How Much Cash Should I Keep In The Bank?

[@Cesarinaella]

I came across your channel through this video-case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.

[@Daneilchirs2]

People believe their currency has the worth it does because they have no other option. Even in a hyperinflationary environment, individuals must continue to use their hyperinflationary currency since they likely have minimal access to other currencies or gold/silver coins.

[@christainjames]

Uncertainty... it took me 5 years to stop trying to predict what bout to happen in market based on charts studying, cause you never know. not having a mentor cost me 5 years of pain I learn to go we’re the market is wanting to go and keep it simple with discipline.

[@Anitasolomon-u4p]

This aligns perfectly with my desire to organize my finances prior to retirement. Could you provide me with access to your advisor?

[@christainjames]

NICOLE ANASTASIA PLUMLEE is her name. She is regarded as a genius in her area and works for Empower Financial Services. She’s quite known in her field, look-her up.

[@Anitasolomon-u4p]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@LiquidRetro]

Ramsey never mentions a HYSA and they should. It's a lot better place to put your emergency fund, zero risk as long as it's under $250k.

[@WashingtonStateStyleDoorDash]

They're really inconsistent with recommending it. Sometimes they do but not mentioning it here is strange.

[@26Bluegb]

He keeps saying "in his checking". You can get instant access, with no penalty, in a Money Market Account or High Yield Savings Account.

[@fizwin1]

and if technology fails when you need it?

[@MrLopez746]

Put the emergency fund in a high yield savings account.

[@David-wo9un]

Love Rachel; she just seems more relatable than other Ramsey personalities.

[@microfarming8583]

I agree. I used to like the black guy the most though. Where is he now?

[@kathyarnold7290]

I agree!

[@corydontae6492]

@@microfarming8583 Anthony? He branched off and has his own channel now Anthony O’neal.

[@johnwilliamsoniii3936]

Rachel and Dr. John are the only ones that I can stand at this point.

[@Tameker6]

@@microfarming8583 are you talking about Anthony or Chris?

[@kathyoliva6966]

I agree with all that Rachel and George said. Have always kept funds in a safe liquid account. Have truly experienced the ‘emergencies’ such as needing four new tires at a moments notice. It does happen. Wise! Thank you Rachel!

[@royrosete7085]

This is a high value man. 23 yo and already concerned about his financials. About the liquids, just add more to it until you have 3X to 6X your monthly expenses.

[@robertestrada434]

Why tell a person to sell their bitcoin when it’s not doing well? Sell it when it’s high.

[@storm1364]

Well hopefully he kept it

[@mariorodriguez3462]

Yeah, his Bitcoin remark didn’t age well………

[@painfuldrp9954]

What should he sell the BTC for? Something less appreciating?

[@tsaunders9340]

He was wrong to say that when he doesn't understand the market. Bitcoin has been on up trend since November 2023 and will go higher after Halving sometime this year.

[@volodymyr8928]

Yeah, I am not a fan of the bitcoin but that remark from a guy is very incompetent...

[@ericcaleguer]

Sell all the BTC cause it’s not performing well anyway- that didn’t age well 😂

[@anthonywebster8638]

Right? They really are clueless when it comes to investing.

[@ds132100]

Darn I hope he did not listen to Rachel kind of not so smart lol oops😮

[@aaronproctor1736]

BTC isn't a way to wealth. Instead cash it out and put it into a Roth IRA. $15,000 initially invested and putting $500/ Monthly @ 8% CI. That would be close to $2.5M at age 65.

[@anthonywebster8638]

@@aaronproctor1736 🤣

[@TheCarpentersApprentice]

@@aaronproctor1736that’s old school. There’s new ways to wealth. Look up the yearly returns on BTC.

[@joeydziedzic7466]

Ever since the first time I heard it, it made so much more sense. The emergency fund is insurance, and insurance costs you money. Love that!

[@derekjelinski5651]

Stablecoins and hard metal

[@DavidRamseyIII]

@@derekjelinski5651 don’t have children

[@jx6564]

@@derekjelinski5651 you mean like UST (Terra)? LOL

[@JakeInvest]

@@jx6564 Its insane how many ppl had all their wealth in Terra, when you should only put enough you can afford to lose. I suppose some felt they could afford to lose everything

[@situated4]

That's what I've already said. Thx.

