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  Mistake #12: Low Interest Rates  


"An investment in knowledge always pays the best interest."
~ Ben Franklin (1706-1790), American Scientist, Publisher and Diplomat.
12. Settling for low interest rates. Astonishingly, Americans have over one trillion dollars in outmoded accounts that pay little or no interest. It's better to earn over 5% interest in a money market account. Alternatively you could try the stock market because it has historically earned closer to 8%, but as we all know it can be extremely risky. To get a better rate: Call local bank(s), and/or use BankRate.com's Money Market Account Search at http://bankrate.com/brm/rate/brm_mmasearch.asp. Also: Ben Franklin knew that the best way to build wealth is to become a more knowledgeable and productive human being. That often requires only a small investment of time, if you know where to go on the Internet. Visit SmartConsumerTips.com to find out which tips and sites are recommended by consumer advocates.


(Next Gem: Mistake #11: An Unaffordable Home Purchase)

 
   
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