Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated
@@Alexedmartin Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her. She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I’ll advise you do get a good Investment advisor for yourself.
@@ugojazzy7812 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@Alexedmartin look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@ugojazzy7812 I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
With markets crashing, inflation soaring, and the Fed imposing a large interest-rate hike, treasury yields are rapidly rising, implying more losses for portfolios this quarter. How can I profit from the current volatile market? I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio.
I enjoy my day-to-day market decisions being guided by a portfolio coach. Seeing that their entire skillset is built around going long and short at the same time, both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information and analysis they have, it's near impossible to not outperform. I've been using a portfolio coach for over 2 years and I've netted over $300,000.
@@juanpedro742 Basically, I have been into all of these for some time, though I won't say I have made or lost a fortune. Do you mind recommending a specialist whose platform has diverse investing choices?
@@jammiewood2121 I can honestly relate. I don't know if I am permitted to drop this here, but do run a check on Brian Harding Dawahare. He’s got a great reputation in this Fin-Space. He handles my portfolio also.
I just copied and pasted his name and his website popped up immediately. Interesting stuff so far. I'm about to book a chat with him. I'll keep you updated on how it goes.
I just transferred my $200K from one bank to another. Rate went from .03% to 2.2%. I now get $342 a month in interest instead of $4. I'm happy. It's a money market account.
Thanks!! Honestly not much, just regular shampoo and sometimes conditioner! I don’t think I had any product in my hair for this video but when I do it’s just very light pomade. I haven’t looked into life insurance too much yet but that’s a great idea for a future video!
I just looked and my credit union savings account rate and is still holding steady at 0.10%!!! With inflation at 9% or much higher I don't get how the hell they can stay in business as I would think it's customers would have pulled their money out of there. I certainly don't keep any money in there more than a couple days at a time as it's just a place to have my paycheck deposited as bills are immediately paid from there and the rest is moved to greener pastures.
tl;dw: 1. SoFi @ 3:33 2. ally @ 5:00 3. Capital One @ 7:30 4. Treasury Bonds @ 8:58 👎 for only listing 4 instead of 5, and no mention of banks such as One Financial or Aspiration, both of which have higher interest rates (3% and 5% APY respectively) than any of the other banks mentioned.
@@FinanceMind ONE still has 3% rates on their Savings acct, no limits or requirements. Still the best rate I've seen that doesn't require some obnoxious initial deposit
Hey Finance mind. Great video! Just subscribed. What do you think about Varo bank?. I have an account with them that I used to put money in and I was receiving monthly return change like capital one. Would it be a great savings account to put your money in too?. 🙏🏾thank you.
@@FinanceMind Do you know anything about a Company called SAVEBETTER by Raisan? This Company is advertising this 4% Appreciating rate at Axion Bank though them. Do you know if they are legit?
Alright you saying things I want to hear, do keep the information coming. I went ahead and smashed that like button, and became a new subscriber as well as shared your video.
Not worth the trouble. Last time I had a savings account 8% was the norm. I'd rather keep the money in my own possession instead unless we get rates that high again.
The best online bank I found with the highest APY, is Brio Direct online bank. They pay 1.8%. I just open an account with them. They are part of Webster Bank and FDIC insured, no fees. I have three online savings banks and I shift my money to the one that’s paying the highest rate. Salem Five was paying the highest, then fell behind. I also have a Marcus online account by Goldman Sachs and they’ve just increased their interest rate to 1.5%. Back in June, I bought an I-bond from the US treasury. You do it online and it’s easy. As he said, they pay 9.62% and that’s state tax free. You can pay federal taxes yearly, or at the end of the bond term of 30 years, or when you cash it in. If you cash it in earlier than five years, you pay a three month interest penalty. Cheers!
@@FinanceMind Thanks! Update: I found out yesterday, that Brio just increased their interest rate to 2.15% APY. Apparently it’s the same rate as Bread Savings.
Help! Do you have to pay taxes on the interest gained on an i bond? Also, if you buy another one the following year, is that considered a separate I bond or is that adding to your current one?
My issue with SOFI is that they conveniently only have INBOUND wires enabled. You can't send out a wire transfer like with any other bank. You have to call customer service and see IF they approve the wire. Super inconvenient and sounds like 1990s to me.
If the bank is FDIC insured (which pretty much any legit bank will be) then you don’t have to worry about that. You are insured by the government up to $250k. This is to prevent bank runs.
Somehow, I got lazy and ended up with just a checking account that pays 0.02% interest monthly. I've never invested before. Is there a good/safe place to put some money that would pay me interest monthly (like my checking account) but at a much higher percentage? I'm old enough to remember my parents telling me that they had several $100,000 CD's that were paying 12% annually. That was 40 years ago. I was a kid at the time and had no idea what that meant LOL!
Sofi is a great option at 1.5% APY. Super easy to set up and use, you can have an account in minutes. For CDs unfortunately gone are the days of 12-14% CDs! That must have been early 80s but also inflation was in double digits then too. You can get great CDs for ~2yrs paying over 3%. Check out this video if you want to see the latest on CDs: ua-cam.com/video/-Jsu5w2dq-k/v-deo.html
Why didn't you recommend annuities - I'm an independent insurance agent and I have several companies that have a 5 year annuity that pays 5.75 the first year and 4.75 for the remaining years with a walk away option at the end of the term. Better than most CD's are offering.