[@MistaRunIt]

Working and living with parents is great

[@stevelopez372]

That’s right it’s a jungle out there! Why kids are staying home much longer than ever before. Lol.

[@gr8ride411]

What a lucky 23 yr old! He’s killing it! Someone raised a smart young man.👍🏽

[@toctreb]

Lucky being the key word. Lucky he had free college.

[@APICSKH]

@@toctrebWell in that case kudos to the parent again. I don’t see any problem in either case ✌️

[@Wolfstalker21]

Not the school system lol!

[@Harp_and_Guitar_Moving_Forward]

Sounds like ya know, a super genius

[@tranquil5892]

Emergency fund in a high yield savings account.

[@jenniturtleburger3708]

There are high yield savings account that offer 5% and you can pull it out any time.

[@mbank3832]

like which one ?

[@jenniturtleburger3708]

@@mbank3832 There are multiple. Google Hugh yield interest savings accounts.

[@kzfingerprint]

IDK the specifics, but recently banks started doing this again - it used to be better back in the day. But I think capital one is ~4% because that's the one I recently opened using a promo code to earn $x if you transfer $x within x days. But it's not just capital one, I just already had a checking account with them.

[@davidsmith5868]

@@mbank3832 Wealthfront. They are great. They tell you in the beginning of the month what your expected earner interest is, and at the end of the month, they add the interest and tell you how much you actually earned. No penalties for taking money out and no required minimums or maximums to get the 5%.

[@BloodiedYetUnbowed]

My PNC HYSA pays 4.65%

[@PauleAraiza]

Is this to help anything get better or this some election time manipulation? I mean, sure, the rate cuts were supposed to help, but now I’m feeling the pinch everywhere especially my CD's. My savings account is basically giving me nothing, and money markets are looking all over the place.

[@NO-TIME170]

Overall, most still think this year would favor stocks, and other equity-based investments over cash-like investments. Don't put all your eggs in one basket; instead, diversify into different asset classes to mitigate risk. If you lack extensive knowledge, consult a CFA.

[@AddilynTuffin]

Accurate asset allocation is crucial with an Experts guidance. I have 850k in equity, 75k cash earning 4% interest, 685k in roth ira, 120k in 401k, Gold and silver bars. age is 58. My advisr helped me realign my portfolio to my risk tolerance and it boomed shortly.

[@Redwood4040]

Well it seems like a lot of your interest is riding on your source, I could really get well accustomed to your viewpoint, get me involved.

[@AddilynTuffin]

Jennifer Leigh Hickman is the advisor I use and i'm just putting this out here because you asked. You can Just search the name. You’d find necessary details to work with to set up an appointment.

[@Redwood4040]

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

[@rtothec1234]

I just keep enough to avoid the bank and CC fees. Like 5 grand.

[@jvyeknom]

He should just keep his investments and start banking his money now for his emergency fund.

[@rnt45t1]

This guy has zero problems. God, I wish I could have been debt free making $100k at 23...

[@joeltroughton3021]

@Dave Rodriguez bro the best time to have money is young if you approach life life this.

[@chocolateangel8743]

@Dave Rodriguez That's what stupid people do. Smart people have a diff. mindset. Plus, there is more info. available now than ever.

[@shelleestewart584]

Exactly

[@tommyanomaly6193]

@@chocolateangel8743 Most people are stupid. He's right, most 20 something year old's with a lot of money go nuts. I probably would have too.

[@xierraleone1905]

How old are you?

[@jonathanarras1281]

Didn’t have to pay for college? See how not paying for college puts you in a great position in life

[@d_all_in]

If you think paying taxes your entire life for "free" college is cheaper than paying for college yourself, you're delusional

[@patrickm8010]

SOMEONE has to pay for it.

[@elmateo77]

He also got a degree that allowed him to earn $100k+ right out of school. Why should the taxpayers have to bail you out of your english lit major?

[@waterheaterservices]

My hard working neighbors owe me a glorious revolutionary free education for Correct Thinking and Speech.

[@dericanslum1696]

...without offering a solution or how it was acheived in the first place...the point being...?...

[@cloudyblaze7916]

Thank you very much for this very informative video. Keeping money in the bank really opens you up to inflation. I have about 180k that I want to invest in the stock market, but I want to be strategic with it and I don't know how to start. Any suggestions please?

