Where Should I Park My Savings For A House?

Where Should I Park My Savings For A House?
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Listen to how ordinary people built extraordinary wealth-and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, and John Delony.
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[@RamseyEverydayMillionaires]

Nix the guesswork and scrolling. We’ll connect you with investment pros we trust: bit.ly/3kwqrhf

[@Hannahbenowitz]

When I bought my first home in Miami in the early 1990s, mortgage interest rates were typically between 8% and 10%. It's unlikely that we'll see rates as low as 3% again anytime soon. As a result, sellers may need to lower their asking prices to attract buyers, which could lead to lower property valuations

[@bartlyAD]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@HildaBennet]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes. If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@FinnBraylon]

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

[@HildaBennet]

“Rebecca Noblett Roberts’’ 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.

[@FinnBraylon]

I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a meeting.

[@yrPositivePulse]

I’m 34, have $200,000 in savings, and want to invest for safe growth over the next 5 years to buy a home. What should I invest in?

[@Hesse-Kassel]

In today’s volatile market, diversify your assets with safe investments like HYSA, REITs, index funds, growth ETFs, and bonds. However, Before making any investment decisions, consider consulting with a financial advisor to tailor a plan to your specific needs and risk tolerance.

[@rrandd0]

Financial advisors can be expensive, but they’re crucial for success in the financial market, especially if you’re on a deadline. I was laid off during the 2022 tech cuts, but I used my savings to invest in the stock market with the help of a financial advisor. After doing some research, I managed to grow my portfolio to over a million dollars in just two years, thanks to my high risk tolerance.

[@superwomanAnn]

I’m glad I found this conversation. My risk tolerance is high, and I want to take advantage of the upcoming market run. Can you direct me to your advisor?

[@rrandd0]

Melissa Elise Robinson is the licensed advisor I use and im 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.

[@superwomanAnn]

Thanks for sharing. I curiously searched for her full name and her website popped up immediately. I looked through her credentials and did my due diligence before contacting her.

[@JordanReam8186]

I recently sold an apartment in Springfield and now have about $250K in cash. I was advised to invest in stocks. I'm new to investing, as I've always preferred to play it safe with cash, but I'm now ready to take a little risk. What are the best strategies for long-term investments for retirement?

[@WestonScally7614]

While the stock market is promising and can give good ROI, expert guidance is essential for effective portfolio management so you don't get burnt out in the market as it is very volatile.

[@FeelMyTruth]

My dear husband passed away in 2021, and I have around $400K from his life insurance just sitting in a bank account, earning nothing. I was advised to invest it through an advisor, and in just six months, I achieved over 80% capital growth, not including dividends. Highly recommended!

[@Redwood4040]

Pls how can i meet this advis0r? i want someone to help me invest my divorce settlement, It's just being laying around in the bank without appreciating much

[@FeelMyTruth]

I work with *Jennifer Leigh Hickman* , a licensed advisor. Simply search the name to find the necessary details to schedule an appointment. She's really good-

[@FeelMyTruth]

*Jennifer Leigh Hickman* is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment. She's really good.

[@HugoBergmann-lu4nd]

The most important thing that should be on everyone mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies

[@Wellerpage]

The key to big returns is not big moving stocks. It's managing risk in relationship to reward. Having the correct size on and turning your edge as many times as necessary to reach your goal. That holds true from long term investing to day trading.

[@FarrahBaker467]

Even with the right technique and assets some investors would still make more than others, as an investor, you should’ve known that by now, nothing beats experience and that’s final, personally I had to reach out to a market analyst for guidance which is how I was able to grow my account close to a million, withdraw my profit right before the correction and now I’m buying again

[@JerryOrion]

Could you recommend your advisor? I'll be happy to use some help.

[@FarrahBaker467]

Sharon Lee Peoples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.

[@grego6278]

I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you

[@vinylexplorer9817]

One of the rarest occasions when Dave does not need to ask: "How much money do you make?" LOL God bless this family!

