It's great that these RUclipsrs are giving out this general information but many of them are not saying that they earned a high income to be able to save so much.
Tbf, I make about $25k per year 😬 I live in a LCOL sh!thole and live with a partner. Over the last 4 years I’ve been able to save a bit. It can be done, but not without sacrifices. We basically don’t go out, and I cook all of our food (we eat out 1-2 times a month). My fun spending is second hand clothes, gifts for others, and occasional travel to visit my family. I don’t drink or smoke. My parents are really kind and pay for my car insurance and cell phone. I started with $200 in my bank account (was going to self delete to avoid debt whoopsie), and made masks with my sewing machine and fabric scraps I already had when Covid hit. I spent $175 of that $200 on more fabric, and girl, I was SCARED. Been sewing ever since and putting my absolute soul into my shop to drag myself out. I don’t have any memberships or subscriptions, and workout at home or walk most places. I also don’t have friends so I’m sure that saves a lot of money lol
I did that when I was 18 and I had books to pay for for college tuition gas. It didn't last, and I was only making $3.10 hr back then The best advice is just finish college or your training program ss soon as you can.
@seegud_ The high yield checking accounts rates are anchored on the fed funds rate. The Fed recently reduce the fed fund rate which means HYSA rate will also go down
It takes time to build up the money. There are also other ways beyond saving that can increase your net worth. Nothing is without risk but a few options include retirement savings, asking for a promotion, finding another job, starting your own business, etc.
@@isabelsalamanca893 pulled herself up by her bootstraps. Just a faceless nameless immigrant with highly educated and well connected parents in the finance sector. Against all odds.
High yield savings are liquid funds in an account that can be withdrawn at any time if needed but it is possible there is a minimum needed to be kept in that account & a CD is money set aside in its own “account” for a term you agree upon (ex 12 months) but can be withdrawn in an emergency with a penalty. Prior banker here. I’d recommend a CD if you know the funds won’t be touched for a good while as your bank can be running a special at a higher rate than a high yield savings, but it’s also good to have both just in case funding is needed asap. Also keep in mind many high yield savings accounts have a tiered interest meaning the more money kept the more interest paid but same vice versa. Compare rates at your local bank :)
The catch is we’re being duped into thinking we are receiving a good rate from our checking account. My bank pays me almost nothing per month on a 5k balance. My simple PayPal savings pays me 4.3%. So that’s where I keep my emergency fund. If I was smart I would open a sofi checking account. I need to get smart😂
A lot of banks do it to attract new customers that way they have more funds on deposit, therefore more to lend out and make money on. What they are paying customers is nowhere compared to what they make and what they pay on high yield savings is usually tiered. So if you don’t have much in it you aren’t getting the highest percentage
12 years ago interest rates were in the toilet similar to pandemic levels prior to rising inflation. A "high yield" account would have been lucky to see above 1%. And these rates todag will go down and will never outback inflation when factoring in taxes and yearly rise in cost of living. She's not telling the full story.
I beg to differ. I opened up a high-yield savings account back in 2018 and the rates have been pretty steady 😢😢at between 2 and 4 percent. On the flip side of the coin I was stupid and didn't know what I was doing and I have had next to zero in that account for all of these years
I am also in Europe and have the same issue when hearing all the American advices…I don’t understand why there are no financial RUclipsrs in Europe just a bunch of fashion girls 🙄🙄🙄 so annoying
After having a high yield savings account with about 2k in it what do you advise to do next? Everyone says that a high yield savings account is the first step what the next lol
How would you find out if your checking account did or more so did not get interest added? I have never been given interest for any money entered into my checking.
It is very rare banks pay interest on checking accounts since money comes in and goes out frequently. I’d say check the requirements for various banks. Some banks offer “free” savings accounts just for having a checking account with them where you receive a direct deposit into.
How exactly did you become a millionaire in 10 to 12 years? It would seem that you would need to invest, save and beat the market while investing $6,000 or $7,000 a month
People are NOT really teaching the remedy or maybe they don’t know ?? All transactions leads to an UCC and tax forms to recoup the unsecured loans you’re giving to your bank … talk more about tax forms and recouping the general and tangibles unearned revenue!!
