BizCoachDeb's BizBuzz -

Posts Tagged ‘escrow’

First, I’m not a financial advisor, but feel like I simply must share a bit of information with homeowners out there. Maybe it’s because I think about folks feeling like they have so little control over their own money these days, or maybe it’s just my way of saying, “It’s your money, put it to work!” Having worked in the real estate industry for many years, I often saw people escrow their tax and insurance payments. Break this down for a moment: if you have an escrow account, you pay extra each month to have someone else send payments to your property taxing authority, plus, they send your payment for your homeowner’s insurance. In between, what is that money doing? It’s pooled with other people’s escrow accounts and earning amazing amounts of interest, but not for YOU. Instead, the managing entity has tons of these payments sitting in accounts, building interest for their company. It’s not illegal, it’s not even immoral, it’s just not working hard for you.   The rest of the story...