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Why I’m Not Opening Any CDs in 2024

Have you seen how high the APYs have gotten on certificates of deposit (CDs)? As of Jan. 21, 2024, some of the offers on our best CDs list were offering rates of up to 5.51% APY! With the Fed (possibly) getting ready to cut interest rates, now could be a good chance to lock in a high yield on a CD. But even though the APYs are tempting, I’m not convinced that opening a CD is the right move for my personal finances. And CDs might not be the right option for you, either.
Reasons Why I’m Not Opening Any CDs in 2024
- Lack of Flexibility: I don’t want to lock up my money in a CD. Instead of a CD, putting your cash savings in a bank or credit union savings account gives you flexibility for using that cash.
- High-Yield Savings Accounts: The best high-yield savings accounts pay high APYs too. With a high-yield savings account, you get APYs almost as high as (and sometimes higher than) the best CDs, the freedom to withdraw your cash at any time, and no early withdrawal penalties.
- Not a Good Long-Term Investment: CDs aren’t a good long-term investment. I’m still at an age and stage of life where I basically think about investing in terms of two buckets: short-term cash and long-term investments.
Is $10,000 Too Much to Keep in a Savings Account?
Saving $10,000 is a huge milestone, and it’s worth celebrating. That kind of money can solve a lot of problems. But it also raises some important questions, like where’s the best place to keep that kind of cash?
CD vs Traditional Saving: Which is Better?
It’s a question I get asked quite often: should I put my hard-earned money into a CD or a traditional savings account? The answer, as with many financial decisions, is it depends. Let’s dig a little deeper.
A CD has a set term—from a few months to several years—and generally, the longer the term, the higher the interest rate. If you can afford to put your money aside for a long term without touching it, a CD might be an excellent choice for you.
On the other hand, if you’d like more flexibility or think you might need to access your funds sooner than the term of a CD, a high-yield savings account might be more your speed. These accounts often offer competitive interest rates, and the big advantage is that you can usually withdraw your money at any point without penalty, something not usually possible with a CD without incurring a penalty.
The Bottom Line
It’s important to remember that every financial move you make should be based on your personal circumstances. I believe that tying up your money in a CD for the long-term isn’t ideal for everyone, and there are equally, if not more, beneficial alternatives such as a high-yield savings account. However, if you have a large amount of savings and want to earn a higher interest rate without the risks associated with investing in the stock market, a CD can be a great choice. Ultimately, you know what’s best for your financial situation. Just be sure to weigh your options carefully before you decide.
Whether you are deciding between opening a CD or maintaining a regular savings account, or wondering about the best place to stash your $10,000 milestone savings, it is imperative to consider your financial goals and circumstances to make the best decision. And while CDs might offer attractive rates, flexibility, and potential for higher returns could tip the scales towards high-yield savings accounts in 2024.
Remember, the single best thing you can do with your savings right now is to make a well-informed decision that aligns with your financial goals and situation. After all, at the end of the day, every cent saved is a step forward to a secure financial future.
Setting Financial Goals: How Savings Can Help
Whether you’re dreaming of a down payment for a home, planning for your children’s future education, or setting money aside for a comfortable retirement, making the right choices with your savings can significantly impact your progress towards your financial goals. Below, we discuss how different savings strategies cater to specific goals.
If your goal is a short-term one, let’s say buying a car in the next year or two, a high-yield savings account might be your best bet. It provides easy access to your funds and still accrues interest, albeit not as much as a CD. However, the freedom to withdraw your money without any penalties is a defining factor here.
In contrast, if you have a long-term goal, such as saving for a child’s college education, a CD with a long-term tenure might be a better option. You get a higher interest rate, and the temptation to withdraw the funds is mitigated by the prospect of penalties for early withdrawal.