[@albacus2400BC]

Inflation is really a silent eater of the value of your money. Good thing the stock market can help you beat it. But it's wise to actually learn how to invest, or to make it easier and more effective, you could work with a financial advisor.

[@ericmendels]

I agree. There's a lot of potential in the market. My friend introduced me to a financial advisor in 2021, and even though I was skeptical, I went on. I finally was making enough monthly dividend to quit my soulless job and pursue my dream to start a restaurant in New Jersey.

[@gregorywhem]

That's really great. I've tried doing some research myself to hire a financial advisor, but it's really overwhelming. Could you recommend who you work with, please?

[@ericmendels]

*Sharon Lynne Hart* is the licensed advisor I use. Just research the name. You’ll find necessary details to work with to set up an appointment.

[@mohican-jx6fx]

Thank you for the recommendation. I'll send her an email and I hope I'm able to establish connection with her.

[@terriesmith2616]

For me, $3K in a checking account won't even pay my bills past a month. Even if his monthly expenses is less than mine, $3K is still too little liquid to have. I wouldn't put myself in a position where if an emergency comes up, I'd be forced to sell my investment especially when said investment is at a low, so it would be selling it at a loss. That's a terrible position to put myself in, which I'd never do. A safe liquid amount for a low expense person would be around $30K, but that's just my opinion.

[@garchah1]

10k is pretty good.

[@oglocbaby520]

30k is a lot of money to have just basically sitting there doing absolutely nothing. For a single person that isn't elderly or sickly I can't even imagine what type of emergency would pop up where you'd need anywhere near that amount. If you were to lose your job you could easily find some sort of replacement gig, there is a massive worker shortage right now. I personally have about 8-9 months of my expenses in cash and I really don't feel I need more than that.

[@oglocbaby520]

@@garchah1 10k is enough to cover for things like home or major car repairs. If you were to lose your job it's a decent sized cushion you can fall back on. Again, it all comes down to your individual circumstances, a single individual with no kids and little to no debt should be fine with something like that.

[@kuryanthomas1438]

sounds like for his basic living expenses he lives paycheck to paycheck and being very aggressive with investing, everything else he invests.

[@WideAwakeHuman]

it's so variable person to person you really can't judge what is a good amount for someone else in a different city... I've got over a year's worth of expenses in cash and I like the security - and yes I've got other investments so I'll be fine in the tiny chance that the dollar goes into hyperinflation. I think people get too focused on the "don't have anything but the bare minimum in cash" cuz you're losing money thing

[@ld4974]

Cash in the bank is looking pretty good about right now.

[@DeWoodyard]

Mr. Cruze is ONE LUCKY MAN!!!

[@rebeccaoprea9917]

He seems and sounds more mature than others his age .

[@randallblank9531]

Likely because its a staged call?

[@alia1824]

It’s clearly fake

[@trentonpearson7353]

@@alia1824 It's not a staged call because I have been a caller on the show

[@Nawalta]

Yeah that was my thought too. Either he’s lying about his age or he grew a little too quick. Being responsible is great, but I hope he allows himself to enjoy his 20’s too.

[@tho464]

Note: if you need liquid cash in bulk, the bank may make you order it which could take a couple days. Banks don’t like to give out $10K all at once. Have some cash in a safe too.

[@mrhawkeye293]

I have 250k in a 4.5% interest savings account. I know its way too much cash but I love the feeling of security and I get 1k a month in interest for doing nothing. If I knew what i was doing im sure I could turn it into much more but I am VERY risk averse.

[@RichV20]

That 250k in October of last year could be 325k today in the stock market. But you enjoy that 1k a month with 9% inflation.

[@pgplays458]

@@RichV20 no need to be sour

[@CuteAnimeGirl]

Put it in VOO

[@larryherbert252]

See that’s me, all this investment stuff, if l need to withdraw from my account, withdraw and I’m done, deposit and I’m done

[@user-ob2ti5oq9w]

@@RichV20 It sure could be, it also could be $100k if market crashed.

[@slhines7]

Greenspan: "We can guarantee cash, but we cannot guarantee purchasing power"

[@HatedJared]

I have a 9 month emergency fund, 3 months in cash, 3 months in a CD earning 5% interest that matures in 3 months, and 3 months in another CD that matures in 6 months. So I always have 3 months in cash until the next CD matures 3 months from now.

