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Where You Should Keep Your Emergency Fund

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George Kamel

George Kamel

8 ай бұрын

EveryDollar Budget Deal: I love a good deal, when you sign up using this link, I’ll hook you up with a 14-day free trial and $15 off your first year of the premium version of EveryDollar. www.ramseysolu...
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: 118
@datnohi8612
@datnohi8612 8 ай бұрын
Mine is a high yield savings account attached to my checking ✔️ the interest payments are enough to pay my electric bill, my goal is to grow it large enough to pay all my utilities
@cjhoward409
@cjhoward409 8 ай бұрын
What’s the interest rate that you get ? My bank has some so called high yield savings but you can’t touch the money for 18 months or longer
@billsmith5440
@billsmith5440 8 ай бұрын
⁠@@cjhoward409sounds like you have a CD. There are many high yield savings accounts with 4-5% interest
@kevineng9653
@kevineng9653 7 ай бұрын
@@cjhoward409​​⁠the one your bank has sounds like a CD account. Those are basically “locked” at a certain interest rate for a period of time.
@justchilling_.
@justchilling_. 7 ай бұрын
Intrest rate?
@justchilling_.
@justchilling_. 7 ай бұрын
@@cjhoward409 sounds like a cd 💿 🤔.
@bodiestevens9845
@bodiestevens9845 8 ай бұрын
Ally is paying me 4.25% for saving account I can get at anytime
@cooper197
@cooper197 6 ай бұрын
The only thing about putting it in a high yield savings account is typically they’re not linked to a checking account from the same bank so transfers can take up to a few days to go through whereas when I had my savings account with the same bank I’d get it the second I clicked the button
@michaelbrown7455
@michaelbrown7455 8 ай бұрын
Meanwhile people are warning that we will have a crash bigger than the Great Depression, a time when people could not pull their money from the banks.....My advise to everyone is to keep a little bit everywhere.
@RusskiCommieBot
@RusskiCommieBot 8 ай бұрын
Money in the bank legally isn't your money. That is the worst place to put your money.
@WtfOmw
@WtfOmw 2 ай бұрын
Wise words my friend. You have to have a backup, for your backups, backup.
@WtfOmw
@WtfOmw 2 ай бұрын
@@RusskiCommieBota small fiat allocation in your bank is good because it is insured up to $240,000. I wouldn’t keep that much in the bank unless I was a millionaire. However if I did this I would then keep cashing out my uninsured interest savings out and reinvest it in a store of value or needs.
@justwait9822
@justwait9822 8 ай бұрын
I follow the youtube budget community so i buy a bunch of planners and cute envelopes while i have high interest debt and then cash out my paychecks and put the money in 20 different overpriced envelopes. Then make youtube videos where i do weird things with my hands and give budget advice while having 20k credit card debt and opening an etsy store that makes 3.50 a month.
@bellad1063
@bellad1063 8 ай бұрын
I got nervous when he didn’t mention online high yield savings account after stating account with check writing privileges and a debit card. 😅
@justchilling_.
@justchilling_. 8 ай бұрын
😊 Love the educational shorts ❤.
@johnreed9050
@johnreed9050 17 күн бұрын
Ever time I get close to having an emergency fund I have something break and I’m back to square one. Since I have frequent bad luck I never get my emergency fund replenished
@user-kv6jw1ip3o
@user-kv6jw1ip3o 8 ай бұрын
If anyone is slightly worried about a banking collapse like the great depression, look into investing a small amount into gold and silver every month. I have a good amount stacked and it nice, just wanna leave something cool for my kids and future grandkids.
@cjhoward409
@cjhoward409 8 ай бұрын
My grandpa back in 1964 got a bunch of silver quarters… the last year that silver was put in quarters. My brother and I have those now 😊
@TenApplesforTime
@TenApplesforTime 7 ай бұрын
The people thinking the "emergency" here is a zombie apocalypse and not long-term unemployment or a health crisis 🤦‍♀️ Idk how this channel attracts these types
@jessgatt5441
@jessgatt5441 8 ай бұрын
Make sure that checking and savings are separate and unlinked.