[@markwitt811]

One year later and money market accounts now pay over 4.5% compared to the 0.5% in the time of this video.

[@willywonka2164]

No 5+% a month after your comment.

[@markwitt811]

@@willywonka2164 Yeah, I'm now earning over 5% at VioBank

[@sbman436]

I'm getting 5%

[@nickelarcade6934]

I’m getting close to 5% with ally high yield savings. Crazy

[@Richlucch]

5.3%

[@MrBrewman95]

2023 high yield for sure. That’s where I’m parking mine while I do baby step 3b.

[@mycaddigo]

700k in retirement at 36. He could pause contributing for a few years and get the dream house in cash. It’s a balance of how much you need in retirement vs living your dreams in the near future. Dave can’t break away from his formula no matter what. The guy is going to have millions in retirement at 65 if he contributed nothing at 36… he would have over 2 million + with zero contributions at this point ..

[@sheraziqbal9556]

You don't need to make massive lump sum overpayment to clear off your mortgage debt. Make regular monthly overpayments over 12 month to the same amount. At the end of the year you will still have over paid the same but doing it each month you'll have liquid cash in case of an emergency.

[@stevebeaver6529]

High yield savings accounts or Treasury Bills are both paying over 5% so I’d go that route for sure.

[@chrisrightmire9281]

Interest rates have increased like 4 percentage points since this video came out - seems like a no brainer to put it in a CD, high-yield savings, money market

[@dungeonmaster6292]

High yield savings are often limited to 1500 usd

[@TonyCox1351]

@@dungeonmaster6292never seen a limit of 1500 on a HYSA. Many encourage you to put more because it’s better for them. There are jumbo CDs paying 5% right now with a $100K minimum

[@whothou]

@@dungeonmaster6292 huh??? what shoddy HYSA are you looking at??? I've yet to see A HYSA with a money cap,

[@dungeonmaster6292]

@@whothou you can put more in but it only yields to the capped amount. That's what my credit union offers

[@Lourd-Bab]

Amazing video, A friend of mine referred me to a financial adviser sometime ago and we got to talking about investment and money. I started investing with $150k and in the first 2 months, my portfolio was reading $274,800. Crazy right!, I decided to reinvest my profit and get more interesting. For over a year we have been working together making consistent profit just bought my second home 2 weeks ago and care for my family.

[@Lourd-Bab]

@Ingridlourd02 However, if you do not have access to a professional like Clementina Abate Russo, quitting your job to focus on trading may not be the best approach. It is important to consider all options and seek guidance from reliable sources before making any major decisions. Consulting with an AI or using automated trading systems can also be helpful in managing investments while balancing other commitment.

[@Lourd-Bab]

@Ingridlourd02 Clementina Abate Russo is her name

[@Lourd-Bab]

Lookup with her name on the webpage.

[@Lourd-Bab]

@Ingridlourd02 You are welcome .

[@Cravz69]

Great call and eerily similar to my situation. Congrats to these guys for proving it works.

[@forbes4007]

Same here

[@percivalgooglyeyes6178]

A few months ago one of my tenants was in this same scenario - had a good down payment saved, but with higher interest rates and whatever other reasons decided they wanted to wait at least a year before buying a house. Rather than park the money, he negotiated with me to pre-pay the rent for a year at a reduced (5.7%) rent for the lump sum. Now he saved a few hundred dollars per month on rent, doesn't have to pay rent until next April, doesn't have to pay taxes on what otherwise would have been invested, and he can continue to build his nest egg. Benefits to me that made it worthwhile was the piece of mind I had all the money up front, great security and a stable tenant. So others in this situation may want to talk to their landlord for a similar deal. Word of caution would be to make sure your landlord is very legitimate and doesn't have a mortgage and make sure they have adequate reserves for repairs, and the property taxes are being paid.

[@aliciaz4682]

That’s amazing!! Brilliant way to save money and is a win win for both parties!

