ACCOUNTANT EXPLAINS: How To Organize Your Finances (The 6 Must-Have Accounts)
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- čas přidán 28. 07. 2024
- In this video, we're taking a deep dive into the 6 essential accounts that will get your finances organized in tip-top shape. Checking accounts, High Yield Savings Accounts, Workplace Sponsored Retirement accounts, Individual Retirement accounts, Health Savings accounts & Taxable brokerage accounts all have a unique purpose and can help you in different ways. By the end of this video, you'll have a clear understanding of what you need to build your own financial toolkit and set yourself up for success. ✨
Timestamps
00:00 Intro
01:16 Checking Account
01:50 High Yield Savings Account
05:53 Workplace Sponsored Retirement a/c
12:29 Individual Retirement Account
16:37 Health Savings Account
20.19 Taxable Brokerage Account
22:17 Summary
📝 HSA qualified medical expenses QME: www.healthequity.com/hsa-qme
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DISCLAIMERS & DISCLOSURES
This content is for education and entertainment purposes only. Maya does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
I just switched up my Roth IRA to 50% SCHD, 25% SCHX, 25% SCHG, and my Roth 401k is 70% vanguard S&P 500 index, 20% vanguard growth index, and 10% vanguard international index. Seeking best possible ways to grow $350k into $1m+ before retirement, I'm 55.
Consider financial advisory so you don’t keep switching it up, Top 3 payers for the month were $OHI, $KMI, and $EDP for an over all payout of a little over $20.. not bad for a 350k portfolio.
Agreed, I’ve been investing in the market for 11 years now, last 4 years with the help of a fiduciary advisor apparently due to the covid-19 pandemic crash. Throughout these years of guidance, I've been fortunate enough to 10x my return as a DIY investor, summing up nearly $1m ROI as of today.
No doubt, having the right advisor is invaluable, mind leaving info of your fiduciary here please? I only invest in 401k for now but /particularly interested in diversifying my portfolio and exploring alternative options.
Melissa Jean Talingdan is the licensed advisor I use. Just search the name.
Thank you for sharing, I must say, Melissa appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
Yes stocks are pretty unstable at the moment, but if you do the right math, you should be just fine. Bloomberg and other finance media have been recording cases of folks gaining over 250k just in a matter of weeks/couple months, so I think there are alot of wealth transfer in this downtime if you know where to look.
Since the crash, I've been in the red. I’m playing the long term game, so I'm not too worried but Jim Cramer mentioned there are still a lot of great opportunities, though stocks has been down a lot. I also heard news of a guy that made $250k from about $110k since the crash and I would really look to know how to go about this.
There are actually a lot of ways to make high yields in a crisis, but such trades are best done under the supervision of Financial advisor.
Thats true, I've been getting assisted by a FA for almost a year now, I started out with less than $200K and I'm just $19,000 short of half a million in profit.
Impressive can you share more info?
Credits to 'Carol Vivian Constable' she has a web presence, so you can simply
I’ve been following your videos for months now and with professional help, I’m making outstanding progress with my money decisions.
Well, I've gotten into a plethora of assets with $73k spread across stocks (options and futures) for short term and index funds, and ETFs, for the long term. I've been investing with help from a pro fund manager, Herman W Jonas who oversees my investments. Now I sit back and reap my dividends while I just reinvest from time to time.
@@Aengel9 Well, that's your view. In my experience, there is no such formula, It is nearly impossible to achieve success with investing. It’s all just gambling.
Well, that's your view. In my experience, there is no such formula, It is nearly impossible to achieve success with investing. It’s all just gambling.
I tried getting into stocks myself some time last month and lost a ton of money as I was ill-advised. Can you please direct me to him as I’ll like to hear from an expert?
Sure,
Hermanw jonas (a g mal com
Excellent video! You really do a good job of explaining some of the nuance without getting into details that don't apply to most people.
Thank you @LoamWolf! I'm glad you enjoyed the video. Thank you for watching.
