from someone that did invest with their local bank. 🏦 We are going to talk about whether investing with a bank is the best, or right decision for you.
The first thing that you need to realize is that is if you invest with a bank, some people think that there is some added protection (FDIC, right). So we think our bank money is insured so our investments should be protected. 🏦
That does not apply to your investments.
Let’s take a look at the question: “I went to TD today to try to open up the Roth IRA and they were telling me that a CD would be better cause you get better rates. I haven’t decided yet but I was wondering if you could help me out? I’m only 24 yrs old and trying to expand my investments.”
🤔 WHAT? First of all let’s give this ready some PROPS, he is 24 and taking an initiative in investing.
I asked more questions and he shared with me the percentage rates that the bank shared with him.
If the bank doesn’t have any sort of investment channels, that bank is only going to be able to offer you CDs, money markets, and passbook savings.
All of those are FDIC protected, but you aren’t getting any return. The bank can’t offer you stocks, mutual funds, etc. They can only offer you banking products.
Apparently the person at the bank that gave my reader this information, either didn’t know or didn’t share this information. 🤔
Either way, this is not where you want to go to open a Roth IRA. You want to put that money into something that will grow over the long term.
I’ve seen too often that these advisors that work in banks or credit unions, operate solely on commission. So, if they are trying to recommend that you buy something, they are going to get paid once you buy that thing. That is not 100% of the time but it does happen a lot.
If you want to invest, go to an investment firm, or an online investment platform. These companies are set up specifically for investing opportunities
I wonder how many people out there have had similar situations where they are just getting this kind of horrible advice?
If that is you, I’m curious, let us know in the comments below if you’ve went to a bank or credit union to get advice and the person you talked to just didn’t know what they were talking about.
We want to make sure that is not happening to you, we want you to hack your wealth and make sure your money is being put where it should be.
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