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Saturday, July 08, 2000

Is Your Money Working Hard Enough For You?

by George Finder 

Anyone can work for money. Greater financial success for the less work can be yours by making your money work harder.

• Deposit client checks the same day they are received. The money is not yours until the check clears.
• Avoid bank expenses like ATM charges or service fees on business checking accounts which can be reduced or eliminated through a minimum balance requirement.
• Buy checks from a non-bank source. Save up to 50% on the cost of preprinted checks from the bank.
• Use two accounts. Use a business account in your business name to deposit checks and another account in your own name. This allows you to earn interest on deposits or have a fee free account not available to a business. This can easily save several hundred dollars per year.

Saving interest is as good as earning interest. Here's how to do both.

• Earn interest instead of paying it. Banks usually pay the lowest interest on a personal checking or savings account balance. They rarely pay interest on business account balances.
• Check credit unions, thrift and loan companies. They usually pay more interest than banks, and they usually charge less interest too.
• Earn 4%-6% annualized interest paid on your daily account balance in a money market or cash management account at an investment company like Merrill Lynch or Smith Barney. A $10,000 opening deposit for an account in your own name or business name pays better interest whatever your balance is. This kind of account usually pays at least double the interest a bank offers!
• Banks may offer interest of 1%-3% for frozen funds like Certificates of Deposit(CD). Withdrawing money earlier than the term of the CD, will usually incur a withdrawal penalty. Money market accounts allow you to pull your money out without penalties.
  Banks, credit unions and thrift & loan companies offer depositor insurance. Most money market or cash management account brokerage firms do too. Be sure to do the following: • Ask for early payment or pre-payment discounts on bills. It's an easy way to earn up to 2% interest.
• Ask about cash discounts on purchases, if you have the ready cash. Ask about 90 day terms, which are usually interest free.
• Avoid borrowing. Why pay interest from 6%-24% for loans or credit card charges? Keep this money for your own benefit, not a lender's. Avoid loans with pre-payment penalties.
• Check invoices and monthly statements at least every other month to be sure that you are not paying more than you agreed, and that there are no surprises or hidden charges.
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  George Finder
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