How To Maximize Your Savings with High-Yield Accounts (Don't Miss Out!)
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 2 August 2023
⏱️ 30 minutes
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| 0:00.0 | Today, we're going to load you up on how to maximize your cash. |
| 0:04.8 | Brun, I am so excited about this because I love free money. |
| 0:15.8 | I know that you love free money and well, it may not seem like this is free money. |
| 0:19.9 | I'm going to argue, it is and if you're someone out there not getting it, not grabbing |
| 0:23.9 | and not taking advantage of it, you're missing out. |
| 0:26.2 | Hey, I've been saying for years all my financial mutants, we kind of expect |
| 0:29.9 | our money to go three to five percent greater than anybody else just because we're good |
| 0:34.6 | with money. |
| 0:35.6 | If you're not maximizing cash, you're leaving money on the table and we've got proof |
| 0:39.7 | today. |
| 0:40.7 | I would argue if you're not maximizing cash right now, it's because you're just lazy. |
| 0:44.8 | It's because you are not willing to go that extra mile to be the commander that your |
| 0:50.1 | army of dollar bills need you to be. |
| 0:52.2 | But Brian, I think a lot of people fall into this trap. |
| 0:55.2 | We saw an interesting statistic that kind of the status quo for a lot of folks is good |
| 1:00.4 | enough. |
| 1:01.4 | Yeah, I think banks take advantage of the fact that there are some friction costs to |
| 1:04.6 | changing and there's a lot of loyalty to banks that we and this number has actually gone |
| 1:08.8 | up because I had previously, when I was when we were talking about this in show prep, |
| 1:12.4 | I said, I think there is a stat out there that says bank relationships are like 16 years, |
| 1:16.8 | but when Megan and Daniel were putting this together, we found actually, according to |
| 1:20.5 | bank rate, most Americans have the same bank account for an average of 17 to 18 years. |
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