GRWM: Short Term vs. Long-Term Savings
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- Опубліковано 13 тра 2024
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We have Checking, Short Term Savings/Personal Escrow, Emergency Fund Savings, and Investments. We don't have Long Term Savings. Checking is for monthly bills and cash. Our Short Term Savings is for infrequent but anticipated bills (property tax, insurance, vacation, etc.). Our Emergency Fund is for unexpected expenses (AC Repair, new Refrigerator, Medical, etc). It's constantly used and replenished. Investments are for Asset purchases (Mutual Funds, Small Business, etc). Our invested money is not for paying expenses.
We opened a high yield savings with Ally due to your recommendation a bit ago! So nice seeing that interest grow monthly. Wish I had opened it sooner for our emergency fund/short term savings
Same! Interest rate tanked for a few years, but now higher than ever.
How do you contribute to a 401K "up to the employers matching point"? my employer has this formula that they contribute X% all year as long as you contribute, so it takes all year to realize the total matching point.
When you get 4% savings account, do you get your 4 % on a monthly basis or a yearly basis?
Yearly
@@chrisbradford5893 thank you
It's 4% a year but most will pay out interest monthly.
I get mine monthly through capital one 360.
I’ve had an Ally savings account for nearly a year now. I started the baby steps not too long ago. I’ve been trying to decide whether to be putting my emergency fund into that account or a money market account now that I’m on Step 3. I don’t really see a reason why I’d put it in a money market account over my Ally savings.
Diddo- I believe some money market accounts charge fees every time you make a withdrawal Before the aged agreement term ie: 1 year
With High yield it doesn't 😊
I keep it in a money market making 5.2%
@@tduck828 who do you use? What are the fees and penalties?
Last time I looked the Ally money market had a nominally higher rate than their savings, but in the long run Im sticking with that savings account because it is not quite as variable with that rate. I do have a money market with them for my step kid's child support, and I can't complain, but I like that stability from the savings account.
Which is better maxing out your 401k or long term savings?
Definitely make sure you have an emergency fund and you have paid off your credit card debt before engaging with your 401k. Contribute just enough to 401k to get the full match, max out Roth IRA (Assuming your income isn't too high or you are able to do the backdoor), max out HSA (if you have it), max out 401k.
Neither. Max your Roth IRA first.
What’s your take on CDs?
I think money market accounts pay the same currently if not more
How. Much. Should. Go. Saving
3-6 months of expenses, if you’re not in consumer debt.
1k if you are.
Money market accounts ARE FDIC insured....money market funds are not...
She is a cutie…….thanks for the tips
You’re cute!
Give me one money market that gives 4-5 %
No where did you mention a CD
No where did you mention a 3-5 year fixed annuity.
- Fidelity SPAXX
- CDs are fine but require speculation on future interest rates
- Fixed Annuities are an insurance product, not an investment or savings
@@realiangarcia fixed annuity is a life insurance policy correct.
Annuity is an investment. Read the definition of Investment
Vio bank 5.3% and republic bank of Chicago 5.3%
Whoops republic is 5.2%
@@tduck828 I’m from Chicago
What is 5.3% at republic bank ?
Good day we may have 2 to 20 million with returns included.7.5
I bet Rachel voted for Joe Biden.
People who think others want to watch them put on makeup probably do vote for Democrats.
Her dad would disown her 😂😂😂
Definitely not. 😂
@@borntoteach9523 she posted a black square in support of BLM.
I always got that vibe too