One thing I would like to add to what you all have shared... there's a difference between the high yield savings account versus the standard savings account. Let's aim for the high yield savings accounts.
One caveat would be to make sure your employer is putting the money where they say they are. I ran into a lot of trouble when the company I worked for went bankrupt. We later learned that our employer was rerouting deductions, including pensions, investments, and for one person, child support, insurance, etc. We had trouble trying to collect Employment Insurance, received no severance or paycheques (he was a crook, obviously).
The gurus are right! You need 3-6 months in emergency fund. If you don’t have that you should work on your money management skills. If I have a student failing my class, I motivate with to work harder rather than saying “I guess getting an A is not really practical!”
One thing I would like to add to what you all have shared... there's a difference between the high yield savings account versus the standard savings account. Let's aim for the high yield savings accounts.
This is a Canadian focused show... are HYSAs available to Canadians? I'm from the US so I use them here.
One caveat would be to make sure your employer is putting the money where they say they are.
I ran into a lot of trouble when the company I worked for went bankrupt. We later learned that our employer was rerouting deductions, including pensions, investments, and for one person, child support, insurance, etc.
We had trouble trying to collect Employment Insurance, received no severance or paycheques (he was a crook, obviously).
Baby steps. Work the steps. Listen to Dave Ramsey
Great content
The gurus are right! You need 3-6 months in emergency fund. If you don’t have that you should work on your money management skills. If I have a student failing my class, I motivate with to work harder rather than saying “I guess getting an A is not really practical!”
Great vídeo. Thanks.
I love this show
Very useful I appreciate the time you took to make this video