Where Do I Keep The Money For My Emergency Fund?
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- Опубліковано 30 вер 2024
- Where Do I Keep The Money For My Emergency Fund?
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What about putting that money in a Roth?
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.
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.
@@ElijahOliver-t9u 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
@@magen-b7n My advisor is Victoria Carmen Santaella
You can look her up online
@@ElijahOliver-t9u 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?
it's not about how much money you make but how you manage it.
True
Definitely true. My parents remind me and my sisters all the time to save our money, and spend it on what we really need.
@RedRose0395 save it so when next year dollar is worth that much less. Buy assets, land silver, gold and hopefully retirement if dollar is still there
@@kevins5268 I’m doing an envelope challenge. Once I reach my goal, I’m splitting it into other categories.
1. Future Retirement
2. Car
3. Emergency
The rest will go into my bank account. And believe it or not, the savings challenge is not only fun, and addicting, but it also reminds me of just how hard it is to save money.
Edit - Thanks for the advice!
It’s definitely both lol
In a Savings Account connected to a Checking Account, where even on a weekend you can move the money in an instant, is the way to go for an Emergency Fund. Doesnt matter if you going to earn 0.04% on it. Is just how fast you can access that fund.
meh, i got a credit card and Id just need to repay (reimburse) that amount. 3 days is fast enough for me.
This guy could *easily* be paying 20k a year in child support, depending on how much his ex makes.
17k at max after 30% taxes and if he's making out his 401k, and all medical insurance bills for the family it's super unlikely anything NEAR 20k is going to child support.
Biggest thing to take away is child support is no joke! Be careful of who you have kids with.
I'm old school, it's hidden in my home.
...your money is unsecure is what you are...
...good luck when you get robbed/fire/rats eat it...
Under the mattess, LOL
His effective tax rate is likely in the neighborhood of 30% all in (SSI, Federal, State, Local, etc.), so he's netting around 70K and then paying 17K into his 401k and in child support, so the 53K post all of that makes way more sense. I was so confused when she first said that.
A High Yield Savings Account (HYSA) is a great spot for your emergency fund.
Where do you find one of those?
Its sad that the yield is so incredibly low.
@@hollyb6885 Discover, Amex, and Goldman Sachs are three companies that all offer an HYSA!
@@BrandonMinguez I’ll look into those. Thx.
@@hollyb6885 please don't do Goldman Sachs. They're a crooked company. I'm not sure what Sofi offers these days.
“ high-yield” is generous 😅
some banks do have higher rates like betweem 3 to 5%.
@@ericolens3 we have that now because the federal reserve is trying to fight off inflation. It will eventually go back to 0.6% like it was in 2021.
they probably only take home 53k from 100 gross cause he probably maxes out his 401k (19,500 pre tax) and then maybe pays for all his various insurances (medical, disability, life, dental etc) for the family through that company paycheck.
And the child support comes out first, too.
Don’t forget she explicitly mentioned his child support
It's the child support probably. He's netting around 70-75 I would bet, and is probably paying 15K in child support and then another 10K to his 401k. Something like that.
It’s not the taxes ,it is the child support that is cutting that yearly income in half. 🤦🏽♂️
@@crash5225 probably taking back pay on top of the regular monthly support.
@@crash5225 right? How many kids is this for? Child support is not 50%. Especially not at 100k. Maybe he has multiple kids and is behind? Idk that sounds awful. I'm a divorced mom and while I think both parents need to contribute, it would make me sick to think my ex was paying 50% in child support. That's a lot. I've never seen those percentages. It's gotta be a combination of stuff.
@@ness0388 it’s not 50%. She said he makes 100k but brings home 53k AFTER taxes, health insurance, 401K, and child support.
You scruze, you luze.
you screws you lose.
😂
You have to have some money in a savings account that’s easily accessible. Some money to spend, and have a good chunk of change in retirement savings and a few other things that make money. God is the provider of all things and He will provide for all our needs according to His mercies. We just need to figure out how to harness and use what He has given us.
Facts
God doesn't set interest rates or debt payments. Stop waiting for God to give you what you think you deserve and start working towards your goals TODAY.
I really like this new guy. I'm assuming he is Hogan's replacement, but what happened to Anthony? I haven't seen him in at least a couple months
AO left Unfortunately. I saw the post on his instagram.
