I recently found out what a CD was from my mom and my best friend. The CD at my credit union says that I need $1,000 dollars to open one. It’s not the end of the world. If you didn’t know, you didn’t know.
Really can't believe I just recently retired in my early fifties with my lovely wife of about 46 years of age with our kids almost done with college. We're both worth over $2.7M with no single debt. We're living quite smart and careful with spending. Before we were struggling to raise the kids with the family bills and in deep debt. Now everything is going great, we now even contribute actively to community development in our neighborhood.
Having true freedom in life is such a blessing! Only money can help you achieve that. With the knowledge that no one knows tomorrow. The concept of inv€$tments is great but I'm a newbie to all this. Would be grateful if you help me out with some advice?
@Van Drex I am happy to hear this, I think I heard about him at a seminar I once attended and didn't know he was this good. How can I reach out to him?
I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 William Alex Jude and see what she can advise .Thanks a lot . This was of so much help to me .
@Travis Paul I have spoken to him already and I admire the confidence he has in himself as well as the information he gives out. I will give it a shot.
nice video, good editing and very understandable. My one complaint is the spinning money background staring around 2:17 makes me feel dizzy especially with all the text to read and how long it continue for. might want to slow down spinning backgrounds in the future. I also have some questions: Are there other common "fine print" gotchas with CDs? What the benefit of CDs are for the banks? Why do they want your money there for a long time?
This seems like a great idea for me saving for college where i didnt plan on touching my savings anyway since i have a emergency fund and stable income. If there is a better alternative then please let me know
The interest rates on everything are higher so essentially you are getting it because the Fed is trying to slow the inflation by encouraging savings vs. buying
It rolls over automatically to the set term time period again or you can cash out. I'm not certain if you hold onto the same percentage still. Should ask the bank since that always fluctuates. But there is always a decent interest rate on CD's as long as you have the agreement.
Okay, But I need to ask. Do you neccesarily have to stick to the agareement tp not touch your interetsts, or there is an exception of receiving your interets on a monthly basis whereas you agree with the bank to take a percentage of those fees from your monthly interests?
do you think a CD is a good idea for people who have trouble touching their savings. I'm thinking about one do I can accumulate a savings I don't have easy access to so it can build
So like right now, Bank of Ozark is offering 5.40% for 7 months. So if I put money in, and leave it in there, in 7 months will I earn 5.40% interest on what I put in and be able to leave with my investment + 5.40%?
The interest rates are still terrible it's not a good way of making money. Example you save a thousand dollars at 1% over 5 years you make 50 bucks... in 5 years.
I totally agree. CDs are likely better for retirement when you have a ton of cash you need safely kept - but that verges on investing advice, so I didn't include it. If you're young and have cash, the stock market or an IRA is probably your better bet.
Wow! That’s pretty low. Doesn’t make much sense to deposit and keep in bank for interest. I used to get like 8% two years ago. Since pandemic it has dropped to 5.5%.
so if i pu 5,000$ in a cd then wait 5 years with a 2% return. didn't i only make 500$ in 5 years? because if so, i could make double that in a month working at mc donalds
@@geekeduphonda at sofi banking it gives you a 2.5 then 3.0 any on savings account after setting up direct deposit to checking account. So I think I'll just use my savings account
A certificate of deposit is different from a fixed deposit. An FD is for a much longer period where as a certificate of deposit is for a short period of around 3 months to 12 months and it can be transferred to someone else.
CD's are known as term deposit accounts in other countries. Maximising your interest rate is all well and good but consider the hidden ongoing costs for each account and minimum deposit terms.
Current CD rates are up to 5% at certain banks. here's one from Capital One. www.capitalone.com/bank/cds/special-cd-rates/?06295_se002745=&gclid=CjwKCAiA9NGfBhBvEiwAq5vSy-xzwwJiGQJzaBKkv_Db5_UohSL1bFVkRbueTd1Aw1tpsR-cKnsDlRoCb10QAvD_BwE&gclsrc=aw.ds
Anmol has helped us to focus on what we want out of life and is helping us attain the height of those plans. The peace of mind we get from knowing our finances are being so well managed is very much appreciated.
Anmol Singh and his team are always welcoming and friendly. They are organised and friendly, I as well trust them.implicitly with my finances. my annual meeting is always a joy and I would thoroughly recommend Anmol's investment to anyone..
I've enjoyed the services of Anmol Singh and global stocks. If not lifestyle expectations of family members increase. This results in increase of consumption, which decrease the level of capital that can be used to generate more wealth over time.
for those like beginners who have little or no knowledge about trading, should contact Anmol Singh on Telegram @equitytradingoptions for daily lessons as I do
true!! makes a lot of sense. thanks again for so much of this comments. and great thanks to Anmol Singh for helping all of us out. i really appreciate. and I'm sure many others so as well .
@@Bulltardwin I love that 10,000x number that Hexicans always mention, they always pretend they captured that entire price move and it wasn't just Richard and 5 of his insider buddies that got that gain. You guys also don't get to claim 10,000x since the price is down 88% from ATH
@@Bulltardwin People holding any asset get to claim the gains they manage to hang onto and have to admit when gains are erased during a bear. Hex holders repeat 10,000x even during weeks when the price is down massively which makes no sense. Richard made 10,000x and cashed out into ETH, you did not.
