I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
@wisdommelody9
Ай бұрын
You're correct. I think the smartest way to go is to spread out your investments. By putting your money into different asset classes like bonds, real estate, and stocks from other countries, you can lower the risk if one part of the market goes bad.
@Jamesdave-g6m
Ай бұрын
That sounds like a good plan. In the past two years, working closely with a financial market specialist, I've built a six-figure diversified stock portfolio. Now, I aim to diversify even more this year.
@Soniajohn4
Ай бұрын
Talking about a financial market specialist, do you consider anyone worthy of recommendations? I have about 100k to test the waters now that large cap stocks are at a discount... Thanks
@Jamesdave-g6m
Ай бұрын
My CFA ’NICOLE ANASTASIA PLUMLEE’ a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@Jamesdave-g6m
Ай бұрын
NICOLE ANASTASIA PLUMLEE’ is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
@YinusaSaheed
Ай бұрын
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Elliot-Ivan
Ай бұрын
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@YinusaSaheed
Ай бұрын
@@Elliot-Ivan That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Elliot-Ivan
Ай бұрын
@@YinusaSaheed My advisor is VICTORIA CARMEN SANTAELLA; I
@Elliot-Ivan
Ай бұрын
You can look her up online
@LiamOlivia-4
Ай бұрын
@@Elliot-Ivan The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
@TJDawgs72
5 ай бұрын
I just moved a considerable amount of cash (at least I consider it considerable) from a standard savings account I was earning only 0.1% APY from into a Money Market Prime account with a 4.75% APY. I'm gonna go from earning approximately $35 a year to earning about $2,400 a year...it's a no brainer! My only gripe is, I'm angry at myself for not doing this a few years back...missed out on a decent chunk of change. Thanks for the video...
@Nexus9
5 ай бұрын
Same boat, been banking with my regional bank(5/3) since I was born, got upto 60K in saving making not 1, not .1 but .01% int. Just sticking it in my schwab sweep account is making .5% interest. If only I did this sooner. :/
@innocentlife2346
Ай бұрын
Don't feel bad I'm angry with myself as well, Had 7K sitting around in wells-fargo bank🏦🏧 for over 3 yrs, if not more. 😮a regular savings account, no dividends added on making any money 💰 back on what I invested 😮 I'm going tomorrow morning on withdrawing all my money on and closing the account I've been to Wells Fargo since 1995. I never even got any help from this bank, for any personal loans, car loans, never benefited anything from wells-fargo bank really 🤦to tell the truth. 🤦I mostly benefit more from my credit union. 🏌️🎤
@christianndasilva1843
8 ай бұрын
You made way more sense to me than all the other people on KZitem using dumb unnecessary editing and graphics. Thanks!
@rob_cpa
7 ай бұрын
Thank you very much.
@lennoxmutterick6434
Ай бұрын
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.
@lennoxmutterick6434
Ай бұрын
@Ingridlourd02 However, if you do not have access to a professional like Clementina Abate Russo, 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.
@lennoxmutterick6434
Ай бұрын
@Ingridlourd02 Clementina Abate Russo is her name
@lennoxmutterick6434
Ай бұрын
Lookup with her name on the webpage.
@lennoxmutterick6434
Ай бұрын
@Ingridlourd02 You are welcome .
@latoyaunderwood8239
19 күн бұрын
Hello, do you mind sharing the name of your financial advisor?
@takeshii
Жыл бұрын
I'd still leave it in there even after they go back down because chances are they will still beat the 0.01% youd get at your regular bank.
@rob_cpa
Жыл бұрын
Thank you for your response.
@innocentlife2346
Ай бұрын
I learned more from Rob Cop, than the Customer Svc Rep at my bank 🏦 🏧 😔 she informed me that she wasn't really educated towards the money mutual accounts, IRA accounts.. I'm saying to myself like, what 🤦 Why are you even working at a bank institution, if you not educated on how all the different accounts works for customers... Smh
@defendingthefaith.7889
5 ай бұрын
Capital one does not have a balance you have to keep in a high yield that pays 4.3 percent. Not penalty for withdrawals.
@dapetik
9 ай бұрын
Good video and thanks for the information. Needed to watch it in 2x the speed 🤣
@rob_cpa
9 ай бұрын
Glad it was helpful!
@pcdihealth
2 ай бұрын
Thank you so much for sharing the information..
@draconian45
Жыл бұрын
Thank you. This was very helpful.
@rob_cpa
Жыл бұрын
Glad it was helpful!