@@bernieveillard939 Hmmm interesting. Thanks for the update
Why ao left
George has been around for awhile now but as a secondary role. He used to host the Lives during radio commercial breaks.
@@bernieveillard939 🤔🤔🤔🤔🤔
Child support RIP
The next wife will be whining that the husband has to pay support to two ex-wives.
Well Lena I hate to break it to you but yer just not the sharpest tool in the shed
She can tell you all the details you want to know about every Real Housewife no doubt! LOL.
2200 twice a month is 4400 a month or 52800 in child support per year, that half his pay going to child support, that assuming her husband is only making about 100k per year...the typical child support payment is between 16 to 19% of income so she may want to look in to that...and whoever is doing your taxes, theres a glitch in that matrix
Not exclusively child support but also his insurance, 401k etc...combined taking about 50%.
@@eckankar7756 that makes more sense, from the way she spoke I thought 2200 biweekly was going solely to child support
@@davz203she did not imply that at all. You’re listening comprehension is terrible
What happens when banks shut down?
How?
I am going to build up a $50k emergency fund over the years. Gonna put $10k per year into I-Bonds since the interest rate is so high right now -- tied to inflation :) Also relative to other savigns accounts, I-Bonds haven't done all that bad in the past 10 years.
...tell us you don't listen to Dave or any financial expert without telling us...
...or your expenses are such to justify...
I would invest it in a low risk etf like IVV or VOO. Sell whenever it's needed.
Brokerage account, invested in VOO.
In a DIFFERENT bank that you use for your everyday bills…………..a bank that you don’t pass by everyday…….and forget about it !
Tell yourself you don’t have that $$ ……… because you don’t. It’s only for emergency
PS. There is no such thing as high yield savings account in 2021
Looks like you've fallen into the trap of all the Ramsey emotional money gymnastics to try to trick yourself. People, just develop a healthy relationship with your finances. It's that easy and that hard.
Ally Bank Online pay 0.5%. :P
I actually put my savings in a different bank by coincidence and it works well for all the reasons you mentioned.
I dig this new dude.
Wait...so under my mattresses is not right?
If you are discipline, otherwise it's gonna be pizza money instead of emergency fund
All money isn't good money. Its ok to turn down opportunities that don't align with your goals, ethics, and values.
Go with a high yield savings account
the "high yield" is anything but though
Oh, it's about income. As in you have to have some income.
Why is she spending so much time talking about her mans income? What about her income?
Well people around here will say that it's "their" income since they are married.
My emergencies are endless
its odd, just go onto ADP or accountant at work and look at your break down. It will be clear exactly where all the money goes pre tax.
The 'high yield' is about 0.45% these days
Emergency fund isn't for the interest, that is missing the whole point. Any interest is just the cherry on top.
Agree. Will increase once interest rates go back up. Slim pickings for now, I keep some cash in Yotta Savings.
Rates never went up after the crash
@@stevenporter863 Exactly. Pay off debt, invest while also keeping some cash in a safe bucket for emergencies. It's not about high interest returns on that particular money.
Smarty Pig online is advertising .70% up to $10000. Has anyone used them ?
You cannot continue to promote that income is your biggest wealth building tool and then tell people that make $30,000 a year that they can pay off debt quit drinking the Kool-Aid if you are not making $100,000 a year in our current society, you are living below the poverty level Update your views you cannot live like that anymore fool I love Dave I really do. You guys are a soft shell of that man first of all and I wish he would quit putting y’all on his show because the Ramsey Legacy dies with Dave those are just facts. My ultimate point is if you make $30,000 a year you can’t pay for food and rent much less save or pay off debt, be realistic with people you are breaking peoples dreams by giving them unrealistic goals stop
Ally bank
another sales pitch
It’s hilarious to me that everyone has put on Dave’s show thinks they are him. You guys are half of a show. He is trying so hard to give his legacy and pay it forward but none of you are Dave Ramsey and you never will be stop trying the legacy dies with him, those are just the facts. We encounter certain human beings in our lives that completely changed the world. Dave was one of those you people are not Dave quit trying people want to listen to you not them no one listens to them.
The potential compounding gains lost by young people opting out of investments in order to pay off debt is terrible.
If a young person spends years paying off cars and cc and other toys, they will likely never recoup that by putting in more later.
