Learn How to Make Money Through Smart Investments in 2023
When many people think of investments, they picture a mob of Wall Street brokers yelling “BUY!” and “SELL!” into their phones.
In reality, though, most investing is nothing like that.
You don’t need to be wealthy to make great investments. You don’t even need to hire a stock broker to invest for you. There are plenty of investments you can make yourself, and many of them involve very little risk. Read on to learn about some of these investment options.
You don’t need to be a stock whiz to earn passive income every month. With high-interest online bank accounts, you can get paid just for having a bank account.
A typical checking account doesn’t come with many benefits. Banks figure that the convenience of having a debit card is enough of a perk, so regular checking accounts don’t usually have other rewards.
A high-yield online checking account, however, is different. The best high-yield checking accounts today have an annual percentage yield (APY) of around 1% and sometimes higher. This means that every year, the bank will increase your account balance by 1% or more, essentially paying you just for keeping your money with them.
An APY of around 1% may seem like a small amount of interest, but think about it like this:
- The money grows on its own. A high-yield APY is 20 to 25 times higher than the national average APY. Thanks to compound interest, this will add up over time.
- A high APY is just the cherry on top. Almost everyone needs a bank account, so opening a high-yield account means getting paid for doing something you were going to do anyway.
- Your money is safe. High-yield accounts are not stocks, so you don’t have to worry about your money disappearing after a bad investment.