what is a CD? (when it comes to money)

What’s up folk! CDs aren’t just something that you used to keep your illegally downloaded songs…

DEFINITION
CD aka Certificate of Deposit

Imagine you have some money you don't need right away, like cash you're saving up for a big purchase later on. You want to keep it safe and maybe earn some extra money on it. That's where a Certificate of Deposit, or CD, comes in.

A CD is like a special kind of savings account you open at a bank. You agree not to touch the money for a certain amount of time, like six months or a year. In return for leaving your money alone, the bank pays you interest, which is like a little bonus they give you for keeping your money with them.

The cool thing about CDs is that they usually pay more interest than regular savings accounts because you promise to leave your money untouched for a set period. But remember, if you need the money before that time is up, you might have to pay a fee, so it's important to be sure you won't need it before you put it in a CD.

PRACTICAL ADVICE
Build your personal brand

• I cannot stress this enough, if you want to start opening up opportunities for yourself; to either increase your income, find a new job, start a business, etc. You need to start putting your work out there!

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HELPFUL RESOURCES
Watch The Dept. by Omar

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