5 Worst Places to Keep Your Money
HTML-код
- Опубликовано: 11 июн 2024
- 💵 Create a free Budget - Sign up for EveryDollar today! ter.li/ubldyt
5 Worst Places to Keep Your Money
In this video, I’ll share the worst places to save your money, and, to avoid to being a huge bummer, I'll also share the BEST place to save your money.
Links:
My Video On Universal Life Insurance: • Don’t Buy This Univers...
💸 Open a high-yield savings account and make your savings work harder for you. Check it out here: www.laurelroad.com/george
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.
I am $100 away from hitting my $1000 emergency fund and I'm so happy because I was a spender who has never saved this much money, it may be nothing to others but it's a lot to me.
I am now just thinking of what to start saving for next 🤔. I don't have any debts so I am skipping that part.
3-6 months of expenses in an emergency fund. Then save for retirement.
@@Architect-jg8cn yes I start my 6-12 months worth of living expenses on July 1st. Since I dusted off my $1000 emergency fund.
Keep it up
The fact that you have no debt is awesome and believe it or not puts you ahead of a lot of people, build that emergency fund.
Heroin, cocaine, meth, and marijuana probably shouldn't be options.
I am really worried about the current bank crisis/interest rates, these are all the signs of yet another market crash , so my question is do I still save in the United States dollar or is this a good time to buy gold or some other assets ?
Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.
After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.
Sharon Ann Meny is the name , Just search the name. You’d find necessary details to work with to set up an appointment.
Get food storage 😬 gold can’t buy food that isn’t there
gold is king
"like Megan Markle avoids her in laws" --- LMAO!!
Brilliant comment
😂😂😂😂😆😆😆
who’s that?
George a menace for that 😂
A real knee slapper
George, you're slowly becoming my favourite comedian. Your delivery is spot-on.
Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.
@MARK_zz However, if you do not have access to a professional like JUDITH ANN PEACE, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitments
@MARK_zz Judith Ann peace is her name
Lookup with her name on the webpage.
@MARK_zz You are welcome
I have used CDs many times to save for specific goals. They earned a higher interest rate AND I could not tap into it for a certain amount of time, which is good for people who lack a little discipline like me. I'm currently saving for a house and intend to open a CD for this purpose because I won't need the money for another year or two. I just choose the appropriate CD to fit my timeline. 🤷🏿♀️
They can be a great tool, just not for an emergency fund. I have a $20,000 CD at 4.5%. Money market rates are liquid and pay 5.05% so CD's don't always pay higher rates.
I haven’t seen a CD that gets better interest than my Betterment account savings. I’m getting 4.5% APR right now on a no-minimum account. Well, three, actually. And they are FDIC insured up to $2 million (because they are in multiple banks). I keep the bulk of my emergency fund there, along with the money I set aside for taxes (instead of loaning it interest-free to the government, I save it in an interest-earning account), so I can make a couple hundred dollars, maybe, on the money I need to pay my taxes (and being a self-employed entrepreneur, I have plenty of taxes to pay!).
@Lisa Google revealed several CD options higher than 4.5%. I bank at NFCU and they offered CDs higher than 4.5%. If there are savings accounts yielding higher rates then great. But my point was that CDs are not as pointless as the author of this video makes it out to be if you just assign a goal to them. I always made good use of them because I used them with intention.
@@PrincessZelda609 I can see your point if it’s a short-term thing with a plan to use the money at the end of a period of time and you won’t need it at all before. I like that I can add to my accounts monthly, and withdraw at any time. I can’t think of anything right now that would justify tying up any amount of money for a year or two, but I’m sure some people could.
@Lisa Reynoso You don't understand the value of a CD and that's fine, it's not for you to understand. If the method isn't for you, then just keep doing what is best for you. 🤷🏿♀️ CDs have always been MY best tool to save for goals, both short and long term
Omg George I don't know why you were worried about having a channel. You are hilarious and informative. Keep up the good work!
