Thank you for this video. It's clear and simple. Great for starters :) keep the financial content coming as people like myself were never taught these things.
👍 wow you give great practical financial advice & info...I WISH I this info. When I was in my 30's ...Things would be VERY different for me now! PLZ DONT WAIT to make a plan set goals and regularly. Keep track of your finances..❤️
Awesome thanks for paying it forward. Looks like I’m on track for retirement. 😃. Only wish I could have started earlier, but the universe has its plans.
Instead of getting a checking account at a regular bank, I highly suggest opening one up at a credit union. I don't see any reason to use one of the big banks. Everything you can do at a bank can be done at a credit union.
I you open a roth ira can you make a one time contribution of 7k for the year or does it have to be made by monthly contributions till you reach the 7k
Instead of a regular checking account would you recommend a money market account? They offer check writing, bill pay and other incentives…even the debit card to withdraw if you need to. Thanks for all the great advice! I really enjoy your channel 😊
Thanks for the video, Steve! How much do you recommend putting in to the last account (the Taxable Brokerage Account)? Should we just put in the remainder of our funds that are not in the first 4 accounts?
Deciding whether to make a lump sum contribution to a Roth IRA or to dollar-cost average (DCA) the maximum annual contribution can depend on your personal financial situation, investment strategy, and risk tolerance!
Is it safe to have multiple hysa accounts with different banks? How about CD accounts? CD usually offer higher APY. Is EverBank or Synchrony banks good?
I have 2 different HYSA. The first one I have is at 4.25% and accumulated over 10k. The second one I recently opened and it's at 4.75% and I just take out 100-200 per check into each one. It's really nice tbh. Can't say for sure which one is best as everyone have different situations so best advice is to research them and compare and choose which one would benefit you.
I assume because of compounding interest with a 10% interest rate. a=current account value b=contribution amount for the year Formula: (a+b)+0.1(a+b)=end of year amount. Or a=current account value b=contribution amount for the year c=10% of account value+contribution Formula every year would be: a+b+c=amount at end of the year. First year 7500+750=8250 Second year (8250+7500)+1575=17325 Third year (17325+7500)+2482.5=27310.5 Fourth year (27311+7500)+3481=38292 Fifth year (38292+7500)+4579=50370 Sixth year (50370+7500)+5787=63657 Seventh year (63657+7500)+7116=78273 Eighth year (78273+7500)+8577=94350 Does that make sense? So it looks like you would make it to 100k on your 9th year. My math might be wrong though lol. This is on the low end though, because if the contribution limit changes in the future, you would be contributing more to your account. (If I assume correctly)
Self made millionaire saving up only $100k for a house dp? Something doesn't math up? Unless your millions are stuck in a retirement account? Just confused, love your channel...
Thank you for this video. It's clear and simple. Great for starters :) keep the financial content coming as people like myself were never taught these things.
👍 wow you give great practical financial advice & info...I WISH I this info. When I was in my 30's ...Things would be VERY different for me now! PLZ DONT WAIT to make a plan set goals and regularly. Keep track of your finances..❤️
Finally activated Sofi 4.6% APY
Awesome thanks for paying it forward. Looks like I’m on track for retirement. 😃. Only wish I could have started earlier, but the universe has its plans.
Way to go! It's great you still started!
@@CalltoLeap Absolutely, just being as thrifty as possible to catch up. Never stop learning.
Thank you for your videos. Do you have to pay taxes if you have a High Yield Savings account ?
A video on 529 for kids will helpful!
Instead of getting a checking account at a regular bank, I highly suggest opening one up at a credit union. I don't see any reason to use one of the big banks. Everything you can do at a bank can be done at a credit union.
What is the difference?
Thanks
Just opened an Apple HYSA at 4.5%
Thank you
I you open a roth ira can you make a one time contribution of 7k for the year or does it have to be made by monthly contributions till you reach the 7k
Instead of a regular checking account would you recommend a money market account? They offer check writing, bill pay and other incentives…even the debit card to withdraw if you need to. Thanks for all the great advice! I really enjoy your channel 😊
That works too! I just really dislike the idea of a 0.01% interest on my cash that's sitting there :(
Thank you very much sir. I’m so glad I found your channel. Aloha!
