Where Do I Keep The Money For My Emergency Fund?
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- เผยแพร่เมื่อ 5 ก.พ. 2025
- Where Do I Keep The Money For My Emergency Fund?
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What about putting that money in a Roth?
I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
I feel your pain mate, as a fellow retiree, I’d suggest you look into passive index fund investing and learn some more. For me, I had my share of ups and downs when I first started looking for a consistent passive income so I hired an expert advisor for aid, and following her advice, I poured $30k in value stocks and digital assets, Up to 200k so far and pretty sure I'm ready for whatever comes.
@@ElijahOliver-t9u That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@@magen-b7n My advisor is Victoria Carmen Santaella
You can look her up online
@@ElijahOliver-t9u The crazy part is that those advisors are probably outperforming the market and raising good returns but some are charging fees over fees that drain your portfolio. Is this the case with yours too?
In a Savings Account connected to a Checking Account, where even on a weekend you can move the money in an instant, is the way to go for an Emergency Fund. Doesnt matter if you going to earn 0.04% on it. Is just how fast you can access that fund.
meh, i got a credit card and Id just need to repay (reimburse) that amount. 3 days is fast enough for me.
His effective tax rate is likely in the neighborhood of 30% all in (SSI, Federal, State, Local, etc.), so he's netting around 70K and then paying 17K into his 401k and in child support, so the 53K post all of that makes way more sense. I was so confused when she first said that.
it's not about how much money you make but how you manage it.
True
Definitely true. My parents remind me and my sisters all the time to save our money, and spend it on what we really need.
@RedRose0395 save it so when next year dollar is worth that much less. Buy assets, land silver, gold and hopefully retirement if dollar is still there
@@kevins5268 I’m doing an envelope challenge. Once I reach my goal, I’m splitting it into other categories.
1. Future Retirement
2. Car
3. Emergency
The rest will go into my bank account. And believe it or not, the savings challenge is not only fun, and addicting, but it also reminds me of just how hard it is to save money.
Edit - Thanks for the advice!
It’s definitely both lol
A High Yield Savings Account (HYSA) is a great spot for your emergency fund.
Where do you find one of those?
Its sad that the yield is so incredibly low.
@@hollyb6885 Discover, Amex, and Goldman Sachs are three companies that all offer an HYSA!
@@BrandonMinguez I’ll look into those. Thx.
@@hollyb6885 please don't do Goldman Sachs. They're a crooked company. I'm not sure what Sofi offers these days.
Biggest thing to take away is child support is no joke! Be careful of who you have kids with.
I'm old school, it's hidden in my home.
...your money is unsecure is what you are...
...good luck when you get robbed/fire/rats eat it...
Under the mattess, LOL
This guy could *easily* be paying 20k a year in child support, depending on how much his ex makes.
17k at max after 30% taxes and if he's making out his 401k, and all medical insurance bills for the family it's super unlikely anything NEAR 20k is going to child support.
“ high-yield” is generous 😅
some banks do have higher rates like betweem 3 to 5%.
@@ericolens3 we have that now because the federal reserve is trying to fight off inflation. It will eventually go back to 0.6% like it was in 2021.
It’s not the taxes ,it is the child support that is cutting that yearly income in half. 🤦🏽♂️
@@crash5225 probably taking back pay on top of the regular monthly support.
@@crash5225 right? How many kids is this for? Child support is not 50%. Especially not at 100k. Maybe he has multiple kids and is behind? Idk that sounds awful. I'm a divorced mom and while I think both parents need to contribute, it would make me sick to think my ex was paying 50% in child support. That's a lot. I've never seen those percentages. It's gotta be a combination of stuff.
@@ness0388 it’s not 50%. She said he makes 100k but brings home 53k AFTER taxes, health insurance, 401K, and child support.
You scruze, you luze.
you screws you lose.
😂
2200 twice a month is 4400 a month or 52800 in child support per year, that half his pay going to child support, that assuming her husband is only making about 100k per year...the typical child support payment is between 16 to 19% of income so she may want to look in to that...and whoever is doing your taxes, theres a glitch in that matrix
Not exclusively child support but also his insurance, 401k etc...combined taking about 50%.
@@eckankar7756 that makes more sense, from the way she spoke I thought 2200 biweekly was going solely to child support
@@davz203she did not imply that at all. You’re listening comprehension is terrible
I would invest it in a low risk etf like IVV or VOO. Sell whenever it's needed.
Brokerage account, invested in VOO.
they probably only take home 53k from 100 gross cause he probably maxes out his 401k (19,500 pre tax) and then maybe pays for all his various insurances (medical, disability, life, dental etc) for the family through that company paycheck.