I daily drive a 2007 Toyota Camry Hybrid with over 250,000 miles and yes, the 4 disc CD changer is loaded with some rocking albums. I cannot confirm nor deny if the No Strings import album is one of them 😊
2007 Toyota Camry was my first car. I loved it
I drive 2004 Toyota Siena with a disc cd player and cassette player. I can't tell you how many people got surprised when they see it.
As an hvac tech, I approve this video
Until you have to clean tree rat chunks out of someones outdoor unit...
George, we love your channel! Keep the videos coming! 💵 ❤
I was just wondering about this topic. Thanks for doing a video on it, George!
This answered my burning question. Thank you!
I LOVE this channel! Hilarious and so informative!🙌🏼
Thanks for the info George and Ramsey team!
Thankyou so much George!! I love watching you and Ramsey together. I was nervous about an online savings account but thanks to your recommendation, I just opened an account with the link you provided. It brings me peace of mind under your guidance. Love your comedic sense of humor.
George, I just converted all my money into CDs.. not certificates of deposits, compact disc's, I'm reliving my childhood of Aerosmith, Metallica, and Weird AL
This is a life saver!!! I hate those minimum limits that regular savings accounts use to pile on the fees. These are adult wins - when you have great financial advice from the Ramsey team so I dont have to drown in weeks worth of research and endless stress. Thank you! 👊
Avoid CD’s? They’re giving you a risk free 6% at a lot of banks these days. Nothing wrong with putting extra cash in a CD ladder with a good chunk maturing every quarter.
He’s only saying avoid CDs for your savings account since you can’t easily access it. Keeping your money in a HYSA is good for savings and anything additional from a rainy day fund can definitely go into a CD at those rates
This channel should be bigger on RUclips. Excellent content and production
Love the home alone clips! Keep them coming!!
Lots of Info, reality based and entertaining. Wow. A RUclips video worth my time 😊
George love your advice!! Gonna check out that online bank you mentioned on link. Thanks for your videos; love them like the Ramsey Show..
Thanks for the insights George
Liked and Subscribed! George, you are the best.
I really like the information man.
Came here from today’s upload and gotta say .. thank you so much! Opened a high yield savings with Marcus and using the calculator, it’s quite embarrassing how much I was leaving on the table by not doing it sooner.
Perfect timing, George, Thank you!
I was just contemplating where to put my ff emergency fund as my savings account rate is a pitiful 0.25%!
I love your wit!! Nice studio too. ❤
Marcus works for me too. Thx for the content George.
GK these jokes are hilarious
please more content !!!!! great work!!!
Thanks your in depth video about IUL’s I finally put my foot down and cancelled my policy
You’re too funny 😂 omg. Thanks for the link!!
Thank you!
Thanks for the great content haha!! God bless :)
Great video. Thank you George. Melanie
GREAT video! Thank you so much - we are viewers from the UK who didn't realise what some of these savings accounts were when hearing about them on TRS. We looked into investing earlier this year but found the average returns were about 1/3 less than we are sure to make in a HYSA (and that was in a well-performing market!) Xx
My money is sitting on Citizens HYSA with current 4.5%. They have physical locations too. 😊
That's great. I'm looking into that one.
Do you know who is going to transfer his money after watching this video?.... "It's gonna be me"!
Thanks George!
Me too.
Need that money in a High Interest Savings. So many good options now.
Love the funny stuff 😂
Amazing!
Gave a like for you having 2 of NSYNC's 3rd album. That's a dang good album! Oh, and the money advice is good, too. I use Ally Bank and Capital One 360 high performance. Both @ 4% now.
Having a good sum of cash at hand can be very beneficial. Where I live, when Hurricane season arrives, if a big one drops then everything is out and possibly for 4 or more weeks. ATM’s are down and having that cash ready when you evacuate can be very handy. Even if you evacuate somewhere that has power and access to your bank account, you still have to go back home at some point. Thats a true emergency fund right there. The value is in it being extremely accessible when a true emergency hits and there’s no time to waste.
Ted Lasso... Season 3 ... it lived up to what I expected. Favorite show.
For short-term investing that is for money beyond your emergency fund, CDs are great. I have a good chunk of money in a CD right now because rates are so high. A guaranteed 5.2% return with FDIC backing is solid when you want the money in a year or two.
