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A Penny Saved is a Penny Earned?

Here's FREE Money!! Many of my co-workers, friends, clients and fellow Active Rain members are looking for ways to diversify their income right now in this changed market. As we are all aware, many Companies are consolidating, cutting back, laying off people, letting go of assistants, and in some cases, even closing their doors for business. According to ML-Implode, many mortgage brokers and lenders have gone out of business.

Some of these companies affected are my clients, co-workers, friends, family and business acquaintances! I truly have a heart for their well-being and for what's going on in our industry right now. A lot of us have benefited from the last 5 years of a great market with increased property values, low interest rates, and major growth to our financial wealth and freedoms. As the market adjusts to wherever it's going, I was just curious, how many of us have been saving and putting away for this very time and circumstance? It's NEVER TOO LATE!

When I returned from the Islands to the Mainland in 2005, I discovered that ALL the money I had been saving in the Bank over the years was NOT giving the same return on my investment as Real Estate. Yet I continued to keep my savings in accounts like Bank of America and Wells Fargo. When I received my 1099's to do my taxes, I realized I was making such a small amount of interest on my savings. Only .01% on my total savings amount!

Here's the honest truth of how I learned about this FREE money opportunity.

Before I returned from Hawaii, I made a promise to my oldest son that if he graduated from High School with a 4.0 GPA, I would match whatever amount he had saved up until his graduation day. Well that day finally came. When I asked to see his bank account statement, he showed me that he had managed to save just over $10,000! I just about fainted! I even had to check with the bank to make sure he wasn't pulling a fast one over on me. LOL! The amount was confirmed! It's true! I had to write my son a check for $10,000 dollars on his 19th Birthday, just after his High School Graduation.

He had taken every penny ever saved since age 5, and put it into a savings account. This is when he told me about ING.com and EmigrantDirect.com. He told me that they payed 5.02% interest compounded monthly and that there is no penalty for withdrawals, the account only needed $1.00 to remain open, and it was Federally Insured by the Government up to $100,000 Dollars. See why he goes to Cal Poly? My son became my hero that day. I immediately pulled all my savings, and put it into EmigrantDirect.com. Now, the interest I earn helps me to pay my property taxes each year. (as sad as that may be) This is just what some of us need right now. Here's a breakdown of what this could mean for you!

$10,000 = $50.00 per mo. $25,000 = $150.00 per mo. $50,000 = $250.00 per mo. $100,000 = $500.00 per mo.
All of these amounts are compounded "monthly" based on the total amount you build in the account. It Grows!!!

I am sharing this with you not because I am working or advertising for either of these companies, I'm just not sure how many of you know this is out there and available to you right now! If I can help you get some of this "FREE Money", then this post will likely be worth more than any other I have ever posted on my Blog! I know this is helping me in today's economy and market, I hope this will help you too! Are You SavING? Maybe DiversifyING? I'm Just CheckING! Here's FREE Money! The truth is; A Quarter Saved is a FREE Penny Earned!!

Disclaimer: You will be taxed on the interest paid as income. You will receive a 1099 form just like you do on a savings account.

All Content Copyright Protected © 2007 - The Escrow Guy

Posted by Brad Andersohn ~ Community Builder on 10/15/2007 02:43 AM

Comments (43)

free money, ing, emigrant direct, savings account

43 Comments on A Penny Saved is a Penny Earned?

OCT

2007

Kudos to your son for saving all those pennies, Brad. Even though your bank account took a big hit because of his savings, I know you're very proud of him for doing this.

I will definitely be looking into moving some of my money around! Thank the college kid for me!

Ummm, you're not looking for a referral fee on this are you? haha

I am always sceptical of these types of posts. This one seems very valuable. Thank you for the good tip to us and our customers.

Thank you for your blog ! These are great useful tips that we can all utilize ! Keep up the good work and I look forward to reading more of your blogs !

WOW, Brad that is a huge difference. Thanks for sharing. I'll look into it and see if anyone here as also used this.

