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Yes its absolutely worth it! The amount doesnt matter at the start! Start with what you can and increase this amount over time :) Starting is better than not starting at all. Thank you for watching!
Not financial advice, but i personally like S&P500 ETF’s such as VOO or Total stock market ETF’s like VTI! VGT is a good ETF if you like technology! Hope this helps, and thank you for watching!
a fluctuation of the interest will still be much better than 0.02% with a traditional savings account, especially if you want to remain liquid for emergency savings. I do agree that you should stil invest for more earning potential
Super glad that my video helped you! Yes! With HYSA’s, you will have to pay taxes on only any interest earnings you earn. The bank you have your HYSA will send you a tax form when tax season comes around. Hope this helps and thank you for watching!
You forgot to mention that the cons of investing in the stock market is HIGH risk, you can lose all of your money overnight if the stock market crashes.
If you learned something, don't forget to LIKE this video and SUBSCRIBE if you haven't already! SHARE this video with a friend as well!
Free Stuff:
👉 Get a FREE STOCK on Robinhood worth up to $200, when you use my link to sign up & link a bank account: bit.ly/43sBxaS
👉 Get Free Stocks on Moomoo when you deposit $100+:
bit.ly/3BOMR4Y
If you enjoyed this video and want to support me and this channel , Buy Me A Coffee! ➤ www.buymeacoffee.com/MPFinance
FOLLOW ME ON INSTAGRAM ➤ instagram.com/masterpiecefinance
FOLLOW ME ON TIK TOK ➤
www.tiktok.com/@masterpiecefinance
I think the biggest thing missed is that a normal saving account can have all the save cons.
Nice video, straight to the point, not padded out.
Thank you so much! Glad you enjoyed the video. Thanks for watching!
Im getting about $260 every month from my Synchrony high yields savings account but I got like $70k in it. I use that to help pay for my rent!
Do you have to pay interest every time you take money out?
@@christinefranco5520 no, its not like capital gains earned from an investment account. However, you do get a 1099 form at the end of the year for it
THIS IS THE VIDEO THAT I WAS LOOKING FOR!
short and straight to the point. Thank you SO MUCH!
You got it!! Glad this video was helpful :) thanks so much for watching!!
You still gain savings even if you pay taxes. Better than regular savings account. Don’t let taxes scare you
Exactly! Totally agree
good overview of the pros and cons. Keep up the good work
HYSA is for emergency fund and any purchases I intend to make in the next 12 months. Voo and my 401k are for saving beyond that
Love it!
Is it even worth it as a young adult starting to save? I’m 23 now starting to save and I def don’t have 5k to put it into.
Yes its absolutely worth it! The amount doesnt matter at the start! Start with what you can and increase this amount over time :) Starting is better than not starting at all. Thank you for watching!
Just save it on your own lol
@ShadyD365 love this! Totally agreed
Good info.
Thank you bro!
What are the best ETF’s to jump on to?
Not financial advice, but i personally like S&P500 ETF’s such as VOO or Total stock market ETF’s like VTI! VGT is a good ETF if you like technology! Hope this helps, and thank you for watching!
Pro is Easy to withdraw funds but a con is it is complicated withdrawals? im a little confused
Great job explaining the pros and cons.
Thank you for watching Hoch! Appreciate the support :) Have a good one
great video man!
thank you for this video!
all of the cons can be avoided if you just find a good HYSA like marcus by goldman sachs, discover, etc etc etc
a fluctuation of the interest will still be much better than 0.02% with a traditional savings account, especially if you want to remain liquid for emergency savings. I do agree that you should stil invest for more earning potential
Appreciate the comment Steven! And thanks for watching!
great video man
Thank you this was very helpful. However , i do have a question, when opening a HYSA does one pay taxes for it
Super glad that my video helped you!
Yes! With HYSA’s, you will have to pay taxes on only any interest earnings you earn. The bank you have your HYSA will send you a tax form when tax season comes around. Hope this helps and thank you for watching!
What can I do at 18 ?
Get married or join the military.
Taxes are the worst con of HYSA 😢
I personally would rather pay taxes and earn higher interest :) but i agree taxes aren’t the best
You forgot the tax on the earnings
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You forgot to mention that the cons of investing in the stock market is HIGH risk, you can lose all of your money overnight if the stock market crashes.
If the stock market EVER crashes to $0, the stock market is the LAST thing you need to be worried about. Thanks for your input though!
Who is doing your math? 4.3% APY on $5,000 is not $1,171.51.
After 5 years
You clearly need to get your hearing checked bud