Agree! Totally depends on circumstance, if you need the money in the short term, the market might not be the best option. But long term, it’s a fantastic option.
K W try going to Discover bank in Sault Lake , their plain on line savings rate is 1.30 , and if you are looking for a CD they have from 3 month all the way up to 10 years for 3.20 per -sent .
"" Investing in online stocks is one of the ways to gain financial freedom. The stock market & crypto market has plenty opportunities to earn a decent payouts, but how is it done......?????
Investing in stock is a good idea, a good trading system would put you through many days of success. My story has totally changed after i get into stock markets...!!!!!
You're right, a huge part of my portfolio growth has come during this bear market. I've been able to scale from $200K to $500K in a short period of time. I basically was just following the steps and guideline from my financial advisor as long as you've professional help, you're good to go
My adviser is *PATRICIA DRITA JOSEFINA* the analyst/brokerage-adviser. She has been of great help and her tutelage has brought me to a higher understanding of profit generation. She Understands the job perfectly."" ""!! Search for her on internet
Good info without a lot of wham bam pyrotechnics nonsense....I do have a TWO questions on the I Bonds: 1) do I have to pay taxes on the interest earned every year or is it deferred because it's a government bond? 2) Can I buy a $10k I Bond this year and then another $10k I Bond next year?
Anyone watching this, I found Aspiration & Varo to have the highest APY savings accounts (4%-5%). Varo has a bunch of limits though, for example it can't be more than $5000. For Aspiration the max is $10,000 there is an annual fee, and you have to spend a certain amount each month with the debit card specifically. In addition cash deposits aren't allowed at Aspiration, and for Varo you have to visit a retailer and pay a fee to do so. Both of these banks use the All Point Network, which means you have to go to stores to get cash during business hours. Despite the APY rates for Aspiration & Varo, I ended up going with Alliant Credit Union. Their rate is comparable to So-Fi and as they are a credit union, there's a TON of atms, fee-free cash deposit locations, and no international transaction or withdrawal fees. I'd recommend checking them out too.
You mentioned the penalty and term for CDs, but I didn't hear the same for IBonds. You cannot cash out of an IBond before 1 year. There is a penalty (last 3 months of interest IIRC) if you cash out an IBond before 5 years. Don't be too afraid of penalties. Just be aware of what they are before you put in your money. If interest rates go up it may be worth while to cash in your CD and pay a penalty to get a better rate.
I don’t expect interest rates to go down or inflation to stop, until Trump is our president again for about two years. Then we’ll start seeing some relief. You can thank Joe Biden for all of this inflation. He doesn’t know what he’s doing.
Good luck trying to open an online account with Capital One After spendingy Hrs trying to set up an online account and taking pics of my drivers licenses and sending to who knows they still said i had to call them to confirm my information.After 3 failed calls because the customer service was busy i just gave up
I have had good returns with my Fixed Index Annuities.. My 7 year matured and is now a 5 year. and I purchased another 5 year Fixed Index Annuity recently.. No stock market worries!
Great video man! I'm subbing for sure. Can we get a video for best bank or institution to keep our money similar to this one? I'm interested in learning more about hm bradley
Capital One is great for the average Joe or Jane. Add an E-Trade Roth IRA for investing. Good checking, teen checking, savings account, decent cashback credit cards, and car loans. SoFi is great for Finance/Economic/Accounting college majors or professionals. Free checking, high interest savings, a 2% flat cashback card without Forex fees, financial consultant, free will writing, a Roth IRA account, a taxable brokerage account, and fractional shares for Vanguard ETFs.
I have 3 college majors and I am worth a few million. I don't need more than Capitol One because I have a financial manager who invests and manages my money for me. I am not worried about rate of return (ROI) because that is managed for me. I like the ease of use, no fees, security, and it helps to get a 1% ROI for my savings on hand. The main benefit I enjoy at Capitol One is the ability to unlock my spending on my credit card for 24 hours considering I often have high purchase amounts over 5k.
@@mehdishirazi3 Good evening TruePatriot! I’m about to finish my contract with the USMC, any tips on how you became successful? I love to hear other people’s success stories, it encourages me to keep going.
@@Howtofordummies. Thank you for your service. When I got out of the military I went to college to become a commercial diver. I got an associates in marine technology, this is a fancy way of saying I became a Commercial Diver with specialty in underwater welding and topside welding. I did some NDT (Non destructive testing) work too. Mostly I invested, now is the time to invest, buy low and hold. When I first got out of college I worked both inland as a diver and topside in construction for the same company, the money was awesome. I later went back to school to get a few more degrees and licenses. The key is not in what you do it's in how you manage your money. At minimum, 15% of your paycheck needs to be invested every pay period. Also, find a job you like and don't stop till you get it. Computer Sciences is the highest paying carrier right now. I chose a job field that paid a ridiculous amount of money and that I loved to do. My child was autistic so I had to change job fields. Choose a job you love and invest wisely and you will be off to a great start. I also live way below my means to invest more. I tried to keep this short and simple but my life has been complicated. Wish you luck.
