5 Worst Places to Keep Your Money

Рет қаралды 137,727

Күн бұрын

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5 Worst Places to Keep Your Money
In this video, I’ll share the worst places to save your money, and, to avoid to being a huge bummer, I'll also share the BEST place to save your money.
Links:
My Video On Universal Life Insurance: • Don’t Buy This Univers...
💸 Open a high-yield savings account and make your savings work harder for you. Check it out here: www.laurelroad.com/george
George Kamel is a personal finance expert and co-host of The Ramsey Show. Following Ramsey’s proven money plan, George went from negative net worth to a millionaire in under 10 years. His goal is to help people spend less, save more, and avoid money traps so they can live a life with more margin, options and freedom.
This channel will simplify complex money topics, bust money myths with actual facts, and debunk the stupid financial advice you're seeing in your social media feed. All with a healthy dose of pop culture, humor, and snark.

Пікірлер: 366

@dianesullivan5338 Ай бұрын

I put away money for saving, but with inflation pouring down, it feels more like a leaky bucket. Saving for retirement seems impossible if my money keeps losing value faster than I can earn it.

@JosephineKenney Ай бұрын

Talk to a financial advisor about inflation-protected investments like TIPS (Treasury Inflation-Protected Securities) that can help your savings keep pace with inflation.

@FinnBraylon Ай бұрын

Financial consultants can recommend investment options that outpace inflation, like real estate or certain stocks. A client of mine used this strategy and saw their savings account grow by 15% in just two years,effectively combating inflation's drag.

@HildaBennet Ай бұрын

That does make a lot of sense, unlike us, you seem to have the Market figured out. Who is this fiduciary??

@FinnBraylon Ай бұрын

“SONYA LEE MITCHELL” 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.

@HildaBennet Ай бұрын

I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

@Tashas_Travels Жыл бұрын

I am $100 away from hitting my $1000 emergency fund and I'm so happy because I was a spender who has never saved this much money, it may be nothing to others but it's a lot to me. I am now just thinking of what to start saving for next 🤔. I don't have any debts so I am skipping that part.

@Architect-jg8cn Жыл бұрын

3-6 months of expenses in an emergency fund. Then save for retirement.

@Tashas_Travels Жыл бұрын

@@Architect-jg8cn yes I start my 6-12 months worth of living expenses on July 1st. Since I dusted off my $1000 emergency fund.

@drummerhq2263 7 ай бұрын

Keep it up

@PeaShooter1997 5 ай бұрын

The fact that you have no debt is awesome and believe it or not puts you ahead of a lot of people, build that emergency fund.

@c7042 3 ай бұрын

Heroin, cocaine, meth, and marijuana probably shouldn't be options.

@freedomring3022 Жыл бұрын

"like Megan Markle avoids her in laws" --- LMAO!!

@e2ndcomingsoon655 Жыл бұрын

Brilliant comment

@joysilas4724 Жыл бұрын

😂😂😂😂😆😆😆

@mrcrowleyoz Жыл бұрын

who’s that?

@eataxpros Жыл бұрын

George a menace for that 😂

@TopVillain 9 ай бұрын

A real knee slapper

@Zielnik333 Жыл бұрын

George, you're slowly becoming my favourite comedian. Your delivery is spot-on.

@FennaVa 4 ай бұрын

I am really worried about the current bank crisis/interest rates, these are all the signs of yet another market crash , so my question is do I still save in the United States dollar or is this a good time to buy gold or some other assets ?

@marcellasilva4015 4 ай бұрын

Many overlook that banks are return-driven businesses. I don't trust keeping a large sum in a bank. Instead, I invest with guidance, enjoy the benefits, and save for retirement.

@ralfbrown-kl1gp 4 ай бұрын

After the '08 financial crisis, I've learned not to trust corporations. Since 2020, I've been investing with a financial advisor and have had no major losses, so I'm not going back to relying solely on banks.

@strawberryme08 Ай бұрын

Get food storage 😬 gold can’t buy food that isn’t there

@madness03 Ай бұрын

gold is king

@oliverdavis-tw2xl 16 күн бұрын

Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?

@cindyt3416 Жыл бұрын

Omg George I don't know why you were worried about having a channel. You are hilarious and informative. Keep up the good work!

@metaltera86 Жыл бұрын

As an hvac tech, I approve this video

@markbeiser 4 ай бұрын

Until you have to clean tree rat chunks out of someones outdoor unit...

