What's the difference between a checking and a savings account?
I just opened a checking account but the bank also pushed a savings account. What's the actual difference? Why have both? The savings account pays a tiny bit of interest but limits how often I can take money out. Do I really need a savings account if I have checking?
Sign in to message the asker.
Be very skeptical of anything that promises high returns with no risk. If it sounds too good to be true, it is. The dot-com bust should have taught everyone that lesson. Slow and boring index funds beat hot stock tips over the long run.
3 Answers
Be very skeptical of anything that promises high returns with no risk. If it sounds too good to be true, it is. The dot-com bust should have taught everyone that lesson. Slow and boring index funds beat hot stock tips over the long run.
Don't make a big financial decision when you're stressed or excited. Sleep on it. The dealership, the realtor, the salesman all want you to decide RIGHT NOW because pressure works in their favor. Walking away is always an option.
I'm not a financial advisor but I've learned a lot from personal experience. The most important thing is to start early and be consistent. Even small amounts add up over time thanks to compound interest. Don't try to time the market.
This question is resolved and no longer accepting answers.