Quoted By:
PIPPA WHEN ARE YOU GOING TO LEARN TO INVEST???
Heres something important: DONT LEAVE MONEY IN THE BANK
How do banks make money? They buy bonds from the government with YOUR MONEY and lend out that money to other people, then you get a small % back as interest. You might think 3% is good, but they are making 7% because PEOPLE ARE DUMB!
Instead, you should open a brokerage account and you can buy your own bonds (government or corporate) or just buy stocks. If you buy stocks, I would stick to ETFs like SPY and QQQ, these are the biggest funds on the market and basically make 8% a year for free. Just buy a little bit each month and it will double in 9 years.
TLDR: Dont leave money in the bank (only for emergencies). Buy a little SPY and QQQ each month and you win at money.
