The year may be almost half over, but there are still tangible ways to maximize your wealth before we're ringing in 2024.
But with so many different strategies and vehicles for investing out there, it can be difficult to know where to begin.
A Certificate of Deposit (commonly referred to as a CD) is a savings product that pays interest on a lump sum. Depositors earn interest for leaving their funds on deposit over a fixed period of time. Nearly every bank or credit union will offer CDs, and typically have a wide variety of time frames to choose from.
A CD is a safe way to grow your money. You’re guaranteed to earn a certain amount of interest, and your money is FDIC insured up to $250,000. Depending on your goals and circumstances, as well as the time horizon to access the money, a CD can be an ultra-safe short-term place to park cash.
— Joe DeBello, Vice President, Retirement Services
Because CDs are available at so many institutions, there is a lot of variation in the interest rates. Debello recommends shopping around to find the best rate.
Who shouldn't open a CD?
While CDs are very low risk, they come with quite a few strings attached. “People who need access to their money quickly or who are looking for high returns shouldn’t open a CD,” DeBello continued. “If you need to withdraw your money early, you’ll usually have to pay a penalty.”
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Investment advice offered through OneDigital Investment Advisors, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
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