FROM THE president
Money Management
In retail , there are many details to watch — inventory turns , open-to-buy for each department , resetting the store for the selling seasons and so much more .
I want to bring your attention to interest-bearing bank accounts in case you are not aware of them . As you know , borrowing money has become a lot more expensive ; but at the same time , some bank accounts pay reasonably good interest rates . Rates have gone from almost nothing to over five percent in recent months .
These interest-bearing accounts can be attached to checking , savings and money market accounts . Usually , the money market accounts pay the highest rates . You should check with your banker or financial advisor if you have an interest in this .
In my research , I have found that there are money market accounts , backed by short-term U . S . Treasury notes , paying around five percent . These accounts are not guaranteed by the FDIC , but they are backed by the good faith of the U . S . government . I have seen less secure money market funds , backed by a “ basket ” of corporate short-term notes , paying well over six percent . These obviously have more risk than government backed funds . Many of these accounts can be set up as checking accounts , and you get interest calculated daily on the balance you hold in the account . Some of these accounts come with absolutely no fees .
For saving money on the short term , you might consider looking into 90-day Treasury bills ( T-Bills ). Essentially you are loaning the government money for 90 days . After the T-Bill matures , you have your cash plus interest returned to your account . Ask your broker or banker about the full range of short-term safe investments for managing your cash accounts .
Christian retail is a low-margin business ; therefore , we want to maximize our opportunities . Extra income from interest-bearing accounts can add to your income stream .
As we read the Bible , we are often reminded of good stewardship . In the parable of the talents in the book of Mathew , Jesus uses a story about investing and getting interest on your money to convey a greater truth . That is , to be productive and to gain godly wisdom by following God ’ s rules .
Ecclesiastes 7:12 is almost a summary of that parable : “ Wisdom or money can get you almost anything , but it ’ s important to know that only wisdom can save your life .”
It is good to seek financial advice from an expert . Solomon , the incredibly rich and powerful king , advises us in Proverbs 3:9 , “ Honor the Lord with your wealth and with the best part of everything your land [ your business ] produces .”
May God richly bless your ministry and business efforts .
Sincerely ,
Bob Munce CRA President
PRESIDENT : Bob Munce EDITOR : Andrea Stock CREATIVE DIRECTOR : Mike Solava ADVERTISING : Christy Dollins ACCOUNTING : Brooke Koroknay
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