Make you money get a job…make it work…while you sleep!

Did you know that a dollar a day could grow into a million dollars?

Now that I have your attention, I want to teach you to RESPECT YOUR DOLLARS!

In Matthew 25:14-30, Jesus teaches the timeless Parable of the Talents.  You can and should read it for yourself, but it teaches the principal of being profitable and that no matter what you have, it can be increased if invested properly.  Verse 25:27 in particular reads, “So you ought to have deposited my money with the bankers, and at my coming I would have received back my own with interest.” Wow, the bible never ceases to amaze me, but in this instance, Jesus was actually acting as a financial advisor by giving very sound advice.  I will let the theologians analyze that, but I will take the lesson at face value.

Now that you have diagnosed your financial health through your net worth, found a ripple through your cash flow budget and created a vision, you are ready to begin the real work.  In this lesson, I would like to teach you about the different methods to save your money and earn INTEREST…that is putting your money to work.

First, think about money as a seed.  If you hold the seed in your hand, then it will remain just a seed and/or die. However, if you plant or sow the seed, then the seed has the opportunity to grow and produce fruit.  For financial purposes, WE WANT FRUIT!  Fruit will enable you to reach your goals and live a life of financial freedom. Fruit creates more fruit!

Here are some Savings Alternatives that you may aid you to produce fruit.

 Savings Alternatives

Resources:

  1. Bankrate.com    – Great consumer finance website to compare financial products.
  2. Ally.com               – Offers competitive rates for its savings, CD and Money Market Accounts.

Important terms from this lesson:

  1. Interest                – Return on the use of your money
  2. APR                        – Annual Percentage Rate is the rate that you will receive if your money is invested for a full annual period. For example, if you invest $1000 at a 1% APR, you would earn $10 annually on your investment.

Action Step:       Pick a Savings Alternative for 2014.

  1.        Go to bankrate.com
  2.        Click the BANK ACCOUNTS tab.
  3.        Play with the menu options to see the different savings alternatives available to you.
  4.        Pick a new one for 2014 and begin saving today.