Your Venmo Balance Is Dangerous

Don't do it. Money-transferring apps like Venmo, PayPal and CashApp are not banks & it's actually dangerous financially to store cash in them.

HERE ARE THE 3 REASONS WHY:    

These apps are not FDIC-insured. So, if they collapse, you lose all your money. It's that simple. And this has happened before so don't think that it won't happen again. I know…scary.

If you have money that you don't need - it should be working for you! Invest it or put it in a HYSA at the very least. Anything is better than nothing. (If you need help getting started, take Let’s Invest, duh).

When you pay with these apps, you'll never build credit or earn rewards. And you're literally stimulating the economy when you buy things, you deserve a reward.

I want you to read this email & never keep a Venmo, PayPal or CashApp balance again, okay? Can we make that promise to each other? Let's make informed choices about where we store our hard-earned dollars and how we let them dance in the economic arena.

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