Just came across your channel very clear and to the point information not a lot.of throwing around word and accounts without explanation especially to a lay man like me. Thanks a lot!!
Hey @deehope6186! Thank you for your feedback - that means a lot! My goal is always to simplify :)
Why didn’t you mention an IUL? That’s very overlooked. Just make sure you have a person that’s setting up your IUL is setting it up write.
Incredible breakdown! Maya Nijhawan's guide to organizing finances with the 6 essential accounts is a game-changer. Ready to build my financial toolkit and set myself up for success!
We have 3 savings accounts and one checking (online bill pay) one debit for shopping groceries. Retirement accounts are separate.
Great advice.
Would really like to hear about the “Work Around, Backdoor” Roth IRA option.
just exquisite, simple and direct, relatable to me, beginning next week, i am making use of all those accounts 😄
Hey @valentine6167! Thank you so much for your kind words! I'm glad you found this video helpful and relatable.
Excellent!!! Info Thank you.
Holy shit you answered a lot of my questions I’ve been trying to figure out for years. Thank you
Clear and concise Very nice
Thank you @michaelhealy4509 !
Thank you for the video Maya! Thanks to your advice I have just opened up a high yield savings account with Synchrony Bank at 4.5%. The fees of my Credit Union traditional savings account were sending me backwards on my goals, but this will be a major game changer.
Hey @animeking801! Thrilled to hear that the video was helpful to you! Congrats on making the switch to a higher yield account - here's to reaching your financial goals!
Great breakdown, TY
Even though I am not in America, it's interesting to hear..... well done.
Thank you! I'm glad to hear you found this info interesting.
Thanks for the info!
My pleasure! Thank you for watching :)
Excellent video! I have all of these accounts and I 100% agree. But I've recently been hearing about money market accounts?? Whats your take on that type of account? Also can you do a video on the back-door ROTH IRAs?
Thank you @davisamills597! That's great to hear :)
Money Market Accounts like High Yield Savings accounts are great for short term savings. This biggest difference is that Money Market Accounts offer a debit card and/or check-writing privileges making it easier to access your cash. This can be convenient, but it can also make it tempting to tap into your savings for impulse purchases - something to keep in mind. I cover both of these accounts in this video: czcams.com/video/YiicGV2ui2E/video.htmlfeature=shared
Regarding back-door Roth IRAs, video coming soon! :)
How and where do you recommend setting up a brokerage account?
Thank you. New subscriber!
🧡🧡🧡
Thank you, most helpful.
Have you done any videos on taxable brokerage accounts?
Hey @winsomeam4168! You're welcome! Not as yet but it's definitely on the horizon. Is there anything specific you'd like me to cover on these accounts?
Thank you 😊 🙏
My pleasure ! ✨😊
The next Nischa 🔥🔥🔥
Good information
Thank you @MalluStyleMultiMedia! Maybe we'll collab one day! ❤️
I would say your checking account should actually be 2 accounts: checking and savings at a local credit union/bank.
Yes video please on mega back door IRA. Thxs
Thank you for mentioning Canadian information.
More Canadian information *please*
Great video
Thank you @randywiley373 !
This is such a great overview! Your delivery and graphics are great!
Thank you @graceyloufb !!
I liked your video and subscribed.
Thank you @DGarcia007 !
Excellent knowledge!
Maya ! Do you breathe at all while making this video?🙏🙏🙏
Thank you @user-mr5nk8lk8r ! Glad you found it helpful. Haha yes, that's something I'm working on 😂. I get excited and there's just so much personal finance info to share!
Thank you
Hey @prettynatural1973 ! My pleasure :)
what about individuals who are already retirement age but still need to save/invest for future... with limited income
very helpful . Thanks
My pleasure @AnitaGupta-lh9zi! Thank you for watching :)
I would LOVE to know more about the backdoor contribution methods. Don't need them at the moment, but want to be prepared for when I do.