Adapting Saving Strategies with Changing Economic Landscapes
While we might have our savings and financial strategies writ in stone, it’s crucial to remember that the economic landscape continually evolves. Inflation rates fluctuate, interest rates rise and fall, and financial crises can occur. Being able to adapt your savings strategy in response to these changes can be instrumental in ensuring your financial stability and growth. For instance, if interest rates are expected to fall, you might want to consider locking in the current rates with a CD. On the flip side, if rates are on the rise, a high-yield savings account could be a better bet.
Final Thoughts
From locking funds in a CD to keeping money accessible in a high-yield savings account, each strategy comes with its set of advantages and downsides. The key is to find a balance that aligns with your financial goals, lifestyle, and the degree of risk you are comfortable taking. Keep in mind, especially in today’s turbulent economic times, the most effective savings strategy is one that is flexible and adaptable.
In conclusion, the best thing you can do with your savings right now isn’t necessarily about choosing between a CD or a savings account. It’s about making an informed choice that helps you navigate your way to financial security and meet your goals. Don’t forget, despite the lure of high-interest rates, your personal circumstances and financial goals should always influence your decision.
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Incorporating Modern Materials into Repurposed Spaces

Repurposed spaces, such as old industrial buildings, barns, or warehouses, offer endless opportunities to create something unique. However, transforming these spaces can be challenging, as they often require a careful balance between preserving history and adding a touch of modern functionality and aesthetics. One of the most effective ways to achieve this is by incorporating modern materials that elevate the design without compromising the character of the original structure. Here are five ideas to help you make the most of modern materials in your repurposed space.
1. Use Glass for Natural Light and an Open Feel
Glass is one of the most versatile materials when it comes to modern design. Incorporating glass walls, skylights, or large windows into your repurposed space allows natural light to flood in, creating a sense of openness and vibrancy.
For example, installing floor-to-ceiling glass walls in an old factory-turned-office can make the space feel larger and more inviting while maintaining a connection to the industrial aesthetic. Additionally, consider using frosted or textured glass for privacy in certain areas without sacrificing light.
Not only does glass bring a sleek, contemporary look, but the abundance of natural light can also reduce your reliance on artificial lighting, making it an energy-efficient choice.
2. Incorporate Steel for a Sleek Industrial Edge
Steel is the backbone of modern industrial design and blends seamlessly with repurposed spaces. Opt for exposed steel beams, staircases, or furniture with clean lines to reinforce the structure’s historic character while adding a modern touch.
For instance, when converting a former warehouse into a trendy café, incorporating steel shelving or bar frames can enhance the industrial vibe while also providing practical durability. Steel’s ability to support heavy loads and its minimalist aesthetic make it a valuable addition to any design project.
3. Try Concrete for a Textured, Contemporary Finish
Concrete is no longer confined to sidewalks and parking lots. This modern material is now a popular choice for flooring, countertops, and even furniture in repurposed spaces. Its simplicity pairs beautifully with exposed brick, aged wood, or other original elements often found in older buildings.
Polished concrete floors are a particularly great choice, as they offer durability, low maintenance, and a reflective quality that enhances light. When paired with warm-toned furniture or area rugs, you can soften the industrial feel of concrete while maintaining a modern aesthetic.
4. Blend Quality Composites for Sustainability
Sustainability is a major priority in modern design, and composite materials provide a perfect solution for eco-conscious renovations. Composites such as engineered wood, bamboo veneer, or recycled resin can be used for everything from walls to cabinetry.
An excellent example is using engineered wood for custom-built shelving or furniture in a loft conversion. The result is a high-quality finish that retains the warmth of natural wood while being a more sustainable choice. Plus, composites are often more resistant to wear and tear, making them ideal for heavily-used spaces.
5. Add Pops of Color with Modern Finishes
Modern paints, laminates, and powder-coated finishes can add refreshing bursts of color while protecting older surfaces during renovations. For example, injecting color into window frames, doorways, or metal beams using powder-coated paint can bring life to an otherwise monochrome industrial space.
Alternatively, use modern laminates on furniture or cabinetry to introduce textures and colors that complement the original materials, creating visual interest and tying together old and new elements.