Brad,
Thanks, my friend, for sharing this. My daughter is 8 months old, so now is a good time to start saving for her, huh?!!

Brad

That was a good story I need to get my son to read this. He spends what ever he gets, that's because the wife although frugal allows the kids to do it.

My dad use to give me 11 pennies for every dime I gave him when i was a kid. It taught me to save my money. I would take that 11 cents and put it into a coffee can and when I did my paper route I would ask for my tips in dimes and later make the exchange with my dad.

So, back then a dime earned was a penny of interest.

Excellent lesson and strategy. thanks for sharing!

Nancy - I truly am grateful for my sons knowledge of these online accounts. I remember seeing some commercials on TV about them way back, but never really paid much attention to them. I am very proud of his saving, and that is a moment in "Both" our lives we will never forget!

I'll thank him for you or you can do it yourself, he's on Facebook, just look up Sean Andersohn.

As far as the referral fee, that would be cool, but not this time. I sincerely wanted to share this to help people get through this challenged economy right now. If everybody pitches in and helps someone else, wouldn't the world be a much better place? Money does make the world go round, so why not get your share too? (Big Smile)

Brad: You have quite a kid. Then...the apple doesn't fall far from the tree......

FYI: ING also does mortgages, and were one of the only lenders in the game when jumbo money was impossible. In fact, I have one of my mortgages with ING. When my husband accidentally added a zero to our payment when making an online mortgage payment, I thought it would be the biggest hassle in the world to get back that $20,000 overpayment. But they were really great, and since they are internet based, were able to simply transfer it back with a minimum of hassle.

I highly recommend what ING calls "The Orange Account" (the high interest savings account you mention)

PS.....finally opening those 2 escrows I promised you this week. Stop in and say hi if you are around

Jeff - I was skeptical at first too, but once I looked into it, I saw it was legit. Getting that first monthly statement was AWESOME!!! We owe it to ourselves to research these opportunities and take advantage of them. We are a skeptical society because so many of us have been burned or ripped off.

ING and EmigrantDirect are both legit, and insured, which gives me the confidence and reassurance to know that I'm doing the right thing by sharing this information with you and others. Don't take my word for it, check out the links in this post. Look at their websites and contact them by phone. Then, put $10.00, $50.00 or $100.00 in and watch it grow. It's FREE money my friend. :-)

Melissa - Glad you found this to be of value. This is probably the most "valued" post yet in that it will put money in your pocket!! I look forward to writing these as much as you look forward to reading them!! LOL!! Thanks for your comments and your support out here!! :-)

Hi Brad, I have to admit, I'm a skeptic. I'll check it out though and I hope for the best. How crazy would we be to keep accumulating our 1% if these are offering such a high rate of return for the buck! That would be incredible. Thanks for sharing.

Missy - you know me, I am a very trustworthy human being! My word is my bond!! You should really look into this and even call them on the phone if you have any doubts! Read Janet's comment above about ING. I am currently using EmigrantDirect.com and will be opening an ING account next. I still have my checking and a little savings at the Local Banks, but how could anyone resist this kind of offer. It's free Money! You really owe it to yourself, and your loved ones to look into this one wholeheartedly. I say this humbly, you'll thank me later once you do!! :-)

David and Kristin - Due Diligence my friend! Do all the research you need to so that you feel confident this is the right account for you. I'm sure there are other programs and CD's and money market accounts out there, but this is just an online savings account that gives you tons of freedom and pays a really good interest. Check out their websites, call them on the phone, contact the FDIC and BBB to confirm what I'm sharing here. This could help your daughter with college one day, or a new car etc. Watch out what promises you make to your kids, my promise cost me $10,000!! LOL! Worth every penny too!

Adds a whole new meaning to the term, "A Penny Saved is a Penny Earned huh?"

Hey George that's some great information! Now I just need to find some $$$ to put in there. Too bad it's been a slower year for my savings.