CD rates have begun to creep up again, but still aren't where they were 3 years ago. When they mature you need to deal with the pile of cash once more. Be prepared to settle for less when rates are on the way up. Ditching and buying in at the new rate means paying penalties from 6 months to a year worth of interest. Figuring out when the rate increase outweighs the penalties means crunching the numbers. CD "ladders" are often advised, but... like a real ladder you can break your neck. There is no simple answer or you'd have been trampled in the rush already.
This morning (the day after I turned 29) I paid off all of my credit card debt 👏🏻. I came here to find out how/where to start a rainy day fund. I’ll definitely be signing up for Sofi! ☔️ Subscribed for how quickly you got to the info!
@@juliovalencia4948 I have investments, my financial manager handles my money but you need cash on hand in a recession and Capitol One is the best bank for me during this mess.
For the very short-term, instead of CDs, I'd look into 4, 8 or 13 week treasury bills. These were a poor choice just a few months ago, but with the feds raising rates, these are now outperforming short term CDs. It will likely get even better soon with the rate hike yesterday, and more to come, so maybe go for the shorter term bills for now. Plus, no state/local taxes on these earnings.
@@boomnailedit1609 Treasuries can be purchased with a TreasuryDirect account. I know that Fidelity, Schwab and some others also sell them. There is an auction schedule and you need to place your orders within a specific window. For example, the 4 week bills need to ordered Tuesday or Wednesday.
For one stop shopping, another way to do this for CDs is to open a brokerage account with somebody like Vanguard or Schwab. You can buy CDs from various banks through them and as of right now the rates are higher than if you buy directly through a bank. But remember that some of the CDs offered are "callable", meaning the bank can return you money early if they want to and the FDIC insurance works differently with brokered CDs. And through these brokerage accounts you can also buy Treasury Bonds (but not I Bonds) which might pay more than a CD for the same length of term.
@@FinanceMind So Ibonds are based on inflation only? Lets say we're stuck at 8.6% for three years. When is it considered 0% inflation again? Hope you understand my question.
@@jerryw4458 There is both a fixed rate to the I Bond and an adjustable rate that fluctuates based on the current inflation rate. The second piece changes every 6 months, so their goal here is to beat inflation with the bond.
On your tax return you can use IRS FORM 8888 to have up to $5000 of your tax return mailed to you as a Joint paper I-Bond with your wife. Don't expect a $5000 tax return payment? Some people have mentioned methods to overpay your expected taxes to THEN claim those overpaid taxes on IRS FORM 8888 in the form of paper I-bonds.
Capital one is 1.3% now, Ally is still higher at 1.4%. With inflation continuing, rates change fairly often. These banks are great bets on which will remain the highest.
I have to wonder if you’re being paid to promote SOFI or Ally. There are several banks that offer a savings APY rate right now between 1.75% and 2.1%, with great acct benefits. And they are easy to google and find. The ones you promote here are comparatively low to at least a dozen other banks…. Not very good advice being given here.
I wish I were being paid but I’m not! $0 from any of these banks. Rates change very frequently and so occasionally a bank might introduce a higher rate but I’ve found these to typically pay among the best-in-class
You forgot to mention bank Bail-Ins. You are incorrect about the FDIC insurance! With luck, if one major bank fails, or there are runs on the bank. The FDIC will be lucky to cover 10% of their $250,000.00 claim!
I've used them all, with the exception of the CDs. I'm really considering using them though, which is why I was doing research for them and looking for which bank pays the most. SoFi is my favorite, and big bonus, the rates they're paying now are high!
@@pinkiepie1656 Even after you buy a home in Amerikkka it's not your home. Meaning you do not own it, You will NEVER OWN IT. problem can't be solve in this country. True ownership is when you do not have to pay taxes on land/home you own
Sofi saving is 3.0% right now and wealthfront is 3.3%. These are just saving account. The Current bank offers saving pods with APY at 4% up to $6000. There are also a few institute offers around or above 4% APY for 1 year CDs.
Current/Choice Financial Savings Pods 4% compounding daily on up to 6,000$ right now... I searched everywhere because I got tired of Wells Fargo .01 Savings account I had for years. Moved all my money to Current, Ibonds, and ETFs and stocks.
@@Warmfireandtea it’s just like a regular bank, just online. No minimum deposit or other fees. And yes you can pay bills from the account. I don’t work fr them and I do like he account. I use it as a second account for the higher rates and cash back credit card. I still like the idea of being able to walk in a bank and get cash so that’s why I won’t fully commit but I like them for everything else.
You can get 3 percent APY on a 1 year treasury bond purchased through any broker such as Schwab. That's twice the rate of a top yielding CD for the same duration.
And inflation is at 8.6% so...loan the government money (interest free) to fuck you slightly less...and YOU will still end up paying the interest in the end
Can you make a video about international cd accounts that better rates? Yeah, I bonds are decent, half taxed, but if you cash out under a year, you lose the prior three months of interest, so make sure you cash out on the first of the next month if you need it. You can also have your friend or family gift you an unlimited amount of i bonds
@@FinanceMind i can do one better Navy Federal Credit Union has a 33 month CD at 3.30% and a 7 yr CD at 3.15%. I prefer CD’s as you can see. Lol. Great video. I learned about I bonds.