@rhsxo Жыл бұрын

I daily drive a 2007 Toyota Camry Hybrid with over 250,000 miles and yes, the 4 disc CD changer is loaded with some rocking albums. I cannot confirm nor deny if the No Strings import album is one of them 😊

@Imnotelijah1 2 ай бұрын

2007 Toyota Camry was my first car. I loved it

@raginaelmi Ай бұрын

I drive 2004 Toyota Siena with a disc cd player and cassette player. I can't tell you how many people got surprised when they see it.

@PrincessZelda609 Жыл бұрын

I have used CDs many times to save for specific goals. They earned a higher interest rate AND I could not tap into it for a certain amount of time, which is good for people who lack a little discipline like me. I'm currently saving for a house and intend to open a CD for this purpose because I won't need the money for another year or two. I just choose the appropriate CD to fit my timeline. 🤷🏿‍♀️

@landondean4701 Жыл бұрын

They can be a great tool, just not for an emergency fund. I have a $20,000 CD at 4.5%. Money market rates are liquid and pay 5.05% so CD's don't always pay higher rates.

@AbidingHopeMentalHealthCoach Жыл бұрын

I haven’t seen a CD that gets better interest than my Betterment account savings. I’m getting 4.5% APR right now on a no-minimum account. Well, three, actually. And they are FDIC insured up to $2 million (because they are in multiple banks). I keep the bulk of my emergency fund there, along with the money I set aside for taxes (instead of loaning it interest-free to the government, I save it in an interest-earning account), so I can make a couple hundred dollars, maybe, on the money I need to pay my taxes (and being a self-employed entrepreneur, I have plenty of taxes to pay!).

@PrincessZelda609 Жыл бұрын

@Lisa Google revealed several CD options higher than 4.5%. I bank at NFCU and they offered CDs higher than 4.5%. If there are savings accounts yielding higher rates then great. But my point was that CDs are not as pointless as the author of this video makes it out to be if you just assign a goal to them. I always made good use of them because I used them with intention.

@AbidingHopeMentalHealthCoach Жыл бұрын

@@PrincessZelda609 I can see your point if it’s a short-term thing with a plan to use the money at the end of a period of time and you won’t need it at all before. I like that I can add to my accounts monthly, and withdraw at any time. I can’t think of anything right now that would justify tying up any amount of money for a year or two, but I’m sure some people could.

@PrincessZelda609 Жыл бұрын

@Lisa Reynoso You don't understand the value of a CD and that's fine, it's not for you to understand. If the method isn't for you, then just keep doing what is best for you. 🤷🏿‍♀️ CDs have always been MY best tool to save for goals, both short and long term

@matthewrudomin Жыл бұрын

George, I just converted all my money into CDs.. not certificates of deposits, compact disc's, I'm reliving my childhood of Aerosmith, Metallica, and Weird AL

@myjoysunshine Жыл бұрын

George, we love your channel! Keep the videos coming! 💵 ❤

@bretsanderson7642 Жыл бұрын

I was just wondering about this topic. Thanks for doing a video on it, George!

@catherinewetzel417 Жыл бұрын

This answered my burning question. Thank you!

@ritagrindstaff2226 Жыл бұрын

I LOVE this channel! Hilarious and so informative!🙌🏼

@TheeRoyalAfro Жыл бұрын

Thanks for the info George and Ramsey team!

@mercyp7151 11 ай бұрын

This is a life saver!!! I hate those minimum limits that regular savings accounts use to pile on the fees. These are adult wins - when you have great financial advice from the Ramsey team so I dont have to drown in weeks worth of research and endless stress. Thank you! 👊

@alanacairns8439 Жыл бұрын

Thankyou so much George!! I love watching you and Ramsey together. I was nervous about an online savings account but thanks to your recommendation, I just opened an account with the link you provided. It brings me peace of mind under your guidance. Love your comedic sense of humor.

@ultramegasuper11 Жыл бұрын

Lots of Info, reality based and entertaining. Wow. A KZfaq video worth my time 😊

@jack7240 Жыл бұрын

GK these jokes are hilarious please more content !!!!! great work!!!

@chuck197 10 ай бұрын

George love your advice!! Gonna check out that online bank you mentioned on link. Thanks for your videos; love them like the Ramsey Show..

@jasondima1411 Жыл бұрын

Love the home alone clips! Keep them coming!!

@Andrew_28 Жыл бұрын

This channel should be bigger on KZfaq. Excellent content and production

@joelykins1884 Жыл бұрын

Liked and Subscribed! George, you are the best.