@CherylLouise
5 ай бұрын
There’s SIPC insurance for investment products
@daralynx2
12 күн бұрын
An important difference to me is money market mutual funds pay qualified dividends vs interest. Can matter tax-wise when the balance gets up there.
@grahamfinance
2 ай бұрын
Sofi has 4.6% with direct deposit into a checking or saving account with them. FDIC insured. No balance requirement
@rob_cpa
Ай бұрын
That's really good! Recently, I've been seeing 5%+
@R26Roman
Ай бұрын
Isn't sofi only insured by FDIC from the transfers that it makes not from the account itself?
@coffeegrindgossip
11 ай бұрын
Thank you so much for this information, and you're 👉 right, most people are scared to open a new bank account. I'm a former bank teller, I've seen it all.
@rob_cpa
11 ай бұрын
You're so welcome!
@razeenshepard
8 ай бұрын
Thank You for the information. It was exactly what I was looking for.
@rob_cpa
8 ай бұрын
Glad it was helpful!
@luisgarabito8805
Жыл бұрын
CIT bank requires a balance of $5000 or more to qualify for that nice 5.05 percent APY but if you go below it goes to .25%
@rob_cpa
Жыл бұрын
Thank you for the clarrification.
@sherilyncortez1906
Ай бұрын
Hi. Can I move money from a Traditional IRA to a Money Market Account without paying taxes?
@choski76
Ай бұрын
Good question. I think you owe taxes for selling equities. Come back to the thread with your answer please
@andrewhack7698
Ай бұрын
Good video thanks for the advise
@rob_cpa
Ай бұрын
Any time!
@OffGridandOutdoors
4 ай бұрын
I think it depends on where your money is. If I've got uninvested cash in a brokerage account, I'm not moving it to A HYSA, I'm investing in a MM Fund. Conversely, the rest of my money is at Wealthfront cash. Wealthfront, whoot whoot, once And done.
@vikjhaveri109
8 ай бұрын
Thank you so much for this video! Is it better to open a high yield savings account or keep it uninvested in a brokerage account like Vanguard or Fidelity that also gives around 5% annual?
@Hayesboy96
8 ай бұрын
My only thought is whether that brokerage account is FDIC insured
@rob_cpa
8 ай бұрын
Good question. Agree with the response on the FDIC insured. If the rates are similar, keeping it in a brokerage account is fine, but you want to have a good balance of cash and investments - not too much in cash as you could earn a better return elsewhere.
@lseh4720
Жыл бұрын
Where should LLC’s open bank accounts? Ally Bank doesn’t allow LLC’s. BofA requires $6,000 minimum daily balance. With 5 properties, they’re pretty much getting $30,000 of our money without paying us any interest. Recommendations for LLC’s?
@rob_cpa
Жыл бұрын
Check out Mercury Bank: mercury.com/ or Brex - they have higher interest rates for small businesses. You can also check out Oak Street Bank. Personally, I like Chase because of its ease of use, but you can always have two different banks for your business.
@michaeldavis3188
Жыл бұрын
Why not go with the CIT High Yield? It's 5.05% and FDIC insured. The best from the money market mutual fund is 5.24 and is not FDIC insured. Why risk 100% to gain the additional .19%? Anyway, great content and video Rob!
@rob_cpa
Жыл бұрын
Thank you for the response. CIT does have a nice rate. The banks are constantly increasing their interest savings rates, which is nice, but tough to keep up with videos.
@michaeldavis3188
Жыл бұрын
You da man, keep up the great content buddy!@@rob_cpa
@exgamer07
Жыл бұрын
The risk of a treasury money market is the same as FDIC. You are relying on the US government to pay its obligations. If the government cannot cover treasury bill obligations it most certainly is not covering your FDIC insurance claim either.
@michaeldavis3188
11 ай бұрын
One is FDIC insured, the other is not. Once a bank is FDIC insured it is a backing for your money. This makes it much safer up to 250,000.00. While money market funds aren't FDIC-insured, investments held in brokerage accounts (including money market funds) may be insured by SIPC. Unlike FDIC coverage, SIPC coverage doesn't insure the value of your investment-it protects you in the event your broker fails.
@exgamer07
11 ай бұрын
@@michaeldavis3188 Both covers your claim in the event your loss is due to institution fail. Neither covers due to market fluctuations. FDIC will not reimburse you for loss of purchasing power of cash due to inflation. SIPC will not simply cover your loss due to decline of security share price.
@MrGus.1
2 ай бұрын
My Fidelity advisor just advised me to buy a single premium, 3 yr. annunity. The interest rate sounded pretty good. I thought it would fit into my portfolio "safety net" well, but then I found out he made a big fat commission on it. Was that a conflict of interests?
