How many of you have PayPal accounts? Raise your hand. Now how many of you keep more than $100.00 in that account? Now the plain fact is that you are not letting your money work to make more money for you if you let it sit in a PayPal account. A PayPal account is not a regular bank and as such they do not have to follow banking rules which protect your money. They can charge outlandish fees whenever they want or close your account at their whim.
I have a PayPal account to simply receive payments from eBay auctions or items that I have sold through my website. I don't not keep more than $150.00 in the account at any one time unless I plan to make a large purchase online such as technology items like memory cards or a battery for one of our laptops. The money is transfered to my savings account to grow so that I can then either transfer it yet again to a money market account or to buy into a mutual fund.
I make sure that my money does not just sit around for long, it works for me to earn interest no matter how small. Something is always better than nothing.
No comments:
Post a Comment