And the child support comes out first, too.
Don’t forget she explicitly mentioned his child support
It's the child support probably. He's netting around 70-75 I would bet, and is probably paying 15K in child support and then another 10K to his 401k. Something like that.
My emergencies are endless
All money isn't good money. Its ok to turn down opportunities that don't align with your goals, ethics, and values.
I dig this new dude.
its odd, just go onto ADP or accountant at work and look at your break down. It will be clear exactly where all the money goes pre tax.
You have to have some money in a savings account that’s easily accessible. Some money to spend, and have a good chunk of change in retirement savings and a few other things that make money. God is the provider of all things and He will provide for all our needs according to His mercies. We just need to figure out how to harness and use what He has given us.
Facts
God doesn't set interest rates or debt payments. Stop waiting for God to give you what you think you deserve and start working towards your goals TODAY.
What happens when banks shut down?
How?
I am going to build up a $50k emergency fund over the years. Gonna put $10k per year into I-Bonds since the interest rate is so high right now -- tied to inflation :) Also relative to other savigns accounts, I-Bonds haven't done all that bad in the past 10 years.
...tell us you don't listen to Dave or any financial expert without telling us...
...or your expenses are such to justify...
My HYSA is 3.8% where does he get half a percent
Keep around 10k in a money market or high yield account. The rest I would stack precious metals (silver) a few ounces at a time. In an emergency you can offload it to a bullion dealer or pawn shop.
Great advice.
Bad advice
I really wanna call in to see if I'm on track.
In a DIFFERENT bank that you use for your everyday bills…………..a bank that you don’t pass by everyday…….and forget about it !
Tell yourself you don’t have that $$ ……… because you don’t. It’s only for emergency
PS. There is no such thing as high yield savings account in 2021
Looks like you've fallen into the trap of all the Ramsey emotional money gymnastics to try to trick yourself. People, just develop a healthy relationship with your finances. It's that easy and that hard.
Ally Bank Online pay 0.5%. :P
I actually put my savings in a different bank by coincidence and it works well for all the reasons you mentioned.
I really like this new guy. I'm assuming he is Hogan's replacement, but what happened to Anthony? I haven't seen him in at least a couple months
AO left Unfortunately. I saw the post on his instagram.
@@bernieveillard939 Hmmm interesting. Thanks for the update
Why ao left
George has been around for awhile now but as a secondary role. He used to host the Lives during radio commercial breaks.
@@bernieveillard939 🤔🤔🤔🤔🤔
I have mine in a high interest savings account, getting 4.6 percent.
Yeah dude, this was 2 years ago when interest rates were much much lower…
My biggest issue is less whatever the payments are between taxes and child support and insurance and more that she has no idea where any of these things are even going. Not great financial communication for a family.
Where do you find a high yield savings account
Currently, online banks.
I have mine in a 4.75 apy bank account.
There’s high yield savings accounts that are 4% and 5% now
Wait...so under my mattresses is not right?
If you are discipline, otherwise it's gonna be pizza money instead of emergency fund
The problem here is that you’re not talking to the decision-maker in the family when it comes to money she has no idea where the money goes or anything like that
In a true emergency you have no access to funds in banks when you need quickly, as I discovered after a hurricane. I keep cash in house but I’ve told a couple of trusted family members in case I forget where I hid it😳
LOL, I don't mean to laugh, but I get it. I've hid money from myself and forgot, and when I found it, it was like Christmas 😊
God forbid fire the money burns not replaceable
@@back2the80s If house burns I doubt I’d be concerned about a few hundred dollars.
Go with a high yield savings account
the "high yield" is anything but though
How do you get the baby steps?
It’s in Dave’s book
But I’m sure there’s a video on it
Baby Step 1 - Save $1,000 for your starter emergency fund.
Baby Step 2 - Pay off all debt (except the house) using the debt snowball.
Baby Step 3 - Save 3-6 months of expenses in a fully funded emergency fund.
Baby Step 4 - Invest 15% of your household income in retirement.
Baby Step 5 - Save for your children’s college fund.
Baby Step 6 - Pay off your home early.
Baby Step 7 - Build wealth and give.
Oh, it's about income. As in you have to have some income.
$100,000 a year and your husband’s net is in the 50s is CRAZY, even after child support.
How much does she have coming in?
HYSAs pay around 5%
Child support RIP
The next wife will be whining that the husband has to pay support to two ex-wives.
Id never pause investing.
1-month rolling treasuries also look pretty appealing at the moment.
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.
Hi. I’ve been forced to find additional sources of income as I got retrenched. I barely have time to continue trading and watch my investments since I had my second child. Do you think I should take a break for a while from the market and focus on other things or return whenever I have free time or is it a continuous process? Thanks
@@patrickhenandez However, if you do not have access to a professional like SUZANNE GLADYS XANDER, 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 commitments.
