Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
And then also just any other expenses, you know, you have coming up in the next two or so years, like putting a down payment on the house or something.
But beyond those needs, you should then sort of start looking for other places to put your money so that it grows more significantly than it would if it's just sitting in a high yield savings account.
If there's money that when you take stock of the cash that you have right now that you don't need to touch for about a decade or more, that's money that should typically go into a longer term investment.
When people think about their money, they're often thinking in terms of kind of two distinct buckets.
It's cash I need now or retirement money I don't need for a long time.
And that's kind of an oversimplification.
There are going to be things that you need money for that are longer than, say, two years away.
But
shorter than 10 years away and for those you might want to look at assets like bonds or cds because they're less risky than stocks but they still generate higher returns than money that's sitting in a savings account even a high yield one is it okay to do nothing with your cash
I mean, sure, it's okay to do whatever you'd like.
But the calculation often comes down to how much you stand to gain by doing the utmost to maximizing the yield that you're getting.
4% or 5% is a nice return to get on cash.
But if you're talking about the interest on, say, $1,000 that you have in an account, that percentage over the course of a year is not going to work out to an enormous number.
That said, if you're trying to figure out what to do with a million dollars in cash, that's a very different calculation.
I've actually written in the past about how people tend to avoid switching banks to one that would pay them a higher interest rate because they think that doing so will just be a headache.
In reality, it's often not such a terrible experience and it doesn't take too terribly long.
And if that means even a couple hundred or a few hundred more dollars a year in interest, that seems like not a bad deal for a half hour, maybe an hour of work.
The expectation is for continued cuts.
So what that would mean for everything we've been talking about is that the yields on cash would gradually get smaller and smaller.
But of course, as you alluded to, nobody really knows.
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