Make Your Repurposed Space Truly Unique
Repurposing a space is all about honoring its history while tailoring it to modern life. By incorporating materials like glass, steel, concrete, and composites, you can strike the perfect balance between old and new. These elements not only enhance functionality but also elevate the aesthetics, helping you create a space that is both timeless and contemporary.
Don’t wait to bring your vision to life—start incorporating these ideas into your project today and transform your repurposed space into something extraordinary.
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5 Common Data Protection Mistakes Businesses Make

Data protection is no longer optional—it’s a necessity. With businesses collecting and processing vast amounts of sensitive information every day, securing that data is critical for maintaining customer trust, avoiding costly breaches, and staying compliant with regulations like GDPR and CCPA.
Yet, despite its importance, many businesses still get data protection wrong. The consequences? Reputation damage, financial penalties, and loss of customer loyalty. Below, we’ll explore five common data protection mistakes businesses make and provide actionable tips to help you avoid them.
1. Neglecting Regular Software Updates
Outdated software is a hacker’s best friend. Cybercriminals often exploit vulnerabilities in old operating systems, applications, and plugins to gain unauthorized access to sensitive data. If your business isn’t prioritizing regular updates and patching, you’re leaving the door wide open for attacks.
Avoid This Mistake:
- Enable automatic software updates where possible.
- Regularly review your systems for outdated applications.
- Always prioritize critical security patches and updates from vendors.
2. Weak or Repeated Passwords
Using weak or reused passwords across accounts leaves your business at risk. A single compromised password could give cybercriminals access to multiple systems, potentially exposing sensitive customer and company data.
Avoid This Mistake:
- Implement a strong password policy requiring a mix of letters, numbers, and special characters.
- Use multi-factor authentication (MFA) to add an extra layer of security.
- Encourage employees to use password managers to generate and store unique, complex passwords safely.
3. Failing to Regularly Back Up Data
Imagine losing all your critical business data to a ransomware attack or hardware failure. It’s a nightmare scenario—but one that’s preventable. Not having a robust data backup strategy is a mistake many businesses can’t afford to make.
Avoid This Mistake:
- Schedule regular backups of all critical files and data.
- Use the 3-2-1 backup rule: Keep three copies of your data, store it on two different mediums, and have one copy off-site (like in the cloud).
- Test your backups periodically to ensure they can be restored when needed.
4. Overlooking Employee Training
Your employees are often the weakest link in your security protocols. Without proper training, even a well-meaning employee might fall for phishing scams or unknowingly mishandle sensitive data.
Avoid This Mistake:
- Conduct regular cybersecurity training sessions to educate employees about the latest threats, such as phishing and social engineering.
- Establish clear data handling protocols and guidelines for employees.
- Run simulated phishing tests to evaluate and improve employee awareness.
5. Ignoring Regulatory Compliance
Privacy laws like GDPR (General Data Protection Regulation) and CCPA (California Consumer Privacy Act) aren’t just guidelines—they’re mandatory. Ignoring compliance requirements can lead to hefty fines and damage to your reputation.
Avoid This Mistake:
- Stay up-to-date with the latest data protection regulations applicable to your business.
- Appoint a data protection officer (DPO) if required by law.
- Regularly conduct audits to ensure your data practices meet compliance standards.
The Cost of Data Protection Mistakes
The financial repercussions of a data breach can be devastating. Beyond the financial burden, businesses also face a loss of trust. Customers are increasingly concerned about how their data is handled, and only businesses that prioritize security will earn long-term loyalty.
Key Takeaways
Safeguarding data isn’t just about protecting your business—it’s about protecting your customers and their trust in your brand. By proactively addressing these common data protection mistakes, you can reduce the risk of breaches, ensure compliance, and maintain your competitive edge.