Hmmm. It seems to me that Ramsey has seen enough of the financial world and enough of what he is suggesting to see that it works.
The interest on most debts is much worse than compound gains.
@@a.s.w.508 not saying his plan doesn't work. Just saying I'm some situations his method is more expensive in the end
Where do you find a high yield savings account
Currently, online banks.
Id never pause investing.
I get a kick out of having a 1,000 dollar emergency fund.....maybe when 1k was worth something back in the mid 40's......
Well it's a baby emergency fund for while you are paying off debt. As soon as you are debt free you are supposed to save 3-6 months of expenses
@@JMar671
I prefer 20 years of monthly living expenses.
Passed 3-6 months in my early 20s.
I have mine in a high interest savings account, getting 4.6 percent.
Yeah dude, this was 2 years ago when interest rates were much much lower…
How much does she have coming in?
Jenna??!! Where's Kelley?? 🤔🤔🤔
They're dropping like flies at Ramsey. Hope Kelly is on vacation (?)
Did everybody start with everything I can't believe this many people are this upside down in their life this young
It's like they signed a loan agreement right after birth.
@@blackworldtraveler3711 I did it the other way. Lived in a car making minimum wage, went to school and got an apartment went back to school bought a house and now I'm a landlord with multiple properties. After all of that THEN I discovered Dave Ramsey!!!!
I really wanna call in to see if I'm on track.
Don’t forget to add 2-4% every year because you’re losing money from inflation
An emergency fund is not an investment fund.
@@matthewgardner2144 you missed the point. A $1000 today is not the same as $1000 next year so you do need to keep adding a bit to it every year so you can actually have enough for an emergency in the future. An emergency today may cost you $1000. The exact same emergency in 2025 may cost you $1200.
@@canadianjatti I hear what you're saying and don't disagree. I keep a lot more in cash, while still having robust investments. Dave has kept the $1000 EF figure for years.
Just keep it cash so it wont be no inflation
@@matthewgardner2144 exactly what i was thinkin keep it cash
Safety deposit box
Send it to me. I’ll take care of it lol
😂
She gets $2,200 every two weeks that is stull $57,200 a year. Im at 65k, and i make $103,409. But im doing 15 percent to my retirement. With the child support that makes since.
THis is why you dont marry someone paying child support.
But it's ok to marry a guy who will take care of a woman's children? I'm confused.
Exactly.
That's pretty dumb. So don't let him support the children he had before you? If you were a single mother, you'd be okay with him not paying child support anymore because he married another woman? 🤦🏻♀️
@@itsSilviaDuh I hope she means a guy with a kid beforehand I personally couldn’t. She didn’t even mention her own income so I’m lost
@@ChrisMFlorida You are exactly right! Such a double standard in our society.
Keep around 10k in a money market or high yield account. The rest I would stack precious metals (silver) a few ounces at a time. In an emergency you can offload it to a bullion dealer or pawn shop.
Great advice.
Bad advice
Underwear drawer is a great spot😊
Put it where the sun doesn't shine.
Gives a whole new meaning to money being dirty.
$100,000 a year and your husband’s net is in the 50s is CRAZY, even after child support.
I don’t get it. Didn’t she say she was already on baby step 3?
Baby step 1 she said
1-month rolling treasuries also look pretty appealing at the moment.
Underneath your mattress
There’s high yield savings accounts that are 4% and 5% now
I have mine in a 4.75 apy bank account.
And for Christ sake, stop treating people like they’re stupid
What this? First emergency fund and second emergency fund?
Under the mattress
If you make a 100k and only get 53 you’re in the wrong state.
The problem here is that you’re not talking to the decision-maker in the family when it comes to money she has no idea where the money goes or anything like that
Your husband gets a lot of stuff out of his check. If you married a man with other children sorry you need to get a job too.
Underwear drawer🤔 you would think you’re being sneaky by putting it there but no, everybody knows that now😅
Wealthfront Cash Account 5.0 APY for emergency funds way to go
My biggest issue is less whatever the payments are between taxes and child support and insurance and more that she has no idea where any of these things are even going. Not great financial communication for a family.
Sounds like this guy is on his way to having another ex.
Love this new guys style. Gonna miss Dave when he leaves
George has been around Ramsey for YEARS. Why call him a new guy?