5% guaranteed is great. That money will go to the government who spends more then they make.
@@stephenayriss5049 some of it will, yes. Just the same capital gains as having it in a high yield account
Same that is what I am doing right now.
Agree! I just opened a CD (first time in my life) with a 5.25 rate. I will make a little over 4K in 18 months.
@@pamm99 Wow! That's great.
Just opened up the account! Thanks
I work in banking… you’d be amazed how many people have crazy amounts of physical cash in their homes
How would you know? If course they are going to say that. They don't want to be embarrassed that that $32 in that account is all they have to their name.
If the bank only pays you $2 dollars annually for a thousand dollars in a savings account what’s the difference?🤔
That's my dad. He does not want to fully disclose how much he makes with his rental properties.
Yes mine is under my bed use a safe.
Ya she avoids the in-laws she is from L.A!
Hey George!
Thank you for this channel. I’m saving in my sink fund a spot to FPU.
Question: should I put my starter emergency fund in a high-yield savings account too?
If we're making N'Sync No Strings Attached puns...'You Just Got Paid' and if you put your money in tin cans 'That's When I'll Stop Loving You.' 'It Makes Me Ill' that George has the CDs of this album, clearly he needs a 'Digital Get Down.' High Yield Savings Accounts are good, 'This I Promise You.' 'I Thought She Knew' that this 'Space Cowboy' loves a good HYSA. 'It's Gonna Be Me' who will follow this 'No Strings Attached' advice. I'm done 'Bringin' Da Noise' now. 'Bye Bye Bye.'
I couldn't resist!
Thanks for the advice. CD’s are offering 5% almost everywhere online though.
Agreed. I’d rather be conservative since many have fine print and many are closer to 4%.
I use the cd ladder strategy and it works great
CDs aren’t bad they just aren’t good for emergency funds
Thanks George!! I just opened and made my first deposit into my Marcus account!!
How do you deposit money into an online account? I'm interested in opening a Savings with Marcus but how do I deposit?
@@arlettezambrano3894 you do an online transfer from your bank account to you Marcus account. From account set up to transfer takes about 5 minutes.
I tied my money to a pigeon! You can transfer money from your bank to another. Or, close one account, open a new one. Write a check works too for deposit. Or, just mail it all to me and my pigeon!
@@Speedslip-bq2gk😂
What percentage of an emergency fund would you suggest be held in a traditional brick and mortar savings account? 5%? 10%?
Comedy and value at once. Too dope 😅😮😅
I have a 07 camry and I love it! 😂
Thanks for the great tips and explanations of the different ways to save! I had no idea what a high yield savings account was! I dabbled in the stock market when I got my first job at 15 cause my dad was into that sort of thing. I made some money, not enough to change my life but it did help me understand a little how the system worked and what could happen with proper investing.
I have my EF in an Ally MMA and I love it!
You should list the info for people here. Sharing tips is good karma!
Also, I enjoy my CDs in my '05 Chevy thank you very much 😂
Dude that little clip with the squirrel was hilarious
George...I loved your channel before. Then, not only did you play a clip of my second favorite Transformer of all Time, but you also played a clip from the 1984 movie when Galvatron is voiced by the legendary Leonard Nimoy. Now, I adore your channel.
🥰
Good job George…
Thanks George! How about making every dollar available to us viewers in NZ also (and yes, aware we can't link our banks, etc). Cheers
Disagree saying that CDs are not a good place to put extra cash. If access to money at regular intervals is needed they can be laddered. I carry 12 CDs carrying one months living expenses in each one with the interest paid monthly to a high yield savings account.
I have an '09 Versa and I can play all of my cd's you ageist!! 🤣
Seriously, thx for the video. 😊
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Charlotte Miller.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
The very first time we tried, we invested $1000 and after a week, we received $7500. That really helped us a lot to pay up our bills.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
I'm new at this, please how can I reach her?
she's mostly on Instagrams, using the user name
Wealthfront is good, UFB Direct is higher and has both a HYSA and a MM account option.
LOL funny you linked Marcus by Goldman Sachs cause I also have this as my HYSA
You would make a great youth pastor
Whoa whoa this man knows Larry?! I love Larry but he's out for 3 months so I had to do my own car repair.
