The Best Savings Tool for You in 2022 is Not What You Would Expect

Tom Handy

Inflation, the Russian war, and the high cost of gas have you wondering where can you save your money for the best return. You know banks won’t do it for you. They haven’t for years.

Bankrate says the average most banks pay today is 0.06%. So you are barely earning anything to keep up with inflation which is 7.87% even though when you fill up your car with gas you know those numbers are a lie.

You know, I am all about the numbers. I have been even when I was a kid and used to sell penny candy for double the price to make a 100% return. Unfortunately, my “business” didn’t last long as I gave up too easily when there were no customers.

That’s a lot of ingenuity for a six year old.

Today, I still have the same mindset. Where can I get the best return on my money?

Sure you can invest in a high yield savings account but even those numbers are not the best lately. Marcus pays you .50% and that is still lower than inflation. So basically, you would lose money even with that high yield savings account.

The Best Place to Grow Your Money

If you have followed me and what I write, cryptocurrencies are one of the main topics I write about. Before you jump to conclusions, I am not telling you to invest in Bitcoin, Ethereum, DogeCoin, or another cryptocurrency since you have seen the volatility in this market.

You could easily see your money drop 50% overnight if you invested in one of these popular cryptocurrencies.

So I am recommending a more stable type of market. Granted the market is still “new” so there is always a chance you could lose some of your money.

I started putting some of my money in stablecoins. If you’re not familiar, stablecoins are the equivalent of a dollar currency but it’s a digital currency.

Just as banks lend money to clients, cryptocurrency exchanges do the same except they lend stablecoins to their clients. So you are taking dollars and using stablecoins to grow your money.

This Company Pays Up to 12%

One company that doesn’t get a lot of attention is Voyager. With former E-Trade CEO Steven Ehrlich, Telecom M&A analyst Philip Eytan from Morgan Stanley, Gaspard de Dreuzy founder of online broker Kapitall, and Oscar Salazar Uber founding Architect and Chief Technology Officer all running the company as co-founders, this makes a powerful team.

Though Voyager offers savings at 12% when you invest or stake your Polkadot on the exchange, the USD Coin or USDC stablecoin pays you 9% a month. This is much higher than the rate of inflation.

Even if the rate were to drop, most likely the company will let you know. I had this happen to me when I had investments on another exchange before I moved the money to Voyager.

So if investing in cryptocurrencies is not on your agenda, you may want to try putting some of your fiat currency on an exchange to grow your money.

There are other platforms with better rates but personally, I prefer Voyager.

Do you invest your fiat currency in stablecoins?

This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.

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