[@cybrainx72]

Wow! Your tenant is brilliant. That's tax free 6.1%. Did he have rental contract redone ?

[@g.t.richardson6311]

That’s called making a deal Good deal for both

[@HatedJared]

15 month CD's are paying over 5%. I'd just park my funds in those for 1-2 years for a guaranteed return with no risk of losing value.

[@Georgio476]

What about putting that money in a CD or the current high yield saving accounts offering up to 4.5%?

[@Sonofawildanimal4241]

Yes

[@GenerationX1984]

If housing prices keep going up like they are the American Dream of owning a home will be a thing of the past for first time home buyers and most Gen Zers.

[@ithomas101]

I'm in a similar situation where I don't have a home/rent payment. I take the money I would pay for rent by myself, and put it in an moderate roboinvestment account. The goal is then that in 5+ years, I would have enough saved up to just buy a house with cash, or pay a significant portion of a house.

[@derekeano]

What do you use for your robo investment account? And what kind of breakdown is it between stocks, bonds, etc.

[@barbieblue3336]

Think seriously about moving, not moving. 1) do you need to? 2) how old are your kids? 3) are they going to college? 4) how old are you? 4) where do you want to live when you are in your 50s, 60s? 5) do you want your adult kids living with you, not starting their own lives, not marrying, bumming around your fancy new house, watching dr phil, playing computer games, not working, acting like teens, going on dr phil? Re-think moving up in house size and price. Many two story houses are overwhelming for people in their late 60s and 70s, etc. Look at your area. I know people who stayed in houses for decades. I kind of wish we had. I promise you - there is a real argument FOR REMAINING IN THE HOUSE.

[@Scylla-456t]

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

[@devereauxjnr]

I can feel your pains. New guys need to realize the risks that come with all of this. You could lose it all and you could win it all. It goes both ways. Second, what works for A may not necessarily work for B and you should not be a bandwagon investor. A good number of folks are raking in huge 6 figure gains in this downtrend, but such strategies are mostly successfully executed by folks with in depth market knowledge.

[@user-3456rtu]

@@devereauxjnr Factos!! Since the market became extremely volatile and pressure increased (I should be retiring in 17 months), I took the decision to work closely with a financial advisor. It has already been 9 months and counting, and I have made approximately 600K net from all of my holdings.

[@322dawgg]

@@user-3456rtu That's impressive, my portfolio have been tanking all year, tried learning new strategies to gain in the current market but all of that flew right over head, please would you mind recommending the Adviser you're using.

[@user-3456rtu]

@@322dawgg My advisor is the quite famous NICOLE DESIREE SIMON She has been making a fortune online worth millions of dollars in digital assets for a select few for years. Lately, these types of services have appeared that allow you to copy the results of the experts. She demonstrates how to copy it automatically using that system.

[@322dawgg]

@@user-3456rtu Thanks for the info, i found her website and sent a message hopefully she replies soon.

[@stevensmiddlemass2072]

I started stacking to SAVE wealth. I've always been the type of person to spend my entire paycheck. I hate having money just sit in the bank. I am under pressure to grow my reserve of $950k. before I turn 60, I would appreciate any advice on potential investments.

[@Curbalnk]

A solid strategy can be a key component of an investor’s portfolio. Well, the bigger the risk, the bigger the reward and such impeccable decisions are better guided by professionals.

[@m444ss]

current interest rates + creditworthiness: seems like T-Bills are a good place to park some of the money right now vs money market fund

[@Mylegacy24]

I think that in their case it’s not a bad idea to invest into safer growth index/mutual funds and stash some into a money market account because the odds are you won’t lose a lot of money and if you divide that money into a percentage of both your risk is really low

[@AnnMitt]

What to do with cash savings when you need it within 3 - 5 years in a common dilemma. That's my situation.

[@deanalbertson7203]

Stocks are near all time highs, and will likely correct at some point, so the safe thing would seem to be a money market.

[@Nite_coder]

BTC

[@l4k3]

@@Nite_coder not sure about the btc. 5 years i would say yes. 3 years, its a maybe.

