If you can compound money, then you can watch your money grow for you. This is something that is very important when you're trying to make your cash work for you.
A good example of watching money grow is when you invest it in the stock market and that stock grows in value. You see the money you invest grow into a larger amount. That is what a money market account does for you. These are accounts that act just like savings accounts and you have the ability to open one through your financial institution.
What makes these so different than your traditional savings account is the fact that they collect more interest. You'll also notice that the amount of money in the account grows on a daily basis.
However, you have to ensure that the deposits are consistent. This is because, the more you invest, the more your money is going to grow. You're going to see a much better return when it is time for you to withdraw money from the account.
There is also the fact that your money is protected by the FDIC. This offers a peace of mind to you because you know that the amount of money you put in is insured for at least $100,000. It is very possible for the FDIC to increase this amount like they have in recent times, so make sure you're up-to-date on that.
And that is how a money market account can secure you financially. If you don't have one, it may be a great idea for you to do just that.
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