Jeff Rogo
speaker
233 appearances
3 recordings
1 series
first heard Oct 2018
last heard Mar 2023
Jeff Rogo’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · How to Put Your Personal Finances Through a Stress Test · 22 Mar 2023
podcast
There are banks that have passed stress tests and failed.
If you have that much money with one institution, even if you feel really comfortable about your own finances, you are still running a risk.
And so for that, all the financial advisors we talked to, even the bankers we talked to said, just don't put all your eggs in one basket.
Have checking account maybe another place, have maybe a small business loan another place.
And the issue we had with Silicon Valley, the reason many of these firms couldn't make payroll in Silicon Valley out in California was because they had all of their money in this one place.
And it means if that one place has a problem, you can't do the simple things banks are supposed to do, which is help you run your business, help you pay your mortgage, help you do the very simple things.
So surprises could come around sort of at any time, as you'd expect.
It's a surprise.
And so what we talked to most of the financial advisors said, keep three to six months of dry powder, three to six months of your expenses in an account that's ready to pay.
I would say this as well.
The thing that happens in an emergency is you're not also thinking about the mental toll it's going to take on you.
And so having it in complicated places can be even more difficult.
And so having three to six months in money where you're not having to move it around, you're not going to have to make a whole bunch of decisions.
If something really happens to you, your partner, yourself, you're going to want to know where that capital is.
You're not going to want to have to make 40 different changes to get that money.
Yeah, I mean, the easiest thing is know what your return is.
If you're in a checking account and you're getting nothing or you're in a savings account at a bank and getting nothing.
know that there are ways to improve the return on your capital.
A money market savings account today at a brokerage is going to yield you over 4%.
If you're getting nothing in your checking account and there's $30,000 that's sitting there doing nothing, you're just giving away money.
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