[@timjbrasfield]

High Yield Savings Account

[@symplybeingme]

Way to go. Blessing

[@steviejd5803]

Thanks Dave for this one. I have £24500 left to pay on my mortgage, I have £17000 in my savings account. Some of that is my emergency fund. Should I go ahead and pay down the mortgage with that money or keep it for a rainy day fund? I do want to see my mortgage shrink that I’m not sure I can think straight anymore. Thanks.

[@rbrucerye]

Keep 1000 pounds plus 3 to 6 months in expenses worth in the savings account and put the remainder into the mortgage

[@steviejd5803]

@@redfox435cat so glad to hear you are ok and got through it. Yes I think you are right. Pay down but be careful too. All the best.

[@steviejd5803]

@@rbrucerye Thank you for your reply. Most agree with you, keep the expenses for life’s little problems, throw the rest at the mortgage. Cheers.

[@welm98]

I was just in this exact situation this year around March. Look carefully at what you actually need for expenses in your emergency fund (only real expenses). Be ruthless on this point. If you have any funds to spare after your review, put that towards the mortgage. But DO NOT touch the remainder of the emergency fund. With so little left on the mortgage it is tempting to just be free of it, but be patient. You're in this position for a reason. You've been disciplined and made good decisions. Keep on track and you will have peace as you continue to payoff the house. If you empty out your emergency fund, you will cause yourself needless worried days/nights. Better to have patience and peace.

[@steviejd5803]

@@welm98 hey thanks, what a great answer. I really appreciate your time and comments. I will undertake a strict review this evening. My job is settled as can be so maybe just a little patient as you say and I’ll be done. I just can’t wait. And the best part, I’ll be £600 a month better off. Probs invest the lot each month. Cheers.

[@wallys7016]

What about a HYSA to save for a house if you’re already maxing out a 401k and Roth IRA and $500/ month into a brokerage?

[@kimberlyturner820]

4 years he's a millionaire?😳 This gives me hope.

[@razojacqueline]

If he became a millionaire in 4 years and he started at zero that means he invested over 20,000 per month. Wow!

[@mitshua]

He probably had other assets before. He just decided he should go fully debt free 4 years ago

[@TonyCox1351]

This call was at the peak of real estate prices after a massive boom. So he could have bought a $500,000 house a few years earlier, and now it’s worth a million, as well as a huge bull run of the S&P500 where his investments could have doubled. Still a huge accomplishment and he had to do tons of saving to accomplish this feat. But don’t think he saved up 1 million cash

[@andylevra2452]

Dave, Is the current rate for High Yield Savings Accounts around 5%?

[@MuzixMaker]

They must have delivered a lot of pizzas.

[@drunclecookie216]

🤣😂🤣

[@barbieblue3336]

Rice and beans pizzas

[@ricksanchezsflask8794]

Yes and got one very good tip.

[@curtisjohnson2433]

High yield savings account. Plenty with 5% interest annually,

[@jasonjosephlee]

House hack and buy your first rental property, add value to the properties you buy and keep buying in markets that appreciate.

[@superblump87]

Park it in VTI.

[@TonyCox1351]

VTI dropped significantly right after this call, perfect example of why you don’t put short term savings into equities

[@Jeffwolfenson]

Do you really need a new house or do you just want one. Location for me is more valuable. You can borrow from your account. A loan at a low rate, and pay the plan back. I was a retirement plan administrator before I retired.

[@snagboi]

I took this approach and down 35% in 1 yr. My house money 😭😭😭😭

[@DeBee-dc9ce]

What happened? Because of the current 2023 downturn. It will probably go back up at some point.

[@zackarystewart9214]

​​@@DeBee-dc9ceiquidity left the market. This market runs on the release of fiat currency. The more currency put out in M2 money supply, the higher the prices of assets go. The more that money chases debt, the lower asset prices. Learn about central banking and you won't lose 35% of your net worth

[@saulgoodman2018]

Even if he stops retirement, in 25 years, in will grow to 8 million.

