Is Your $ Safe? Are Your Getting Ripped off on Fees? Should You Switch Banks?

Chris Haroun
A free video tutorial from Chris Haroun
Award Winning MBA Professor, Venture Capitalist and Author.
4.5 instructor rating • 54 courses • 1,027,258 students

Learn more from the full course

The Complete Personal Finance Course: Save,Protect,Make More

3 Courses in 1! Save,Protect & Make More! By an Award Winning MBA Professor, VC & Best Selling Online Business Teacher.

15:46:12 of on-demand video • Updated April 2021

  • Upon completion of this course, students will be able to save, protect and make much more so that their net worth is significantly higher in the long run. You will be a personal finance expert by the end of this course!
  • How to profit from the INCREDIBLE Power of Compound Interest
  • 100+ Ways to Save More…Including the following ways:
  • 14 Ways to Save More on Taxes
  • 16 Ways to Save More on Shopping Expenses
  • 13 Ways to Save More on Car/Transportation Expenses
  • 10 Ways to Save More on Housing Expenses
  • 5 Ways to Save More on Vacation Expenses
  • 4 Ways to Save More on Gifts & Donation Expenses
  • 6 Ways to Save More on Phone/Computer Expenses
  • 13 Ways to Save More on Food & Drinks Expenses
  • 7 Ways to Save More on Debt Expenses
  • 4 Ways to Save More on Education Expenses
  • 7 Ways to Save More on Entertainment Expenses
  • 6 Ways to Save More on Fees Expenses
  • 5 Ways to Save More on Child/Child Care Expenses
  • 4 Ways to Save More on Health Expenses
  • 5 Ways to Save More on Personal Care Expenses
  • 5 Ways to Save More on Pet Related Expenses
  • How to Change Your Perception of Money
  • How to Teach Your Children About Saving
  • How to Protect Your Money by Understanding Your Net Worth (Creating and Understanding Your Balance Sheet….Meaning “What You Own and What You Owe”)
  • Understand if You Should Hire a Financial Advisor to Help Protect Your Money
  • Understand Why Hiring an Accountant Might be the Best Investment You Might Ever Make
  • How Taxes + Retirement Accounts Work & Why We Need to Minimize How Much Tax We Pay
  • How Much You Need to Retire
  • Understand and Taking Advantage of Tax Incentives, which Help You Save BIG TIME for Education/School Expenses
  • How Much You Need for Education Expenses (for You or Your Kids)
  • How to Create Your NEW & IMPROVED Income Statement (Meaning Understanding Money In and Money Out)
  • Understand Your Company Sponsored Tax Savings Plans (if Applicable)
  • Use a Simple & Effective Money, Taxes, Receipts and Statements Filing System
  • Understand What are the Best Websites & Apps to Help You Track and Manage Your Spending
  • Use Quicken on a PC to Manage Your Money
  • Use Quicken on a Mac to Manage Your Money
  • Protect Your Money by Making a Monthly Budget
  • Avoid Getting Ripped off on Fees
  • Understanding Wills and Trusts
  • View, Understand and Fix Your Credit Score/Rating (So You Can Get a Loan or Mortgage)
  • Understand Life Insurance
  • Understand Auto Insurance
  • How to Pay Less Tax Strategies
  • Understand Home and Property Insurance
  • Understand Health Insurance
  • Prevent Identity Theft
  • Understand Credit Cards
  • Understand Loans
  • Understand Leases
  • What Are the Qualities of Billionaires (5 Characteristics of Billionaires I Have Worked For)
  • Understand the Damage that High Investment Fees Can do to Our Net Worth!
  • Make More by Learning How to Avoid Paying High Investment Fees
  • Understand Why and How to Pick Investments from Index Funds
  • Manage Your Investments with Your Investment Portfolio Management System (Included in the Course)
  • Populate Your Investment Portfolio Management System (meaning Your Portfolio)
  • How to Invest in Stocks and 4 CRUCIAL Stock Investing Rules
  • Investment Data Basics
  • Understand Risk Management
  • Understand What Makes Stocks, Bonds, Commodities and Real Estate Investments Go Up or Down
  • How to Do Your Own Investment Research (and Never Rely on the “Pros”)
  • Understand Mutual Funds
  • Know What Warren Buffett’s Favorite Types of Investments Are
  • Understand Interest Rates, Bonds and “The Bigger Picture”
  • Know How Global Economics Works and Why this Matters to Personal Investors
  • How & Why Do Interest Rates Change & Why this is Important for Investors to Understand?
  • Understand Foreign Exchange Currency Movements
  • How Bonds Work and How Can Governments Stimulate the Economy?
  • Understand Real Bonds - No Theory! (With Real Corporate and International Government Bond Investment Examples)
  • How to Invest in Bonds
  • Add Bond Investments to Your Portfolio
  • How to Invest in Commodities
  • Add Commodity Investments to Your Portfolio
  • Introduction to Your Most Important Personal Investment & How Much Should to Spend on a House
  • How Mortgages Work & How to Calculate Payments (Fixed Rates Versus Interest Only Rates & More)
  • How to Calculate Mortgage Payments and Know What Happens When Rates Change
  • What You Need to Know if Considering Investment Properties
  • How Much to Spend on an Investment Property
  • Understanding Real Estate Investment Trusts
  • Adding Real Estate Investment Trust Investments to Your Portfolio
  • Investment Types to Consider Avoiding Given Liquidity Risks
  • Diversification Strategies and Your Diversified “Model Portfolio”
  • Should You Start Your Own Business & Have >1 Income Stream? 100% YES!
  • Customize Your Own Complete Personal Finance Excel Dashboard (I Will Teach You How to Customize and Create Your Own Version of the Excel Dashboard Document Used for ALL 25 Exercises in this Course)
