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.
@Architect-jg8cn
Жыл бұрын
3-6 months of expenses in an emergency fund. Then save for retirement.
@Tashas_Travels
Жыл бұрын
@@Architect-jg8cn yes I start my 6-12 months worth of living expenses on July 1st. Since I dusted off my $1000 emergency fund.
@drummerhq2263
9 ай бұрын
Keep it up
@PeaShooter1997
8 ай бұрын
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.
@c7042
6 ай бұрын
Heroin, cocaine, meth, and marijuana probably shouldn't be options.
@freedomring3022
Жыл бұрын
"like Megan Markle avoids her in laws" --- LMAO!!
@e2ndcomingsoon655
Жыл бұрын
Brilliant comment
@joysilas4724
Жыл бұрын
😂😂😂😂😆😆😆
@mrcrowleyoz
Жыл бұрын
who’s that?
@eataxpros
Жыл бұрын
George a menace for that 😂
@TopVillain
Жыл бұрын
A real knee slapper
@Zielnik333
Жыл бұрын
George, you're slowly becoming my favourite comedian. Your delivery is spot-on.
@FennaVa
7 ай бұрын
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 ?
@marcellasilva4015
7 ай бұрын
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.
@ralfbrown-kl1gp
7 ай бұрын
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.
@strawberryme08
4 ай бұрын
Get food storage 😬 gold can’t buy food that isn’t there
@madness03
3 ай бұрын
gold is king
@oliverdavis-tw2xl
3 ай бұрын
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
@cindyt3416
Жыл бұрын
Omg George I don't know why you were worried about having a channel. You are hilarious and informative. Keep up the good work!
@rhsxo
Жыл бұрын
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 😊
@Imnotelijah1
5 ай бұрын
2007 Toyota Camry was my first car. I loved it
@raginaelmi
4 ай бұрын
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.
@PrincessZelda609
Жыл бұрын
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. 🤷🏿♀️
@landondean4701
Жыл бұрын
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.
@AbidingHopeMentalHealthCoach
Жыл бұрын
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!).
@PrincessZelda609
Жыл бұрын
@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.
@AbidingHopeMentalHealthCoach
Жыл бұрын
@@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.
@PrincessZelda609
Жыл бұрын
@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
@matthewrudomin
Жыл бұрын
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
@alanacairns8439
Жыл бұрын
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.
@catherinewetzel417
Жыл бұрын
This answered my burning question. Thank you!
@Username-o5r
5 ай бұрын
CDs aren’t bad they just aren’t good for emergency funds
@wealthbytes
Жыл бұрын
Need that money in a High Interest Savings. So many good options now.
@JustenHarden
11 ай бұрын
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.
@hikingchill9936
7 ай бұрын
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.
@Real_Grant
6 ай бұрын
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
@ritagrindstaff2226
Жыл бұрын
I LOVE this channel! Hilarious and so informative!🙌🏼
@OffGridandOutdoors
5 ай бұрын
Wealthfront is good, UFB Direct is higher and has both a HYSA and a MM account option.
@punkbassandcovers
Жыл бұрын
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!
@metaltera86
Жыл бұрын
As an hvac tech, I approve this video
@markbeiser
7 ай бұрын
Until you have to clean tree rat chunks out of someones outdoor unit...
@joeriveracomedy
Жыл бұрын
Ted Lasso? The soccer on nbc commercial from 2014?
@Tenjiecorner
Жыл бұрын
My money is sitting on Citizens HYSA with current 4.5%. They have physical locations too. 😊
@dianecelento4974
Жыл бұрын
That's great. I'm looking into that one.
@macdaddychene
3 ай бұрын
Which Citizens? There are like over 100 different banks and credit unions with "Citizens" in their names.
@jack7240
Жыл бұрын
GK these jokes are hilarious please more content !!!!! great work!!!
@blujeans9462
3 ай бұрын
With interest rates finally getting some more traction, my banker suggested rolling my roths earning less than 2 percent into a (roth) annuity. This will be locked in at 5.15% for 5 years. Sure there are penalties for taking it out early, but that's the point of locking in your money, so you aren't tempted to take it out. You wouldn't do this with your emergency fund or your only reserve, but when the banks are only giving 4-5% for under 2 years, that's a sign that interest rates aren't going to increase or remain at these numbers.