Keep in mind that what looks like a good interest rate today (a.) may well drop over 6 months, a year, 2 years and (b.) may be left behind down the road compared with alternatives. Nothing stays still.
Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my wife 44 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income.
Not quite long I started investing. I'm very curious and need help on how to enhance and increase my returns. Any good investment tips would be appreciated
@@Alexedmartin Generally, investing requires higher knowledge. For this reason, It's important to have a solid support structure (financial consultant) to guide you through especially in asset picking. I operate with (Regina Louise Collaro) an investment advisor who partners with a licensed wealth management firm. For the record, the experience has been the best for my finance.She is quite popular for her services so you might have heard of her.
She made me financially stable investing through her help, now I earn on a monthly basis through her passive income strategy... So I’ll advise you do get a good Investment advisor for yourself.
@@ugojazzy7812 That’s great , your investment advisor must be really good,I have seen testimonies of people using the help of investment advisors in making them more financial stable. Do you mind sharing more info on this person?
@@Alexedmartin look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnn. She can work with anyone irrespective of where their located
@@ugojazzy7812 I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me .
With markets crashing, inflation soaring, and the Fed imposing a large interest-rate hike, treasury yields are rapidly rising, implying more losses for portfolios this quarter. How can I profit from the current volatile market? I'm still at a crossroads deciding if to liquidate my $125k bond/stock portfolio.
I enjoy my day-to-day market decisions being guided by a portfolio coach. Seeing that their entire skillset is built around going long and short at the same time, both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information and analysis they have, it's near impossible to not outperform. I've been using a portfolio coach for over 2 years and I've netted over $300,000.
@@juanpedro742 Basically, I have been into all of these for some time, though I won't say I have made or lost a fortune. Do you mind recommending a specialist whose platform has diverse investing choices?
@@jammiewood2121 I can honestly relate. I don't know if I am permitted to drop this here, but do run a check on Brian Harding Dawahare. He’s got a great reputation in this Fin-Space. He handles my portfolio also.
I just copied and pasted his name and his website popped up immediately. Interesting stuff so far. I'm about to book a chat with him. I'll keep you updated on how it goes.
First time watching any of your videos. Already subscribed!
Thanks for subscribing!!
I just transferred my $200K from one bank to another. Rate went from .03% to 2.2%. I now get $342 a month in interest instead of $4. I'm happy. It's a money market account.
Awesome!
Which bank did you transfer your account to? Thanks
Which bank did you get a money market at ?
I have similar hair what products are you using on. Looks healthy shiny. What’s your recommendations on older over 60 life insurance ?
Thanks!! Honestly not much, just regular shampoo and sometimes conditioner! I don’t think I had any product in my hair for this video but when I do it’s just very light pomade.
I haven’t looked into life insurance too much yet but that’s a great idea for a future video!
if i get a I - Bond. And want to get it out in 6 months. will i get pay? or will they take money away from me ?
VIDEO STARTS 3:34
I just looked and my credit union savings account rate and is still holding steady at 0.10%!!! With inflation at 9% or much higher I don't get how the hell they can stay in business as I would think it's customers would have pulled their money out of there. I certainly don't keep any money in there more than a couple days at a time as it's just a place to have my paycheck deposited as bills are immediately paid from there and the rest is moved to greener pastures.
Because 20 years ago people never switched banks because of rates, with online banks now, it’s a much more competitive marketplace.
tl;dw:
1. SoFi @ 3:33
2. ally @ 5:00
3. Capital One @ 7:30
4. Treasury Bonds @ 8:58
👎 for only listing 4 instead of 5, and no mention of banks such as One Financial or Aspiration, both of which have higher interest rates (3% and 5% APY respectively) than any of the other banks mentioned.
Thanks! Remember, rates change all the time, so when I made this it was 100% accurate. Even these banks have increased their rates too!
@@FinanceMind ONE still has 3% rates on their Savings acct, no limits or requirements. Still the best rate I've seen that doesn't require some obnoxious initial deposit
Hey Finance mind. Great video! Just subscribed.
What do you think about Varo bank?.
I have an account with them that I used to put money in and I was receiving monthly return change like capital one. Would it be a great savings account to put your money in too?. 🙏🏾thank you.
Just looked into Varo. They look really solid. 1.2% APY and no fees is good. They will go up to 5% for balances under $5k
What do you think of Marcus by Goldman Sachs. 4% apy
Will you recommend Ira? I have 401 k money I’m thinking using buying a house
IRAs are great options! There are lots of tax benefits between traditional and Roth
What do you think of Axiom Bank CD 24 month at 4% right now? September 2022.
4% is a great rate!
@@FinanceMind Do you know anything about a Company called SAVEBETTER by Raisan? This Company is advertising this 4% Appreciating rate at Axion Bank though them. Do you know if they are legit?
Alright you saying things I want to hear, do keep the information coming. I went ahead and smashed that like button, and became a new subscriber as well as shared your video.
Thanks a million!!
Not worth the trouble. Last time I had a savings account 8% was the norm. I'd rather keep the money in my own possession instead unless we get rates that high again.
