Introduction

In today's episode of the SeedTime Money podcast, we dive into a fundamental question many listeners are curious about - where to put your money when saving for significant purchases like a car or a home renovation. It's a loaded question with a multitude of possible answers, so today, we're aiming to bring clarity to the subject.

Links: 

• Get 4.6% on your savings with CIT's Savings Connect account here:  https://seedtime.com/cit 

• The $2k giveaway - https://seedtime.com/2k-giveaway

(Please note: links mentioned may be affiliate links which help us support our podcast and website. Thanks for your support!) 

Key Questions & Topics we cover:

• 3 places you definitely should not be putting your money.

• Learn about the dangers of putting all your eggs in one basket, especially when it comes to financial institutions and their surprising limits.

• Discover the alarming truth about the misleading returns on investment that most people don't realize until it's too late.

• Thinking of investing your savings in the stock market or crypto? We're sharing why this could be a gamble you don't want to take.

• Find out why we are adamant about not putting our money into individual stocks or index funds for short-term goals.

• We'll break down why CDs could be your golden ticket when saving for a large purchase in the near future.

• Stumped about where to put your savings? We're revealing the high-interest savings accounts we're personally using and why.

• Discover why choosing the right bank matters and how it could make the difference between earning peanuts and striking gold with your savings.

• The shocking tactics big banks are using to profit off us

If you're saving up for a big purchase, or even if you're just curious about how to make your money work harder for you in a safe and secure way, then this episode is for you. We'll debunk some common misconceptions and equip you with the knowledge you need to make smart, informed decisions about your money.

We even dig a little bit into the banking world and explore how traditional big banks like Bank of America and Wells Fargo compare with newer, online banking options like CIT Bank when it comes to savings accounts.

So if you're interested in making your savings work for you, growing your money in safe places, or just getting a better understanding of the banking world, then this is an episode you don't want to miss!

Watch this episode on our SeedTime Money Podcast YouTube channel (https://youtube.com/live/JC2WxkiK6JI)!

If you haven’t checked out our best-selling book Simple Money, Rich Life (https://seedtime.com/smrl/), we think you’ll love it. It was named the 2022 Book of the Year by ICFH and has over 600 5-star reviews on Amazon, and is best described as “a money book for people who don’t read money books.” 

You can take it for a test drive for FREE at https://SeedTime.com/sample where you can download chapter 1 of the audiobook, grab the 1st 2 chapters of the ebook version, and even get the 5-week book study companion guide.

DISCLAIMER: Bob Lotich is a financial educator, not a financial/investment advisor. He is sharing his personal experience and opinions; therefore, all strategies, tips, suggestions, and recommendations shared are solely for entertainment purposes. There are financial risks associated with investing, and Bob Lotich’s results are not typical; therefore, do not act or refrain from acting based on any information conveyed in this video, webpage, and/or external hyperlinks. For investment advice please seek the counsel of a financial/investment advisor and conduct your own due diligence.