[@LowOutput]

Good point, Jimmy McGill!

[@robloxvids2233]

Seriosly, who needs that much when they are 60? They want a nicer house now. Cease retirement.

[@robsorbo]

Now that HYSAs are getting 4+%, would you use that to save for a house? Or still mutual funds?

[@MrDernagon]

This is what I would suggest. HYSA at 4+% is close to the 20 year average return on mutual funds without the risk.

[@nolehughes9312]

You guys said a half% two years ago for a high yield savings account now they are at 5 1/4 beautiful

[@kzstaytrue1983]

Planning on moving to another state in a few years. Should I continue to pay extra on my mortgage I have now. Or start to save more for the house we will be buying later?

[@thegentlemandrummer8753]

5:17 can someone explain what he means here at the end when he says he would just park it in money markets? What exactly is that?

[@KP-uz3nk]

I think its like a savings account

[@warlockman-ri2jr]

A money market account is just an investment account at a brokerage like vanguard or fidelity typically they have a slightly higher interest rate than savings accounts do the more akin to like an online savings

[@xabiergarcia4685]

Hello Ramsey great fan i started my Money Make over in November this year my question is I know crypto is a crazy area to invest in but what do you think about stable coins, there are a lot of them giving crazy % on interest should i put my Emergency Fund in one of does like USDC stable coin that gives 8% interest and also i can withdraw it whenever i have an emergency?

[@finallybeingfrank9149]

Why isn’t the suggestion to put some into a CD or Money Market? Wouldn’t that be a better way to make sure it’s safe, but still grow? Can someone explain?

[@noahkyurem]

These accounts don't tend to beat inflation, the stock market usually does over a 5 year period

[@Sonofawildanimal4241]

But yes it’s a great idea and makes your money accessible

[@damondiehl5637]

At the very end Dave said to put the money in a money market account.

[@imdoc7872]

I would just contine 15-20% towards investing and the rest in a high yield money market account.

[@anthonyn.3575]

“Net worth” - Does that include all assets such as a paid off home.? And does that also include the current balance in your investments and retirement find(s)?

[@thereelaccountant9246]

Yes. It includes retirement, investments, and your home value, etc

[@anthonyn.3575]

@@thereelaccountant9246 - Cool, thanks !!!

[@MinkieWinkle]

The value of all your savings, assets. Minus all your debt. So 100k house, 300k retirement. But 50k of debt. So 100 plus 300 is 400. minus 50. Networth is 350k as a simplified example.

[@robloxvids2233]

Assets minus liabilities. An asset is something that holds future value. If you have an ash tray worth 50 cents that's an asset and thus part of your net worth.

[@KamikazeCash]

This dude was just here to flex.

[@pigskinrode0]

To save that much, you would have to be making 6 figures. I'm very happy for this guy and his family. Sadly, it's too late for me at 42, but I'm going make baby steps to get my first home. Made some poor choices in my younger years staying in unhealthy relationships and putting so much investment into them that I didn't take care of my dreams and career good enough. I hold myself accountable and will do my best to get to where I'm happier.

[@GuitarGuy650]

You're 25 years away from the average retirement age. It's not too late to turn your life around.

[@ccampbells83]

Watching this video even though I have a house and am not saving for another 🤣

[@harrychufan]

Put it in I bonds.

[@claireluckensmeyer7489]

My high yield acct is paying 5.35% right now

[@MrOfficer235]

I would stay in your current home and throw huge chunks of money into the market. Houses are a dime a dozen

[@tay-tay5629]

Thx David

[@ginoturano6821]

Brag call

[@mkirules]

Government bonds are paying 4.5% right now. That's where I have parked my house money since we plan on buying in one year

[@rickhaithcox7024]

What about T-Bills?

[@uriel-heavensguardian8949]

Awesome video!!!!