Exactly which bank is giving “up to 10x as much interest on your savings account?” Name the bank. No high yield savings account is giving 10% right now. This is misleading. I’m getting 5% and that is excellent in this current market.
She didn't say 10%. She said "10 times as much as the national average." As she showed, the national average savings rate is 0.45% according to the FDIC. Ten times that would be 4.5% which is in line with what you're saying: roughly 5%.
It's great that these RUclipsrs are giving out this general information but many of them are not saying that they earned a high income to be able to save so much.
Tbf, I make about $25k per year 😬 I live in a LCOL sh!thole and live with a partner. Over the last 4 years I’ve been able to save a bit. It can be done, but not without sacrifices. We basically don’t go out, and I cook all of our food (we eat out 1-2 times a month). My fun spending is second hand clothes, gifts for others, and occasional travel to visit my family. I don’t drink or smoke. My parents are really kind and pay for my car insurance and cell phone.
I started with $200 in my bank account (was going to self delete to avoid debt whoopsie), and made masks with my sewing machine and fabric scraps I already had when Covid hit. I spent $175 of that $200 on more fabric, and girl, I was SCARED. Been sewing ever since and putting my absolute soul into my shop to drag myself out.
I don’t have any memberships or subscriptions, and workout at home or walk most places. I also don’t have friends so I’m sure that saves a lot of money lol
They're making that much by telling other people how to make more
You are making a difference, thank you for sharing your knowledge with the rest of us!
I did that when I was 18 and I had books to pay for for college tuition gas. It didn't last, and I was only making $3.10 hr back then
The best advice is just finish college or your training program ss soon as you can.
Love this! Just received my card, going to switch my direct deposit ASAP!
Girl me too ❤I wish someone one telling me ur advice On that long time ago 🎉🎉🎉 People take ur advice So smart 😊
So happy I found your channel and that I bought your book. I wish I caught on sooner 😅
What’s her book called
@@adnanfaisal1085 Rich AF
Already have one opened, but like you, I wish I had opened it earlier instead of in my 30s💚💚💚
This is contextual, depending on the fed fund rate if it is worth putting money a high yield saving account
This is conveniently left out when influencers talk about HYSA's 😂
@seegud_ The high yield checking accounts rates are anchored on the fed funds rate. The Fed recently reduce the fed fund rate which means HYSA rate will also go down
What is fed fund
Even if rates go down due to rate cuts by the federal reserve, it’s always worth “shopping around” for an account with a higher APY
They can name drop banks but not HYSA
Thanks Vivian ❤
Marcus Goldman Sachs does the same thing. 4.4%
Any recommendations on banks with the best high yield savings account without all the hidden fees ?
Yeah minimum for high yeild account at my bank is 10,000. 😅 no credit cards, not car payments still broke as a joke.
Try comparing what different banks offer. It’s worth the search. You don’t necessarily have to close your current account if you don’t want to
Yeah I have all that. I don't see the millions sadly.
You would have to put millions into the HYSA, then you would, instantly, see millions.
@@T.S.000HYSA ?
Advice for the rich to get richer… not for the poor to get financially healthy 🤷🏽♀️
It takes time to build up the money. There are also other ways beyond saving that can increase your net worth. Nothing is without risk but a few options include retirement savings, asking for a promotion, finding another job, starting your own business, etc.
Her college days were great because girls look Cuuute wearing cute brown boots!! 👢👢
Great Advice🎉
What banks do you recommend to start a high yield savings account
girl I had no idea you went to uchicago! recognized the quad almost immediately
Give us examples of high yield savings accounts
SoFi, capital one, navy federal I think. Anyways she has high yield savings account videos on her channel
I just switched to SoFi from bank of America
Most are online savings accts. Navy Federal is a credit union.
@@lisaiz2happy I had my savings sitting at bank of America 0.01 apy
Wasn't planning to invest it, so I got sofi 4.5%apy on a savings account
Ally is another good one. Easy to open online
I have a Wealthfront Cash Account that is paying 5% interest right now.
