Lesson 19 “Keeping Your Money Safe”
“I gain knowledge when I have respect for the Lord and His words.” Proclamation for Lesson #19~
This lesson in The Kingdom Code was about learning how to keep your money safe by keeping it in a bank. We also learned new banking terms such as withdrawal, deposit, savings account and certificate of deposit.
Why keep your money in a bank?
Why would you want to put your money in a bank? Well, its to keep it safe! While you can keep all your money on you or hidden in some place, a bank is considered a safer option. (Of course nothing is foolproof as history has shown us). We compared several different banking institutions we use on interest (both paid and charged). Honestly, hands down our credit unions are sooooo much better than any bank! The 2 credit unions we use have CD rates of between .82%-1.21% for 36 month cds. With a $3,000 deposit the .82 would earn $74 in the 36 months. That isn’t absolutely amazing but it is definitely better than the savings rates offered at most banks. We are considering opening a CD however they do have early withdrawal penalties so you need to be careful that this is “extra money” you won’t need for quite awhile. One of our credit unions allows you to open youth cds and make deposits! This is something we’re considering as Jake saves for the aviation school.
Jake is working hard to earn money. This week he has been splitting and stacking wood! As he gets older our plan is to have him and his brother cut, split and stack all our wood and we pay him a slightly reduced rate per rank (since he will also be benefiting from it and using his dad’s equipment and supplies). Then they can sell any extra they cut at full price!
Due to network issues pictures will be posted as soon as possible! Unfortunately my rural internet can be very spotty and its torrential rain right now!
We also learned about Wells Fargo and watched a historical video on that. Unfortunately there are criminals who will break and enter and those who hack into a bank account. Regardless we must not put our trust in money but in the Lord! In my opinion its also good to have a mixture of accounts so that it is somewhat “safer”.
We’re printing off play money today and setting up a bank! Its the perfect day for it as its absolutely pouring! Pictures to follow!
Come back later for our next lesson!