@myjoysunshine
Жыл бұрын
George, we love your channel! Keep the videos coming! 💵 ❤
@mmp495
5 ай бұрын
I love your wit!! Nice studio too. ❤
@dennis007
Жыл бұрын
I have used Fidelity Investments Spending & Save Account and have parked the money in SPRXX in there for many years. It’s basically a checking account earning SPRXX dividend rate. There is no string attached. AS of 6/12/23, the 7 Day Yield of SPRXX is 4.678%. The earning record of SPRXX is always on the top. For the CDs, Fidelity brokered CD rates are also on the top.
@dianaa4149
Жыл бұрын
What percentage of an emergency fund would you suggest be held in a traditional brick and mortar savings account? 5%? 10%?
@JakeSpradlin2
Жыл бұрын
I work in banking… you’d be amazed how many people have crazy amounts of physical cash in their homes
@SerErryk
6 ай бұрын
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.
@everardocalderon8720
5 ай бұрын
If the bank only pays you $2 dollars annually for a thousand dollars in a savings account what’s the difference?🤔
@mmp495
5 ай бұрын
That's my dad. He does not want to fully disclose how much he makes with his rental properties.
@billjones4986
5 ай бұрын
Yes mine is under my bed use a safe.
@billjones4986
5 ай бұрын
Ya she avoids the in-laws she is from L.A!
@johnpublic5169
Жыл бұрын
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.
@tduck828
Жыл бұрын
The requirements are a bummer though. I get almost that rate but zero requirements
@donyemonroe4577
Жыл бұрын
(Kassa) ??
@LittleJohnShow
Жыл бұрын
I am going to open an account on Marcus using your link. I hate that Gazelle is getting shut down. I was looking forward to transferring all my savings to there once y'all created high yield savings accounts, but will do that with Marcus for my savings. Currently using my local credit union and the apy is only 0.1% which sucks and they also aren't federally insured so I think I should just keep my checking and $1,000 emergency fund there and move the rest of my savings to Marcus.
@lindamoore8850
Жыл бұрын
Thanks George!! I just opened and made my first deposit into my Marcus account!!
@arlettezambrano3894
Жыл бұрын
How do you deposit money into an online account? I'm interested in opening a Savings with Marcus but how do I deposit?
@lindamoore8850
Жыл бұрын
@@arlettezambrano3894 you do an online transfer from your bank account to you Marcus account. From account set up to transfer takes about 5 minutes.
@Speedslip-bq2gk
Жыл бұрын
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!
@mmp495
5 ай бұрын
@@Speedslip-bq2gk😂
@mercyp7151
Жыл бұрын
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! 👊
@rommeljimenez4765
5 ай бұрын
Thanks for the insights George
@gsmith5140
4 ай бұрын
I have an '09 Versa and I can play all of my cd's you ageist!! 🤣 Seriously, thx for the video. 😊
@brandon9715
Жыл бұрын
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.
@stephenayriss5049
Жыл бұрын
5% guaranteed is great. That money will go to the government who spends more then they make.
@brandon9715
Жыл бұрын
@@stephenayriss5049 some of it will, yes. Just the same capital gains as having it in a high yield account
@brandonrennison
Жыл бұрын
Same that is what I am doing right now.
@pamm99
Жыл бұрын
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.
@dianecelento4974
Жыл бұрын
@@pamm99 Wow! That's great.
@joemartnz
Жыл бұрын
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
@BoostAndRedline
Жыл бұрын
Thanks your in depth video about IUL’s I finally put my foot down and cancelled my policy
@frederickvalencia4976
Жыл бұрын
I have a 07 camry and I love it! 😂
@rbt1234567
Жыл бұрын
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.
@kenyu8192
Жыл бұрын
Do you know who is going to transfer his money after watching this video?.... "It's gonna be me"! Thanks George!
