Get PAID more for SAVING MONEY by using a high yield savings account in 2023!
Вставка
- Опубліковано 21 сер 2024
- If you're not using a high yield savings account in 2023 then you're leaving money on the table! I'm earning $50 per month in interest right now on my balance and rates (APY) keeps going up so take this as an incentive to start saving money! Be sure to watch til the end to check out a few accounts with the best APY.
🤑Download my Financial Dashboard spreadsheet!! 8708492926377....
Sound from Epidemic Sound
__________
🤗About Me:
Hey I'm Dyana, single mom of 2 and the founder of Money Boss Mama. After becoming debt free, I now share my life on a budget and money tips as I work to create generational wealth!
____________
Disclaimer: I’m not a financial expert, accountant, or anything related. I am not qualified or certified to give financial advice. This channel’s content is not to be construed as personalized advice. However, I am sharing my personal experience and individual opinions. If you are looking for financial advice, please seek the services of professional advisers. - Навчання та стиль
I like the idea of having a 3 to 6 months worth of expenses emergency fund, and having a months expenses in your checking account or a second checking for overdrafts. Then after you eliminate all debt start auto-investing 15% or more of your take home pay.
I have Synchrony high yield savings account. I like it because I earn about $120 or more a month in interest. Passive 💸
Nice !!!
That's good... Keep winning
@squish2913 Yes, I do every year. Thanks!
Dyana thank you for explaining the benefits of a high yield savings account.
You’re welcome!
I started a Capital One bc that was the highest APY i found. I think Ally is close, i have one of those but it’s empty lol.
The “Bruh” when you said “It’s a savings account”😂
Thank you so much for all you do and making financial-literacy related things down so relatable.🌹🌹♥️
I realized that my explanation wasn’t that spectacular 🤣
😂that part😭
is is
Thank you so much for breaking this down. And actually showing it on the calculator. You made it so easy to understand
Since we are in a high inflationary environment and I’m in stash cash mode, I’ve been enjoying the higher yields with the high yield savings accounts , cash reserve accounts, and even t bills.
And yes, this is beneficial for the cash you need to be liquid in case you need it and separate from your investment cash.
Even if it’s a penny, I’d rather earn that than a piece of a piece of a piece of a penny with a local institution.
Exactly!
I’m using one of mine for emergency and the other one to get out of debt and move out of Alabama and get my dream home built
They have ATM cards you can get I have ATM cards but mine is sitting pretty
I LOVE Ally. The buckets option is a game changer!
LOVE the buckets!! Keeps me from having a million different savings accounts
@@DyanaMariie absolutely!💚
Luv this! Capital One has been paying my electric bill 🎉🎉
💪🏽🙌🏽
I see Capital One which I have but mine is at .30% 😢
Thank you for sharing the APY savings accounts. 🙌
Appreciate you breaking this down! I needed all these details. I just started opening my high yields this past week.
The compound interest is all HYSA? Does that happen in all high yields?
Thank you! I really like how you presented this information. The examples were great. It provided a useful visual of your explanation.
This season has been great for me and my family. I’ve been able to build a big income stream investing with, Mrs. Maya Payson, She changed my whole life.
This lady called Maya Payson must be very good for people to talk about her this much. she handles my colleague's investment too. I'm surprised to see you talking about her.
@@dannyrose5762 Yes Danny she's very good, one of the best. A registered investment Advisor that's well grounded on financial market, her prowess as a trader has made investing worthwhile and beneficial for me. I Met her once during a trading conference in London
i'm well pleased to meet you Kate, I also invest with Mrs. Maya, ever since my first investment with her i have never for once had any issues when withdrawing my profits. she is straightforward.
I am not here to converse for her but to share a testimony of what I confirmed, she’s the best broker i know who is sincere, trustworthy and reliable. kudos! Maya
I heard about this lady on Larry Jones channel, please how can i get in touch ?
Yal keep in mind any interest of over $10 a yr is taxable around 20-25%
How sway? 😳. Do you not have a savings allowance in the US? Here in the UK, the first £1000 of savings interest in the year is not subject to income tax if you’re a basic rate tax payer (most people are). Anything after that is taxed at 20%, at basic rate 💕
In the U.S., Isn’t it taxed at your regular tax rate, which depends on your income? To our UK friend, in the US there is a standard deduction for the first 12,950-25,100 of your income depending on your proper filing status. I was wondering if the interest deduction in the UK is in addition to a similar standard deduction?
