July 2012 Bonus Issue - Page 23

A Bank Account May Still the Best Choice Americans’ skepticism of their bank account has increased in recent years. According to a Gallup poll conducted last year, 36 percent of respondents have “very little” or “no” confidence in U.S. banks, largely because the lack of online security can compromise their hardearned money in an instant. While Americans are finding refuge in storing their money in home safes, critics of this practice say that bank accounts are still the best choice. Experts say that storing every drop of cash in a home safe is a riskier approach because the funds don’t benefit from Federal Deposit Insurance Corporation (FDIC) coverage of up to $250,000. In a home safe, if the money is stolen, it’s lost forever. Also, money stored in a safe can’t earn interest on each dollar saved as it can in a high-interest checking account or other interest-bearing account. It is recommended that Americans use a home safe for other valuable items rather than cash, since personal property items are covered by homeowners insurance. TQR Read more at gobankingrates.com Let’s Take A Break! 5 Signs You Have a Problem With Spending Money “Never spend your money before you have earned it.” Thomas Jefferson 1. You spend more than you earn. 2. You have a house full of things you don’t need or use. 3. You avoid looking at your bills. 4. Your friends and family tell you that you have a problem. 5. You’ve got collectors hounding you. Get the entire article at marriedwithdebt.com “I’m tired of hearing about money, money, money, money, money. I just want to play the game, drink Pepsi, wear Reebok.” Shaquille O’Neal The Quarter Roll July 2012 19