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You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. Michael is up next in Sioux Falls.

Michael, welcome to the Ramsey Show.

How are you doing?

Good, hey George and Jade, thanks for taking my call.

Sure.

So I have two sons, one 16, the other 17, they're both in high school working part-time jobs.

They are using every dollar to budget every month, and they're doing a really good job for saving for vehicles by 17 year old

estate cash for two separate vehicles. Wow. And yeah so he's working really hard. The

problem is the savings accounts they have are earning 0.01% interest.

Yeah, that's sense.

And they're even talking about investing, but I don't know. They're both talking about going in the military and I don't know if

investing is the right option now if they should be looking at a money market or a

high-yield savings account or what they can do to better maximize those savings that they have so that they have a little bit more available to be able to apply it towards school or a vehicle or any other expenses.

Great question.

And I applaud you as a father for raising some bright young men.

We need more of that in today's world.

Yeah, thank you.

So let's separate this out.

So there's savings and there's investing. So let's talk about savings first.

Savings is for your emergency fund and for short-term goals. So they need to be thinking out a year from now, two years from now, three years from now, what are the expenses we're going to have

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