[@goofin6360]

Why did he not mention bonds, very obvious option

[@arlettezambrano3894]

Do the baby steps also work for those of us who are still renting and havent bought our own home yet?

[@mattcollins4550]

Inflation is running over 10% right now lol

[@sami-9233]

My thought exactly

[@jackmack276]

Current high yeild savings is 4.5% - 5%. Im parking my savings in my HYS for now.

[@danferritto1]

Voyager Digital: 9% to store in USDC Coin. Yes, 9%.

[@smileychess]

Did you really say that a high yield savings account will return 0.5%? You must not have checked on this in YEARS. I’m getting 4.15% on money that’s just sitting in the bank.

[@notureaveragemiss]

Another option would be to wait another year or two if it lost money in year 3

[@MarcusCastMaster]

Why not save it in the retirement account and when time comes to buy the house, withdraw your contributions? Are contributions not penalized

[@damondiehl5637]

If it is a Roth account.

[@damondiehl5637]

You can only put $7k per year in a Roth IRA, or $23,500 in a Roth 401k. That might not be enough for what they are trying to do, and they might make too much money to be eligible to contribute to a Roth IRA. And with Roth accounts, they can only take out their contribution, so they can't access the growth. So if they just use a high yield savings account or invest through a regular brokerage account, there are not so many strings attached to contributing and withdrawing.

[@Mind_Breach]

What about something like a contract savings account?

[@MrNGTfan123]

You are losing money if you don’t put it in the market. Inflation was 6% this year. So effectively you lost 5.5% in purchasing power if you put that in a high yield savings account with a .5% rate.

[@JustinCase780]

That's looking in the mirror. Starting TODAY: The caller is wanting to save like crazy over a short term of a couple of years to save enough for a larger house. His bigger question was if he should stop contributing 15% towards the retirement during this short time frame.

[@DurninTv]

I would be more worried about what Vader will do to you if you don’t catch the rebels

[@ThatGuyOnYoutube2]

What if he put it all in 2 weeks ago, hed be way down today. Its short term to buy a house, not needed to retire. Listen to the video

[@MrNGTfan123]

@@JustinCase780 inflation is going to continue to be high any person with half a brain could figure that out. The fed is still printing billions of dollars a day. Cash is trash 🗑

[@marcenelj]

Just putting in the market doesn't automatically means you will gain on it. Look what's been happening to the market the last 3 days because of the new covid variant

[@CS-bk6tn]

Caller: I just paid off my house! Dave: Whats your household income

[@wastelanddan7388]

Caller: I just paid off my house. Dave: Sell the house.

[@evalangley3985]

It is better to get your mortgage sooner, and froze in time that debt. You are better off getting the property right away if you can afford it, then just waiting 3-5 years and saving. If they don't, money is going to play against them. Inflation will play against them. If you have a 20+% down payment and your house is in order, you should not even bother and just move right away.

[@luckylarue7885]

Half a percent? You can get 4% at sofi

[@GeneralSirDouglasMcA]

I’m currently just letting my money accumulate in my checking account in order to save for buying a home (save 15% for Roth ). Is this ok?

[@ddyoder]

Gotta favor T-Bills in this environment. Not only 5%+ return and can just do 4-week/8-week/13-week/17-week ladders, but unlike CDs that charge state and local taxes -PLUS federal, T-Bill yields are exempt from state and local taxes. It's really easy to setup at TreasuryDirect and there are tons of KZbin channels out there which show you how to do it step-by-step (e.g. Diamond Nestegg)

[@dennisswanberg1718]

High yield savings account are paying 5% interest

[@noopz8035]

Defi crypto stable yeild farming

[@jambo2853]

I cant believe how low interest rates are in the US compared to South Africa

[@davemal15]

He basically told you he has no clue what you should do. Do not put it in money markets. Call someone that knows what they are doing.