@entername7111 2 ай бұрын

CDs aren’t bad they just aren’t good for emergency funds

@lisab5904 Жыл бұрын

Perfect timing, George, Thank you! I was just contemplating where to put my ff emergency fund as my savings account rate is a pitiful 0.25%!

@JustenHarden 8 ай бұрын

Came here from today’s upload and gotta say .. thank you so much! Opened a high yield savings with Marcus and using the calculator, it’s quite embarrassing how much I was leaving on the table by not doing it sooner.

@kenyu8192 9 ай бұрын

Do you know who is going to transfer his money after watching this video?.... "It's gonna be me"! Thanks George!

@graceweber2822 2 ай бұрын

Me too.

@mmp495 2 ай бұрын

I love your wit!! Nice studio too. ❤

@Rigohinojosa15 9 ай бұрын

I really like the information man.

@rommeljimenez4765 2 ай бұрын

Thanks for the insights George

@wealthbytes Жыл бұрын

Need that money in a High Interest Savings. So many good options now.

@Mily-ql1eo Жыл бұрын

Marcus works for me too. Thx for the content George.

@savanahfondse6372 Жыл бұрын

You’re too funny 😂 omg. Thanks for the link!!

@BoostAndRedline Жыл бұрын

Thanks your in depth video about IUL’s I finally put my foot down and cancelled my policy

@kaelaleedaley Жыл бұрын

GREAT video! Thank you so much - we are viewers from the UK who didn't realise what some of these savings accounts were when hearing about them on TRS. We looked into investing earlier this year but found the average returns were about 1/3 less than we are sure to make in a HYSA (and that was in a well-performing market!) Xx

@Frosty2014 9 ай бұрын

Thanks for the great content haha!! God bless :)

@hikingchill9936 4 ай бұрын

Avoid CD’s? They’re giving you a risk free 6% at a lot of banks these days. Nothing wrong with putting extra cash in a CD ladder with a good chunk maturing every quarter.

@Real_Grant 3 ай бұрын

He’s only saying avoid CDs for your savings account since you can’t easily access it. Keeping your money in a HYSA is good for savings and anything additional from a rainy day fund can definitely go into a CD at those rates

@mymix1880 26 күн бұрын

Great video. Thank you George. Melanie

@wittleMermaid13 Жыл бұрын

Gave a like for you having 2 of NSYNC's 3rd album. That's a dang good album! Oh, and the money advice is good, too. I use Ally Bank and Capital One 360 high performance. Both @ 4% now.

@baseballfan9848 8 ай бұрын

Ted Lasso... Season 3 ... it lived up to what I expected. Favorite show.

@robbieb.3398 Жыл бұрын

Love the funny stuff 😂

@chazsmith6333 Ай бұрын

Having a good sum of cash at hand can be very beneficial. Where I live, when Hurricane season arrives, if a big one drops then everything is out and possibly for 4 or more weeks. ATM’s are down and having that cash ready when you evacuate can be very handy. Even if you evacuate somewhere that has power and access to your bank account, you still have to go back home at some point. Thats a true emergency fund right there. The value is in it being extremely accessible when a true emergency hits and there’s no time to waste.

@azucarmorena1117 9 ай бұрын

Thank you!

@dianaa4149 Жыл бұрын

What percentage of an emergency fund would you suggest be held in a traditional brick and mortar savings account? 5%? 10%?

@eveexpertguides995 Жыл бұрын

Dude that little clip with the squirrel was hilarious

@Tenjiecorner Жыл бұрын

My money is sitting on Citizens HYSA with current 4.5%. They have physical locations too. 😊

@dianecelento4974 Жыл бұрын

That's great. I'm looking into that one.

@macdaddychene 7 күн бұрын

Which Citizens? There are like over 100 different banks and credit unions with "Citizens" in their names.

@brandon9715 Жыл бұрын

For short-term investing that is for money beyond your emergency fund, CDs are great. I have a good chunk of money in a CD right now because rates are so high. A guaranteed 5.2% return with FDIC backing is solid when you want the money in a year or two.

@stephenayriss5049 Жыл бұрын

5% guaranteed is great. That money will go to the government who spends more then they make.

@brandon9715 Жыл бұрын

@@stephenayriss5049 some of it will, yes. Just the same capital gains as having it in a high yield account

@brandonrennison Жыл бұрын

Same that is what I am doing right now.

@pamm99 Жыл бұрын

Agree! I just opened a CD (first time in my life) with a 5.25 rate. I will make a little over 4K in 18 months.