Gary - that's a great story, thank you for sharing it! When my son was 5, he asked me about making his money grow. He saw a program called "Dennis The Menace" that told him if he put his money in the bank, it would make his money grow. He said he wanted to save for a new car. (Age 5 mind you). I thought he meant a hot wheel or a tonka truck, but then he made it clear that he was saving to buy a real car one day...he wanted to buy a Corvette!! Well, this was a real learning experience for us both, one I will never forget or regret!

Your Dad did a great thing showing you how to save and collect interest! Are you sure he isn't the one who started these online interest bearing accounts? LOL! Thanks again for taking the time to share your story Gary!

plus equals over time!! :-) This should really get some INTEREST!!

Nancy - this is an excellent strategy and plan for anyone who wants to earn more interest on their saved dollars. Even if you only started with $100.00, and then added $100.00 each month, in 5 years time you'd have saved $6,000.00 and that's not including the 5% interest compounded monthly on the total amount. This is even better than the Gerber savings plan because you always have access to your money with no penalties! :-)

I don't mean to be naive, but how does that online banking stuff work. How do you get the money in there and take it out? Is it just through a bank card of some sort, or is it tied to your existing checking and/or savings accounts at regular banks?

Janet - Yes, he is quite the kid!! I was unaware that ING did mortgage loans too! I would still have my referrals and clients go through you to get their loans though!! :-) Thanks for sharing that and for adding credibility to this post. I think many people are skeptical and find these opportunities hard to believe. I hope they'll look into this and see that it is FOR REAL!!

My son has the ING Orange Account, and couldn't be happier! I am very grateful for him sharing his knowledge of this with his Ol Dad! It has made a real difference in our finances and security. Maybe this was his way of helping me help him through college!! LOL! It worked!!

Thanks for the escrows, I can come by whenever it's convenient for you! Let me know if there is anything I can do to help expedite their closing. Feel free to contact Debbie Barry at the office, we'll take great care of you and your clients, you have my word!! I'll call you later today to follow-up. Thank you Janet, I hope you know how much that means to me and the TEAM! YOUR TEAM!!

Joyce - I would want you to be 100% confident about these online banking opportunities. You should always be a skeptic, but I am positive that once you do the research, you'll wish you had known about this sooner like I did. Your comment about "How crazy would it be...." it's only crazy if we don't take advantage of FREE MONEY like this! You said "that would be incredible" as though it is the future and does not exist, do yourself a favor today and call them! IT IS INCREDIBLE in the present tense! Glad I could share this with you, but the thanks should really go to my son!! :-)

Brad, Wow, your son really did a wonderful job and you should be so proud! I have 2 boys, the oldest is 18 and if I didn't save his money, it wouldn't get saved. The younger one is almost 16 and he has more money than his older brother (his brother works and he doesn't). He also found ING, researched it and that is where he put his money and talked me into getting an account there too. I'm glad that he found ING because we have had our money there for over a year and we have done ok with it! I was skeptical at first, but it is very easy to use and is legitimate.

Lizette - George here! haha (that was cute) You really should look into this. I have shared this with other clients and friends and it has helped them grow their savings and make more money. We can all use more right? Just start with whatever amount you are comfortable with. Remember, you can always pull it back out at any time for any reason and as much as you want, with no penalties. Can't do that with a CD or a 401K plan. Those are important too, but this type of account just gives you a lot more freedom with a lot more interest! The dollar you sent my son for Cal Poly has already earned 15 cents. Makes cents to me!! LOL! :-))

Sherry - It's really quite simple. Just contact either of these Online Banks and they'll walk you through it over the phone. Their customer service is excellent. All you do is setup a transfer account from your regular bank savings to the ING or EmigrantDirect account. It's secured, it's easy, and it's FREE! You simply type in how much you want to deposit from your Bank Savings to your online account, and click submit. The funds are electronically moved from one account to the other. If you want to take money out, you do the same thing but in reverse! You're basically just wiring funds from one account to the other.