Hi yield savings accounts will help you keep up with inflation with more liquidity than a CD but if you're looking to invest, head to the market.
Also, you came from money but are doing the typically wealthy person routine of "I STARTED FROM NOTHING".
Actually, she grew up in a modest immigrant family.
@@isabelsalamanca893 pulled herself up by her bootstraps. Just a faceless nameless immigrant with highly educated and well connected parents in the finance sector. Against all odds.
It’s good to have both
Thank you! You’re like money advisor bestie I never had
Money is a headache. Pay your debts off. Watch the money flow.
Problem is. High yield saving will follow the fed rate now 😂
True but it’s better than having the money in an account with a lower APY
This account requires a direct deposit. Can you please prove other options? And also for business accounts. thank you.
There’s wealthfront, discover, Amex, capital one for this too.
One piece mentioned 🗣️🗣️
Are high yield interest rates subject to market risks?
Invest $100 a month in Apple stock and when I got my first peice of money at 23 back in 2003 put 5k in Apple stock .. I’ll be rich AF now
What is the best bank for high yield checking and saving accounts.
Thank you ❤
I love my rich bff. I followed her advice & opened me an account through sofi but i can never save money though i always end up spending it 😞😂😩
What’s the difference between a high yield savings and a CD account? Both have high interest rates
Cd you can’t take out ur money for a set period of time 6 months, 1 year etc
High yield savings are liquid funds in an account that can be withdrawn at any time if needed but it is possible there is a minimum needed to be kept in that account & a CD is money set aside in its own “account” for a term you agree upon (ex 12 months) but can be withdrawn in an emergency with a penalty. Prior banker here. I’d recommend a CD if you know the funds won’t be touched for a good while as your bank can be running a special at a higher rate than a high yield savings, but it’s also good to have both just in case funding is needed asap. Also keep in mind many high yield savings accounts have a tiered interest meaning the more money kept the more interest paid but same vice versa. Compare rates at your local bank :)
I sure wish I knew this when I was younger and had the money to invest yet it sat in a regular savings account 🤦🏻♀️
Do you have a canadian counterpart that you'd reccomend for financial advice?
Love you Vivian
What is the best way to make money if you don’t want to get interest on your savings.
I love SoFi!
Any suggestions of this high saving account, thank you for all your information.
HYSA are still taxable
Thank you
Does high interest also mean more taxes that one has to pay on that interest earned?
Buy gold and silver
Don’t save paper
Will do the best and then I will get ask for the best advice!!!!!!!!!!!!!!
@YourRichBFF i need this in the South African context 😢
Apparently at 18, I should have gave more money to Visa to lend..😂😂😂
But what's the catch for a bank giving you a high yield savings account?
The banks just wouldn't do it out of the kindness of their heart.
The catch is we’re being duped into thinking we are receiving a good rate from our checking account. My bank pays me almost nothing per month on a 5k balance. My simple PayPal savings pays me 4.3%. So that’s where I keep my emergency fund. If I was smart I would open a sofi checking account. I need to get smart😂
A lot of banks do it to attract new customers that way they have more funds on deposit, therefore more to lend out and make money on. What they are paying customers is nowhere compared to what they make and what they pay on high yield savings is usually tiered. So if you don’t have much in it you aren’t getting the highest percentage
Love your advice. Thank goodness you stopped saying "your favorite bff"
Is there an alternative to high yield.checking and savings. So as not have purely interest income.
12 years ago interest rates were in the toilet similar to pandemic levels prior to rising inflation. A "high yield" account would have been lucky to see above 1%. And these rates todag will go down and will never outback inflation when factoring in taxes and yearly rise in cost of living. She's not telling the full story.
I beg to differ. I opened up a high-yield savings account back in 2018 and the rates have been pretty steady 😢😢at between 2 and 4 percent.
On the flip side of the coin I was stupid and didn't know what I was doing and I have had next to zero in that account for all of these years
What about europe?
How to high yield savings account?
Don't u hv to report savings interest and be taxed on it?
Oh my god you went to uchicago for econ, why are y’all EVRYWHERE??