@dianecelento4974 Жыл бұрын

@@pamm99 Wow! That's great.

@lindamoore8850 Жыл бұрын

Thanks George!! I just opened and made my first deposit into my Marcus account!!

@arlettezambrano3894 9 ай бұрын

How do you deposit money into an online account? I'm interested in opening a Savings with Marcus but how do I deposit?

@lindamoore8850 9 ай бұрын

@@arlettezambrano3894 you do an online transfer from your bank account to you Marcus account. From account set up to transfer takes about 5 minutes.

@Speedslip-bq2gk 9 ай бұрын

I tied my money to a pigeon! You can transfer money from your bank to another. Or, close one account, open a new one. Write a check works too for deposit. Or, just mail it all to me and my pigeon!

@mmp495 2 ай бұрын

@@Speedslip-bq2gk😂

@punkbassandcovers Жыл бұрын

If we're making N'Sync No Strings Attached puns...'You Just Got Paid' and if you put your money in tin cans 'That's When I'll Stop Loving You.' 'It Makes Me Ill' that George has the CDs of this album, clearly he needs a 'Digital Get Down.' High Yield Savings Accounts are good, 'This I Promise You.' 'I Thought She Knew' that this 'Space Cowboy' loves a good HYSA. 'It's Gonna Be Me' who will follow this 'No Strings Attached' advice. I'm done 'Bringin' Da Noise' now. 'Bye Bye Bye.' I couldn't resist!

@Superhyperaktive Жыл бұрын

Amazing!

@adventureseeking 4 ай бұрын

Hey George! Thank you for this channel. I’m saving in my sink fund a spot to FPU. Question: should I put my starter emergency fund in a high-yield savings account too?

@ebonylo. 11 ай бұрын

Just opened up the account! Thanks

@JakeSpradlin2 Жыл бұрын

I work in banking… you’d be amazed how many people have crazy amounts of physical cash in their homes

@SerErryk 3 ай бұрын

How would you know? If course they are going to say that. They don't want to be embarrassed that that $32 in that account is all they have to their name.

@everardocalderon8720 2 ай бұрын

If the bank only pays you $2 dollars annually for a thousand dollars in a savings account what’s the difference?🤔

@mmp495 2 ай бұрын

That's my dad. He does not want to fully disclose how much he makes with his rental properties.

@billjones4986 2 ай бұрын

Yes mine is under my bed use a safe.

@billjones4986 2 ай бұрын

Ya she avoids the in-laws she is from L.A!

@Silverdragon517 Жыл бұрын

I use the cd ladder strategy and it works great

@ronjr831 Жыл бұрын

Thanks for the advice. CD’s are offering 5% almost everywhere online though.

@GeorgeKamel Жыл бұрын

Agreed. I’d rather be conservative since many have fine print and many are closer to 4%.

@Eagleknight815 Жыл бұрын

Also, I enjoy my CDs in my '05 Chevy thank you very much 😂

@lordbernie6344 3 ай бұрын

Comedy and value at once. Too dope 😅😮😅

@Kakuren Жыл бұрын

Whoa whoa this man knows Larry?! I love Larry but he's out for 3 months so I had to do my own car repair.

@frederickvalencia4976 9 ай бұрын

I have a 07 camry and I love it! 😂

@gsmith5140 Ай бұрын

I have an '09 Versa and I can play all of my cd's you ageist!! 🤣 Seriously, thx for the video. 😊

@rbt1234567 Жыл бұрын

Disagree saying that CDs are not a good place to put extra cash. If access to money at regular intervals is needed they can be laddered. I carry 12 CDs carrying one months living expenses in each one with the interest paid monthly to a high yield savings account.

@joshuahickey9196 Жыл бұрын

George...I loved your channel before. Then, not only did you play a clip of my second favorite Transformer of all Time, but you also played a clip from the 1984 movie when Galvatron is voiced by the legendary Leonard Nimoy. Now, I adore your channel.

@GeorgeKamel Жыл бұрын

🥰

@joemartnz Жыл бұрын

Thanks George! How about making every dollar available to us viewers in NZ also (and yes, aware we can't link our banks, etc). Cheers

@carolinemurdock3038 Жыл бұрын

LOL funny you linked Marcus by Goldman Sachs cause I also have this as my HYSA

@OffGridandOutdoors 2 ай бұрын

Wealthfront is good, UFB Direct is higher and has both a HYSA and a MM account option.