@kimr.9906
5 ай бұрын
I always got confused with MM accts. There are many types too. So what's the difference between MM mutual funds vs MM IRA acct?
@TheMachomaniac
5 ай бұрын
I put 16 grand in a mutual fund at Fidelity 8 years ago and today its around 21 grand. I just learned about HYSA. Should I leave that cash where it is or move it to a HSYA?
@johny3133
5 ай бұрын
What is a % of taxes you paid each year for these account?
@dejiakinbode5715
7 ай бұрын
Great content
@dawnsmith370
10 ай бұрын
So I am new to this. So for example an SPAXX, are you reported and taxed on dividends if you select to have them reinvested? I currently have a high yield savings paying 4% but wanting to move over to fidelity to either cd’s , money market or mutual funds to earn a better return. I am also in the middle of transferring my Wells Fargo ira in which I am paying them $300 plus per month to do nothing over to fidelity and maybe putting that in mutual funds. So many options for someone raw
@asphaltandtacos
6 ай бұрын
You will pay taxes regardless of what you choose to do with the dividends.
@uaeio
4 ай бұрын
You didn’t address taxation of interest/dividends. Money market mutual fund by fidelity ,SPAAX, calls its interest a dividend, but it is not qualified dividend… very misleading
@20891
10 ай бұрын
Thanks so much
@rob_cpa
10 ай бұрын
You're welcome!
@MatthewDowhower
10 ай бұрын
a money market mutual fund account has an exp ratio which will eat into the returns
@AnthonyLopez-di5vv
6 ай бұрын
Depending on where you look, the yield already factors in exp ratio. That’s how fidelity does it
@WallStreetIceCream
8 ай бұрын
have any recomedations for money market account?
@rob_cpa
7 ай бұрын
Here is a side by side comparison: www.forbes.com/advisor/l/high-yield-savings-accounts/?gad_source=1&gclid=CjwKCAiA_OetBhAtEiwAPTeQZylQ-kgGSju48VMBnINkvVqOETUavnbZ2iHWWM8CG0jciF3qe0qGyBoCO4oQAvD_BwE&gclsrc=aw.ds
@moki888
5 ай бұрын
I have been angsting over how to move my savings account from low interest rate bank for over a year now. Is Zelle safe? Cash app? Or do I need to wire transfer, which is pretty expensive way to go IMO.
@rgrobinsonxoxo
2 ай бұрын
I’ve never had issues with zelle and it’s how I transfer my money between banks , I’d opt for that over cash app if it’s a large sum of money imo
@Toke-YT
5 ай бұрын
So my high yield savings account has 5% interest rate so monthly interest would be .41% every month, yes… so with the money market mutual, which seven day run is 4.7% , is that 4.7% monthly, or is that over the year?
@justjoe732
3 ай бұрын
over the year
@Roy-xe9is
2 ай бұрын
If depositing money into a MMA today, and the FED cut rates twice this year as expected, what can I expect? Thank you for this channel. New subscriber.
@hiramngure8125
Ай бұрын
I am a Kenyan but would like to invest in money market mutual funds. Is there a way I can do that?
@blackrose8643
4 күн бұрын
Don't do mutual funds. Buy government bonds. KCB/Coop bank, etc.
@Floyd_Steel
4 ай бұрын
Do you have to pay tax on a HYSA like you have to on a MMMF
@I_Died_2_Weeks_Ago
4 ай бұрын
Federal, yes, but MMA may have tax benefits depending on the percentage of government bonds the account holds and the state you live in.
@johny3133
5 ай бұрын
You forgot to mention taxes on these accounts they all different
@dabig_guy2204
8 ай бұрын
Money accounts
@lalagummybearcarrot
9 ай бұрын
What about factoring expense ratio of money market. If its like .5 do you deduct it from 5 percent you're making?
I just opened up a money market account with ticker SWVXX, when does it pay dividends? Is it quarterly? Thanks in advance.
@rob_cpa
10 ай бұрын
They typically payout dividends each month, but you should double check with Schwab.
@JShawnPaul
10 ай бұрын
@@rob_cpa thanks, and I just saw that I got $108 added to my SWVXX account. This was probably the 5.24% interest on $25,255 that I invested.
@MarcoAlmeida-yj5og
6 ай бұрын
From my research, it pays out at the 15th of each month (or the next business day if that day falls on a non-business day)except in December which would be the last business day of the month.
@silviebordeaux5799
2 ай бұрын
How does SIPC work if you have your money in Vanguard Money Market Fund? Should I keep in bank instead? Thank you
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