Wednesday, August 15, 2007

Gelt

So here's where anonymity is helpful in allowing me to say some very un-PC things I'd be loathe to admit if you knew who I was.

I like money. I love capitalism and free markets. Sue me. I am very fortunate and grateful to God in that I work in an industry that allows me to be creative and still earn a comfortable six-figure income.
I used to work in the financial industry and I learned a lot about investing and finance. I also pay attention when wealthy, clever people say things, and I ask a lot of questions. I am open to learning smart new ways of building wealth. I think blogs like this one are brilliant. I think everyone should learn the basics of finance.

I like that I can afford funky Dooney & Bourke handbags and this bracelet and working out with a personal trainer. I couldn't do any of this when I was married because my workaholic, control-freak husband wouldn't let me be involved in our finances and was a miserable money manager.

To those of you who are now mentally putting me down for being shallow and materialistic, I will proudly tell you that this year I am able to give close to 15% of my net income to charity. Yes. I like making money, buying things and giving tzedakah. They all make me feel unabashedly good about myself. I work very hard for my money. I drink a lot of coffee and don't sleep as much I should. But I'm not a classic workaholic. I will take the day off to go to the beach or to help my parents or take my niece to the movies, and if I am ever blessed with kids I will slow my work down to a grinding halt. I work now because it makes me feel connected and empowered.


Over the course of the blog, I am going to talk about some things that I do to either spend less or make more. I don't understand why the whole world doesn't do these things, if they can. Here's the first one:

FNBO Direct is an online bank that currently offers a savings account that yields a 6% apy, compounded monthly. Sure, it's an introductory rate until the end of September, but they have been known to extend their rates, and even after the rate expires, they offer very competitive 5%+ rates. They are legal, safe and FDIC insured. It takes between five and ten minutes to open an account. No minimum deposit on the account and you can withdraw your money or close the account at any time. You can hook up this account to three external bank accounts, which enables easy transfer and savings. What is the downside here? Why would you keep your money in a regular 2%er savings account? That's stupid stupid stupid. Do the math. Tell me the truth: don't you like money too?

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