I love that! ❤️ Honestly not sure why they decided to call it a "backdoor" method - Makes it sound so dodgy, but it is 100% legal. Will definitely make video on this!
Thanks look forward to seeing the video as I am very interested in learning more about this option.
Can you provide a link to the Ally high yield that allows the separate buckets? This sounds ideal! thank you
Hey @stephaniegabelmann8094, sure thing! :)
www.ally.com/bank/online-savings-account/
@@dotdotmaya thank you!!
So clearly explained!
Thank you so much @whifling !! That's always my goal :)
With the new accout i keep $0 in checking the few times it gets hit it overdrafts from general savings at 4.4%. Then there are vaults that cant be used outside the account.
Hey @ewitte12, which account are you using? Are you getting charged any overdraft fees?
Sounds like the Sofi account.
Yes more about back door IRA pleases
I have all these accounts. I’m proud of myself. All are fully funded yearly except the 403b. I also have a pension. 😊
Thanks for sharing @lionessrising ! That's awesome.
I would love a video for the mega IRA
I have 3 years (age 70) before I can consider retiring and I’ll most likely work at least part time after that due to low funds. I have started working a second job to do the best I can to save more money. My question is, I’ve saved $26k and it currently sits in a high yield savings account. Should I take out the maximum I can contribute and put it in my Schwab IRA? I’m scared to death of losing my money. At least when it sits in savings I don’t lose it. Thank you for this video. It’s been very informative.
If you can't afford to lose it do not invest it. Especially at your age. The time to be shoveling money into an IRA is when you are younger. You can think about bonds or ETFs that are bond-focused. When I took over my late father's Fidelity IRA when he was 82 I was aghast that it was 99% stocks. He had never updated it. I worked with his Fidelity person to restructure the account in December 2021, just in the nick of time. Stocks got pummeled for more than a year after that.
@@OroborusFMA thank you VERY much for responding. Right now I'm researching Financial Advisors. That's a job in itself because I don't want a salesperson or bad advice. I'm going to have to be extremely careful. Again, I really appreciate your response. My Schwab IRA has about 115k and it's not doing much. Bummer.
You are losing your money though. No matter how high the rate is on your savings, real inflation is higher.
@@mellowtrader-yj6gk better than under my mattress right? At least I’m getting some sort of return? I need to find a financial advisor 🤦🏻♀️
@mellowtrader-yj6gk Inflation is 3.2%, and my savings account pays over 5%, so you're incorrect. Also, this person is 70. Just how badly do you think inflation would eroder her purchasing power even if her high yield savings paid zero?
Please make a video that goes into more details about IRAs and Roth IRAs
Hey @gutied011, is there anything specific about IRAs and ROTH IRAs that you would like me to cover?
Hi,
I have a question though, which account is best suited to be tapped into for investment purposes other than stocks and long term investments?
What kind of "investments" are you talking about exactly? Do you mean Trading (that's NOT considered investing).
@@franckvincent5190 I mean like real estate, business, small and medium size enterprises, or ventures
Hi @valentine6167! Thank you for reaching out. Could you please clarify your question? What is your desired purpose for this account?
@@dotdotmaya i am looking to invest in real estate, and livestock farming
I'm so proud of myself. I have all these accounts already! I also have a pre-retirement fund.
I love this! Thank you for sharing @sharonphillips5282 !
Based on high fees in 401k i always tell people in contribute the least amount of money to get the most employer match. Do your own saving in a roth or backdoor roth.
Contributions to 401k are pre-tax. Do your fees really outweigh that advantage?
@@fredfinger7092 1-2% a year on top of fund fees per year like 1%-2.5٪ per year, Yes sir it does
Could I ask for Roth IRAs, do we need to put all the money upfront or can we build up thst savings?
Contributions to a Roth don't have to be all at once.
Well that would be impossible to do considering I'm in my late 50s and I'm more interested in investments that could set me up for retirement in my 60s, my goal is at least $2million.
