Common Banking Mistakes

While the mistakes are made in USD, the principles applies to Ringgit Malaysia as well.

Sadly. some people don’t even realized that the Malaysia’s inflation rate itself is enough to eat away their hard-earned bank-savings.

Well, these are the same people who spend most of their time earning and spending, and savings are only an after-thought in the process.

Via Motley Fool>Common Banking Mistakes

Another big mistake is keeping too much money at your local bank, especially in savings accounts and other accounts that pay paltry interest rates. That money could be put to work for you much more effectively.

For example, let’s say that Sonia has managed to save $6,000 in her savings account. (Way to go, Sonia!) She’s not yet ready to invest in stocks, so she’s content earning a little interest. But her savings account is paying her just 1.5% per year. For $6,000, that amounts to just $90. She should consider some other options.

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