@maureenvallieres3555
@maureenvallieres3555 8 ай бұрын
No banks
@mandypdx
@mandypdx 8 ай бұрын
I keep mine at a local credit union, that is not attached to my checking account
@jessicalizarraga9160
@jessicalizarraga9160 8 ай бұрын
What nobody tells you about HYSAs is that by the end of the year you will receive a 1099 INT to pay taxes on the interests earned
@Fitmom312
@Fitmom312 7 ай бұрын
So then you can put your money into short term bonds.
@JeanValjean875
@JeanValjean875 Ай бұрын
​@Fitmom312 You'd have to pay taxes on that too. But honestly, so what? It's still basically free money.
@louis5855
@louis5855 8 ай бұрын
Online high yield way to go !
@roylangley6333
@roylangley6333 16 күн бұрын
Which one do you recommend
@romanyimesgen6136
@romanyimesgen6136 14 күн бұрын
Glove the compartment in your car, that’s the stupidest place I’ve ever heard. Do you know how many times a car broken in please people
@stargazer57813
@stargazer57813 7 ай бұрын
Some people say to keep an emergency fund in gold. That is not a liquid asset. Buying gold is fine but that is not an emergency fund. If you cant access it immediately, it is not liquid and is not an emergency fund.
@careya
@careya Ай бұрын
Mine is in ETFs. Not a great idea, but what I’m earning on it right now is just so fun to see. ❤
@joeltroughton3021
@joeltroughton3021 8 ай бұрын
High yield was just recently decent interest. Sofi, capital one etc have good options. Can’t hurt to talk to your bank to see if they have anything better
@leechburglights
@leechburglights 8 ай бұрын
My 6 month emergency fund is in a high yield money market account, earning 5.05% interest.
@joeltroughton3021
@joeltroughton3021 8 ай бұрын
What bank is it through. That’s basically unheard of
@leechburglights
@leechburglights 8 ай бұрын
@@joeltroughton3021 UBF Direct
@RusskiCommieBot
@RusskiCommieBot 8 ай бұрын
Some of your emergency savings should be in Gold and Silver coin in your physical possession. Confidence in the banking system could collapse overnight.
@jessicalizarraga9160
@jessicalizarraga9160 8 ай бұрын
Do you get a 1099 INT at the end of the year? If so, how much taxes do you have to pay on the interest earned?
@mandypdx
@mandypdx 8 ай бұрын
@@jessicalizarraga9160the same tax bracket as their income, because… it’s income..
@chrisross9467
@chrisross9467 8 ай бұрын
I keep mine in AMC out of the money calls... highly recommend
@marylandmonroe
@marylandmonroe 7 ай бұрын
Mine is also in a high yield saving account at the same bank where I have a checking account and can do easy transfers.
@aug07broken
@aug07broken 8 ай бұрын
I feel unsafe that online savings accounts are not really liquid cause I can’t even get anyone on the phone to make an inquiry! And they are not available where I live, which is strange since it’s “online!” I have to settle for a regular savings account. If I can open a hysa in my location with debit card, I will happily get it.
@RusskiCommieBot
@RusskiCommieBot 8 ай бұрын
Keeping pixels in a bank account is the dumbest thing you could do. You would be much better off keeping a roll of gold coins in a safe, well hidden place. Inflation is the new normal until we reach hyperinflation.
@brendahawkins8211
@brendahawkins8211 8 ай бұрын
Thanks George!🎉
@Samtie1
@Samtie1 15 күн бұрын
There's your first problem, you have to pay doctors out of pocket.
@CalvinHillMusic
@CalvinHillMusic Ай бұрын
Hey George, question do you think it’s wise to pay for car insurance upfront instead of month to month?
@tinyali7704
@tinyali7704 5 ай бұрын
5% w/ Varo bb!
@lucasallen6979
@lucasallen6979 17 күн бұрын
What would be classed as high yield? I'm an amateur and mine is in a 4.55, is that good, average or bad?
@annoyingpokemongaming9577
@annoyingpokemongaming9577 8 ай бұрын
Love this advice ❤❤❤❤❤
@christopherbradley5575
@christopherbradley5575 17 күн бұрын
What? Come on, Dude. Why go to all that trouble when every house, apartment and even RVs all have perfectly good mattresses?