@@Bestjudy001 Oh I would love that. thank you.
@@patrickhenandez SUZANNE GLADYS XANDER.
Lookup with her name on the webpage.
Jenna??!! Where's Kelley?? 🤔🤔🤔
They're dropping like flies at Ramsey. Hope Kelly is on vacation (?)
Did everybody start with everything I can't believe this many people are this upside down in their life this young
It's like they signed a loan agreement right after birth.
@@blackworldtraveler3711 I did it the other way. Lived in a car making minimum wage, went to school and got an apartment went back to school bought a house and now I'm a landlord with multiple properties. After all of that THEN I discovered Dave Ramsey!!!!
The potential compounding gains lost by young people opting out of investments in order to pay off debt is terrible.
If a young person spends years paying off cars and cc and other toys, they will likely never recoup that by putting in more later.
Hmmm. It seems to me that Ramsey has seen enough of the financial world and enough of what he is suggesting to see that it works.
The interest on most debts is much worse than compound gains.
@@a.s.w.508 not saying his plan doesn't work. Just saying I'm some situations his method is more expensive in the end
The 'high yield' is about 0.45% these days
Emergency fund isn't for the interest, that is missing the whole point. Any interest is just the cherry on top.
Agree. Will increase once interest rates go back up. Slim pickings for now, I keep some cash in Yotta Savings.
Rates never went up after the crash
@@stevenporter863 Exactly. Pay off debt, invest while also keeping some cash in a safe bucket for emergencies. It's not about high interest returns on that particular money.
Smarty Pig online is advertising .70% up to $10000. Has anyone used them ?
I get a kick out of having a 1,000 dollar emergency fund.....maybe when 1k was worth something back in the mid 40's......
Well it's a baby emergency fund for while you are paying off debt. As soon as you are debt free you are supposed to save 3-6 months of expenses
@@JMar671
I prefer 20 years of monthly living expenses.
Passed 3-6 months in my early 20s.
Right
Ally bank
Underwear drawer is a great spot😊
But..they always say that with investing- time is way more important than amount. Sooo make up your mind George, please
This is the temporary $1000 emergency fund while attack your debt. When you get to Baby Step 3 (3-6 months of expenses) you want to have that money in an account that gets a better rate of return, as that money should be sitting there or some time.
High yield lol thats funny
I don’t get it. Didn’t she say she was already on baby step 3?
Baby step 1 she said
I just use my roth as an emergency fund, I can withdraw the contribution whenever...
Isnt there a tax penalty??
@@BreMue No, your contributions in a Roth IRA are post tax. You've already paid tax on it. You can take out your contributions at any time for any reason at any age. You can't touch your earnings until you are 59 1/2 years old AND the account is 5 years old (first contribution was made 5+ years ago). At that point, your earnings will also be tax free.
@@SB-rn4fy so only the "interest" is locked?
@@BreMue I wouldn't call it "interest," but yes, you are not allowed to touch your earnings until you are 59 1/2 AND the account is 5 years old. If you do pull out your earnings before you've met that requirement, then you will be taxed on that money and hit with a 10% penalty. Just remember that your original contributions are available as an emergency fund at any time. BUT, that is really not the purpose of a Roth IRA. It is designed for retirement savings.
Safety deposit box
Don’t forget to add 2-4% every year because you’re losing money from inflation
An emergency fund is not an investment fund.
@@matthewgardner2144 you missed the point. A $1000 today is not the same as $1000 next year so you do need to keep adding a bit to it every year so you can actually have enough for an emergency in the future. An emergency today may cost you $1000. The exact same emergency in 2025 may cost you $1200.
@@canadianjatti I hear what you're saying and don't disagree. I keep a lot more in cash, while still having robust investments. Dave has kept the $1000 EF figure for years.
Just keep it cash so it wont be no inflation
@@matthewgardner2144 exactly what i was thinkin keep it cash
And for Christ sake, stop treating people like they’re stupid
HYSA. I have one with 0.5%
Probably the promo rate. Read the fine print.
@@reaalitykinggs Nah, that's pretty typical for an HYSA.
What this? First emergency fund and second emergency fund?
Well Lena I hate to break it to you but yer just not the sharpest tool in the shed
She can tell you all the details you want to know about every Real Housewife no doubt! LOL.
Send it to me. I’ll take care of it lol
😂
In a valt in Iceland.
So when the banks get shut down what do you do?
You should make sure they are FDIC/NCUA insured
If banks 'get shut down' then the concept of Federal Reserve Notes (US Dollars) is nullified.