English -: What bank should you use? I personally prefer to use large banks, or large financial institutions where the bank machines or ATMs are close to your house if applicable, because fees add up big time, and quite often, your own bank's bank machine have little or no fees compared to using competitor bank machines, in many cases. We already understand the power of compound interest. And if we save just a few dollars every single month on fees, then this can literally lead to many thousands of dollars in money saved in a lifetime. And if you want more details on this, please revisit the first exercise in the course, where we calculated what small savings, like making your own coffee or tea, can lead to in the long run, which is much, much bigger savings. So when you select a bank, in addition to comparing what the interest rate is on your money in that bank, please research what the fees are at the bank and at your current bank and competing banks. Ask them about these fees. And this will be documented in the exercise. Ask them about bank machine fees, debit card fees if applicable, bounced cheque fees, fees to print and send you cheques, and do we need to have a minimum balance in order to pay lower fees? Also ask them if there's other withdrawal fees. And lastly, just ask if there's any fees that you have not talked about with this bank representative yet. You can even ask them this way. "Please let me know what the most misunderstood aspect "of the fee structure is "of keeping money at your bank by existing consumers." And why do I spend so much time on fees? Because this is how all financial services companies try to rip us off. And some of them are noble, but I'm trying to watch your back here. And when we discuss investing in mutual funds later in the course in part three, you will be so upset about the fees that they charge us. You'll be so upset that you'll likely never buy a mutual fund again. Instead, you'll want to buy what are called index funds, which are cheaper and beat the mutual funds when it comes to performance, on average. Don't worry, I'll cover that more in part three of the course. I just want to put this on your radar screen now. I don't want you to trust all banks or all financial services companies because they're not all the same. You wouldn't buy the first house you saw or the first car you're considering buying. So I want you just to take your time and find the bank with the lowest fees, and that is the safest place to park your hard-earned money. This is a great segue now to discussing government insurance on your money. In many countries, the government insures up to a certain amount on your money in a bank in case that bank goes bankrupt. That's probably how they got the word bankrupt. So, for example, the amount is currently $250,000 in the United States, and it's called FDIC insurance, or Federal Deposit Insurance Corporation. And that means that if you leave your money in a bank in the United States, it's insured up until $250,000. If you have $300,000 and the bank goes belly up, you lose 50K. And so, different countries have different limits, and these limits will change, I promise you, they always do. So please find out what the limit is on the bank you use in your country, and if it's a very small amount, then here's what we're gonna do. We're gonna consider using several different banks if applicable. And some countries make the limit applicable to certain kinds of accounts. So you can have a minimum limit of 250K, for example, in each type of account with the same bank. Just ask your bank for more details. Don't just rely on a bank manager or a financial advisor to tell you the rules. From now on, please go right to the source and read, read, read the rules yourself, please. For example, in the United States, the rules are here. For every country, it's different. In Canada, the limit dollar-wise is 100,000 Canadian dollars, per this link. In Brazil, it's 250,000 real. In most European countries, it's close to 100,000 euros. And just, for more details on the insurance on your money in your country, please click on the settings buttons here and scroll down to the gray box and look at the very last hyperlink, if it's there. If you don't see a hyperlink there, then just do a search on insurance bank protection government and your country name. Separately, if you're interested in learning more about deposit insurance in all countries, you can click on this link here. Now, if you don't feel comfortable with the banks in the country that you live in, then you can even consider depositing some of your money in Canadian banks. I'm saying this because there's only five or six main banks in Canada, and they're highly regulated, and none of them went belly up in 2008 versus many banks that went bankrupt in the United States. If your country doesn't offer insurance on your money in your bank, then consider having some of your money in a Canadian bank. And I'm sure that Switzerland and other countries are good alternatives as well. Just please do your own research first, don't just rely on me, please, thank you. And in general, if you use a large bank as your primary and only bank, then usually, your entire deposits are insured. Why use a large bank? Because later in the course, I'm gonna discuss many different ways to invest your money, and the largest banks usually have their own investment departments, which is very convenient when we are going to invest our savings in index funds, or bonds, or commodities, or real estate investment trusts, et cetera. And this will all make much more sense to you in part three of the course when we discuss making money. Now, if the bank does not have investment divisions, then they can recommend, just ask them, which investment firms to use, or we can find them ourselves. Again, we'll cover this in part three of the course. And so the bottom line here is to use a large, well-known bank if you can, as they usually have deposit insurance and are usually too big too fail. I cringe when I say that. And if you get a chance, please, the best movie ever that explains what really happened in 2008 is called Too Big to Fail, and you can rent it here on YouTube. DTA when it comes to your money. DTA stands for don't trust anyone. And I want you to read all disclosures from now on before putting your money anywhere. You work so -- hard for your money, and I just want your hard work to be protected. And there's so many unethical hidden fees that companies will try to charge you. So please read the disclosures, and read them again, as painful as that may seem. And when we visit a doctor and they want us to do surgery on your loved one, yourself, whatever, you always review in massive detail what the risks are and you get a second opinion sometimes. And we really need to do the same when it comes to our hard-earned money. And so in the next lesson, we're gonna do an exercise to make sure that your money is safe and that you are not getting ripped off on fees.