5 Things You MUST KNOW About High Yield Savings Accounts

[@leoramirez3146]

Lock in a cd fast now before they cut rate

[@appleztooranges]

Yeah taxes freaking suck. So say I made $1200 interest a year on HYSA. I’d owe back $264. Unfair

[@happ-e5447]

Yes, that's double taxed because you already paid taxes on that money. Frustrating for sure.

[@s10jam]

I think you are supposed to max your Roth IRA before that in most cases. I assume you did that.

[@appleztooranges]

@@s10jam working on it. I think emergency fund is more important though

[@s10jam]

@@appleztooranges I guess I looked over the part abou that being hypothetical. Emergency fund is certainly important. Good luck!

[@happ-e5447]

@@s10jam yes, my wife and I maxed our roth ira and have $23k emergency fund on a HYSA

[@brian7110]

Informative video! What is the website for the 30 year compounding calculation?

[@DannySully]

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

[@karonlamont6869]

Hey what’s the best account to set up for my daughter this or stocks what you do if you have a child

[@DannySully]

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.

[@anthonyaguirre1498]

So what do you recommend to make wealth? Tax free options? Or any way?

[@DannySully]

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]

@@DannySully the million dollar question is what kind of business???? i have the money but no ideas.

[@MarvFitBikesKicks]

Go through his channel, savings accounts are more emergency funds, not building wealth

[@frederickvalencia4976]

​@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.

[@transitengineer]

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).

[@DannySully]

Thank you very much! And that's great!!!

[@Keyscreening]

What’s your thoughts about quickbooks savings they offer 5% return. Up to 5 million insured

[@DannySully]

Quickbooks is solid! And the returns are all competitive so if their platform seems best for you position, I don't see why not.