@dorisbrinkerhoff8124
@dorisbrinkerhoff8124 8 ай бұрын
no no under the bed . safe from the bank
@mizztwerksum5256
@mizztwerksum5256 8 ай бұрын
Yeah wouldn’t want them giving me 4-5% interest.. free money so scary 🤡🤡🤡
@classicgaming9765
@classicgaming9765 8 ай бұрын
Best Advice ever 🙏
@peternelly1987
@peternelly1987 7 ай бұрын
Any recommendations on any online accounts
@samanthawilson6945
@samanthawilson6945 8 ай бұрын
YESSSSSSS. Thank you
@benjaminhough8804
@benjaminhough8804 8 ай бұрын
I do have a question, if you use an online HYSA, how can you gain access to the money fast? My HYSA takes 2-3 days to access because the fund transfers take soooo long. By definition, an emergency fund isn’t planned and expenses may arise quickly when 2-3 days won’t cut it. How can I have quick access to those funds in case of emergency when the transfers take days?
@AviSpira
@AviSpira 8 ай бұрын
Personally I believe you should have a decent stocked checking account as well as an emergency fund for just this reason.
@xiaosha1558
@xiaosha1558 8 ай бұрын
I was wondering this as well. But then I was thinking, even in a medical emergency, for instance, wouldn’t they send you a bill? That would give you time to do a transfer. Other than maybe a kidnapping/ransom situation, are there other times you would need $10K in less than 2-3 days?
@jessicalizarraga9160
@jessicalizarraga9160 8 ай бұрын
Did you receive a 1099 INT for the intesest earned? If so, did you pay a lot of taxes over the earned interest?
@AviSpira
@AviSpira 8 ай бұрын
​@@jessicalizarraga9160 I believe I will receive my consolidated 1099 in February. Normal tax rate applies but it's definitely worth doing anyhow
@jessicalizarraga9160
@jessicalizarraga9160 8 ай бұрын
@@AviSpira thank you for the info! great to know!
@kendean4278
@kendean4278 7 ай бұрын
Cash in a hollow tree
@Splendid_chez
@Splendid_chez 17 күн бұрын
What is a good hysa??
@maureenvallieres3555
@maureenvallieres3555 8 ай бұрын
Do not agree also if not cash and put away.
@rinaroldan8921
@rinaroldan8921 7 ай бұрын
How can I find a bank that offer high yield savings account?
@brittanycompton8451
@brittanycompton8451 7 ай бұрын
Google high yield savings account
@LilDigga69
@LilDigga69 2 ай бұрын
Or you can just say make the bank rich
@gcinankomzwayo4443
@gcinankomzwayo4443 7 ай бұрын
What’s the average return rates of high yield savings account?
@jonduke4748
@jonduke4748 8 ай бұрын
Um NO it should be cash. What if the bank goes bunk or the power goes out? That's an emergency
@leechburglights
@leechburglights 8 ай бұрын
If the power goes out, the bank can't give you money either 😂 sure keep some cash on hand, but your emergency fund should be accessible in a 2 or 3 day period.
@joeltroughton3021
@joeltroughton3021 8 ай бұрын
Heard of FDIC insurance. 🤡
@RusskiCommieBot
@RusskiCommieBot 8 ай бұрын
@@joeltroughton3021 Ever heard of unlimited money printing?
@motobator1895
@motobator1895 8 ай бұрын
Not when power or internet goes out… a real emergency.
@GlobalAdventurer
@GlobalAdventurer 6 ай бұрын
I keep a large sum of cash on hand and a collection of silver coins.
@Sam-fq4hj
@Sam-fq4hj Ай бұрын
Never keep your money in your bank
@PinkRose0910
@PinkRose0910 Ай бұрын
It’s good to have some cash at home. However to earn interest you need to use a bank. Otherwise with inflation the value of your money on hand is decreasing.
@Sam-fq4hj
@Sam-fq4hj Ай бұрын
@@PinkRose0910 money is not safe in the bank. The bank owns your money and it can disappear at any time. So interest rate can outpace inflation. You’re only asking to get robbed
@user-uh2wh6di9f
@user-uh2wh6di9f 6 ай бұрын
Till the Internet goes down
@ajalicea1091
@ajalicea1091 Ай бұрын
That's when NOBODY GETS ANYTHING. IF THE INTERNET GOES DOWN; NONE OF THE FINANCIAL SERVICES WILL BE AVAILABLE. INCLUDING BRICK AND MORTAR. They depend on the satellites to provide internet. When all that goes to pot there is nothing they can do to help you get your money. ATMs will not even be working.