Hi! What’s your intake on PenFed?? I was waiting to hear you mention this bank. As of now, the premium online savings is up to 1.20% APY. Let us know
I have PenFed and USAA accounts. They do not compare to Presidential Savings or Ally.
I have been real happy with Bread Savings. Their savings account rate increases with the market rate and their CD’s are among the highest out there.
Bread has one of the best rates out there. Also a great option, thanks!
The best online bank I found with the highest APY, is Brio Direct online bank. They pay 1.8%. I just open an account with them. They are part of Webster Bank and FDIC insured, no fees. I have three online savings banks and I shift my money to the one that’s paying the highest rate. Salem Five was paying the highest, then fell behind. I also have a Marcus online account by Goldman Sachs and they’ve just increased their interest rate to 1.5%.
Back in June, I bought an I-bond from the US treasury. You do it online and it’s easy. As he said, they pay 9.62% and that’s state tax free. You can pay federal taxes yearly, or at the end of the bond term of 30 years, or when you cash it in. If you cash it in earlier than five years, you pay a three month interest penalty.
Cheers!
Great tips, thanks!
@@FinanceMind Thanks! Update: I found out yesterday, that Brio just increased their interest rate to 2.15% APY. Apparently it’s the same rate as Bread Savings.
We use a credit union insured by there oun coverage. Our 6 figure is earning berween 2.2 and 3.1 % depending on acct or CD investment.
Nice!
Help! Do you have to pay taxes on the interest gained on an i bond? Also, if you buy another one the following year, is that considered a separate I bond or is that adding to your current one?
How is my savings account with capitol one paying more than a CD
You should make another video. Capitalone right now CD account 1 year is already 3.25%.
now is 4.00%
My issue with SOFI is that they conveniently only have INBOUND wires enabled. You can't send out a wire transfer like with any other bank. You have to call customer service and see IF they approve the wire. Super inconvenient and sounds like 1990s to me.
Yeah that is really annoying!
Hey what’s your take on Chase checking account?
I think for a checking account they are solid. They pay horrible rates for savings though.
Where can a person find out whether a bank is in trouble and May bailin your bank savings?
If the bank is FDIC insured (which pretty much any legit bank will be) then you don’t have to worry about that. You are insured by the government up to $250k. This is to prevent bank runs.
I like Synchrony, Ally, Discover, Bread Financial
Somehow, I got lazy and ended up with just a checking account that pays 0.02% interest monthly. I've never invested before. Is there a good/safe place to put some money that would pay me interest monthly (like my checking account) but at a much higher percentage? I'm old enough to remember my parents telling me that they had several $100,000 CD's that were paying 12% annually. That was 40 years ago. I was a kid at the time and had no idea what that meant LOL!
Sofi is a great option at 1.5% APY. Super easy to set up and use, you can have an account in minutes. For CDs unfortunately gone are the days of 12-14% CDs! That must have been early 80s but also inflation was in double digits then too. You can get great CDs for ~2yrs paying over 3%. Check out this video if you want to see the latest on CDs: ua-cam.com/video/-Jsu5w2dq-k/v-deo.html
Although CDs won’t pay interest monthly like dividends, if you’re looking for monthly cash flow I would go with a good dividend ETF.
Why didn't you recommend annuities - I'm an independent insurance agent and I have several companies that have a 5 year annuity that pays 5.75 the first year and 4.75 for the remaining years with a walk away option at the end of the term. Better than most CD's are offering.
I’m not a huge fan of annuities. When you run the math, you’re virtually always getting the raw end of the deal vs the financial institution
I agree with everything except you last sentence. Just because the S&P may go lower, doesn’t mean it not safe. If you’re young you should embrace it
Agree! Totally depends on circumstance, if you need the money in the short term, the market might not be the best option. But long term, it’s a fantastic option.
@@FinanceMind if you need the money short term don’t use the market
Varo bank has 5% up to 5k then 3% fdic approved too, thank me when you get your monthly deposits
I find that interest rates are climbing too fast to invest in CDs. To lock in on a CD rate doesn’t make sense at this time.
K W try going to Discover bank in Sault Lake , their plain on line savings rate is 1.30 , and if you are looking for a CD they have from 3 month all the way up to 10 years for 3.20 per -sent .
@@williambliss7211 Evansville Teachers Credit Union pays 3.30% on a checking account without locking in on a CD.
Possibly! Depends on situation, I think a very short term CD would still make sense right now,
I have a goldman High-Yield Savings acct that is paying 3%, no fees and FDIC insured. Super easy.
As of 7/22/2022, Sofi stock is down almost 60% YTD. Not I would call a ‘solid’ company. Roughly more than 3X the fall of the general market
The rate they pay on their savings accounts has nothing to do with their stock price though. Unless you’re worried about them becoming insolvent
Very helpful video, thank you so much! Can I buy I bonds as an immigrant or do I have to be an American National?
Great question, I believe you have to have a social security number to buy one.
@@FinanceMind thank you so much for the quick response!
What about Varo Bank or Wealthfront Bank??? Do you not know about these???
Great tip. When I made the video these were the best. Ally still beats Varo (1.2% vs 1.4%) but as of August, Wealthfront is offering 2%!!
