10% is Bigger Thank I Thought

For the longest time one of my biggest business frustrations was my inability to open a money market account. We didn’t need more than a place to store money but whenever we went to the bank they would always talk about needing $10,000 of new money to their bank. I never asked if that is in a month as we do deliver over $30,000 of new money to the bank every month.

The problem was with one account doing everything we could look at it and get ourselves a little too excited over it. That created a problem and problems require solutions. The money market account was that solution and after tens years of trying to set one up in branch I decided to do it online.

Now we have a money market account and my method of filling it has been to transfer 10% of every incoming transaction into it. It filled a lot faster than I would have thought. It is currently sitting just a bit bellow the amount I would like it to be at before the next tax season rolls around, but we also need that money for insurance and other unexpected bills.

Now what I just did might turn out to be unwise or it could be genius. I don’t know. I looked at our monthly credit card bill. A bill I was close to paying off before putting a large purchase on it. That is what credit cards are for, but they also charge high interest, and I wanted it gone. So I figured I will use a little extra of the money market account to reduce this interest because what is the point in saving 10% if you’re leaking 26%. Close the leak first.

So if the extra $1000 I threw at the credit card has to come out of the money market account that isn’t such a bad thing. We still have until April to get the account up by $4000 and were able to grow it by $7000 in the first two months of it being opened. That gives us some runway, but we also have to keep in mind that January and February are our slower months.

This writing and thinking in real time is an interesting thing. The important part is we have an account that is growing and is helping us grow. We just need to get some people hired.