@jeremydespain
@jeremydespain 8 ай бұрын
Many forget about the Roth IRA option for larger emergency funds. You can always take out your contributions without penalties or taxes. ✅
@minkekj
@minkekj 8 ай бұрын
For one, that isnt liquid enough. And you also run the risk of it losing value (i.e. the portfolio dips quickly and is worth less than your contributions).
@Koop784
@Koop784 8 ай бұрын
The idea of an emergency fund is at least partially instantiated on the idea that banking won't be available. Withdrawals are shut down, your account is frozen, your assets are siezed - something along those lines.
@minkekj
@minkekj 8 ай бұрын
That's a doomsday scenario. And if that happens, cash is worthless anyways.
@ember13dp
@ember13dp 8 ай бұрын
Under your doormat 💀
@janiewerner
@janiewerner 8 ай бұрын
Sooo…..what if the irs drains your savings account because your husband didn’t pay them? I will never feel safe again.
@joeltroughton3021
@joeltroughton3021 8 ай бұрын
Then that money wasn’t yours, you owed taxes. Feel free to keep it under your mattress but it’s not safe.
@janiewerner
@janiewerner 8 ай бұрын
IRS disagreed-they granted me innocent Spouse forgiveness.
@kevo212
@kevo212 8 ай бұрын
@@janiewerner the tax man will get theirs either way, either from you husband or you. You both should aim to get as close as you can to no taxes owed or refunded when doing your taxes. You do not want to mess with the IRS.
@Lucidio2
@Lucidio2 6 ай бұрын
My rainy day fund is keeping all 5 credit cards at or near 0, 3 MM accounts, and running my own investment accounts I can have money out of investments within hours if not the next day
@gtcam723
@gtcam723 8 ай бұрын
Is it just me or does George resemble Ed Bolian?
@Gigi30107
@Gigi30107 7 ай бұрын
Nope nope nope
@15KHPCLUB
@15KHPCLUB 8 ай бұрын
Definitely don’t keep it at home with all the stealings in blue states and house explosions in Virginia. High yield savings account with easy access will do.
@user-kv6jw1ip3o
@user-kv6jw1ip3o 8 ай бұрын
Depends on the situation, I work remote in a "Blue State" with the .300 BLK next to me I feel just fine with my nest egg.
@RusskiCommieBot
@RusskiCommieBot 8 ай бұрын
It is no longer your money once you put it in a bank. You are better off dispersing your money between the walls of the house and a coffee can buried in the back yard.
@15KHPCLUB
@15KHPCLUB 8 ай бұрын
@@RusskiCommieBot As someone who also lost his 1st house in a gas explosion, I would strongly advise against that.
@larryakers4144
@larryakers4144 8 ай бұрын
What is a good online bank. I'm nervous about it
@RusskiCommieBot
@RusskiCommieBot 8 ай бұрын
Farmers and Merchants Bank is one of the better capitalized banks in the United States. Be your own central bank with Gold and Silver coins is an even better solution.
@danhoyles
@danhoyles 7 ай бұрын
Useful video if you just woke from 300 year nap.
@LocoNeedAChickenWing
@LocoNeedAChickenWing 8 ай бұрын
If your emergency money is in a bank it's not "liquid". Emergency funds should be kept where you can get to it easily enough by yourself at any time of day or night
@MrBrewman95
@MrBrewman95 8 ай бұрын
So where then?
@benjaminhough8804
@benjaminhough8804 8 ай бұрын
Cash sitting in a bank is literally the definition of liquid. Examples of non-liquid locations would include your house, investments, cars, etc. Liquid is cash sitting in the bank, physical cash, etc.
@kevo212
@kevo212 8 ай бұрын
why would you need large sums of money at your fingertips? who do you need to pay that requires you to pay cash on hand in an instant? HY savings is liquid and you can get your cash transferred and bills paid within a few days.
@norpfuseman1485
@norpfuseman1485 8 ай бұрын
Bitcoin
@joanconley2032
@joanconley2032 7 ай бұрын
No way dummy
@bonfireblessings
@bonfireblessings 8 ай бұрын
Disagree. Liquid means in cash.
@larrykramer2761
@larrykramer2761 8 ай бұрын
yup, I keep mine under the mattress
@kevo212
@kevo212 8 ай бұрын
@@larrykramer2761 i would have back pains
@lm7580
@lm7580 8 ай бұрын
Emergency fund lol
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