by
Wanted to make a post that can serve as a guide for what popular accounts could be used for.⠀
⠀
Reason for the for is that I was speaking to a friend and they told me they have most of their cash in a savings account. He followed up to tell me that it was enough for a 16 month emergency fund.⠀
⠀
I curiously asked if he was saving for any large purchases within the next 5 years and he said “no I just throw all my savings there.” After discovering his interest rate was 0.05% I was baffled at the fact he basically hoarding cash. ⠀
⠀
I believe an emergency fund should be set in place but once that is funded, you have opportunities to grow wealth quicker by investing any access money. ⠀
⠀
I understand not everyone has the luxury of a 16 moth savings account but I just wanted to break down other options you have out there. ⠀
⠀
Any thoughts? 💭⠀
⠀
—— Follow: @spacecitymoney for more ——⠀
⠀
Share with a friend! 👩💼👨💼⠀
⠀
⚠ I am not a financial advisor, the information provided is for educational and/or entertainment purposes only. ⚠⠀
⠀
#spacecitymoney #stocks #investing #stockmarket #returns #finance #nasdaq100 #nasdaq #nyse #dividends #wealth #investor #trader #capital #warrenbuffett #wallstreet #forex #daytrader #investment #moneysavingtips #casflow #financialfreedom #millionairemindset #bankaccount
