Bryan C. Fleming

Can you believe we’re 28 weeks into the New Year already?  Let’s see where everyone stands:

Bronze Savers: $700 (saving $25/wk)
Silver Savers:  $1,400 (saving $50/wk)
Gold Savers: $2,800 (saving $100/wk)

How much have you saved?  Are you a bronze, silver or Gold Money Saver?  Not sure what this all means?  You read my post where I talk about it.  Or Start from the beginning with just $1.

As most of you know I’m a silver level saver.  I recently got a pay raise at my job so I’ll be moving up to a gold saver in the next week or so.  It’s about time and I’ll write about it soon.

Today I want to talk about your ING direct Online Savings Account.  You know a lot of people are asking me where you can get 6% on your savings account.  I’ve seen ads for this, but they always say “$25,000 minimum” or something crazy like that.  So my answer is yes and no.  Let me explain.

Your Online Savings Account isn’t going to make you rich.  Don’t expect it to.  You want an account that is VERY reliable and pays a fairly good interest rate.  To me the most important thing is having an account I can access and someone to call on the phone if there’s a problem.  ING direct does great here.  Their 1-800 is answered in 2 rings.  That’s why I use them.

So let’s take a peek at my ING direct account:

A few weeks ago I pulled out $1,000 cash.  My used BMW needed a $400 repair and I put another $500 into my Zecco Online Stock Trading account.  I also spent the extra $100 on some Fireworks for a 4th or July party.  That was fun.

Last month I made $4.02 in Interest.  The month before it was $5.73.  You’re not going to get rich off that.  But having the $1,300 on stand-by WILL help you sleep better at night.  That’s why you need an online savings account.  To build a cash cushion.

Next time I’m going to talk about trading stocks using Zecco (as I’ve talked about in the past).  I’ll show you how I just made $7 from investing $300.  You want big returns?  This is where you’ll get it.  If I had invested my ING direct money I would have made almost $30.  That would be about 28% per year.  Now you and I can get rich on that.

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