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Fast forward 3 years from this video... banks are now offering 4.5% - 5% APR on CDs..
I litterley just opened a cd today. 7 months at 5% I feel like a badass investor now even though millions of people do it 😂
@@zeem2524literally**
@@zeem2524how do you open one?
@@zeem2524
Millions of people do it, but most people don't bother with it and just spend spend spend. You ARE an investor.
CD's nuts
😂
😂
Crazyyyy 😂😂
Nice
I wish I knew about these 3 years ago, had 30k sitting in bank for 3 years earning nothing. Could've earned 5k over those 3 years
So for 3 years you forgot what online resources were 💀
@@jollama Don't feel bad, 3 years ago CDs were
not paying squat...it's only been like the last year or so that they have these rates.
@@chadster7547 Why should I feel bad for remembering what search engines are? 🤡
I recently found out what a CD was from my mom and my best friend. The CD at my credit union says that I need $1,000 dollars to open one.
It’s not the end of the world. If you didn’t know, you didn’t know.
It’s okay but what if you bought bitcoin instead
Really can't believe I just recently retired in my early fifties with my lovely wife of about 46 years of age with our kids almost done with college.
We're both worth over $2.7M with no single debt. We're living quite smart and careful with spending. Before we were struggling to raise the kids with the family bills and in deep debt.
Now everything is going great, we now even contribute actively to community development in our neighborhood.
Having true freedom in life is such a blessing! Only money can help you achieve that. With the knowledge that no one knows tomorrow. The concept of inv€$tments is great but I'm a newbie to all this. Would be grateful if you help me out with some advice?
@Van Drex
I am happy to hear this, I think I heard about him at a seminar I once attended and didn't know he was this good.
How can I reach out to him?
I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 William Alex Jude and see what she can advise .Thanks a lot . This was of so much help to me .
@richmmdt8246
Hiii
@Travis Paul
I have spoken to him already and I admire the confidence he has in himself as well as the information he gives out. I will give it a shot.
This vid definitely help me understand CD’s better.
Did you understand why one would not want to invest in a CD at their same bank where they keep their savings?
@@bell581 interesting! why is that?
@@bell581because you can find a bank with a higher percentage, or one with a promotion happening
nice video, good editing and very understandable. My one complaint is the spinning money background staring around 2:17 makes me feel dizzy especially with all the text to read and how long it continue for. might want to slow down spinning backgrounds in the future.
I also have some questions: Are there other common "fine print" gotchas with CDs? What the benefit of CDs are for the banks? Why do they want your money there for a long time?
Chase is offering 5% in 8 months
*4.5% in 9 months
I found a bank with 6% for 6 months ,
@@bryanvalencia5057 WHAT BANK?
@@bryanvalencia5057which one?
@@bryanvalencia5057Which bank is it?
You ignore the fact that CDs allows you to sell it at discout at money market
how do the taxes work?v i'm in a 13-month term with a high apy, with a good monthly return.
you still have to pay taxes on thr interest that occured even if the CD hasnt matured yet
I just saw one advertised, 6 month @ 4%, not appealing at all.
Why not?
This seems like a great idea for me saving for college where i didnt plan on touching my savings anyway since i have a emergency fund and stable income. If there is a better alternative then please let me know
2:04 as high as 3-4%? Oh man right now they're over 5%! but I wonder how long this will last
lol the funny thing is comments on this video a year ago were “3-4% you’re crazy! I’m lucky to get 2”
@@ConcerningReality What happens if the rates drop while my money is locked in CD?
@@Trancer006 CD rates are locked for the term, one of the benefits over a savings account, so nothing :)
The interest rates on everything are higher so essentially you are getting it because the Fed is trying to slow the inflation by encouraging savings vs. buying
Not long! I just got a 4.7 and I couldn’t find that offer anywhere else.
What happens after the term is up? do you stop receiving the APY?
It rolls over automatically to the set term time period again or you can cash out. I'm not certain if you hold onto the same percentage still. Should ask the bank since that always fluctuates. But there is always a decent interest rate on CD's as long as you have the agreement.
Okay, But I need to ask. Do you neccesarily have to stick to the agareement tp not touch your interetsts, or there is an exception of receiving your interets on a monthly basis whereas you agree with the bank to take a percentage of those fees from your monthly interests?
do you think a CD is a good idea for people who have trouble touching their savings. I'm thinking about one do I can accumulate a savings I don't have easy access to so it can build
That is exactly why I want a CD
So like right now, Bank of Ozark is offering 5.40% for 7 months. So if I put money in, and leave it in there, in 7 months will I earn 5.40% interest on what I put in and be able to leave with my investment + 5.40%?
Depends on if that 5.4% is APY or guaranteed interest over the 7 months. I’d guess it’s APY, so you’d earn 7/12ths of 5.4% interest on your money
The interest rates are still terrible it's not a good way of making money. Example you save a thousand dollars at 1% over 5 years you make 50 bucks... in 5 years.