😁👍
Can you do one with people starting in there 40s?
You could use this same advice! It's all for beginners. It shouldn't depend on their age!
I LOVE my 4.5% SOFI Savings account.....💰💰
Nice!!
Thanks for the video, Steve! How much do you recommend putting in to the last account (the Taxable Brokerage Account)? Should we just put in the remainder of our funds that are not in the first 4 accounts?
Yep. After I fill up my "tax-advantage buckets," I like to start contributing into the taxable brokerage account to continue to invest more.
Is it better to make a lump sum contribution to a Roth IRA or to dollar cost average the maximum $6,500/$7,500?
Deciding whether to make a lump sum contribution to a Roth IRA or to dollar-cost average (DCA) the maximum annual contribution can depend on your personal financial situation, investment strategy, and risk tolerance!
Steve is opening a Roth account with SoFi a good investment
for roth IRA, which brokerage company is the best? any difference between them?
@Janetfx, She primarily uses the Telegram user name
I thought about having 2 hysa, what do u think? Now I have one.
Having multiple HYSA accounts can actually be a strategic financial move in certain situations!
What if i don't work for a company and i do freelancing then how will I have employee sponsored account?
You can look into Simple IRAs
Is it safe to have multiple hysa accounts with different banks? How about CD accounts? CD usually offer higher APY. Is EverBank or Synchrony banks good?
I have 2 different HYSA. The first one I have is at 4.25% and accumulated over 10k. The second one I recently opened and it's at 4.75% and I just take out 100-200 per check into each one. It's really nice tbh. Can't say for sure which one is best as everyone have different situations so best advice is to research them and compare and choose which one would benefit you.
I live in Bangladesh . Can i open high yield savings account in sofi/apple?
I'm not too sure about the regulations on this. You can contact their customer support or read their fine print to find out.
Any suggestions for a high-yield savings account that doesnt require direct deposit?
I like and use Wealthfront. 5% APY, no fees, no penalties, direct deposit not required, has a great app and comes highly recommended by many.
Discover bank I’ve been using it for years and I’m happy with it
I have Synchrony no fees, no direct deposit, 4.75%APY
Question: If we can only contribute 7500 a year for 2024, how can I get to 100K in 7 years even in 10 years. Please explain.
I assume because of compounding interest with a 10% interest rate.
a=current account value
b=contribution amount for the year
Formula:
(a+b)+0.1(a+b)=end of year amount.
Or
a=current account value
b=contribution amount for the year
c=10% of account value+contribution
Formula every year would be:
a+b+c=amount at end of the year.
First year 7500+750=8250
Second year (8250+7500)+1575=17325
Third year (17325+7500)+2482.5=27310.5
Fourth year (27311+7500)+3481=38292
Fifth year (38292+7500)+4579=50370
Sixth year (50370+7500)+5787=63657
Seventh year (63657+7500)+7116=78273
Eighth year (78273+7500)+8577=94350
Does that make sense?
So it looks like you would make it to 100k on your 9th year. My math might be wrong though lol. This is on the low end though, because if the contribution limit changes in the future, you would be contributing more to your account. (If I assume correctly)
western alliance bank HYSA is a great option
Thank you for this
Ooh my goodness, will I ever there?
You can do it Helena!
Thank you
Have you heard of Prize pool?
Self made millionaire saving up only $100k for a house dp? Something doesn't math up? Unless your millions are stuck in a retirement account? Just confused, love your channel...
Am unable to get access to the free guide after I put my info 😢
@Janetfx, She primarily uses the Telegram user name
Steve how would u allocate $65k , using this video ?
@Janetfx, She primarily uses the Telegram user name
Interesting I’ve never heard of a High Yield Savings Account 🤔 seems legit
Honestly shop around for whichever suits your needs as it works wonders for sure.
Awesome 👏
最高素晴らしい致します👍👍👍
:)
💯
Credit unions, not banks!
Exactly! I tell people all the time to ditch their bank and get a checking account at a credit union.
I’m 31 I’m fucked
Anyone who sees this don’t become a felon at 19 being stuck in 55-60 hour work week in blue collar jobs