00:00Here is a checklist of things to pay attention to when you deposit your money.
00:04And number one, make sure that the company you're putting your money into is FDIC compliant.
00:11That means that it is insuring your money up to $250,000.
00:15That is mostly a given if it's a reputable bank,
00:17but sometimes you can come across a fly-by-night company,
00:20maybe a crypto company paying you 10% APY and promising you a huge return.
00:26And if that sounds too good to be true, then it probably is.
00:29Another thing to pay attention to is a limitation on how much you can earn.
00:33Because a lot of times these companies will advertise with a really big number,
00:37just a real people in, and they'll say something like earn 10% APY.
00:41You'll be like, yes.
00:41And at the bottom of the page in tiny, tiny letters,
00:44it'll say the fine print on your first dollar.
00:47The rest will be earned at 0.0000001%.
00:50So just make sure you know what these limits are,
00:53because technically, yeah, that's true.
00:54You do earn 10% on your first dollar.
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