[@giantfatberg]

Good plan. I think I might adopt that one. Thanks

[@KNMK259]

This guy is a Starboy. Thanks for the inspiration.

[@zombl337og]

for his income id say $20-$25k in the bank to feel comfortable if ANYTHING happens.

[@pey7777]

Savings should be based on expenses, not based on income. I make well over $250k/yr and only have $10k in emergency fund

[@vic2796]

As long as you can cover your expenses for 3-6 months that’s all that matters

[@Gmanautonut]

At 23 this is Amazing!! I wish I was at this point at 23. Wow. Great job kid!!

[@amgooder]

His parents are rich...he was spoiled the rest are the norm😂

[@GK-bh1tp]

Make sure your emergency fund is not in a regular checking account...... An online savings account (ally, amex, ect) is currently giving 1.75% returns!

[@saints9577]

It takes 1.5 business days to transfer money from my money market (5.26%) to my checking account.

[@chadpurser]

I would say put it in a high interest savings account (currently ~4.5%). It is still easy to get to.

[@longbeardmcstruttin5876]

Who is offering that

[@vonzaag4555]

@@longbeardmcstruttin5876sofi

[@SamEichel]

@@longbeardmcstruttin5876ally, so-fi, many other banks

[@maccam26]

@@longbeardmcstruttin5876many .. synchrony bank, PayPal savings, Truliant, etc…

[@pdx7776]

Ally has 4.35%

[@ScienceMinisterZero]

Horrible advice on the Bitcoin.

[@JP-kl4zk]

These people clearly haven't done any reading to understand bitcoin. It's okay if you are not interested or lazy but don't make any recommendations regarding an asset if you don't know anything about it.

[@alansach8437]

Bit coin exists only as electronic bits on a computer. Warren Buffett says never to invest in anything you can't fill up a stadium with! If I buy Apple Stock I can fill a stadium with computers, if I buy Exxon Stock I can fill it with gasoline. These companies produce tangible goods. Bit coin exists only in the imagination of the people who agree that it exists! No thank you! I don't care what you say it's worth. I don't care how much money some people have made. It isn't tangible.

[@keco185]

The real answer is that emergencies are more common when the market is bad. You don’t want to be forced to pull from your investments at the worst possible time

[@mikestevens2053]

Bingo, you nailed it!

[@alansach8437]

Seems that way, doesn't it? If the roof is going to blow off at the same time the car takes a crap, you can bet the market is in the toilet!

[@basschaser9356]

A lot of these callers call just to brag and they already answered their own question . Have someone more realistic making 40-50k with normal expenses bills

[@teamvoldemort6114]

90% of these calls are train wrecks. Not hard to find. Nice to see a good example for once where someone is doing the right things and is winning.

[@larryherbert252]

Good points, and for me I’m satisfied with what l have $ wise,car is paid off, everything is paid off except mortgage, l can pay that off in 2 years or less-l like Dave, but your comment about people bragging, l never thought about that, l probably won’t become a millionaire, do l have to become a millionaire? What if I’m comptable

[@apurvavpatil]

Few HYSA gives like 5% interest; Citbank, everbank, jenius bank, amex savings

[@jondoe5305]

I would like to have a paid off house , live off dividends from S & P 500 and have an Emergency fund.

[@creators1000]

2:20 ouch, that didn't age well. Bitcoin 1st June 2022: $29,300. Bitcoin now 7th June 2024: $71,200. Bitcoin is, and, will continue to be a solid investment.

[@tylermorrison509]

Cash is the second best performing asset this year (including the high inflation).

[@DannyGmusicc]

No need for this caller to call, he already knows what he’s doing 😏😏

[@LolaDelMarCaribe]

Yeah he really didn’t have a question he called to brag, kudos to him

[@shaylaahava6413]

They both did a great job answering this!

[@Theresaa12]

I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.

[@BenTodd-fl8nv]

it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.

[@judynewsom1902]

Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.

[@benitabussell5053]

This caught my interest. I worry that I have a couple more months before retirement, and I want to switch to using a financial advisor, but I don’t really know how to find one.

[@judynewsom1902]

*Marissa Lynn Babula* is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.

[@Armstrong741]

I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.

[@markvb5592]

Dave Rachel and Ken are the best.

