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Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 2 August 2023

⏱️ 30 minutes

🧾️ Download transcript

Summary

You may not be making as much as you should on your cash! In this Q&A, we discuss the best places to store cash, how to earn attractive yields, and the traps you need to avoid when choosing a high-yield savings account. Jump start your journey with our FREE financial resources Reach your goals faster with our products Take the relationship to the next level: become a client Subscribe on YouTube for early access and go beyond the podcast Connect with us on social media for more content Bring confidence to your wealth building with simplified strategies from The Money Guy. Learn how to apply financial tactics that go beyond common sense and help you reach your money goals faster. Make your assets do the heavy lifting so you can quit worrying and start living a more fulfilled life. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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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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