How Can I Protect My Savings From Inflation?

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6 • 682 Ratings

🗓️ 11 October 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Ramsey Call of the Day is a quick, daily dose of advice on life and money in under ten minutes. Hear from experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel, & Kristina Ellis. Part of the Ramsey Network. Delivered to you five days a week. Learn more about your ad choices. https://www.megaphone.fm/adchoices Ramsey Solutions Privacy Policy Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Ramsey Call of the Day, part of the Ramsey Network.
0:10.8	Mike joins us up next in Columbus, Ohio.
0:13.6	Mike, welcome to the show.
0:15.4	Hey, good afternoon.
0:16.3	Good afternoon to you, sir.
0:17.3	I've been saving to purchase a home and I've been looking for the last
0:23.9	year or so hasn't been much of opportunity on the market. I'm currently renting. I've built
0:30.1	a fairly large liquid cash position as I've been saving up. And I'm worried about the impact
0:36.1	of inflation on that particular savings.
0:39.7	Sure. How much do you have?
0:42.5	Currently in Liquid, $105,000. Awesome. And where is that currently saved?
0:49.0	It's currently in a bank savings account.
0:51.7	Making probably 0.01%?
0:56.1	Yeah.
0:57.0	You can do better than that.
0:59.4	Mike, you said disappointed in Mike.
1:01.7	Now, have you heard about like a high-heeled savings account online?
1:08.0	Yes and no.
1:09.8	For the most part, I've been just parking money and haven't really been thinking about it much.
1:14.7	Okay. We love a savings account for that kind of short-term savings. I don't want you investing this money, but there are better options for savings accounts.
1:22.1	And one is that online high-yield savings account. I've got one right now. I'm getting 2.6%, which is incredible compared to what it's been the last few years.
1:32.3	So interest rates have been climbing on those savings accounts, which is great.
	...

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