[@Thedividendprojectt]

We keep 12 months so we are never pushed into picking a job we don’t want! I do work in sales which is a lot more unstable than most jobs. LOVE having an emergency fund for people’s personal finance. It’s a must

[@elmayo1665]

Awesome! There's also no reason it can't be in a money market fund making like 5% right now risk free :D

[@Thedividendprojectt]

@@elmayo1665 hell yeah! We keep our emergency fund in BIL like Warren Buffet

[@crashtestdummy1972]

Good job! We have our 6 month e fund linked to our main bank from an online bank so we can get a higher interest rate just for fun. Our emergency fund made just under 1k last year, not for investments, its more like a cherry on top of it all and we just keep about a 1k buffer in checkings as a quick buffer

[@Thedividendprojectt]

@@crashtestdummy1972 love that! Me too on the buffer!

[@wanefelicia8779]

Thank God every day u make good money like that. u are blessed

[@SteveJim-pg3fv]

I'm a father of two who bought a house last year. For me, it was a major turning point! In addition to feeling the effects of the economic downturn, I'm lucky enough to enjoy a respectable monthly income from wise investments that I've made. I have therefore meticulously prepared for my retirement following my children's graduation from college.

[@ReyreJune]

Wow, interesting indeed! Currently I'm in need of investment ideas or tips. Earlier this year I hesitated and failed to take any action until now. However, I'm determined to try something new as I am very open to various investment ideas . I want to be retired in my forties or fifties. I really wish I can achieve what you have achieved and I believe it will happen

[@SteveJim-pg3fv]

It's essential to comprehend the complexities of investing. Having a trustworthy support system, such as a financial adviser, who can advise you is crucial, especially when choosing assets.

[@ReyreJune]

Thanks for the advice but it's hard to get a trustworthy financial advisor here..can you recommend one?

[@SteveJim-pg3fv]

Generally, investing requires higher knowledge. For this reason, it's important to have a solid support structure to guide you through especially in asset picking. I operate with (Alex martin tarlor) an investment specialist who partners with a licensed wealth management firm. For the record, his experience has been the best for my finance

[@ReyreJune]

Thanks for talking about your financial consultant. I will definitely look him up and get in touch with him

[@bayrenevilla]

Bitcoin up 150% since this video, great advice you gave gim

[@BankruptRecords]

lol saw that as well.

[@KingCzar29]

Bitcoin is extremely speculative. They gave solid advice for the time. Everyone at the time was convinced its was going to zero. Now every is convinced its going over 100k after the halving. There’s no real consistency

[@BankruptRecords]

Na people that dont invest in that class of asset thought it was going to zero. @@KingCzar29

[@potatoeslol1216]

@@KingCzar29I don’t know a single soul who thought Bitcoin was going to zero.

[@KingCzar29]

@@potatoeslol1216 good for you champ. With all your wisdom you probably went all in and are now set for life 👍

[@brianpeterson7028]

1:59 "sharp guy" 😂 he probably is, but "lucky guy" would make much more sense. He even said himself that he was lucky enough to not have to pay for college

[@BANDORACKSS]

Rachel's great with knowledgeable advice.

[@mikestevens2053]

One problem with "math-based" thinking, where you keep very little in cash in favor of higher-return investments is this: the very circumstances which create an urgent need for cash are often the same circumstances which cause the market to temporarily tank. Then, you need to fire sell your investments to raise cash. I'd go with Dave's advice on this one, maybe using an online bank to get a little better return on that cash.

[@PaulMDiaz]

Why not build your emergency fund in a high interest savings account (ex:Ally)? May not be the greatest investment but sure beats a checking account rate.

[@MENSA.lady2]

As Little as possible. Enough to pay your normal monthly outgoings, like a mortgage. and food. Put all you can afford into bullion. In an emergency you can cash in a Golden Eagle or two. If your bank goes belly up you can't lose much.

[@barbarabinstock272]

Imagine cashing out of bitcoin at $16k one year ago and watching this back today

[@NoRegertsHere]

🤷🏿‍♂️ he didn’t have an emergency fund

[@MrsAyub-gf5wy]

😮100k in 1yr from now.

[@zenphoenix5911]

I hope he didn't sell his BITCOIN. It's up over 140% from when they gave this advice.

