I was wondering if CD interest rate chasers are entrepreneurs too? Help me out with some clarification here, but are those who chase the highest interest rates on saving accounts and fixed deposits considered entrepreneurs in the truest sense of the word?
We all work hard to make money, try to live a financially responsible life so we can save and invest. For most of us, money is often a limited resource, and we are constantly looking for ways to make it grow without risking losing it.
Few months back I wrote about earning a higher return on investment in CDs and fixed deposits. When reflecting back on that post, I was thinking that shifting money around from one investment to another of a higher return is something I have always done. It has become such a routine habit over time that I don’t even think about it anymore before making moves.
If you think about it, interest rate chasers like me are interested in making more money from our limited resources (our investment capital). Take out the desire to service the customer and make the world a better place by offering a product or service, how is chasing lower interest rates any different from starting a business to make money?
The original definition of an entrepreneur is someone who shifts resources from a lesser optimal avenue to a more optimal avenue to achieve a more optimal output. Because banks are consistently competing for the best interest rates on saving accounts and CDs, we often tend to shuffle our monies from one institution to another hoping for a better return on investment.
Does that make saving account and CD interest rate chasers entrepreneurs too? Do you chase higher interest rates? Do you consider this activity entrepreneurial? Why or why not?