savings vehicle_Rogers

savings vehicle_Rogers

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  • so.. mom i think i want a car in a few years i want a frost white 2014 Nissan its $11,200 & $209/mo
  • well...none right now, but 1st help me pick a savings account please!
  • much money do u have in savings?
  • A savings account is a regular account that allows you store your money instead of having to store it in a jar or under your mattress
  • Savings Account!
  • Thats pretty cool but is it the best saving vehicle?
  • A money market account is a bank account that has 2 parts a checking and savings
  • Money Market Account
  • Oh really wow! but is it the best savings vehicle?
  • 2016 Nissan altima 2.5 sv cost ~ 11,200 (frost white)
  • Certificate Of Deposit
  • cool cool, but is it the best savings vehicle?
  • pros ~ 1) easiest money holder, its the most basic and recommended by the bank 2) Earns interest over time cons ~ 1) less access to your money so your not tempted to spend it 2) Very little interest rate
  • why?
  • yes.
  • so what do you think?
  • that savings vehicle hold money for a certain period of time.
  • well trent i think you should choose"CD"
  • Because you want a car in a couple years right? 
  • pros ~ 1) Allows you to write checks 2) Higher interest rate than savings account cons ~ 1) has a minimum balance requirement 2)
  • the rule of 72 is a formula that lets you know how long it takes for your money to double.
  • you divide you interest rate by 72 and your answer is how many years it takes to double
  • how do you figure it out Trent?
  • pros ~ 1) longer you let the bank hold your money, more money the bank will give you             2)great for saving up for college & no minimum deposit cons ~ 1) some "CD" banks have an early withdrawal penalty's   2)
  • A certificate of deposit account is an account that holds money for a specific period of time or term
  • this account holds money for a certain period of time and earns you interest for every year you hold your money in there. So in a few years you would earn like $60 more.
  • regular savings interest rate is 5% ~ 72 divided by 5 = 14 years and 4 months MMA interest rate is 1% ~ 72 divided by 1 = 72 years CD intrest rate is 1.5% ~ 72 divided by 1.5 = 48 years
  • nice job son, and im glad i can help an soon you will be able to get that car.
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