@graceweber2822
5 ай бұрын
Me too.
@FighterDoc98
Жыл бұрын
You almost lost me at NSYNC....but morbid curiosity kept me going...
@ebonylo.
Жыл бұрын
Just opened up the account! Thanks
@EricMoore538
Жыл бұрын
My wife told me that I don't make enough money to put anywhere...
@wittleMermaid13
Жыл бұрын
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.
@dnah02
Жыл бұрын
Probably 5k in cash on hand at the rate things are going.
@lisab5904
Жыл бұрын
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%!
@suestone5076
11 ай бұрын
No 2007 Camry… but I do have a 2003! 😅
@ninacook9162
4 ай бұрын
Good job George…
@richardle7469
11 ай бұрын
Renters insurance that covers those appliances
@bretsanderson7642
Жыл бұрын
I was just wondering about this topic. Thanks for doing a video on it, George!
@lauras.8088
Жыл бұрын
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%.
@Kristine14
4 ай бұрын
I'm sorry but I got lost lol so what do you invest in?
@shreddedWheatz
Жыл бұрын
OK, the algorithm joke got me.
@deborahjackson6108
4 ай бұрын
My 2016 Camry has a cd player. 😊
@TheeRoyalAfro
Жыл бұрын
Thanks for the info George and Ramsey team!
@kaelaleedaley
Жыл бұрын
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
@user-bh9pk3do9p
7 ай бұрын
I feel personally attacked. How dare you put down the ultimate budget friendly tool there is…the Keurig!
@ronjr831
Жыл бұрын
Thanks for the advice. CD’s are offering 5% almost everywhere online though.
@GeorgeKamel
Жыл бұрын
Agreed. I’d rather be conservative since many have fine print and many are closer to 4%.
@samanthaschwab5698
Жыл бұрын
That Mariah Carey clip 😂 💯
@slelpssinal
4 ай бұрын
Can you list some of the best high yield savings account?
@addis7247
Жыл бұрын
What online banks or credit unions you would recommend for a HYSA?
@GeorgeKamel
Жыл бұрын
I mentioned this in the video towards the end.
@addis7247
Жыл бұрын
Haha I just noticed the part where you said, "...You're gonna ask me in the comments..." Thanks George👍🏽
@tduck828
Жыл бұрын
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.
@gloriaalex11
Жыл бұрын
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. 👍
@tduck828
Жыл бұрын
@Gloria Alex yea but the problem with the 5% is there are requirements and is capped at $15k so that's a bummer.
@Speedslip-bq2gk
Жыл бұрын
Agreed, ms duck...4.75 is solid + no strings. Eating more at home saves A ton, bye starbucks, fast food!
@tduck828
Жыл бұрын
@Speedslip-bq2gk yea I hate Starbucks. My Account actually has gotten higher. Now it's 5.2%! Woot
@SyracuseIsOranges
Жыл бұрын
Ally gives me 4% on basic checking account
@janelle7778
Жыл бұрын
Hi George! Dr. Delony’s next band should be Dorsal Coin Hole!
@sbman436
Жыл бұрын
I'm saving for a down payment on a house using CDs. Emergency is in HYSA.
@ultramegasuper11
Жыл бұрын
Lots of Info, reality based and entertaining. Wow. A KZitem video worth my time 😊
@Silverdragon517
Жыл бұрын
I use the cd ladder strategy and it works great
@LonghairedJizzExpert
7 ай бұрын
Earning 5% on some cash on coinbase USDC rewards, screw me if I’m wrong 😂😅
@jerrypissonme
4 ай бұрын
Maybe add to this title, 5 Worst Places to Keep Your "Emergency Fund" Money. Because keeping your money in stocks are a good idea (to build wealth) BUT not for emergency fund situations. Other than that, great video George!
@evandavis2362
Жыл бұрын
You forgot to mention bonds. Don’t buy bonds! They suck too
@justinlindholm2679
7 ай бұрын
What about using a money market mutual fund in a broken account to park your emergency fund?
@chazsmith6333
4 ай бұрын
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.
