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Wanted to make a post that can serve as a guide for what popular accounts could be used for.⠀
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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.⠀
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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. ⠀
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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. ⠀
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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. ⠀
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Any thoughts? ?⠀
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—— Follow: @spacecitymoney for more ——⠀
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Share with a friend! ????⠀
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⚠ I am not a financial advisor, the information provided is for educational and/or entertainment purposes only. ⚠⠀
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