As you plan your retirement, be sure to talk with a financial advisor who can help you make the most of your retirement investing scheme.
Very true if you are looking for help
Building a retirement nest egg, you most likely want a certified financial planner with expertise in retirement planning. With the aid of a coach, I grew my reserve from $160k to almost $600k during this Red season.
How can one find a verifiable financial Planner, I buy the idea of employing the services of a Financial Advisor because finding that balance between saving and living requires counsel.
Julie Christine Rush is the FA I use, you should do your research before putting in your money into any investment, a quick search with her name will suffice.
This is a fantastic video. I watch a lot of financial stuff to learn and improve everyday. This video Is And overview of a basic idea of how to set up fundamental
Personal finance.
This video reminds me that in high school, My wife, my children, and I, could have benefited from a course That was derived specifically just from this video.
I will be Liking and subscribing. and watching all of the videos that you make.
Hey @trentporter4234. Thank you so much! I couldn't agree with you more that this info needs to be taught in all schools. Hopefully one day it will! Thank you for subscribing - lots more to come! :)
A very detailed video! I love how you explained the reasoning on maxing out your retirement accounts first before investing in a taxable brokerage account.
Hey @jonalynkairan8080 ! Thank you for watching. So happy to hear you found the video helpful! :)
Can you do a video about Mega ROTH IRA and backdoor ROTH IRA please?
Hey @dextar1001! Yes, I absolutely can. Coming soon!
Can you make a video on different retirement fund from different countries i.e. provident fund in India.
Hey @chetanjilhewar1669, Thank you for your suggestion! I appreciate your interest in learning about retirement funds from different countries. USA and Australia are my areas of expertise. While I can speak generally to retirement funds in other countries, I'm afraid I'm not knowledgeable enough to provide accurate information on specifics other countries' systems.
I encourage you to explore various resources and experts who specialize in retirement funds in India or other countries you're interested in.
If you have any questions about retirement funds in USA or Australia, I'd be more than happy to help. Thank you again for your support and understanding!
If the Fed drops interest rate, does the HYSA rate drop too? Or do we lock in our percentage rate?
Great question @pricklypear1111! Interest rates on high-yield savings accounts are influenced by various factors, including the federal funds rate set by the Fed, as well as general market conditions, competition among banks, and your bank's objectives. Unlike fixed-rate products, such as certificates of deposit, your rate is not fixed. Although not directly linked, when the Fed lowers the Fed rate (making it cheaper for banks to borrow money), it creates ripple effects and usually interest rates paid on on HYSAs will move in a similar direction. I hope that answers your question?
Drop. They can fluctuate with the market, only locked rates are some annuities, cds, and some life insurance policies.
How about money market accounts as are those good to have?
Hi @tiffanifloyd1552. A Money Market Account is like a hybrid of a savings account and a checking account. Like a High-Yield Savings Account, it can also be used for short-term savings. One key way they differ from a High-Yield Savings Account is that they offer a debit card and/or check-writing privileges, making your money more easily accessible. This can be convenient, but it can also make it tempting to tap into your savings for impulse purchases, etc. MMAs can certainly be an alternative to a High Yield Savings Account - just something to keep in mind if you choose to use one!
Digital envelopes at Ally bank.
Different buckets in one account
Hi. I did not hear you talk about an emegency account.
Hey @jpphd5685! Thank you for watching and your comment. In this video I talk about Emergency Funds under the High Yield Savings Account Section. You want to think of an Emergency Fund as the purpose of an account rather than an account itself. I hope that answers your question. Let me know if you have any questions.
Despite the fact that I invest, I am saddened by my inability to evaluate each company's performance and determine whether or not this is the ideal time to purchase stocks. My monetary stockpile is being depleted by inflation. At this stage, I need accurate market trajectory data, but I'm not sure what to do.
Particularly in this weak market, there are several opportunities to generate excellent returns, but such intricate transactions can only be carried out by seasoned market professionals.