@Andrew_28
Жыл бұрын
This channel should be bigger on KZitem. Excellent content and production
@eveexpertguides995
Жыл бұрын
Dude that little clip with the squirrel was hilarious
@chuck197
Жыл бұрын
George love your advice!! Gonna check out that online bank you mentioned on link. Thanks for your videos; love them like the Ramsey Show..
@jasondima1411
Жыл бұрын
Love the home alone clips! Keep them coming!!
@TS1023TS
Жыл бұрын
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!!
@lukesammann1959
Жыл бұрын
I think Bernie Madoff's hedge fund would have been a worse place to save your money
@jasonk446
Жыл бұрын
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.
@joelykins1884
Жыл бұрын
Liked and Subscribed! George, you are the best.
@joanchifici3448
Жыл бұрын
I can’t sit through this. Get to the point already!
@gabec1087
Жыл бұрын
That Megan Markle joke 😂👌🏼
@Silverdragon517
Жыл бұрын
Best one ever
@JJs_playground
Жыл бұрын
But, bruh, what happens if I need to buy a Lambo with cash in a duffle bag, a la DMX in the movie Exit Wounds.
@portertn123
3 ай бұрын
BTC?
@joshuahickey9196
Жыл бұрын
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.
@GeorgeKamel
Жыл бұрын
🥰
@JadenHercules
Жыл бұрын
I think CD's would be the American equivalent of GIC's for any Canadians wondering.
@bravesfan2214
Жыл бұрын
My bank has a 25k minimum for high yield savings
@Mr.RobinsonLBC
5 ай бұрын
I know you're saying stocks are bad for savings.... But if I have about $30k in a HYSA, it's ok for me to have stocks, right?
@wmp3346
3 ай бұрын
Best place - Vanguard or Fidelity money market account
@justaperson803
Жыл бұрын
You would make a great youth pastor
@MrBSchmitty
Жыл бұрын
We want MORE Home Alone clips! Lol
@LonghairedJizzExpert
7 ай бұрын
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?
@carolinemurdock3038
Жыл бұрын
LOL funny you linked Marcus by Goldman Sachs cause I also have this as my HYSA
@sarahshealthyrecipes
Жыл бұрын
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.
@LifeIsBetterWithLove
4 ай бұрын
Somce they only insure $250,000. What do you do with money above 70 million dollars? Real question. Because index, stocks, etc are risky as well. And who wants to put all their money into something like that just to hold?
@gokeymasterflex
10 күн бұрын
CDs right now are pretty good, have been making 5% with zero risk. It’s not my emergency fund it’s just a savings account
@SteveSwanson88
Жыл бұрын
He didn't mention buying short term treasury bills (T Bills)? 1 - 3 month t bills pay 5% - 5.3% currently and they are state and local tax exempt (only Federally taxable), unlike CDs and bank interest. And they are safer than a bank because it's debt issued by the US Treasury rather than a bank. Also T Bills are very liquid in the secondary market should u need to sell before maturity.
@me-myself-i787
7 ай бұрын
Better to buy long-term bonds to secure the higher rate. Whereas by the time bills reach maturity, the rates will have gone down, so you'll be worse off if you decide to renew.
@JOESUBA122
11 ай бұрын
Of course you not black from the streets! I keep all kind of money! Lol!
@gasman8750
Жыл бұрын
Hey George! My wife & I too have our emergency fund with Marcus. Do you have any advice on how to convince people to open a referral account so we can earn a 3-month bonus? I tell everyone I know that it's FDIC insured, they have fast withdrawals, great customer support, competitive rates, & occasional bonuses. So far I've earned 1 referral... from my mother :-(
@peterhawkins4612
3 ай бұрын
Real estate, cash at bank, shares, your own business if self employed. When you need cash the most you are probably well in debt with no savings. Once you have paid off your house built up a share portfolio and established your own business you should aim for about one year’s expenses in cash anymore your money probably isn’t working hard enough , much less you probably need income insurance to cover you if you’re unable to work. Buy the time you achieve all that the best years of your life have been spent working hard. Your children should be well off if they are smart.
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