987: What is Your Cash Savings Hierarchy? by Harry Stout of FinancialVerse on Where To Allocate Your Savings

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🗓️ 22 November 2019

⏱️ 8 minutes

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Summary

Harry Stout of FinancialVerse asks what is your cash savings hierarchy. Episode 987: What is Your Cash Savings Hierarchy? by Harry Stout of FinancialVerse on Where To Allocate Your Savings Harry N. Stout is an acknowledged senior leader in the global financial services business with experience in all key business areas with particular expertise in personal finance, life insurance, annuities, product innovation, and business management. He has over 30 years of financial services industry experience in the U.S. and abroad, working in Europe, Northern Asia, Africa, New Zealand, and Australia. Harry is the author of the upcoming book - The FinancialVerse - A Common Sense Approach for Your Money to be published by Vertel Publishing in October 2019. The book is available for preordering at Amazon, Barnes & Noble and through other major national book distributors. The original post is located here: https://www.financialverse.com/post/what-is-your-cash-savings-hierarchy Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 987.
0:04.0	What is your cash savings hierarchy by Harry Stout of Financialverse.com
0:09.2	and I am Dan. I'm your host and this is where I read to you each and every day, seven days a week from some
0:15.0	of the best blogs in the world.
0:17.6	And if you have any ideas for us for future shows, please do come and share those.
0:22.0	We love to hear from you. You can send your topic requests via old podcast.com.
0:27.0	That's OLD Podcast.com.
0:30.0	And with that, let's get right to today's post as we start optimizing your life.
0:35.0	What is your cash savings hierarchy by Harry Stout of Financialverse.com.
0:45.0	As I wrote in the Financialverse A Common Sense Approach for Your Money,
0:49.0	there are ten must-does to manage your financial life.
0:52.0	One of those is to have a cash budget. If you can't measure
0:55.6	your net cash position each month, you can't manage it. A question I often get is once I have a budget
1:02.2	in place and I find my cash inflow exceeds my outflow,
1:06.0	what do I do with this extra money?
1:07.6	Where should I put it?
1:08.6	Should I put more into my 401k first or should I pay off a loan? I'm confused. What should I do?
1:14.0	Based on my experience, I have developed what I call the cash savings hierarchy for
1:18.8	your consideration. In presenting the cash savings hierarchy, I have tried to come up with a simple approach to a very personal decision process. After you are able to comfortably pay your living expenses each month, including basic insurance coverages like Auto Home and Life, and Minimum
1:34.9	Debt Service, and can see that you have extra cash in your checking account, you are
1:39.2	ready to implement the cash savings hierarchy. It is a rational process with the following steps.
1:45.0	1. Establish an online savings account.
	...

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