i work for ford motor company and i make really good money that i've never made before. i need investment advice and saving tips this video was helpful love to see more!
Great content!! A few questions tho, you mention that the money earned from interest is taxable, what does this mean in the future... is this a bad thing? 2) let's say if I absolutely have to take out some money from my savings account, will I still be able to earn interest from what's left in the account? Or if I put more money into it more frequently, is that a way to look at it by growing it "faster"? Thank you so much for your guidance!!
Being taxed on your savings is not a "bad thing". Since you are earning interest on your money and the bank is giving you extra money - that counts as income. Regarding your second question - you earn interest on what is IN your savings account. So if you have $1,000 and then take out $400 to pay a bill - you will still earn interest on that remaining $600. Now, if you put more money into the account then yes, you will earn more interest. BUT you have to make sure you keep the money in there. If you are concerned about growing money, look into investing (assuming you already have an emergency fund).
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i work for ford motor company and i make really good money that i've never made before. i need investment advice and saving tips this video was helpful love to see more!
Glad this was helpful, appreciate you for the comment and good luck!
Great content!! A few questions tho, you mention that the money earned from interest is taxable, what does this mean in the future... is this a bad thing? 2) let's say if I absolutely have to take out some money from my savings account, will I still be able to earn interest from what's left in the account? Or if I put more money into it more frequently, is that a way to look at it by growing it "faster"? Thank you so much for your guidance!!
Being taxed on your savings is not a "bad thing". Since you are earning interest on your money and the bank is giving you extra money - that counts as income. Regarding your second question - you earn interest on what is IN your savings account. So if you have $1,000 and then take out $400 to pay a bill - you will still earn interest on that remaining $600. Now, if you put more money into the account then yes, you will earn more interest. BUT you have to make sure you keep the money in there. If you are concerned about growing money, look into investing (assuming you already have an emergency fund).
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I really appreciate it 🙌🏾