@MrBSchmitty Жыл бұрын

We want MORE Home Alone clips! Lol

@karihosny9420 Жыл бұрын

Can you give a brief overview of the FedNow program that is rolling out in July?

@sarahshealthyrecipes Жыл бұрын

Thanks for the great tips and explanations of the different ways to save! I had no idea what a high yield savings account was! I dabbled in the stock market when I got my first job at 15 cause my dad was into that sort of thing. I made some money, not enough to change my life but it did help me understand a little how the system worked and what could happen with proper investing.

@thepeeve Жыл бұрын

Omg I’m dying of laughter and crying of joy from the galvatron clip from then original Transformers. In my top 5 favorite movies

@LonghairedJizzExpert 4 ай бұрын

I have 92% of my emergency fund in Silver Franklin Halve dollars from 1958-62 should I use them to pay bills or sell the silver?

@lauras.8088 Жыл бұрын

I have a HYSA at 5% but can only keep a limited amount that earns that much interest. Therefore, I also have a 12 month CD at 5%.

@FighterDoc98 Жыл бұрын

You almost lost me at NSYNC....but morbid curiosity kept me going...

@joeriveracomedy Жыл бұрын

Ted Lasso? The soccer on nbc commercial from 2014?

@LeiaAOS Жыл бұрын

I have my EF in an Ally MMA and I love it!

@Speedslip-bq2gk 9 ай бұрын

You should list the info for people here. Sharing tips is good karma!

@sbman436 11 ай бұрын

I'm saving for a down payment on a house using CDs. Emergency is in HYSA.

@strawberryme08 Ай бұрын

We are thankful you helped us learns of high yield savings account! We had no idea and we’re saving like crazy right now. We will get back a significant amount now monthly thank you! I can’t believe the back didn’t tell us about this 😑 so annoying.

@gabec1087 Жыл бұрын

That Megan Markle joke 😂👌🏼

@Silverdragon517 Жыл бұрын

Best one ever

@justinlindholm2679 4 ай бұрын

What about using a money market mutual fund in a broken account to park your emergency fund?

@JadenHercules Жыл бұрын

I think CD's would be the American equivalent of GIC's for any Canadians wondering.

@ninacook9162 Ай бұрын

Good job George…

@justaperson803 Жыл бұрын

You would make a great youth pastor

@vebtran 9 ай бұрын

Real talk about that *Nsync third studio album

@kratostomatoes8587 Жыл бұрын

Rolling your emergency fund into 2 alternating chunks of 4 week Treasury Bills keeps it liquid and earning a great return.

@janelle7778 Жыл бұрын

Hi George! Dr. Delony’s next band should be Dorsal Coin Hole!

@MrTsleep Жыл бұрын

When can we see you shred one of those guitars George?

@TS1023TS Жыл бұрын

Why do banks or credit unions utilize money markets? What are the benefits for them? How are they able to offer better rates of returns to us just by us putting money in those accounts? Just don’t want something to happen to my savings account/emergency fund. Thanks!!

@lberhold 2 ай бұрын

Keeping it in the ETF SGOV is the best option.

@deborahjackson6108 Ай бұрын

My 2016 Camry has a cd player. 😊

@EricMoore538 Жыл бұрын

My wife told me that I don't make enough money to put anywhere...

@chadbailey7038 2 ай бұрын

Well played sir. Well played. 😅 👏🏾 bye bye bye 😂

@dennis007 Жыл бұрын

I have used Fidelity Investments Spending & Save Account and have parked the money in SPRXX in there for many years. It’s basically a checking account earning SPRXX dividend rate. There is no string attached. AS of 6/12/23, the 7 Day Yield of SPRXX is 4.678%. The earning record of SPRXX is always on the top. For the CDs, Fidelity brokered CD rates are also on the top.

@fiskenburg007 2 ай бұрын

With regards with stocks, find good, blue chip companies, purchase 100 shares of one, sell weekly covered call options and collect the premiums.

@shreddedWheatz 9 ай бұрын

OK, the algorithm joke got me.

@indeedentertainment 2 ай бұрын

Mine is 4.9% as long as I continue to grow it, how much should I be investing?

@bshef3424 9 ай бұрын

.....we've shifted from Savings to using our Brokerages ....regardless of taxes - still better than the altrenative

@jasonk446 Жыл бұрын

I follow something similar. $1000 in regular bank savings account in case I have an immediate emergency. Regular emergency fund in Marcus currently earning over 4%. Then I have play money that I buy stocks, etfs, etc with. And, I also have some crypto. Thats a small percentage of my overall portfolio.