You should explain that interest rate in "real dollars". 0.08 percent isn't readily understood by most people.
It’s understood by everybody. If you tell me otherwise then I will lose all faith in the education system.
It’s a fraction of a penny per dollar
“Multimillionaires” lol yeah i believe you
Do you have to have $10k to start a high yield savings account? Because I don't have that. Lol
So which bank is the best for this?
How do you approve that you have millions of dollars?
If someone says he's multimillionaire, don't believe them.
She is worth 3.2 million. So yes that does make her a multimillionaire.
How does that measure up against T Bills?
Which high yield bank should i use?
Yes what bank is good to open up this HYSA...
Do you pay taxes on high savings account?
When I opened my first checking and savings account I went to the same bank my mom did. My savings account only had 0.03% apr 😒
Always looking so important with 6 monitors in front of you 😂
Unfortunately interest isn’t even allowed in my religion 🤦🏻
Hi, I can’t figure out how to do this in Europe! We don’t have vanguard or similar
I am also in Europe and have the same issue when hearing all the American advices…I don’t understand why there are no financial RUclipsrs in Europe just a bunch of fashion girls 🙄🙄🙄 so annoying
Dress for success and keep a gym membership.
Are online savings accounts safe? Has anyone tried them?
After having a high yield savings account with about 2k in it what do you advise to do next? Everyone says that a high yield savings account is the first step what the next lol
How would you find out if your checking account did or more so did not get interest added? I have never been given interest for any money entered into my checking.
It is very rare banks pay interest on checking accounts since money comes in and goes out frequently. I’d say check the requirements for various banks. Some banks offer “free” savings accounts just for having a checking account with them where you receive a direct deposit into.
Are you a multi millionaire because you opened a yield savings account, or is it something else?
A face for radio.
Most people don't have $50000 to put in one of those accounts
How exactly did you become a millionaire in 10 to 12 years? It would seem that you would need to invest, save and beat the market while investing $6,000 or $7,000 a month
She most likely comes from a family with money
People are NOT really teaching the remedy or maybe they don’t know ?? All transactions leads to an UCC and tax forms to recoup the unsecured loans you’re giving to your bank … talk more about tax forms and recouping the general and tangibles unearned revenue!!
Why do this instead of putting it in the spy
So name a few
Google is your friend. SoFi is the sponsor of this video and the one I use. I’ve had no problems with it and enjoy the budget feature.
@@Username0467So, SoFi is giving you 10% on your HYSA right now as this video suggests?
Australia gives you 5 percent of your savings return. WTF is america doing to you guys
I’m 56 and I’m not a multi-millionaire. Can I get some of your money please?
Or just buy Bitcoin for less than a penny 😂😂😂😂😂
I will tell myself buy bitcoin ,
GIVE 1/2 AWAY
Lenders club
She wasn’t ever poor smh
Does she come from a Rich family?
So? Does it have to be a rags to riches story for her advice to still be valuable? No.
Who Cares lol. I rather the information.
You wish she was poor? Weird.
Hi, i really like your advice, but do you have stuff or advice for people who can't get involved in interest due to religious circumstances?
Exactly which bank is giving “up to 10x as much interest on your savings account?” Name the bank. No high yield savings account is giving 10% right now. This is misleading. I’m getting 5% and that is excellent in this current market.
She didn't say 10%. She said "10 times as much as the national average." As she showed, the national average savings rate is 0.45% according to the FDIC. Ten times that would be 4.5% which is in line with what you're saying: roughly 5%.
@@manaphy330One can also Find a CD that can give that amount for a limited time.
I love your advice, but these are not practical for people living paycheck to paycheck.
Putting money in a high yield savings account is practical for everyone who has even a dollar to spare.
What about people who're not allowed to deal with interest. How can they earn money from their investment?
So reject your vids, your job is to entertain me, not make me feel bad.
cap
Wait a second...why did u 'purple out' your hot friends....why do you think i listen 2 u in the first place
🤮
I'm 33 should I still do this?
And who care are you humble are you making an actual difference in your life I don’t think so