I wholeheartedly concur, which is why I appreciate giving an investment coach the power of decision-making. Given their specialized expertise and education, as well as the fact that each and every one of their skills is centered on harnessing risk for its asymmetrical potential and controlling it as a buffer against certain unfavorable developments, it is practically impossible for them to underperform. I have made over 1.5 million dollars working with an investment coach for more than two years.
@@hunter-bourke21 I've been thinking about going that route. I have a lot of stocks that I have maintained, but they are beginning to lose value, so I'm not sure if I should hold onto them or sell them. I feel hiring your investment coach would make it easier to restructure my portfolio.
I'm guided by Mary Onita Wier. An experienced coach with extensive financial market knowledge. While you can consider other options, her strategy has yielded positive results for me. She offers valuable insights, including entry and exit points for the securities I concentrate on.
Thank you for the information. I conducted my own research on *Mary onita wier* , It appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
Yes, please cover back door IRA and mega back door IRA!!! Great informative video 😊
Thank you @karenrivera5106 ! You got it - I'll work on this!
I second this. I just watched Mark Kohler’s video on this and if you can make it more understandable, that would be great!
great list. thanks for this information. I have all of these except an HSA for the reason you stated. I am not in a high deductible plan.
My pleasure @freedomring3022. That's awesome - thank you for sharing!
What is a mega backdoor IRA? I would love to hear more
I got you! I will make a video on this :)
@@dotdotmayaplease do!
Although I typically don't click on videos that are longer than 10 minutes, this one was worth it. The one chart with the 401Ks and ROTHs was very good. Great Video. Keep making more. I have never subscribed to a channel, but your are challenging me. I will at least Like 👍 your video and share it on my FB page.
Thank you @JohnPaul-ol5zl !! Glad you found this video helpful. Just getting started and lots more to come !!
Just like me, JohnPaul (except I don’t even have a Facebook account 😂): I don’t subscribe to channels but am very generous with “liking” and commenting, because I know that helps the algorithm for those that are helpful to me.
@heidikamrath1951 same here on the Like button and comments. I like to advance quality information as best I can determine.
Fantastic presentation 💯
Thank you @davidhastings2603 ! It's great to hear you enjoyed it!
I've watched a lot of finance videos, but yours really made these concepts easy to understand. Thanks for sharing this information. Would love to hear more about backdoor and mega backdoor IRA! Subscribed and looking forward to more content. :)
Hi @anjumanalam! That's so great to hear. Thank you for your feedback and for subscribing. Video about Backdoor Roth IRAs coming soon :)
Simple explanations but very informative. I gleaned a lot of insight to help guide my current financial situation. Thank you. #subscribed
Thank you @PrincessZelda609 ! So happy to hear this video was helpful. Let me know if there are any specific topics you'd like me to cover :)
@@dotdotmaya Can you do a video on how to make good use of CDs--if they have any benefit?
Please make a video on back door Roth IRA
Hey @iamwonderfullymade! You got it - In the works and coming soon :)
High Cash value Whole life policy. Tax free
Nice content..new sub here. What is the average return for the HSA? Is it equal to the 401k?
Hey @lorenztiu ! Thank you for subscribing :) A 401k or HSA isn't an investment itself, but an account for making investments. Like a 401k or IRA , the average return on a HSA varies based on the investments you choose.
Very educational and well-explained. Like the others below, I also would like to know more about "back-door Roth IRA". I have retired. Thank you.
Hi @stephencesar376 ! Glad to hear you enjoyed the video :) Video on backdoor Roth IRAs coming soon.
Just subscribed. You dod a great job exploring the different financial vehicles. Looking forward to new videos while watching your previous ones.
Thank you @fusionshredder !! So much more to come :) Let me know if there's a topic in particular you'd like me to cover.