It's all done online, no fees, 24/7, and it's insured! Try it! The only thing you are losing right now is the FREE money they're willing to pay! You should pick up the phone and call them today. It's toll free. Then come back and tell me what you think, I'd love to hear your response, I'm sure others will too!

It's really very exciting when things like this get discovered!! Glad I could share. Let me know if you have any other questions, I'd be happy to help you out if I can! :-)

Roberta - THANK YOU! I am so glad you took the time to comment and share your thoughts here! You are helping build credibility to this post and assisting me with removing skepticism here. Anyone who really knows me, knows that I am a man of integrity and honor! I may not be the sharpest knife in the drawer, but I am honest and sincere!!

I have 3 boys, I am trying to teach the other 2 what the 3rd has already learned. My 16 year old spends faster than he earns. My 11 year old started saving and was doing a great job until he found a guitar he wanted! Now we have to start all over, but at least he gets it!! :-)

Thanks again for your confirmation, I'm glad the account is working for you too!! :-)

It doesn't get any easier than this...

Free money? Sign me up. You raised a bright kid there. Good job.

Great Post....I have bookmarked it. Thanks!

Money in the bank cudos to your son a lesson well learned!

Brad,
I will take your advice. I have to start saving now because my daughter (at 8 months) already has me wrapped around her finger!

OCT

2007

Dan - you should sign up! It's the easiest FREE money out there! I know you won't regret it!

I am very proud of my son, he's bright, talented, funny and good looking (got that from his Dad too) LOL!!

Christine - Bookmarked won't make you a penny! I hope you'll look into this and not let it fall down the list of great posts on AR. How often do you really go back and look at all those bookmarks! LOL!

Kathy - I hope this is lesson is being shared in a way that gets others to look into this. I know it sounds too good to be true and I'm sure that's what creates skepticism. Who wouldn't want 5% interest on their savings? We'd jump on that if it were a 30 year fixed loan and we had to pay it right? Here we can have it paid to us. :-)

David - this is probably some of the best advice I have ever given on AR! It's the best thing you could ever do for your daughter. Don't just think about it, really investigate and jump on the wagon. You can trust me 100% on this one. I know you'll have no regrets, and you'll thank me in the years ahead! :-) You're daughter is worth every penny and deserves you making the very best choices for her, which I know you do already. You are a good Dad, this might help make you a Rich Dad!! LOL!!

Drop $100,000 into an account for her and that's $500.00 per month in interest. By the time she's 18 David, she'll have $208,000 (initial investment doubled) and that's not counting the monthly compounded interest!

Not a bad way to double your money doing absolutely nothing!! What if you added $100.00 every month on top of that, now we're talking some dollars and sense! :-)

Brad, thanks for the great advice. I'm passing it on to my son and daughter and hope they'll pay attention.

Brad,

Very informative post, as usual. I can always look forward to reading your post and getting gaining education and tips!

OCT

2007

Dave - you're welcome! I hope you're looking into this for your own personal benefit as well. It's not just for the kids, this is one where the student teaches the teacher! :-)

Dominic - I hope this is not only informative for you, but useful in the sense you can have growth in your wealth too! This is more than just education and a tip, this is FREE money for those who are interested. You owe it to yourself to get involved in a savings plan like this, I did! :-)

OCT

2007

Just got another statement today, and they're sill giving away free money. Over 5% on anything you have in your account. You should deposit, you're missing out! :-)

OCT

2007

Brad - I'm a little late to the table on this one - but WOWEE ZOWEE!!! I'm so afraid to show this to my children but it makes HUGE sense, doesn't it? thanks for sharing!

NOV

2007

Free Money I hear ya Gota Love It.

Jennifer - you're always welcome here anytime. Don't be afraid, go into the light! LOL (Big Smile) :-)))

NOV

2007

Ihear they may raise the rate even higher?!? Hmmm.... :-)

DEC

2007

Don - I'm still making money from this, are you? I know Janet uses these guys too... I'd love to know how many others have caught on to this FREE money? Over 5% every month now! It's awesome!!

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