An investment idea!

An investment idea!

An investment idea!

Have you noticed or are you already investing with some of the newer online investment sites? Sometimes investing in new ideas and programs guaranteed to give you some certain return can be confusing and overwhelming. It can seem at times like you have no control at all over your money! That can be a very anxiety provoking situation for a lot of people. There is often a degree of risk involved in the investment until a certain date when the investment will be reassessed and determined to fall into the category of "paid off" or "didn't quite pan out."

I discovered an investment idea about 5 years ago that seemed to take away a lot of the anxiety involved in a typical investment endeavor. This plan provided me with a lot more control over the investment, which I really liked. Giving myself the control also helped to reduce the risk factor involved in the investment. Here is exactly what I did:

I had a credit card with a low rate on balance transfers. I contacted the credit card company and had the entire balance on the card transferred into my checking account. I located an online savings account that had a high rate APY for the account. I placed all of the money transferred from the credit card into the high yield online savings account. Each month, I earned interest on the money in the savings account and I left that money there. I also paid monthly credit card bills on the money that I had transferred to the high yield savings account.

Now here is why this works and it really is simple, each month when you make a credit card payment, you pay off the interest accrued on the card that month, essentially eliminating the interest until your next payment in 30 days. With the online savings account, where you placed that credit card money, you are earning interest each month, leaving it in the account, and subsequently earning interest on the interest the next month. This pattern continues to grow exponentially! With each passing day, your investment grows while your debt sinks! It almost sounds too good to be true.

I do know that the days of credit card companies handing out low APRs and big balances to almost anyone are pretty well over and I have noticed some of the pitifully low rates being offered on checking and savings accounts as of late. However, keep in mind that you could actually pick a credit card that has a higher APR than the savings account you choose because with time making timely payments and keeping all accrued interest in the savings account will enable your investment to profit! It is a guarantee!

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