Hey! Thanks for your comment. This completely depends on your usage of the account. Stocks are if you want long term investing. HYSA is best for emergency savings and cash you want easy access to in the near future. There are also many other tools you can benefit from depending on the exact type of reasons you are storing away the cash.
Start right now with stocks let’s say you have 500 dollars a month to save for your child. Put half in a high yield savings account for an emergency fund and the rest in stocks. A index fund stock like that S&P 500 that is the top 500 American companies so you’re sure your stocks won’t drop far and will rise consistently.
On 250k you make around 12k a year in interest before taxes. Yes you could potentially make they say 12% in the stock market but you could also loose half the value over night when the bubble bursts like what is on the horizon right now as the market is way over valued from speculation. The other benefit to the stock market is long term capital gains taxes. For the 2025 tax year, individual filers won't pay any long term capital gains tax if their total taxable income is $48,350 or less. The rate jumps to 15 percent on capital gains, if their income is $48,351 to $533,400. Above that income level the rate climbs to 20 percent. Long term is holding stock for one year or longer.
Going to get my first real job at 16 in a couple of weeks, is it worth it for me to do this even if I’m not going to be making much more than minimum wage and probably won’t be working more than about 30 something hours a week?
Emergency savings are recommended for everyone but I can not say what to do. If you have additional on top of that, I will say HYSA is not the place since you could be investing and leveraging the money in better ways.
This was excellent with good information that, was presented nice and simple. There is a local Credit Union in my area currently offering a Certificate of Deposit (CD) at 5.75 percent APY. My goal is to open an account with about $200,000. Please note, I have other larger sums of money in both the stock market and other types of investments (smile ... smile).
Starting a business, investing into real estate, the stock market. Retirement investing in the stock market for tax advantages. I just wanted to emphasize here that HYSA can not build wealth like the other areas can!
@nivkhexonym it requires homework. For example, you can't sell snow jackets in FL. You need to find what the market or services is needed in you area and how knowledgeable you are. If pressure washing is good money but you know nothing or experience your business will fail.
@@DannySully great videos, so glad I found your channel! In light of the California fires, would you consider home equity a stable investment? Do you think insurance companies in other areas will follow the way of State Farm and other private home insurance agencies, opting out of providing worthwhile coverage?
Which account(s) do you have? - Enjoy!
Top High Yield Savings Accounts To Consider: dannysully.link/Savings
Lock in a cd fast now before they cut rate
Marcus by Goldman Sachs just cut down to 4.1 % you were right
Wats a cd ughh
Hey what’s the best account to set up for my daughter this or stocks what you do if you have a child
Hey! Thanks for your comment. This completely depends on your usage of the account. Stocks are if you want long term investing. HYSA is best for emergency savings and cash you want easy access to in the near future. There are also many other tools you can benefit from depending on the exact type of reasons you are storing away the cash.
Start right now with stocks let’s say you have 500 dollars a month to save for your child. Put half in a high yield savings account for an emergency fund and the rest in stocks. A index fund stock like that S&P 500 that is the top 500 American companies so you’re sure your stocks won’t drop far and will rise consistently.
Taxes suck
On 250k you make around 12k a year in interest before taxes. Yes you could potentially make they say 12% in the stock market but you could also loose half the value over night when the bubble bursts like what is on the horizon right now as the market is way over valued from speculation. The other benefit to the stock market is long term capital gains taxes. For the 2025 tax year, individual filers won't pay any long term capital gains tax if their total taxable income is $48,350 or less. The rate jumps to 15 percent on capital gains, if their income is $48,351 to $533,400. Above that income level the rate climbs to 20 percent. Long term is holding stock for one year or longer.
Great video
Thank you!!
Thank you sir
Thanks for watching! I appreciate it a ton!
Going to get my first real job at 16 in a couple of weeks, is it worth it for me to do this even if I’m not going to be making much more than minimum wage and probably won’t be working more than about 30 something hours a week?
Emergency savings are recommended for everyone but I can not say what to do. If you have additional on top of that, I will say HYSA is not the place since you could be investing and leveraging the money in better ways.
At age 16 you can open a Roth IRA. Roths are awesome, look into it!
Yeah taxes freaking suck. So say I made $1200 interest a year on HYSA. I’d owe back $264. Unfair
Yes, that's double taxed because you already paid taxes on that money. Frustrating for sure.
I think you are supposed to max your Roth IRA before that in most cases. I assume you did that.
@@s10jam working on it. I think emergency fund is more important though
@@appleztooranges I guess I looked over the part abou that being hypothetical. Emergency fund is certainly important. Good luck!
@@s10jam yes, my wife and I maxed our roth ira and have $23k emergency fund on a HYSA
Informative video! What is the website for the 30 year compounding calculation?
Thank you! Here is the link and i'll put it in the description of this video as well: www.calculator.net/investment-calculator.html
SoFi commercial
This was excellent with good information that, was presented nice and simple. There is a local Credit Union in my area currently offering a Certificate of Deposit (CD) at 5.75 percent APY. My goal is to open an account with about $200,000. Please note, I have other larger sums of money in both the stock market and other types of investments (smile ... smile).
Thank you very much! And that's great!!!
So what do you recommend to make wealth? Tax free options? Or any way?
Starting a business, investing into real estate, the stock market. Retirement investing in the stock market for tax advantages. I just wanted to emphasize here that HYSA can not build wealth like the other areas can!
@@DannySully the million dollar question is what kind of business???? i have the money but no ideas.
Go through his channel, savings accounts are more emergency funds, not building wealth
@nivkhexonym it requires homework. For example, you can't sell snow jackets in FL. You need to find what the market or services is needed in you area and how knowledgeable you are. If pressure washing is good money but you know nothing or experience your business will fail.
@@DannySully great videos, so glad I found your channel! In light of the California fires, would you consider home equity a stable investment? Do you think insurance companies in other areas will follow the way of State Farm and other private home insurance agencies, opting out of providing worthwhile coverage?
Danny, sound good for a young person not for a senior.
What’s your thoughts about quickbooks savings they offer 5% return. Up to 5 million insured
Quickbooks is solid! And the returns are all competitive so if their platform seems best for you position, I don't see why not.
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