When I first became an investment advisor back in 1981, interest rates were a lot different than today. For example, you could earn nearly 20% on a safe, secure money market fund. You could earn 12% totally tax-free on a AAA rated municipal bond. Completely risk-free, three-month Treasury Bills were paying north of 15%!
Doesn’t that seem impossible? It’s true, though.
Back then, nobody was wondering how they could earn more interest on their savings, because nobody needed to. Fast-forward to today and that’s all investors talk about. And no wonder: If you’re attempting to live off the interest on your savings, best you have a ton of savings.
If you’ve got a million bucks in the bank that’s only earning .1%, you’re only making a thousand bucks a year in interest: Good luck living on that. On the other hand, if you could earn 10% on that million bucks, you’re earning $100,000. That’s more like it, right?
Unfortunately, there’s no free lunch. Only a liar or a fool would try to convince you that you could earn 1,000 times more interest with no additional risk. But, just maybe, you can earn 1,000 times more interest without taking 1,000 times more risk.
That’s what this week’s “Money!” podcast is about. Today we’re going to discuss a bunch of ways to earn 10% or more on your savings, while also examiniting the risks involved.
Sit back, relax and listen to this week’s “Money!” podcast:
Don’t listen to podcasts?
A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. They’re awesome for learning stuff and being entertained when you’re in the car, doing chores, jogging or, if you’re like me, riding your bicycle.
If you haven’t listened to our podcast yet, give it a try, then subscribe. You’ll be glad you did!
Want more information? Check out these resources:
- How to Earn More Money on Your Savings
- Barron’s: It’s Been a Hard Time for Income Investors. Where to Find Yields of 7% or More Now
- Kiplinger: 35 Ways to Earn Up to 10% on Your Money
- Money Talks News’ savings account search tool
- Subscribe to the Money Talks News newsletter
- Take our course The Only Retirement Guide You'll Ever Need
- Take our course Money Made Simple
- Miranda Marquit’s website
I founded Money Talks News in 1991. I’m a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.