Make Your Own Private Bank
Banks are common and important in our daily life. We rely on banks or credit unions to deposit and withdraw our money. However, we can smartly utilize some basic features provided by an investment brokerage to conduct most, if not all, common individual banking transactions. Combined with using better short term and fixed income investment portfolios such as those from MyPlanIQ (see, for example, January 11, 2021: Smart Cash Management: Can I Just Withdraw From My Bond Portfolio?), one can actually construct a ‘private’ bank that’s as safe as a traditional bank but pays much better.
In this newsletter, let’s dive in to take a look at this more closely.
Common banking services
First, let’s take a look at common services a bank provides. From a bank’s client point of view, roughly, we can divide them into the following categories:
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