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In response to the popular 10 Reasons to Open an Online Savings Account, one Reddit commenter asked this simple question:
Ok, great. So what's a good online bank?
What a great question. Let's go over 10 of them.
There's only one guaranteed way to start saving money so you can fill up your online savings account. It's got nothing to do with winning the lottery (though that would help).
You have to spend less than you earn.
As regular readers know, I'm a huge fan of online savings accounts, and even run a forum dedicated to talking about them.
But newbies to these high-yield accounts may not know exactly what they are missing. So here's 10 reasons to open an online savings account.
I don't have a fancy car.
I don't have an especially good looking car.
I'm actually a little big for my car.
But I sure as hell am not buying a new one anytime soon.
There's something completely backwards about the way people talk about money.
People love to talk about the large amount of money they have, they spend or they otherwise use.
People do not love to talk about the money they save, they are indebted or they otherwise don't use.
Why is that?
If you're in the market to save some money, whether it's to achieve a financial goal or to fill your online savings account, there's one expense you can easily control and will greatly benefit from: eating out fewer times per week.
According to a new report (I heard this on the Today Show and can't find a link online), Americans dine out an average of 4 times per week.
As an Internet entrepreneur, I spend a fair amount of time discussing online businesses at webmaster-type forums, including the Earners Forum and the SitePoint Forums. The problem with most of the community members is that they are looking for a quick way to make easy money online — microwave society, anyone? — and not how to best develop a real online product.
There's no better example than the folks looking to make big bucks off of Adsense — without a game plan.
I've read a bit about Seth Godin's Web 2.0 site Squidoo before (including recent questions about the site's success), but I've never really used it. Until today.
I signed up and created a lens dedicated to online savings, mostly as a promotion for the OnlineSavingsForum.