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3 Tips If You Find Yourself Holding To Much Cash In Your Bank Accounts Thumbnail

3 Tips If You Find Yourself Holding To Much Cash In Your Bank Accounts


There could be a number of different reasons why you may find yourself holding far more in cash than you know you should. You may have just experienced a windfall event, an inheritance, or possibly may have just accumulated more than expected over time.


Whatever your reason, you probably know that for most, it's not financially appropriate to hold a significant portion of your wealth in a low interest bank account (for others it may be perfectly appropriate).  So if this is you, what can you do? In this video I explore three options you can take a look at as alternatives to a bank account.


Option 1: Fund your retirement accounts. Specifically a Roth IRA via a contribution, if you're allowed too.


Option 2: Pay off your bad debt. Paying off bad debt gets you an immediate return on that money by eliminating high interest debt.


Option 3: Keep it in cash. If you have short term goals for that money, keeping it in your bank account may be your best option.


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