[@jgg204]

Answer: as much money as you can right now. you should be stockpiling cash going into a recession, cutting back on expenses and spending overall, gazelle intense savings, and hunkering down. We are in for a big storm. The more cash the better

[@alansach8437]

This comment didn't age well! No recession! Stock Market at all time highs!

[@jgg204]

@@alansach8437 You don;t hop off the train as it's crashing

[@Ricosuave91596]

Sometimes it's so good to still live with our parents... I can tell this dude does live with his old folks... No debts, investments, etc etc... Live life, man...

[@snwbm]

If a person cannot live with their parents, they can build healthy relationships and find people to cohabitate with.

[@KianaShalix]

Very well said on the emergency fund not making money its insurance and you usually pay for insurance right =) so think of it as an investment to skip the interest payments on that emergency cost. If you have to spend 10k on 6-9% interest making min payments you pay more in interest then you would losing 2-3% on that 10k invested because life happens and it happens more often then you think =).

[@sjchan3199]

Love rachel and george. This caller has hes head screwed on straight. Well done, your doing a brill job.

[@gokeymasterflex]

Just put your emergency fund in a cd at 4-5% if you need it take it out and loss some interest no big deal if you don’t need it it’s still making money

[@geraldt331]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.

[@Jadechurch-ql3do]

the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

[@yeslahykcim]

Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.

[@lucaswilliams9992]

Mind if I ask you to recommend this particular coach you using their service?

[@yeslahykcim]

Laila artine kassardjian' is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment

[@brianwhitehawker1756]

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

[@BloodiedYetUnbowed]

For me I won’t hold anything close to 6 months of expenses in USD. The core of my emergency savings is around 10k, which I’ll hold in a HYSA and the rest of my emergency savings is held in gold, which is liquid and not subject to the downsides of a fiat currency like USD

[@nebulousJames12345]

I come from the future. Don’t sell your bitcoin

[@SanneHoekstra]

One of the best advice I heard is: if you have money and you don’t want to lose it, diversify. If you want to earn money, get very knowledgeable in one specific subject and invest most of your money/time/effort in it. This also applies to Bitcoin in my view. If you only invest in it because you see the price going up, you’re probably late and sell it for a loss when price goes down. If you don’t know what you;re doing stay clear. If you have a plan, stick to it 🎉

[@daveclow4920]

He could put the cash in a checking account at a credit union and make 3% to 4% annually

[@jimroscovius]

1%? My emergency fund, sitting in a bank, makes 3%. And it's available instantly - I even have a debit card for it.

[@cnewton6527]

This video is from a year ago. 3% is good at a brick and mortar bank. Fidelity account is almost 5% today.

[@AIRCONDITIONINGSCHOOLING]

I guess I'm doing bad. I'm an Hvac guy and I only have $10,000 in my account at 23 years old many people would say I'm doing bad while I'm still living with someone

[@cavalerojazz2507]

"Go ahead and sell your bitcoin, it's not doing that great anyways" 1 year later, his money has doubled if he held on. BTC 23k to 50k. just watch what it does into the next year. Blackrock wouldn't be buying it up if it wasn't a good investment and putting an etf on the market. It's getting adopted by institutions, don't miss the boat

[@miltongonzalez8726]

Lol. "It's not doing great" that did not age well. 😂😂😂

[@SystemChannel]

Bitcoin was at about $30K when they recorded this. I think he knew not to sell it.

[@achavez78]

Also, one more thing: DON'T GET MARRIED

[@ericcastle7296]

VERY TRUE

[@stevelopez372]

True, and don’t have kids out of wedlock. Lol.

[@Kiv1880]

@@stevelopez372 Why?

[@larryherbert252]

That’s the MISTAKE I MADE, getting married, l absolutely hate it

[@Kiv1880]

@@larryherbert252 why? would rather just have a commited relationship?

[@frozenburrito9313]

A few thousands of cash depreciate like 100 dollars a year, which is totally fine for the peace of mind it gives you

[@ThaBloodWitch]

I've always wanted to hear them address the concept of a checking account buffer, even when you're on bs 2. I thought that's what this video was, without the investment part.

[@HandleToWatch]

The buffer recently came up for us in conversation. We are on BS3B. Our FFEF lives in our savings out but we have about 1K (half a month's expenses) in the checking account as a buffer. When emergencies pop up we usually pay off from the buffer instead of pulling from the savings account.

