Mark Reyes
speaker
76 appearances
1 recordings
1 series
first heard Dec 2024
last heard Dec 2024
Mark Reyes’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · Money Moves for the New Year: Saving Up for a Big Purchase · 26 Dec 2024
podcast
They may have to rely on credit card, drain some of their assets, or even withdraw from retirement accounts.
So I would say when planning major purchases, consider how healthy you are in your career, how healthy you are
in earning income, steady income?
And do you have a solid emergency fund to fall back on if things don't work out with your job?
Most high yield savings accounts, they have what's called savings buckets.
So that allows you to parse out your emergency fund, other savings goals, and prioritize based off a specific dollar amount and priority.
It could be for the car repair, for the wedding.
You can change the priority of these buckets and it'll automatically funnel whatever money you put into your savings account into those buckets.
I think that's a very helpful tool.
My clients love that feature on high yield savings accounts because it takes the guesswork out of, well, how much exactly should I put into this goal based off of how much time is left?
I always tie back to why is this goal important to you?
Making sure that you have clarity of this is important to me because it's going to help secure this investment in my house or for a wedding.
You're not always going to have positive cash flow each month and that's okay.
You're going to need to recenter yourself.
So really understanding why is it important to you?
That's going to be the key to getting you through those tough months.
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