@@eckankar7756 I've been watching for 3-4 years and never heard of him before weeks ago. And compared to the other personalities, I find him bland and useless.
@@KarlDag I've watched Georg's show for years, not sure why you missed it. Guess too busy being bland and useless yourself.
@@eckankar7756 some people don’t know that
@@KarlDag Same!
I’m 37 just trying to pay off 1 student loan of 15,000 and 4 personal loans that are 4,000. I want to put 1,000 In yield savings account to save 18,000 for a car. If I can convince my boy boyfriend to buy me a less expensive car or help me with a small loan towards a car I can drive to get my license to get a job working as phlebotomist and work for Amazon flex a couple days a week. I just don’t know how to navigate this before we get married next October 2024 and have our first child in January 2024. It’s just hard in California
We just doing court house wedding and Mexican party hiring a 90’s roller skating music DJ
In a true emergency you have no access to funds in banks when you need quickly, as I discovered after a hurricane. I keep cash in house but I’ve told a couple of trusted family members in case I forget where I hid it😳
LOL, I don't mean to laugh, but I get it. I've hid money from myself and forgot, and when I found it, it was like Christmas 😊
I just use my roth as an emergency fund, I can withdraw the contribution whenever...
Isnt there a tax penalty??
@@BreMue No, your contributions in a Roth IRA are post tax. You've already paid tax on it. You can take out your contributions at any time for any reason at any age. You can't touch your earnings until you are 59 1/2 years old AND the account is 5 years old (first contribution was made 5+ years ago). At that point, your earnings will also be tax free.
@@SB-rn4fy so only the "interest" is locked?
@@BreMue I wouldn't call it "interest," but yes, you are not allowed to touch your earnings until you are 59 1/2 AND the account is 5 years old. If you do pull out your earnings before you've met that requirement, then you will be taxed on that money and hit with a 10% penalty. Just remember that your original contributions are available as an emergency fund at any time. BUT, that is really not the purpose of a Roth IRA. It is designed for retirement savings.
Child support is a killer.
HYSAs pay around 5%
Nike shoe box. All liquid.
Jheeez
the outro music sounds like kashmir by Led Zeppelin
aka the greatest of all time
High yield lol thats funny
HYSA. I have one with 0.5%
Probably the promo rate. Read the fine print.
@@reaalitykinggs Nah, that's pretty typical for an HYSA.
Not buried underground in your backyard 🙂
SPY ETF
Who's the new guy?
VTI
Right
Sounds like she was embarrassed to say her husband is paying child support to another woman. lol
Should be
a private ledger
Love the way she explains it more than Dave sorry but she just does.
I don't understand you apologizing for your opinion..?
I too always wonder why people say sorry when stating an opinion( or even a fact)@@robertwalker5521
Who’s the new gabuuu
George is not new
Lina you got this !!!!!!
Where is Dave? I came to Dave Ramsey show to see Dave not these other people.
It's no longer called the Dave Ramsey Show
How do you get the baby steps?
It’s in Dave’s book
But I’m sure there’s a video on it
angel eyes..
In a valt in Iceland.
Yolo it all into out of the money calls on robinhood
😎👍✌🖖👌😁
❤🖒
I think I get about $220/mo. with my my emergency fund in high yield savings and .80%.
Can't complain.
Why is your emergency fund so high?
Thats in the hundreds of thousands
@BWT Why is your emergency fund for six months almost 200K?
he must drive a private jet as his daily, if it crashes he needs that 200k emergency fund.
@@bradturner7678 It seems his jet may have crashed because he does not bother to answer. Now he probably spend the whole emergency fund of almost 200K on a new jet and can´t afford an internet connection to read our comments any more. Poor guy.
What about a money market fund through a brokerage firm.
Dude has child support payment and got married again? What a simp.
Hope this one doesnt divorce him and stick him with more 'child support."
The gentlemen will never learn will they?
L8
The fact that he married a housewife, lifetime alimony activated.
Agreed
Did you know you don’t have to have children? If you don’t have any, you won’t have to pay for any children.
Perhaps he should figure out not to have children. It takes two people. Or even better, love the children he has. That requires money.
So when the banks get shut down what do you do?
You should make sure they are FDIC/NCUA insured
If banks 'get shut down' then the concept of Federal Reserve Notes (US Dollars) is nullified.
Financial freedom is 80% behavior.
20% information. Good luck.