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Cash in or roll over? What’s the smart move for your maturing CD?
Season 7 Episode 31
Feeling stuck with your maturing CD? You're not alone! Ralph Estep Jr. dives into the dilemma many face when deciding whether to cash out, roll over, or explore other investment options. He shares valuable insights on how to break free from the paralysis caused by fear of making the wrong financial decision. By evaluating your risk tolerance and understanding your financial goals, you can take control of your money and make informed choices that honor God. Ralph also discusses various alternatives, including CD laddering, high-yield savings accounts, and even stocks, providing a roadmap to navigate your financial future with confidence and make the best decision for your maturing CD.
Check out the full podcast episode here
Podcast Timestamps:
00:00 Episode Overview
02:41 Listener’s Question: What Should I Do When My CD Matures?
04:48 Bible Verse - Proverbs 27:23-24
05:54 Today’s Gratitude Statement
07:52 What is a CD?
08:37 Understanding Your Options with CDs
08:43 #1 Cash It In
08:56 #2 Roll It Over
09:19 #3 Let It Auto-Renew
29:55 Action Steps To Make The Smart Choice
29:59 #1 Evaluate Your Goals
30:24 #2 Research Current Rates
30:40 #3 Consider Alternatives
31:36 #4 Pray and Seek Wise Counsel
31:58 Reflection Questions
33:12:00 Closing
Takeaways:
- Making financial decisions can be overwhelming, especially when faced with uncertainty and fear.
- Evaluate your financial goals, since cashing in or rolling over may depend on them.
- Consider CD laddering as a strategy to balance returns and liquidity effectively.
- Investing in high yield savings accounts can provide better returns than traditional savings.
- Understanding your risk tolerance is crucial before deciding on investment options.
- Seek guidance from trusted financial advisors who align with your values and goals.
Links referenced in this episode:
- Check out our blog: askralphpodcast.com/blog
- Support the Show https://askralphpodcast.com/support
- Ask Ralph Show Live https://askralphpodcast.com/live
- What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
- Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/
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Published on 10 months, 3 weeks ago