Structured annuities is good as well
Never goes below 0 and a fixed cap
Don’t pay fees though.
"" Investing in online stocks is one of the ways to gain financial freedom. The stock market & crypto market has plenty opportunities to earn a decent payouts, but how is it done......?????
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Good info without a lot of wham bam pyrotechnics nonsense....I do have a TWO questions on the I Bonds: 1) do I have to pay taxes on the interest earned every year or is it deferred because it's a government bond? 2) Can I buy a $10k I Bond this year and then another $10k I Bond next year?
You can pay taxes on interest annually or defer until maturity. And the second question is each year you can invest another 10k
Nice job. Thanks for sharing.
Thanks!
Anyone watching this, I found Aspiration & Varo to have the highest APY savings accounts (4%-5%). Varo has a bunch of limits though, for example it can't be more than $5000. For Aspiration the max is $10,000 there is an annual fee, and you have to spend a certain amount each month with the debit card specifically. In addition cash deposits aren't allowed at Aspiration, and for Varo you have to visit a retailer and pay a fee to do so. Both of these banks use the All Point Network, which means you have to go to stores to get cash during business hours. Despite the APY rates for Aspiration & Varo, I ended up going with Alliant Credit Union. Their rate is comparable to So-Fi and as they are a credit union, there's a TON of atms, fee-free cash deposit locations, and no international transaction or withdrawal fees. I'd recommend checking them out too.
Great options, thanks for the insight!
You mentioned the penalty and term for CDs, but I didn't hear the same for IBonds.
You cannot cash out of an IBond before 1 year. There is a penalty (last 3 months of interest IIRC) if you cash out an IBond before 5 years.
Don't be too afraid of penalties. Just be aware of what they are before you put in your money. If interest rates go up it may be worth while to cash in your CD and pay a penalty to get a better rate.
I don’t expect interest rates to go down or inflation to stop, until Trump is our president again for about two years. Then we’ll start seeing some relief. You can thank Joe Biden for all of this inflation. He doesn’t know what he’s doing.
Thanks for the insight!
Did that twice in last 2 months
Closing early on one cost me .54 cents lol
Thank you!
For sure!
Well done. I didn’t hear you mention Marcus CDs
I do in my most recent video! Check it out, I go into more depth on CDs and brokered CDs. ua-cam.com/video/-Jsu5w2dq-k/v-deo.html
Good basic information
I read that Bask Bank has 1.61 %APY as of today on regular savings no min. balance and no fees. It looks tentative.
Thanks for the tip!!
Hey, I just subscribed. Awesome helpful video! I had no idea these options were even available.
Thank you!!
I just got a savings account with Capital One for 3% calculated monthly. No minimums.
Thanks for the advice
Absolutely!
Good luck trying to open an online account with Capital One After spendingy Hrs trying to set up an online account and taking pics of my drivers licenses and sending to who knows they still said i had to call them to confirm my information.After 3 failed calls because the customer service was busy i just gave up
I have had good returns with my Fixed Index Annuities.. My 7 year matured and is now a 5 year. and I purchased another 5 year Fixed Index Annuity recently.. No stock market worries!
Awesome!
Just subscribed. A Korean American in Ohio. Thank you for all your hard work for us!
I’ve never heard of ibonds. Thanks for that.
Glad it’s helpful!
9.62% Your ad said, you lied, misrepresented, nothing in video said that
Do we pay tax if we have I Bond account?
I believe so, when you cash out of the bond you pay capital gains. I think there are some benefits though regarding state taxes.
Great video man! I'm subbing for sure. Can we get a video for best bank or institution to keep our money similar to this one? I'm interested in learning more about hm bradley
Thanks! Yup stay tuned for more content like this!!
Capital One is great for the average Joe or Jane. Add an E-Trade Roth IRA for investing. Good checking, teen checking, savings account, decent cashback credit cards, and car loans.
SoFi is great for Finance/Economic/Accounting college majors or professionals. Free checking, high interest savings, a 2% flat cashback card without Forex fees, financial consultant, free will writing, a Roth IRA account, a taxable brokerage account, and fractional shares for Vanguard ETFs.
Agreed!
I have 3 college majors and I am worth a few million. I don't need more than Capitol One because I have a financial manager who invests and manages my money for me. I am not worried about rate of return (ROI) because that is managed for me. I like the ease of use, no fees, security, and it helps to get a 1% ROI for my savings on hand. The main benefit I enjoy at Capitol One is the ability to unlock my spending on my credit card for 24 hours considering I often have high purchase amounts over 5k.
@@mehdishirazi3 Good evening TruePatriot! I’m about to finish my contract with the USMC, any tips on how you became successful? I love to hear other people’s success stories, it encourages me to keep going.
@@Howtofordummies. Thank you for your service. When I got out of the military I went to college to become a commercial diver. I got an associates in marine technology, this is a fancy way of saying I became a Commercial Diver with specialty in underwater welding and topside welding. I did some NDT (Non destructive testing) work too. Mostly I invested, now is the time to invest, buy low and hold. When I first got out of college I worked both inland as a diver and topside in construction for the same company, the money was awesome. I later went back to school to get a few more degrees and licenses. The key is not in what you do it's in how you manage your money. At minimum, 15% of your paycheck needs to be invested every pay period. Also, find a job you like and don't stop till you get it. Computer Sciences is the highest paying carrier right now. I chose a job field that paid a ridiculous amount of money and that I loved to do. My child was autistic so I had to change job fields. Choose a job you love and invest wisely and you will be off to a great start. I also live way below my means to invest more. I tried to keep this short and simple but my life has been complicated. Wish you luck.