Yolo it all into out of the money calls on robinhood
the outro music sounds like kashmir by Led Zeppelin
aka the greatest of all time
Lina you got this !!!!!!
She gets $2,200 every two weeks that is stull $57,200 a year. Im at 65k, and i make $103,409. But im doing 15 percent to my retirement. With the child support that makes since.
Love this new guys style. Gonna miss Dave when he leaves
George has been around Ramsey for YEARS. Why call him a new guy?
@@eckankar7756 I've been watching for 3-4 years and never heard of him before weeks ago. And compared to the other personalities, I find him bland and useless.
@@KarlDag I've watched Georg's show for years, not sure why you missed it. Guess too busy being bland and useless yourself.
@@eckankar7756 some people don’t know that
@@KarlDag Same!
another sales pitch
Love the way she explains it more than Dave sorry but she just does.
I don't understand you apologizing for your opinion..?
I too always wonder why people say sorry when stating an opinion( or even a fact)@@robertwalker5521
What about a money market fund through a brokerage firm.
Child support is a killer.
I have a Synchrony High Yield savings with .50%apy and it is great!
Underwear drawer🤔 you would think you’re being sneaky by putting it there but no, everybody knows that now😅
If you make a 100k and only get 53 you’re in the wrong state.
Put it where the sun doesn't shine.
Gives a whole new meaning to money being dirty.
Why is she spending so much time talking about her mans income? What about her income?
Well people around here will say that it's "their" income since they are married.
Not buried underground in your backyard 🙂
I think I get about $220/mo. with my my emergency fund in high yield savings and .80%.
Can't complain.
Why is your emergency fund so high?
Thats in the hundreds of thousands
@BWT Why is your emergency fund for six months almost 200K?
he must drive a private jet as his daily, if it crashes he needs that 200k emergency fund.
@@BradleyCTurner It seems his jet may have crashed because he does not bother to answer. Now he probably spend the whole emergency fund of almost 200K on a new jet and can´t afford an internet connection to read our comments any more. Poor guy.
Who's the new guy?
It’s hilarious to me that everyone has put on Dave’s show thinks they are him. You guys are half of a show. He is trying so hard to give his legacy and pay it forward but none of you are Dave Ramsey and you never will be stop trying the legacy dies with him, those are just the facts. We encounter certain human beings in our lives that completely changed the world. Dave was one of those you people are not Dave quit trying people want to listen to you not them no one listens to them.
Your husband gets a lot of stuff out of his check. If you married a man with other children sorry you need to get a job too.
a private ledger
A emergency fund should always be reachable in case of a “Emergency” I don’t think having it in a bank is a good idea what if there’s a black out and no atms are working?
Where do you live so I can visit your house when you're working to look for your $1K in cash? LOL
One should always have a portion of immediate available cash, in your wallet & in your house (safely tucked away) Then an EF
...exactly...one instance where cash means cash...
@@thetruths7389 ...you think you have a point...LOL...
@@thetruths7389 LOL 😆
angel eyes..
Who’s the new gabuuu
George is not new
Sounds like this guy is on his way to having another ex.
VTI
Where is Dave? I came to Dave Ramsey show to see Dave not these other people.
It's no longer called the Dave Ramsey Show
SPY ETF
Underneath your mattress
Under the mattress
Sounds like she was embarrassed to say her husband is paying child support to another woman. lol
Should be
Put it in defi stablecoins and stake
I prefer to pay down my mortgage rather than a savings account and have a HELOC ready for emergencies. You save much more money
THis is what I do as well
What if your house burns down?
@sgracem2863 liquidate investments if needed until insurance company sends us a check for a few months. If the house burns down that doesn't mean we stop working so we have enough cash flow a month to go rent temporarily. Also have credit cards if more cash is needed until the insurance company sends us a check. Looking at today's home prices it might have a slight benefit by having a home contractor rebuild you a house with the insurance check. They'll save you money on the rebuild if the insurance company appraises your home high
Nike shoe box. All liquid.
I’m 37 just trying to pay off 1 student loan of 15,000 and 4 personal loans that are 4,000. I want to put 1,000 In yield savings account to save 18,000 for a car. If I can convince my boy boyfriend to buy me a less expensive car or help me with a small loan towards a car I can drive to get my license to get a job working as phlebotomist and work for Amazon flex a couple days a week. I just don’t know how to navigate this before we get married next October 2024 and have our first child in January 2024. It’s just hard in California
We just doing court house wedding and Mexican party hiring a 90’s roller skating music DJ
I’m getting 15% apy on Coinbase just saving on usdc.
Lol Coinbase is not paying 15%. Not sure where you got that number.