During his day MC Hammer built a luxury mansion in Fremont, California. The property had a massive a car garage, swimming pools, a bowling alley, baseball diamond and a stop sign engraved with “Hammertime.”
At one time Forbes Magazine listed him as the 19th-highest-paid entertainer in the world with earnings of more than $33 million. However, Hammer lived well beyond his means and did not take a portion of his income and invest it into great money market accounts with high rates, safe but interest generating CDs and other investment tools with high rates.
Ultimately, Hammer had to sell his house and cut back on the spending as filed for bankruptcy in April 1996. At that time he had $8 million in assets but $10 million in debt. If only Fremont Banking Rates was around at the time to help him find high investment rates, this situation may have been avoided.
Fremont Banking Rates want to help you earn money, save money and put yourself in the best position for your own financial situation. If you have a savings account that you do not need for the rest of this year, it may be a good idea to invest into a 6-12 month CD and take advantage of the higher interest rates. You can earn up to 1% or more in a CD versus a savings account with a $5000 CD over 10 years; that can be over $500-$1000 more in interest payments with the higher CD rate.
Many local Fremont credit unions offer competitive CD rates, money market accounts and IRAs, as do the larger national banks. If you want to get the highest interest rates, be sure to thoroughly research banks with the best offers before you make your decision. Fremont Banking Rates has relationships with many banks to maximize the potential of finding the best rates.
A clear advantage of investing in CD’s is that CD Rates are fixed, meaning you lock in an interest rate for the entire term of the CD, and it does not change. When interest rates are dropping, your CD stays at a higher rate. If you money is in a savings account, or interest paying checking account, your interest rate will drop daily, if rate are falling. Learn from Fremont Banking Rate partners if rates are falling or rising, and make the right choice to earn more money.