You almost lost me at NSYNC....but morbid curiosity kept me going...
Ted Lasso? The soccer on nbc commercial from 2014?
We are thankful you helped us learns
of high yield savings account! We had no idea and we’re saving like crazy right now. We will get back a significant amount now monthly thank you! I can’t believe the back didn’t tell us about this 😑 so annoying.
Real talk about that *Nsync third studio album
Can you give a brief overview of the FedNow program that is rolling out in July?
Keeping it in the ETF SGOV is the best option.
I have a HYSA at 5% but can only keep a limited amount that earns that much interest. Therefore, I also have a 12 month CD at 5%.
I'm saving for a down payment on a house using CDs. Emergency is in HYSA.
My wife told me that I don't make enough money to put anywhere...
Omg I’m dying of laughter and crying of joy from the galvatron clip from then original Transformers. In my top 5 favorite movies
Is a HYSA good for a long-term savings account? Thanks for all you do, George!!
Yes, absolutely.
@@GeorgeKamel Thank you!!! I have learned so much from you. Keep up this awesome work you do!
I have 92% of my emergency fund in Silver Franklin Halve dollars from 1958-62 should I use them to pay bills or sell the silver?
For the last year money allocated for savings have been going into 4-week t-bills. With lots of bonds purchases happening over the last year I have t-bills expiring every week so it’s still very liquid and I’m getting 5%!
I do a similar thing, but with the institutional class money market mutual funds my cash management account gives me access to with low minimum deposits.
My path is not FDIC insured, and while really safe investments, it is technically possible for them to loose value, so wouldn't make the grade for what the point of the video is.
Even though I've gotten the process of rolling back into the same funds almost completely automated, I've been tempted to simplify by just chucking it into a HYSA.😏
We want MORE Home Alone clips! Lol
Hi George! Dr. Delony’s next band should be Dorsal Coin Hole!
I follow something similar. $1000 in regular bank savings account in case I have an immediate emergency. Regular emergency fund in Marcus currently earning over 4%. Then I have play money that I buy stocks, etfs, etc with. And, I also have some crypto. Thats a small percentage of my overall portfolio.
Why do banks or credit unions utilize money markets? What are the benefits for them? How are they able to offer better rates of returns to us just by us putting money in those accounts? Just don’t want something to happen to my savings account/emergency fund. Thanks!!
My bank offers Kasasa checking and it’s paying 5.00% APY. Direct deposit, electronic statements, & 10 debit card transactions per month are the qualifiers. I just keep the EF in there and not include it in the checking balance.
The requirements are a bummer though. I get almost that rate but zero requirements
(Kassa) ??
When can we see you shred one of those guitars George?
One of my favourite new youtubers!
That Megan Markle joke 😂👌🏼
Best one ever
.....we've shifted from Savings to using our Brokerages ....regardless of taxes - still better than the altrenative
Rolling your emergency fund into 2 alternating chunks of 4 week Treasury Bills keeps it liquid and earning a great return.
With regards with stocks, find good, blue chip companies, purchase 100 shares of one, sell weekly covered call options and collect the premiums.
Renters insurance that covers those appliances
It makes me nervous to put money in online banks. I love my money market at 4.75%. No strings for anything. I do have local checking accounts paying 5% but there are requirements but easy to do.
There are a number of reputable FDIC insured online banks you could look at. But if you have a local banking relationship with 5% interest, good on you. 👍
@Gloria Alex yea but the problem with the 5% is there are requirements and is capped at $15k so that's a bummer.
Agreed, ms duck...4.75 is solid + no strings. Eating more at home saves A ton, bye starbucks, fast food!
@Speedslip-bq2gk yea I hate Starbucks. My Account actually has gotten higher. Now it's 5.2%! Woot
No penalty CDs are my go to. High yield and take your money at any time. Leave it and get a bonus at maturity
I think CD's would be the American equivalent of GIC's for any Canadians wondering.
My 2016 Camry has a cd player. 😊
What about using a money market mutual fund in a broken account to park your emergency fund?