[@rickdunn3883]

Bad advice: don't "play" the market ever-especially for 1-3 years. If your'e marginal tax bracket is 22% or higher..you might.consider something like 70% in VTMFX the balance in a MM fund. Expect MM Funds to go down in 2024-26. You don't need an advisor-you can do this and save the fees. "Money Doesn't Grow on Fees."

[@spcysos]

High yield is paying 4% right now…

[@gregoryreinert9629]

Gold is not a win all lose all, I know he doesn’t like gold but it’s strange he would lump it in with Bitcoin and roulette.

[@tdaveniii]

The calculus gets more complicated with today's inflation. It's one thing to park $$ in savings when inflation is 2%, it's entirely a different thing when it is 6+%.

[@user-tb7rn1il3q]

BBB is dead, inflation will ease. If the stock market tanks, housing will go with it. I’d probably hedge bets and put half in a money market and the other in conservative stock mutual funds. The housing market isn’t doing as well as people think it is. Population growth is stalling.

[@robloxvids2233]

I bonds pay 7.12%

[@user-tb7rn1il3q]

@@robloxvids2233 I buy I Bonds as well.

[@alonsoortigoza6058]

High yield CD!

[@josephmartinez8166]

I really like that guy that's next to Ramsey. Seems genuine and sincere.

[@evohock]

Did they say a high-yield savings account will be a half of a percent?

[@gingersmedia]

Oh how times have changed when it comes to high yield savings. Accounts with ally, PayPal, capital one, and wealthfront for example are 4-5% annual return right now. Literally zero risk, pretty incredible stuff. Sure these will go up and down with inflation, but if we’re gonna be stuck in the world of $4 a gallon gas and $12 eggs, you may as well get a couple extra percent on your liquid savings.

[@hammypie]

What’s the max I should put in one HYSA before I open a second HYSA?

[@gingersmedia]

@@hammypie as far as I'm aware, the only reason you'd want/need a second one is if you're going to exceed the insured limit of the account or if one account doesn't meet your needs from withdrawal limits or something of that nature. The rules of diversity dont really apply to HYSA as they do for an investment portfolio. As the Ramsey peeps say, its just a fancy parking spot for you money, mostly to just help it grow with inflation so that its not worth *less* than before.

[@sirhenrystalwart8303]

I'm becoming increasingly skeptical of this idea that you should save up enough money to pay in cash. I started saving after grad school 4 years ago. I've hit 400k in savings. Four years ago, that would have been enough to pay cash. But the inflation in home prices is so bad, they go up faster than I can save. Now I need 800k. If I wait another four years, I'm going to need 1.6 million if things keep going like this. It would have been much wiser to ignore Dave and take a loan out 4 years ago.

[@SenorJoeBiden]

You’re buying a house entirely in cash?

[@sirhenrystalwart8303]

@@SenorJoeBiden Isn't NO DEBT the Dave Ramsey way?

[@themaddendynasty5099]

You’re correct. Dave’s opinion that you should buy a house in cash is completely out of touch. People will never be able to save more than the appreciation rate of the house. That method may have worked a long time ago, but it is nearly impossible to do so today.

[@Mayflower018]

Dave actually advocates saving 20% down payment then taking a 15 year fixed and paying it off early. The main thing is that the total monthly payment (mortgage+ taxes+ fees) does not exceed 25% of your income, so it may require a bigger down payment. But yeah, taking a loan for a home is about the only debt Dave won't yell at you for

[@jermaineishmael7225]

You're a fool Ramsey is not for you 😊

[@kalebd9601]

Not a millionaire now with that market crash lol

[@LukeofAllTrades.]

Probably better to put it in the market, and then in 2 years if it's down, wait another year for it to recover.

[@ClaxtonBay123]

And if it’s down the following year then what? Money has no business being in the market that short term If you can’t afford to lose any

[@LukeofAllTrades.]

@@ClaxtonBay123 Wait another year, 2 years is most often enough for the market to recover. But you're right, if you absolutely must have the money 2 years from now, the market is not a safe way to do it.

[@sayalibonde]

whats a money market?????

