The balance of your bank account is not a true sign that you are building wealth. I understand that keeping your money in the bank is safe but there are other safe places to keep your money other than the banks. Places that will help you build wealth by offering you interest.Safe Ways To Build Wealth Outside The Banks Click To Tweet
15 months ago, I was one of those whose money was being heavily affected by inflation. I left most of my money in the bank including having a bank account that had no ATM. The intention was to limit my access to the money but that is not enough. Inflation tends to affect the money that we have in the bank, leaving us with lower purchasing power. To mitigate against this, you need to keep your money in places that build wealth.
Safe Ways to Build Wealth Outside The Banks
High Yield Savings Account:
There are Fintech companies that offer higher interest than what the banks are offering. Furthermore, your money is not exposed to bank charges, withdrawal fees or ATM charges. One of such companies is Backup Cash. The offer 5% interest on your savings with multiple savings features.
Low-Risk Investment Portfolios:
Asset Management Companies have low-risk investment portfolios such as fixed income fund. SFS Fund currently has the best performing fund in the market.
If you still wish to stay with the banks, there are banks that are diversifying. They now offer clients bonds, treasury bills, dollar investments and other investment portfolios. You can speak with your bank manager to see what options are available to you.
In the ebook where I am curating and compiling some financial resources, I will include details on some of these products. If you wish to get a free copy, please preorder HERE.