I got to high yield savings account this year and very happy with it. I was introducing it to 4 of my close friends but none of them were interested😅. I mean I’m earning 5.05 and they can too but I guess not many people understand online banks and are scared to make the switch. They’d rather leave their money in a traditional bank that gives them cents.
What I love about this is that you're having money conversations with your friends! That's so great to hear. Maybe you can share this video with them next time you bring up the topic :)
@@dotdotmayam
I began my investment journey at the age of 33, primarily through hard work and dedication. Now at the age of 58, I am thrilled to share that my passive income exceeded $100k in a single month for the first time. This success reinforces the importance of the advice mentioned earlier. It is not about achieving quick wealth, but rather ensuring long-term financial prosperity.
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields.
I agree, having a brokerage advisor for investing is genius! Amidst the financial crisis in 2008, I was really having investing nightmare prior touching base with a advisor. In a nutshell, i've accrued over $2m with the help of my advisor from an initial $350k investment.
@@mellon-wrigley3 That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this consultant?
Gertrude Margaret Quinto is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
I would assume HSA is US only?
Hey @carkarlaw. Yes, the HSA is specific to the U.S. and its tax laws. Other countries may have similar accounts or health-related savings options, and if they do, they would operate under different names and regulations.
Hi, great video.
Question…
Why a savings account and no a Money market account?
The % is almost the same.
I was reading but I don’t a huge difference one over the other except the mma has a debit card
Hey @juancho0017 ! Thank you so much!
Great question, and I'd say you've got it spot on! A Money Market Account is like a hybrid of a savings account and a checking account. One key way they differ from a High-Yield Savings Account is that they offer a debit card and/or check-writing privileges, making your money more easily accessible. This can be convenient, but it can also make it tempting to tap into your savings for impulse purchases, etc. MMAs can certainly be an alternative to a High Yield Savings Account - just something to keep in mind!
Also, some MMAs have minimum balance requirements, either to open the account, earn interest, or avoid fees, so be on the lookout for that.
@@dotdotmaya thank you so much.
@@juancho0017 You're welcome :)
Checking, High Yield Savings, retirement accounts sponsored by employers (401k, 403, 457, etc), IRA, health saving account, taxable brokerage account.
Legend
Yeah, when she said "you need 6 accounts" I said exactly this.
I have 5 of these 6. Im not eligible for an IRA.
Following
I am a retired disabled veteran with a non taxable pension so with no taxable income I do not qualify for any IRAs 401 k's etc. So I have opened up a brocketage acct with a taxable acct. so I can still invest
BacKdoor roth? MEGA ROTH?
Video coming soon!
Canada
??
I have everything except for the HSA account which I don't actually need most of my expenses are covered and thank God I don't have to go to the doctor as much.
Please cover for the IRS for income greater than $150k
Hey @fannyramirez3458! Video on Backdoor Roth IRAs coming soon.
Thank you
@@dotdotmaya
Huh? CapitalOne is currently 4.15% (brick and mortar). Marcus 4.15% (online). T-Bills over 5%. My wife uses Ally.
I would describe Capital One as a hybrid - It’s an online bank that offers access to in-person support of traditional brick-and-mortar. If we look at the traditional brick and mortars mentioned in this video, we’ll find their savings rates lag well behind the national average. T-bills can certainly be used to save for short term goals and I’ll talk about them in a future video, here I wanted to cover off on some of the basic building blocks.
@@dotdotmaya I went with CapitalOne after Citi sold off their branch offices. I picked CapOne because they offered free checking. They are okay for simple transactions but don't off many services, like notary service and they cannot handle estate accounts. I was surprised that they are pretty competitive with interest paid.
Excuse me if the following is outside the topic, as I'm sort of new to some of this financial matters.
Bank of America is currently giving 4.6% CDs, as long as you put in $1,000 and you do not touch the money for 7 months. I'm thinking of going into that with at least $1,000. If had the typical savings account for years, earning the measly $20 or so a year. If I had known that other banks/account types could earn me so much more I would have taken quick action. Having a wife and kids does numb you to the outside Education sometimes.