[@BenMaclung]

Rate cuts commenced in June 2024, taking 6-8 months to complete. A potential crash, if any, might occur by March 2025. The soft landing narrative is gaining traction, making this big recession everyone is calling for less likely. With $1 million from a business sale, I'm seeking profitable investment opportunities for the next 3 years.

[@MichelleBennett-g6d]

The financial market is a reliable choice. Diversify your portfolio with I-bonds, stocks (ETFs, REITs, dividend-paying stocks), and bitcoin. Given your budget, I recommend hiring a fiduciary to ensure you receive professional insights for a fee.

[@alexYolan-wl3xm]

Certain Ai companies are rumored to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.

[@LeylahCollins]

This is all new to me, where do I find a fiduciary, can you recommend any?

[@alexYolan-wl3xm]

‘Grace Adams Cook’ , 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.

[@LeylahCollins]

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

[@pyrogun1839]

Treasury Series I Savings Bonds!

[@lukesullivan4276]

he really wanted everyone to know that he was a millionaire lol

[@ntmn8444]

I would too ! That’s awesome for him 👏🏻

[@Intell3ctualProperty]

Don't be jealous! Get the book and start doing the baby steps so that you too can let everyone know!!!!

[@johnh8705]

He doesn't sound braggadocious

[@TheMILLZ13]

Hmmm it’s like this is not the everyday millionaires channel.

[@JustinCase780]

Not at all and actually just the opposite. The braggard callers wait for Dave to ask questions to drop the facts later for shock value. This guy was straight up sharing his 4 year success after buckling up.

[@Steph1]

Imagine he put it all in NVIDIA 💰

[@mrbaboy]

Where are the callers who are still struggling and only have $30000 saved?

[@DjCppsNews2012]

If I were him I would slide at least some portion of that into anchor protocol. NFA ofc but Terra and it’s ecosystem are going to change the lives of many when they realize its potential. Hopefully down the line I can look back at this comment and see how early this point of time was 🙌🏿

[@EvanGillogley]

Ooof 😢

[@jamesmir89]

Haha

[@TysonFSteward]

Terra definitely changed some lives haha

[@paulbrian101]

This aged beautifully lol

[@ryebread447]

Yeah on 4 years... means they had a massive start from jump.

[@gangaadhikari9491]

Inflation is 3% Mortgage is 2.5% Yet Dave Ramsey still says pay it off early 😂

[@rickyayy]

Inflation is closer to 7-8%

[@Kuwandi]

I’m going to say that the caller doesn’t now have $750 k in his retirement …..on 9/29/22. But if hypothetically he pat=rked his money in the safe parking space “ where should “ he have parked it, now in “. RETROSPECT’” …comments ?

[@robertjohnson4401]

Again, typically bad advice here. The caller said he paid off his house. With his $1.2M net worth and $750k in retirement, he has $450k in equity in the house. When he sells the house, he can use the proceeds to purchase the next house. If he puts $350k down on the purchase of a house on sale of existing house, he can purchase up to a $1.75M house and put down at least the required 20%.

[@samlee1546]

Sometimes you gotta think that most people live their lives to buy a bigger box to live in.....

[@vcash1112]

Mutual funds charge high fees...👎

[@WookieSenshi]

Just put it in a high yield savings. I have my cash in Kabbage (which is owned by Amex), and currently they give 1.10%. Which is higher than anywhere I've seen recently.

[@musicpro7278]

1.10% sounds fake ima do some research on that

[@musicpro7278]

Real but it's just for businesses. I didn't see anything about savings

[@Ratkill9000]

I'm getting 2% APY on my savings account.

[@dec1slh]

@@Ratkill9000 where?

[@EvanGillogley]

It’s like 4-5 percent now 😅

[@kevins5268]

High yield savings

[@sweatequity7160]

Good luck saving into a money market for a house that is appreciating at over 20% per year.

[@Anthony-zw1qb]

Having A baby on the way in 7months, I’m just trying to stock like cash in a Treasury money market fund