[@ThaBloodWitch]

@@HandleToWatch Makes sense! I just have wondered if you're following his plan and every red cent outside the starter e fund goes to debt, how much margin do folks allow themselves in checking in case a bill goes higher than they expected? Overdraft fees are awful. It's always seemed to me they preyed on the poor that way.

[@Holdeenio]

I love it when they bust out the old school air control headsets

[@richardtilford4229]

These Ramsey proteges have been way off on BTC. Watching this a year later. this guy would have 3x his money. That is the problem with know-it-all investor gurus.

[@dans685]

Just because it went up doesn’t make their advice wrong. It’s a highly speculative place to have your money and could lose most of its value at a moments notice . He was talking about having an amount set aside for an emergency.

[@JSabh]

Earning 5% on USDC in my Coinbase account. Checking account with an FDIC insured, publicly traded Bank. No other Bank even comes close to the utility and flexibility of Coinbase. Also, I own all of it, THEY DO NOT INVEST MY MONEY! ITS MINE.Your standard bank, keeps NONE OF YOUR CASH ON HAND.

[@StalinUndav]

Amazing content! I have been following your videos for sometime now, consistently kicking down Wall Street doors for two years now, I have over $320k in stocks. Currently, my portfolio is down by 15%. Wondering if they're any short term opportunities I can invest in.

[@NikitaMcLauren]

I agree that there are strategies that could be put in place for solid gains regardless of economy or market condition, but such executions are usually carried out by investment experts or advisors with experience

[@StalinGrabovsky]

Reason I decided to work closely with an brokerage-adviser ever since the market got really tensed and the pressure became so much(I should be retiring in 17months) so I've had an brokerage-adviser guide me through the chaos, its been 9months and counting and I've made approx. 650K net from all of my holdings.

[@ReginaDominique]

Glad to have stumbled on this comment, Please who is the consultant that assist you and if you don't mind, how do I get in touch with them?

[@StalinGrabovsky]

Elisse Laparche Ewing is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

[@ErikaBailey-x8g]

She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@theincredibledeus]

2:25 This didn't age well!!! You should never sell your Bitcoins!!!!

[@arigutman]

If you’re sitting with cash in the bank while inflation is at these high highs, go find the closest trash bin and just drop a match after you put all your money inside of it.. banks are one of the fastest ways to destroy wealth. This is not to say someone shouldn’t have emergency funds in there, but if someone is saving every nickel and dime say for retirement in a bank account which far too many are… 🤦🏻‍♂️ good luck!

[@sweetcaroline7107]

Then what should we do?

[@teev7]

@@sweetcaroline7107 That's my question also.

[@Jayyy64]

What should do then master clown

[@victorolmedo1240]

@@sweetcaroline7107 invest in etfs, max out roth ira and look into building capital like starting a business

[@np5246]

​​​@@sweetcaroline7107 You could learn about the Ramsey Baby Steps or the Money Guy Show's FOO steps.

[@PercyTP5161]

"Cash out the BTC, it's not doing that well"....this aged well 😅

[@brandonkargol4439]

Kind of a dumb suggestion on her part to have him cash out his investments just to fill an emergency fund. He's got a strong income with no debt and a large pay raise around the corner. He can easily continue to invest and bolster up his cash savings simultaneously.

[@marcellomenji]

I feel like she just hates the idea of cryptocurrencies 🤷‍♂️

[@neilsmith9066]

Not dumb now.....

[@acruzro95]

​@@neilsmith9066still dumb. Why pay taxes by selling stock when you can just pause investing for 3 months and have the savings up

[@vincentmaloney5835]

I like online savings accounts. For example, Synchrony Bank High Yield Savings Account, 4.75% APY, no minimum balance. It is much better than regular savings account.

[@jaedyn06]

I put all my money that I’m not investing or using in my HYS Synchrony account.

[@vincentmaloney5835]

@@jaedyn06 Me too. I like this account a lot.

[@cristiandiaz8497]

High Yield Savings account, Marcus is great right now

[@TylerOKC]

Sure hope he didn't sell that Bitcoin considering it has grown 3x since then.

[@matthewmchenry9331]

If i called in at 23, in 2008: "im making $400 a month on unemployment, hoping to get into the burger flipping industry once all the PhD's stop applying, calling to ask if i should take out another credit card pay the minimums on my existing credit cards for the next few months or just bury my head in the sand?"