@@JohnPaul-ol5zl definitely on topic. Savings accounts with 4.15% have no limitations. Generally adding time restrictions will yield more interest. But rather than CDs at 4.6%, I have invested in T-Bills which have no state or local tax on earnings. I live in Texas where that is moot; but I hold 4 wk T-Bills at 5.19% and at 5.257% as examples that I would view to be a better choice. I also have 8wk and 17 week ladders at higher rates. With the inversion the 8 wk average 5.3% and the 17 wk 5.2%. I have them all set to reinvest but that can be easily changed. You may want to look into T-Bills.
@gbinman I appreciate the response-comment. Regarding the T-Bill option, are they Locked in for a certain time-frame (I'm assuming there are different time-frames to choose from)? Also, is the respective Interst Rate fixed throughout the respective time-frame?
Where is a good source to purchase the said T-Bills?
Im using CIT bank I never heard of them ibefore but they are paying 4.95%as of 7/2023
Hey @maschngon ! Thank you for being my first comment!! :)
CIT bank is definitely offering the highest rate I’ve heard of as of 7/2023. I understand the 4.95% only applies to balances above 5k and it’s a much lower rate, around .25% if your balance is under 5k? I’ve not used them personally - what’s your experience been so far?
@@dotdotmaya if less than 5k they offer what everyone else. like 4.1.%. you have to specifically open up account with over 5k I think.
I also use capital one for my business account they pay 3.5% or so. I use them for quick access to cash and not completely lose interest to checking
Cit bank gives now 5.05% as I speak today, so far good experience
Nice video great content! It amazes me greatly the way I moved from an average lifestyle to earning over $185k per month, utter shock is the word. I have understood a lot in the past years to doubt that opportunities abound in the financial markets. The only thing is to know where to focus. All thanks goes to Leticia Zavala Perkins my financial advisor managing my portfolio and my retirement.
Wow!!! I know Mrs. Perkins and I have been growing financially with her. Her expertise has been the best for my financial journey. I have created a passive income over the years and also my retirement has yielded so much. I feel so delighted to read these good reviews about her.
@@christineturner1751 It is actually a nice review, and this is exactly what I have been looking for, I have tried to invest and trade all by myself, but it has been disaster for me, as I keep losing money every time I try. I need serious professional help.
@@christineturner1751 It is actually a nice review, and this is exactly what I have been looking for, I have tried to invest and trade all by myself, but it has been disaster for me, as I keep losing money every time I try. I need serious professional help.
I have this believe that you know a lot about investment, trading and retirements in general, please what is your advice to someone like me? I want to start my retirement the right way.
@@christineturner1751 This is really nice and thanks for this tip. Her website popped up on the first page immediately I searched her on google web, I read through her resume and it seems pretty tight. So, I dropped a message & hopefully she replies soon.
It’s crazy because the money we save we pay taxes but we have already paid the IRS before we get out checks lol
Of course I want to know about the mega backdoor Roth IRA, or whatever it was called.
Copy that! I'll make a video on this :)
Thank you for mentioning the rate changes on HYSAs currently have two, one for emergency and another on a downpayment. Might change the downpayment HYSA into a CD since im not planning on touching it for two years.
Thank you for watching and sharing your thoughts! I'm glad you found the information about the rate changes on High-Yield Savings Accounts helpful. There are certainly different tools you can use for short term savings, CDs being one of them. The most important thing is to find the right balance between accessibility and earning potential and make sure it aligns within your specific savings goal. Happy Saving!
Thank you so much for this video. I am going to be 60 next year and I have very, very little 401k investments (started very, very late) and I would like to see if you have any thoughts and/or suggestions around investments within the next 10 years. I do have an emergency fund though. Thanks again and I am looking forward to continue watching episodes on your channel.
Only 5 accounts needed:
Checking
Savings
IRA (non taxed)
401k (tax deferred.
