CFP® Reveals Best Place to Park Cash -- and what you miss.
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- Опубліковано 1 гру 2023
- ✅ SCHEDULE A FREE RETIREMENT ASSESSMENT ✅ foundryfinancial.org/get-started
In today's episode, we explore the best places to park your cash that are safe and offer the highest yield.
We'll cover:
CDs
Bank Accounts
Government Treasuries
My Guaranteed Annuities
...and more.
Most importantly, we will also cover one major factor that almost everyone overlooks, and it could cost you a fortune.
Free Retirement Assessment // foundryfinancial.org/get-started
Private Facebook Group // / retirementforum
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ABOUT ME
I’ve always been passionate about personal finance, investing, real estate, and helping people find the freedom to live their life with purpose. But when my dad died in 2015, I tried to help my Mom find an advisor to sort out her finances. Instead of a helping hand, I found an industry of financial advisors dominated by glorified salespeople working on commission - pushing products that were not in my mother’s best interest. Or advisors with minimums that shut-out all but the ultra wealthy. Disappointed with the options, I took matters into my own hands and launched Foundry Financial, a wealth management firm with transparent pricing that specializes in helping provide clarity around money - so you have the confidence to make smart decisions.My goal is to help a million people retire without worry!
📅 THE BASICS OF RETIREMENT PLANNING
Retirement planning has several steps, with the end goal of having enough money to quit working and do whatever you want. Our goal is to help people master retirement and retire without worry.
Step 1: Know when to start retirement planning. When should you start retirement planning? The earlier you start planning, the more time your money has to grow. That said, it’s never too late to start retirement planning. Even if you haven’t so much as considered retirement, don’t feel like your ship has sailed. Every dollar you can save now will be much appreciated later. Strategically investing could mean you won't be playing catch-up for long.
Step 2: Figure out how much money you need to retire, The amount of money you need to retire is a function of your current income and expenses, and how you think those expenses will change in retirement.
Step 3: Prioritize your financial goals. Retirement is probably not your only savings goal. Lots of people have financial goals they feel are more pressing, such as paying down credit card or student loan debt or building up an emergency fund.Generally, you should aim to save for retirement at the same time you're building your emergency fund - especially if you have an employer retirement plan that matches any portion of your contributions.
Step 4: Choose the best retirement plan for youA cornerstone of retirement planning is determining not only how much to save, but also asset allocation. It can make a massive difference in your retirement plan.
Step 5: Select your retirement investments. Retirement accounts provide access to a range of investments, including stocks, bonds and mutual funds. Determining the right mix of investments depends on how long you have until you need the money and how comfortable you are with risk. It’s often helpful to talk with an adviser to discover the right mix of stocks and bonds.
❣ SPONSORED No, this video was not sponsored.
⚠️ "DISCLAIMER:⚠️This is not financial or investment advice. This Channel is meant for EDUCATIONAL AND ENTERTAINMENT PURPOSE only. None of this is meant to be construed as investment advice, it's for entertainment purposes only. #retirementplanning #retirement #passiveincome
Where are you parking your cash?
Looking forward to hear about the product you teased at the end of your video! Recently I have been loving short term T-Bills (especially as a resident of a high tax state), but have many maturing in January and think I should be doing some longer duration things. Thanks for your high quality videos!
I’m hoping I can get it finished in the next couple of weeks. It’s really interesting, but less tax efficient if you’re not holding for a longer time period. And thanks!
Great video as always Kevin. I’ve been buying short term gov. treasuries for a while now and agree with your assessment. I’ve built a “ladder” so that every month I have one or more mature, and that addresses the liquidity concern, in case I need to access some cash.
Thanks, Stan!
Very good video
I think, though, for the every day person you gave so many choices, that many people would be paralyzed and making a decision
The simple way I have found is put your short term cash into the money market of your brokerage account. Whichever one you choose and then you can connect your Hometown checking account to that brokerage account and send or get money within three days. That way you can pay off those annual or semi annual bills for personal property tax or insurance or whatever the case may be .
As far as the short term treasury, BIL
That doesn’t pay any more than the money market and is not worth the hassle
I’m glad I came across your channel and will be listening for more episodes as I watch all your other episodes and I am a subscriber
I appreciate all the hard work it took to put these on. Thank you.
Thanks. If you live in a high tax state, the savings from gov’t treasuries can be worth the hassle.
mYGA will slow interest or a percentage withdrawal without penalty in some myga’s
Did you ever review the other product you said you would? I have not seen a video about it?
No, but there’s a good Bloomberg article on it.
@@foundryfinancial You didn’t say what the product is. You just said you were going to do a video on it in a few weeks but that was four months ago. Can you tell me the name of it or post a link to the Bloomberg article?
@l4xx03luyf6l0to www.bloomberg.com/opinion/articles/2024-02-22/put-the-money-in-the-boxx
Short term treasuries are falling down so now may be better to move from them to the longer terms or even CDs as longer term CDs paying more than the treasuries.
If short term treasures come down, CDs will follow. But, I agree on longer term treasuries - BUT they are going to be more volatile.
Definitely not a fan in any way of CDs! It’s amazing how high the yields have risen to for all short term investments, again, not for me. People in later years of retirement or very skittish investors have so many options today.
Yeah, it’s a very different story than a few years ago - but of course these rates aren’t locked in and can always go back down.
1% of your portfolio in Bitcoin!!
Haha! My favorite Bitcoin maximalist. :)
I'm sticking around for that video you will eventually make !