This is so helpful, thank you!
I have a discover bank savings account...so far earning around 20 per month...
Never heard of ibonds, thanks.
Happy to help!
Look into DCU for short term saving their APY is 6.17%
Thanks for the tip!!
Is itmy math or his math off about the $10,000 and the .05% apy . I never was good in math but I thought that would be $50 not $5
$50 would be .5% interest APY, so $5 is correct for .05%
👌 learn something new everyday
CD rates have begun to creep up again, but still aren't where they were 3 years ago. When they mature you need to deal with the pile of cash once more. Be prepared to settle for less when rates are on the way up. Ditching and buying in at the new rate means paying penalties from 6 months to a year worth of interest. Figuring out when the rate increase outweighs the penalties means crunching the numbers. CD "ladders" are often advised, but... like a real ladder you can break your neck. There is no simple answer or you'd have been trampled in the rush already.
This morning (the day after I turned 29) I paid off all of my credit card debt 👏🏻. I came here to find out how/where to start a rainy day fund. I’ll definitely be signing up for Sofi! ☔️ Subscribed for how quickly you got to the info!
Congrats!! That’s a huge milestone. Enjoy the newfound freedom!
How are you liking it? I just signed up a couple days ago as I'm also hoping to get my finances sorted!
Roth IRA.
Thank you for your information. There is Bask Bank Savings that is paying 1.61%. With no fees etc.
Happy 4TH. Of July 🇺🇸🎆🙏
That’s a great rate. Thanks!
My Capital One savings account gets a return of 1% with no fees and the checking gets 0.50% with no fees. I really like my capital one bank accounts.
Yes Capital One is a great option!
The inflation apy at 8% so you beating it only by 1%
@@USAnatureandpeople so whats your solution?
Better than being down 30 percent in the stock market
@@juliovalencia4948 I have investments, my financial manager handles my money but you need cash on hand in a recession and Capitol One is the best bank for me during this mess.
For the very short-term, instead of CDs, I'd look into 4, 8 or 13 week treasury bills. These were a poor choice just a few months ago, but with the feds raising rates, these are now outperforming short term CDs. It will likely get even better soon with the rate hike yesterday, and more to come, so maybe go for the shorter term bills for now. Plus, no state/local taxes on these earnings.
Great tip, thanks!
Where can I purchase the short term treasure bills you mentioned? thanks
How/where do you buy them for such a short term?
@@boomnailedit1609 Treasuries can be purchased with a TreasuryDirect account. I know that Fidelity, Schwab and some others also sell them. There is an auction schedule and you need to place your orders within a specific window. For example, the 4 week bills need to ordered Tuesday or Wednesday.
@@kevink286 td amertade too
Lots of option
Merrick bank 2.15% 1yr... discover 1.9% on 1 yr... keep waiting people, they keep going up... 200 k x 3% is free money
They will continue to rise with the treasury notes.
Very interesting 🤔
How come you don’t talk about JP MORGAN.
Amex banks
Etc
I find those big banks typically don’t offer the best rates.
For one stop shopping, another way to do this for CDs is to open a brokerage account with somebody like Vanguard or Schwab. You can buy CDs from various banks through them and as of right now the rates are higher than if you buy directly through a bank.
But remember that some of the CDs offered are "callable", meaning the bank can return you money early if they want to and the FDIC insurance works differently with brokered CDs.
And through these brokerage accounts you can also buy Treasury Bonds (but not I Bonds) which might pay more than a CD for the same length of term.
Exactly that what I did through Fidelity brokerage account and didn’t know about this availability feature offering more than the bank’s rate.
Great tip. Thanks!
great info. thanks
Chime pays 2% apy
Don't I bonds have a fixed and a variable rate?
I would say it’s semi fixed. It updates bi annually.
If my wife and I
file joint taxes can both of us buy iBonds?
Yes I believe so! Purchasing is tied to you Social Security number so you both shouldn't have an issue buying separately.
@@FinanceMind So Ibonds are based on inflation only? Lets say we're stuck at 8.6% for three years. When is it considered 0% inflation again? Hope you understand my question.
@@jerryw4458 There is both a fixed rate to the I Bond and an adjustable rate that fluctuates based on the current inflation rate. The second piece changes every 6 months, so their goal here is to beat inflation with the bond.
@@FinanceMind Thanks!
On your tax return you can use IRS FORM 8888 to have up to $5000 of your tax return mailed to you as a Joint paper I-Bond with your wife. Don't expect a $5000 tax return payment? Some people have mentioned methods to overpay your expected taxes to THEN claim those overpaid taxes on IRS FORM 8888 in the form of paper I-bonds.
Thanks
Capital one is higher than the banks you mentioned.
Capital one is 1.3% now, Ally is still higher at 1.4%. With inflation continuing, rates change fairly often. These banks are great bets on which will remain the highest.