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Avoiding Costly Mistakes in Property Division During Divorce

Dividing assets during a divorce is no easy task. Beyond the emotional toll, it’s a process that requires careful consideration and accuracy to avoid costly mistakes—both literal and figurative—that could have long-lasting financial consequences. For many divorcing couples, figuring out who gets what can be one of the most contentious aspects of the separation.
Among the key concerns when dividing property fairly is protecting the interests of the innocent spouse, who may otherwise end up with less than what they’re entitled to, often due to lack of information or legal missteps. Here we will provide an overview of critical mistakes to avoid during property division and tips to ensure your financial future is safeguarded.
1. Failing to Fully Identify and Value All Assets
One of the most significant mistakes during property division is failing to account for all marital assets. This includes everything from joint bank accounts and real estate to less obvious assets like retirement accounts, stock options, and collectibles.
Make sure to:
- Compile a Comprehensive List: Work with an attorney or a financial advisor to create an inventory of all assets, including those that are easy to miss, such as vacation homes or hidden investments.
- Avoid Assumptions: Just because an asset is in your spouse’s name doesn’t necessarily mean it’s not marital property.
- Get Accurate Valuations: Use professionals to appraise items like businesses, artwork, or retirement accounts to ensure you’re working with the correct value.
2. Overlooking Debts and Liabilities
Too often, people focus on dividing assets without addressing shared debts. Failing to account for liabilities, such as credit card debt, mortgages, or personal loans, can leave you burdened with more financial responsibility than expected.
To prevent this:
- Analyze both individual and joint liabilities.
- Be wary of being held responsible for debts your spouse incurs during the divorce process.
3. Neglecting the Tax Implications
Not all assets are created equal—some come with significant tax consequences. For example:
- Withdrawals from retirement accounts may result in penalties if not done correctly.
- Selling a home could result in capital gains taxes, depending on the circumstances.
- Assets like stocks may carry unrealized tax burdens that will eventually need to be addressed.
Seek advice from a tax professional or financial planner to weigh assets not just by their face value but by their true post-tax worth.
4. Undermining the Innocent Spouse
The concept of the innocent spouse primarily deals with protecting one partner from the financial missteps, hidden debts, or tax liabilities intentionally created by the other. It’s not uncommon for one spouse to attempt to hide assets or accrue hidden liabilities without the other’s knowledge. For example:
- Hidden Accounts or Undisclosed Income: Sometimes, a spouse may try to underreport income or squirrel away funds to avoid sharing them.
- Tax Issues: The innocent spouse may unknowingly sign a jointly filed tax return with inaccuracies, inadvertently subjecting themselves to IRS penalties.
To protect yourself as the innocent spouse:
- Request full financial transparency during the divorce proceedings.
- Ask your attorney about the “innocent spouse relief” provisions provided by the IRS, which can shield you from liability for tax issues caused by your partner.
- Work with a forensic accountant if you suspect financial misbehavior.
5. Making Emotional Decisions
Divorce tends to stir up a lot of emotions, but letting those emotions dictate asset division can lead to unwise outcomes. For instance:
- Wanting to keep the marital home because of sentimental attachment, even though it may not be financially feasible.
- Agreeing to inequitable terms to finalize the divorce quickly without fully evaluating the impact.
Before making decisions, take a step back and consult with both a legal expert and a financial advisor. Having a logical, clear perspective is critical to avoiding regrets down the line.
6. Overlooking Retirement Accounts
Retirement accounts are often among the most valuable marital assets, but dividing them properly can be complicated. Forgetting about them or mishandling their division can have serious consequences.
Key considerations include:
- Filing a Qualified Domestic Relations Order (QDRO) when dividing 401(k)s or pensions to avoid penalties or unintended taxes.
- Understanding how IRAs, pensions, or annuities should be divided as part of the settlement.
Protect Your Financial Future
Divorce is one of life’s most challenging events, but it doesn’t have to define your financial future. By avoiding these costly mistakes and securing the right advice, you can emerge from the process with a fair and equitable resolution.
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