I first subscribed to The Simple Dollar a few years ago as a much younger woman trying to get her finances in order. Since then, I’ve gotten out of debt, started investing and built a nest egg. It’s not an overnight process, but totally worth it.
Being debt free also played into why I decided to self publish. Without the stress of student loans and MasterCard, I had enough money put aside to hire a fantastic editor and cover artist. That’s not the only thing that helped. Last month, TSD updated an older post on the best online high interest savings accounts. If you want to make the most of whatever money trickles in from self publishing, or you want to boost whatever you have saved for self publishing costs, one of these accounts is the way to go.
Sure, I was hesitant at first to trust a place that only exists on the internet with money, but at the end of the day, unless you keep your money in a coffee can or under your mattress, it’s all virtual. Legitimate online banks have the same FDIC protection as a brick and mortar bank. As always, do your research to find the best fit for your needs.
Amazon, Draft 2 Digital, All Romance ebooks and Google Play recognize my internet bank. Kobo’s self publishing platform, Writing Life, does not.* Having the income and expenses from self publishing attached to one account makes it super simple for me to keep track of how things are going. Right now, I’m so far in the red, matadors think I’m one of them. One day that will change, but in the meantime I’m happy with the knowledge that whatever does come my way gets the best interest rate possible.
*I know D2D distributes to Kobo. I’m uploading directly to Kobo as an experiment in using different keywords in this specific market.