Description: The article is about sdccu login. This is a part of the ongoing Managing Your Money seminars, it is presented by SDCCU. The author discusses some steps that you can take to ensure your financial plan is on the right track.
You are committed to doing a better job with your personal finances, you are committed to making smart money decisions and doing things over the long term that will pay off, that’s what we are trying to talk about. When I took a look at one of the TV shows, I came across it on the TV the other day, I didn’t even know it was still on anymore, it is Who Wants to Be a Millionaire.
It starts in the middle of the day now, it’s not a nighttime show. I’ll begin by asking the question, how many of you want to be a millionaire? We all want to do that, that’s a laudable goal, it is objective. I’m going to tell you how to become a millionaire.
I saw this report the other day in Men’s Health magazine. This is how you can become a millionaire, if you save ten thousand dollars a year and you earn four percent on your money in thirty eight years, you will be a millionaire.
It’ll take you thirty-eight years to be a millionaire. If you start at 40, you’re going to be 78 when you become a millionaire, that’s great, that’s good, but you probably would like to be a millionaire a lot sooner than that. In order to do that, you have to save more money. When you’re in your 20s or 30s, $10000 can be a big bite.
As you get older, you get into your peak earning years, you can do that, you can do more than ten thousand. But if you start in your 20s, 38 years later, you’re going to be under sixty and you’ll be able to benefit from this. That’s too long, it means that you aren’t going to save more money or get a better rate of return.
The old days of getting high interest rates on your CDs are gone. I’m not quite sure when they’re going to be back. While we’re seeing interest rates gradually move higher, it’s still very gradual, it’s a very slow increase. The Federal Reserve put out a statement about the economic conditions, there is nothing spectacular, they’re seeing a little bit of a tick up in inflation, it is a shame, we need inflation, inflation is a good thing.
It allows you to earn more interest on your money, it allows your employer to pay you more in wages and all these are good things. Those are the result of inflation. But inflation is remaining very low, the bellwether thing that all the economists look at is the ten-year Treasury note.
You should not watch MSNBC but CNBC or Fox Business, because if you do, you will never invest in your life and you’ll think the world is coming to an end at any moment. They will talk all day long about the interest rate on the 10-year Treasury note, now it’s about two point eight percent.
That’s not going to make you a wealthy person, but it’s the bellwether that everybody uses to watch the direction and interest rates. While interest rates are going to move up, they’re going to move up very gradually, it’s going to be a slow process.
Don’t anticipate that all of a sudden you’re going to earn six eight ten twelve percent on your CDs, the credit union would love to pay you that interest on their CDs, they would love to pay you. They’re doing the best they can, they’re limited on how much they can pay on these things. Your other option is limited. How can you do to change the situation? What can you do to increase the rate of return on your money? You may have to learn how to become an investor.