Brokerage (taxed)
Hey @cliffdariff74, to clarify, IRAs are taxed. IRAs and 401ks are tax advantaged accounts that come in a Traditional and Roth flavor. The Traditional and Roth are treated differently when it comes to taxation - Traditional are tax deferred, and Roth are taxed up front and offer tax-free withdrawals in retirement. I cover this in detail in the video. Let me know if you have any questions.
A Health Savings Account isn't for everyone, but it can be a powerful account for those that have access to it as they offer a offer a triple tax advantage.
Wow this is a graduate class in personal finance that anyone can relate too. I would love to hear about the back door Roth IRA. Thanks for sharing.
Thank you @ericzellars3488 ! Happy to hear you found the video helpful. Video on Back Door Roth IRA coming soon.
Great video, Aitch-S-A (HSA) only critique. Hopefully this comes across as helpful. Keep these videos coming!
Hey @alexandredesinor106! Thank you for the kind words and feedback! I'm glad you enjoyed the video. Regarding the pronunciation of 'H,' you've pointed out something really interesting. I grew up in Australia where both pronunciations 'haitch' and 'aitch' are accepted. I appreciate your thoughtful critique, and I'll keep it in mind for future videos to avoid any confusion.
great information, but too long a video.
Hey @ef2177 ! Happy to hear you found the information helpful and thank you for your feedback.
The repeating of "HAYTCH-S-A" is literally driving me insane!!! 😂😂😂
Currently I'm just being smart and frugal with my money, I'm in the green 47% over the last 15 months and l've accumulated over $700K in pure profits from DCA’ing into stocks, ETFs, dividends and futures. However I’ve been in the red for a month now. I work hard for my money, so investing is making me a nervous sad wreck. I don’t know if I should sell everything, sit and just wait.
If you all give me your money, I'll organize them for you.
I've heard that once you've reached the age of 65, you can tap into your HSA for any reason. For anything you want. It doesn't have to be medical related. But the money withdrawn will be taxed as ordinary income. Is this correct ?
That is correct. At age 65 you can treat an HSA as a 401/403.
Synchrony bank has a better rate every time I re-evaluate HYSAs.
How can some banks offer a high yield on a savings account but not others? Surely the lack of brick and mortar branches can't be the only reason.
Good question. I'd say the lower overheads is a primary reason. A secondary factor is that to compete with bigger banks, online online banks need to provide an incentive to attract customer deposits. Big banks already make a ton of money in other ways. If you haven't seen this video yet, I think you might enjoy it. czcams.com/video/DBa2oQPSa8U/video.html
The big banks are subject to (BS) stress tests from the Federal Reserve, which pats them on the back if they invest in supposed save treasuries and punishes them if they don't by demanding they pony up more cash reserves. The yields on treasuries were low for 15 years and that's what the banks bought. They cannot give you a yield that's higher than the yield of the bonds they hold, many of which are below 1%.
In the mean time, the interest on treasuries have gone up to 5%+, but the banks still have sub 1% yielding treasuries. Smaller banks don't have to adhere to the stress test, so they can buy higher yielding treasuries and turn around and give their customers higher yielding savings accounts.
It has very little to do with overhead, but more with the flexibility to move in and out of more lucrative investment vehicles.
I’m under pressure to grow my reserve that currently holds about $500k. I’m down by 20% already following the crash and i fear i could lose more.
I kinda laugh when she said tampons and condoms 😅
What about an account to take out beauties like you 😍
Mandatory contributions in Australia?!!? Wow, forced to pay taxes and now forced to save. That's insane. Who's money is it?
Mind-boggling people too lazy to create a high yield savings. I have a 100k emergency fund with 5.25% It funds my yearly phone and tv upgrades. Lol even before the inflation measures always did multiple accounts and jump thru hoops to get high yields
Having a high yield savings account is the funniest shit I’ve heard. You’ll only be wealthy if you have high yield income.
Maya fine as hell