[@michaelrdangelo]

what would he need instant cash for? Ransom? LOL. Also, bad call on the Bitocin! Whoops!

[@freedomworks3976]

Half a years wages in savings is what I like 👍 👌

[@luisalvarez9250]

Even the emergency fund it’s not safe at the hands of banks!

[@thomasg1729]

What has worked for me is 50% cash and 50% in stocks. The cash will underperform but the stocks will will make up for that and you will have a nice average.

[@Miguel-x2l]

I withdrew all my money and purchased gold and a home in baja😊

[@Coreyj06]

And when he said ONLY 3000 dollars in checking, I knew this video was not in my tax bracket.

[@curlrain]

Half of my emergency fund is in a short term bond ETF or short term bonds the rest is cash. ETFs are very liquid and their current rate is more than 5%.

[@mattjames88]

Inflation in the UK is eating away at my £10k emergency fund :( - it's getting like 0.25% interest. Think I'll need to add about another £2k this year - to keep the same purchasing power

[@jayo3074]

I have £17k and I'm looking into buying a home somewhere because inflation is ridiculous

[@pingupenguin2474]

I'm in the uk too. It is worth looking around and considering moving accounts. I moved to a bank ( actually a building society) last year that was offering £100 to move my account, branches that are staying open by policy compared to my previous bank closing all its branches within 30 miles, and a much better interest for your first yr with them than any savings account at the time. So I kept my Emergency fund in their checking account for the year. Now the same bank has an 8 percent interest savings account ( though you can only put 200 in per month), and a 4.5 percent yielding cash ISA, (unlimited deposits within ISA limits, )and with three instant withdrawals allowed per year, which should cover any emergency, unless you are pretty unlucky and have 4 real emergencies in a yr ( and even then you still get the 4.5 pro rata and are allowed to re-deposit with no penalty)

[@well-blazeredman6187]

Premium bonds might make more sense.

[@bobdadruma]

Try to maintain a Min of 20K in savings. 5K in checking.

[@Jumpman67]

Enough to pay your monthly bills

[@blackworldtraveler3711]

That is just the beginning.

[@Jumpman67]

@@blackworldtraveler3711 nope. You don’t need to keep anymore cash than that.

[@blackworldtraveler3711]

@@Jumpman67 For you apparently.

[@victorolmedo1240]

3-6 months

[@appleztooranges]

1 hour after this video, this man got so many calls from single woman. Well done my friend 😂

[@GardenNJ]

Hopefully this gentleman did not take their poor advise, Bitcoin doubled since then, emergency fund also should be in money market account as it will gain some interest. (if needed it can always be taking out without interest, but if you wont have emergency at least you wont loose potential interest for the period)

[@Apsaramain]

Listen to your rich aunt Beth - get a two bedroom each duplex. Live in one unit with a roommate for one year, rent out the other unit. You’re freaking welcome.

[@elmateo77]

Nooooo. I had a bad roommate once. Never again! My sanity is worth more than money.

[@silvermoneyphoenix1624]

Everyone I hear them say mutual funds 🤢

[@Bblock150]

I'm kind of in the same boat. I have 80k in my basic savings (waiting to purchase a home) and 35k in my checkings. I dont in invest in anything and have no debt. Thoughts on where i should get started? I have a 457 and a state retirement account that automatically gets contributed in every month directly from my checks every month. Im 25

[@penguinc2653]

Open a Roth Ira ! Its a wise choice at 25

[@Bblock150]

@@penguinc2653 have a 3rd retirement account?

[@penguinc2653]

Roths are tax free once you retire tho

[@judymandel6131]

Roth IRA is the best bc at retirement, the money you have is yours tax free. Shot for the starts and find as much as you can up to the max allowed.

[@karakol86]

Open Roth IRA and invest in index funds that track S&P 500

[@robryan9675]

These guys are like the first grade when it comes to Finance. Absolutely not designed for anyone with any sort of financial sophistication.

[@alansach8437]

Which is most people! Which is why it's such good advice!

[@jimmymcgill6778]

How do you pay bills without a checking account?

[@MrMustangrick]

With Bitcoon? LOL

[@teddyrm8588]

In person

[@alinatamashevich3354]

CASH

[@reesercliff]

@@alinatamashevich3354 how do you pay netflix with cash?

[@catlady2795]

Giftcard.