A sound investment strategy begins with cash savings in a low-risk account that offers a reliable rate of return. These resources can be set aside for retirement, offer security for making higher-risk investments with other funds, or used to meet unforeseen emergencies. River Bank, with convenient locations throughout western Wisconsin, recommends starting your savings early and offers a few tips on maximizing the effectiveness of your efforts.
The amount you save depends on the power of compound interest, which will exponentially increase your investments over time. Essentially, the interest your savings earns are deposited into your account, where they will help you earn a higher dividend next quarter. In the beginning, this effect may seem negligible, but as the amount in your savings grows, you'll see it increase exponentially. Because this effect can take years for your interest to truly build momentum, you should start as early as possible to ensure your retirement account is ready when you need it.
If you haven't built a habit of saving, begin by setting aside small amounts of money every month. Even saving just a few hundred dollars at first is better than no savings at all, especially if you choose a safe investment vehicle with a slightly higher rate of return, like a Certificate of Deposit.
River Bank provides high-quality banking services throughout western Wisconsin, combining traditional, reliable products with an innovative approach designed for your convenience. Visit their website to see their entire list of services and find your nearest location, or call (608) 788-6300 for help choosing the banking services that are right for you.