@@lisajackson3743 in the u.s. taxed at normal federal tax rate but here the majority of people fall btwn 22%-24% which equates to btwn 41k-170k ,
If you don't got a job or not working the IRS gonna say you don't have to pay the $10 free money 🤑 ...but it's paying it because after that 5th year the high yield savings account get wicked
Can we cash the monthly intersrest or we only get the interest per year? And is the interest taxed?
This
Thank you for these videos. You are providing valuable information.
And where did you get your peace lily plant?!
It was a plant given from the funeral home for my cousin. I took it home with me because it’s stunning ❤️
Im invested in 3 etfs my 401k now a high yield savings account a cd is next u will beat the average return
Can you do a video on spiritual fasting. I peeped on your Debt video that you said you asked God for a miracle right before you went on a 1 week fast. I’m interested in how you go about your fasts and want to hear what you feel comfortable talking about, spiritually, when it comes to those
It would be way out the norm but I’m willing to!
I set up a savings account with ally and have a question. Do you earn that 3.75% every month or is it divided over the 12 months and adds to 3.75 over the year?
it is divided thoughtout the year. Can look at it one of these ways a $1000 earning 3% apr would be $30 for the whole year. divide it by 12 and you make $2.5 per month
Now I have more knowledge about personal finance. I just subscribed to your channel. Big ups to everyone working effortlessly trying to earn a living while building wealth in this recession. I’m 47 and my husband is 51, we are both retired, no debts. Currently living smart and frugal with our money and still earning passively even in recession. Saving and investing lifestyle in the financial market made it possible for us this early even till now we earn monthly through passive income.
Awesome video!
Hi I’m new here I really love how you explained everything I still do have one question I want to save up to buy a house but I haven’t found information on how will I even be able to pull out all my money when I need it ? Will I be able to pull out the full amount or only a part of it hope you can answer TIA
Hello,Queen I Love your channel
Cash is king ~
I appreciate the information it's great to hear all of this information from an intelligent black woman
Great video!
Glad you enjoyed it!
Brick and mortar is a thing of the past
Lol plz explain
It literally never occurred to me to Google what APY meant. I've rarely had more than $30 in savings so I didn't bother. I'm REALLY trying now and this info is helping motivate me. Thank you SO MUCH for sharing and breaking it down for a dummy like me. 😆❤
Wow I would be stressed if I only kept $30 in my savings if your job offers a credit union account take advantage of it it really helps me to make sure I am saving something every single paycheck by direct deposit b4 I receive it
@@fatimamanneh9432 All of us are in different stages of our financial journey. I’m sure she wishes she had more. Try to be encouraging instead.
Def NOT a dummy! You’re doing amazing. $30 in savings is still a savings!
@@DyanaMariie really $30 can’t even fill a gas tank where I live at lol
@@deem.4527 I can’t encourage being wasteful & careless with money I don’t make a lot of money but I live within my means with what I have it’s called only using my money for things I need like housing food utilities my cell phone & transportation to & from work the rest is going into my savings if I can do it on 48k a year I know others can too
Thank you for this video. I'm trying to open a savings account for my daughter, who's almost two. Will this account be good for her, or should I be looking at different accounts?
I think it’s good to start with! Also look into UGMAs!
@@DyanaMariie Thank you.
I m not sure about other banks but with capital one, a children's account in the child's name does not yield any significant APY . I m talking from personal experience. My advice to you is, open the account with your name not with your daughter's. Eventhough you know that it's hers.
This way, you would make 💯 more on the Apy than if the account was in her name.
It was an eye opener to me when I paid attention on the interests and then made some serious comparisons with my other accounts. I have since just moved all the funds from the child's account to a CD.
I hope this helps.
I noticed Ally is not FDIC insured. Is this a concern for you? I want to open an account but that scares me. Any thoughts??
Ally is FDIC insured
@@deem.4527 I just looked at a q and a and it says they are fdic insured. Thankyou! I think I misread earlier.
Oh I was like WHAT?! Cause I thought they were lol
Credit Karma APY is higher and FDIC insured WealthFront I think is the best I came across so far...I have both 🤷🏽
I have something similar to this it’s called a certificate I have one that’s a whole year and it has helped me so much and it’s making me become more disciplined when it comes to saving money ❤❤❤❤❤
Those are great too!!
@@DyanaMariie ❤️
👍🏾
With rates expected to go up to 5% or 6% people gonna love you made this video.... compound interest get wicked as years go on ...that 5th year or 6th year gonna have many people like this 👉🏽😮
Stack your money im on the rd to 25000
Omg thank you I had no idea