I have to wonder if you’re being paid to promote SOFI or Ally. There are several banks that offer a savings APY rate right now between 1.75% and 2.1%, with great acct benefits. And they are easy to google and find. The ones you promote here are comparatively low to at least a dozen other banks…. Not very good advice being given here.
I wish I were being paid but I’m not! $0 from any of these banks.
Rates change very frequently and so occasionally a bank might introduce a higher rate but I’ve found these to typically pay among the best-in-class
You forgot to mention bank Bail-Ins. You are incorrect about the FDIC insurance! With luck, if one major bank fails, or there are runs on the bank. The FDIC will be lucky to cover 10% of their $250,000.00 claim!
What do you use?
I've used them all, with the exception of the CDs. I'm really considering using them though, which is why I was doing research for them and looking for which bank pays the most. SoFi is my favorite, and big bonus, the rates they're paying now are high!
I am happy with Citibank CD paying 2.25% APY no penalty for 12 months.
Back in the glory days of the 80s those things paid 10 percent.
True! Inflation and interest rates were also super high though, usually they float around similar levels.
3 to 6 months of expenses? That's it? With rent increasing every 6 months... In 2022, and with inflation 🤔. For me it's 1 to 2 years
Yeah depends on your level of risk tolerance. Having more is safer!
Don’t spend your whole life renting. Problem solved.
@@pinkiepie1656 Even after you buy a home in Amerikkka it's not your home. Meaning you do not own it, You will NEVER OWN IT. problem can't be solve in this country. True ownership is when you do not have to pay taxes on land/home you own
Sofi saving is 3.0% right now and wealthfront is 3.3%. These are just saving account. The Current bank offers saving pods with APY at 4% up to $6000. There are also a few institute offers around or above 4% APY for 1 year CDs.
Discover saving account has 1.2% in June and 1.3% in July now. For 12 months CD Citibank has 2%
Solid options as well!
Why is no one talking about crescent bank or bread savings??? They’re both offering a 3% on a 2 year term on CD accounts FDIC insured.
Those are great options too!
Current/Choice Financial Savings Pods 4% compounding daily on up to 6,000$ right now... I searched everywhere because I got tired of Wells Fargo .01 Savings account I had for years. Moved all my money to Current, Ibonds, and ETFs and stocks.
Sofi has changed to .9% from .5% for checking and savings accounts and instead of 1.25% for account’s with direct deposit it’s now up to 1.5%.
Just saw this! Yes, 1.5% is one of the best rates out there for a solid savings account.
Whatvis Sofi? A bank?
Sure seems u r on their payroll.
Can u pay bills from that acnt ,like ck.g? I only have my S.S. dep. Is there a amount the dep.has to be over?
@@Warmfireandtea it’s just like a regular bank, just online. No minimum deposit or other fees. And yes you can pay bills from the account. I don’t work fr them and I do like he account. I use it as a second account for the higher rates and cash back credit card. I still like the idea of being able to walk in a bank and get cash so that’s why I won’t fully commit but I like them for everything else.
You can get 3 percent APY on a 1 year treasury bond purchased through any broker such as Schwab. That's twice the rate of a top yielding CD for the same duration.
And inflation is at 8.6% so...loan the government money (interest free) to fuck you slightly less...and YOU will still end up paying the interest in the end
Thanks!
I’ve seen up to 5% apy for cds that are 12 months
New subbie! Keep up the great content!!!
Thanks!!
Can you be younger then 18?
My 30 thou earns maybe a buck a yr. At W.F. Tight wads.
U can get decent int.with online banks but that is just scary.
Find a reputable bank and it will be much easier!
Where do I geT an Ibond please???
www.treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds.htm
What about Synchrony?
Their rate looks solid, at 1.65%. I’m not too familiar with them though, but after looking they are FDIC insured and seem reputable!
Can you make a video about international cd accounts that better rates? Yeah, I bonds are decent, half taxed, but if you cash out under a year, you lose the prior three months of interest, so make sure you cash out on the first of the next month if you need it. You can also have your friend or family gift you an unlimited amount of i bonds
this type of advice is really good, but I am in England. Good luck
Thank you!
Ally apy is 1.60%. They also have a 5 yr CD at 2.90%
Great tips, thanks!!
@@FinanceMind i can do one better Navy Federal Credit Union has a 33 month CD at 3.30% and a 7 yr CD at 3.15%. I prefer CD’s as you can see. Lol. Great video. I learned about I bonds.
Keep in mind that what looks like a good interest rate today (a.) may well drop over 6 months, a year, 2 years and (b.) may be left behind down the road compared with alternatives. Nothing stays still.
Agreed!
CDs will stay at the rate agreed to for the time period agreed to.
@@kd8199 Interest rates are only going up ...I would not lock into a CD they will go up too ..
@@hushmoney2058 - I agree.
UFB rewards savings, 2.61 apy and no monthly maintenance
Great tip, thanks!
Capital one 360 savings is 3%
I choose Charles schwab Free ATM any ATM worldwide
I have used Schwab extensively, also love them for this same reason!
Yep I get 50k In Intrest a month in my annuity
Always stack gold and silver