I totally agree. CDs are likely better for retirement when you have a ton of cash you need safely kept - but that verges on investing advice, so I didn't include it. If you're young and have cash, the stock market or an IRA is probably your better bet.
Wow! That’s pretty low. Doesn’t make much sense to deposit and keep in bank for interest.
I used to get like 8% two years ago. Since pandemic it has dropped to 5.5%.
@@ConcerningReality I love you
@@_Super_Hans_ what's the secret ingredient?
good ones have the minimum at $1000 with 5% interest
so if i pu 5,000$ in a cd then wait 5 years with a 2% return. didn't i only make 500$ in 5 years?
because if so, i could make double that in a month working at mc donalds
no i think it compounds
@@speedstr oh, cool
But your not doing any work for that extra 500
@@geekeduphonda at sofi banking it gives you a 2.5 then 3.0 any on savings account after setting up direct deposit to checking account.
So I think I'll just use my savings account
In my country they are called FD's(Fixed Deposits)
A certificate of deposit is different from a fixed deposit. An FD is for a much longer period where as a certificate of deposit is for a short period of around 3 months to 12 months and it can be transferred to someone else.
@@LDarlong FD's are also available for a 3 month period duration 😑
@@deltabeta5527 yep, depends on the country that’s why I also included the transferability point as a certificate of deposit is issued in bearer form.
Wish they kept calling it fixed deposits, makes way more sense. I don't know who the hell came up with "certificate of deposit".
Where does the interest paid semi annually go?
Back into CD or the owner right away?
@@davidaiello4655 back into cd. you will get it when you finish the contract alongside the original sum of cash
Super informative! Thanks
CD's are known as term deposit accounts in other countries. Maximising your interest rate is all well and good but consider the hidden ongoing costs for each account and minimum deposit terms.
how does the APY work tho? Is that percentage a one time payment for the interest or monthly?
Monthly, at least for regular savings. Money is given to me monthly.
But does a CD pay APY monthly? My CU is offering a special of 4.75% APY for a 13 month term. Does this mean I'd get that APY each month for 13 months?
How do you like the new intro?
Love it
Love it
Are there any CDs that make over 4% per Year? If so, can you tell me who I can contact?
Current CD rates are up to 5% at certain banks. here's one from Capital One. www.capitalone.com/bank/cds/special-cd-rates/?06295_se002745=&gclid=CjwKCAiA9NGfBhBvEiwAq5vSy-xzwwJiGQJzaBKkv_Db5_UohSL1bFVkRbueTd1Aw1tpsR-cKnsDlRoCb10QAvD_BwE&gclsrc=aw.ds
The monthly payments of a CD is also off limits to touch or is it paid to you directly and you can use it whenever?
Most rates now are .25 if you are lucky.
I just locked in 5% on a 50k CD
Anmol's logic, assessment, as well his team are experienced in light years ahead of the majority of the rest of the market. it blows my mind.
Anmol has helped us to focus on what we want out of life and is helping us attain the height of those plans. The peace of mind we get from knowing our finances are being so well managed is very much appreciated.
Anmol Singh and his team are always welcoming and friendly. They are organised and friendly, I as well trust them.implicitly with my finances. my annual meeting is always a joy and I would thoroughly recommend Anmol's investment to anyone..
I've enjoyed the services of Anmol Singh and global stocks. If not lifestyle expectations of family members increase. This results in increase of consumption, which decrease the level of capital that can be used to generate more wealth over time.
for those like beginners who have little or no knowledge about trading, should contact Anmol Singh on Telegram
@equitytradingoptions
for daily lessons as I do
true!! makes a lot of sense. thanks again for so much of this comments. and great thanks to Anmol Singh for helping all of us out. i really appreciate. and I'm sure many others so as well .
Buff Jesus 😭🤭
The intro is a little slow, just bump up the speed by like 1.25~1.5 (Looks smoother and its "quicker") Awesome video none the less :)
CD Means Compact Disc
It does also mean Compact Disc, yes. It also means certificate of Deposit.
That's the chase in New York Chinatown!
I can't like the like button
White Dorothy Martinez Amy Clark Jason
OR you could put your money into Hex. The first Blockchain Certificate of Deposit.
So like a traditional CD but instead you lose all your principal from price depreciation?
@@Panda-ws7cp or you gain 10,000 x from price appreciation.
@@Bulltardwin I love that 10,000x number that Hexicans always mention, they always pretend they captured that entire price move and it wasn't just Richard and 5 of his insider buddies that got that gain. You guys also don't get to claim 10,000x since the price is down 88% from ATH
@@Panda-ws7cp so Bitcoin doesn't get to claim it's insane gains since every bear market it dips 80%??
@@Bulltardwin People holding any asset get to claim the gains they manage to hang onto and have to admit when gains are erased during a bear. Hex holders repeat 10,000x even during weeks when the price is down massively which makes no sense. Richard made 10,000x and cashed out into ETH, you did not.
Helppp