Oyin Adedoyin
speaker
1,572 appearances
36 recordings
1 series
first heard Mar 2023
last heard Feb 2025
Oyin Adedoyin’s voice in public audio — every appearance, attributed to the second.
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Yes, that will be offered like an ETF or a mutual fund similar to stocks as well.
Still flex that muscle of putting away as little as you can month over month, because you'd be surprised once you hit zero on your debt, how much money is left over to start that emergency savings fund.
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It's definitely a double-edged sword for sure.
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For example, rising rates make mortgages and credit card bills a lot more expensive, but they make savings accounts more attractive.
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Taking out a $500,000 mortgage to buy a home right now is going to cost you about $400 more a month than it would have a year ago.
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Although, on the flip side, savings accounts like CDs or high-yield savings accounts are yielding upwards of 5%.
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Paying down that credit card debt is a first priority.
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The average debt holder is paying over 22% interest on their debt right now.
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And according to recent surveys, that's about 50% of people that are rolling over that credit card debt month over month.
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Debit cards can be linked to high-yield checking accounts, which are offered by online banks and credit unions and are yielding, I've seen them as high as 6% right now.
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So people who are avid debit card users can find some ways to get high interest out of that.
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They say to still flex that muscle of putting away as little as you can month over month because you'd be surprised once you hit zero on your debt how much money is left over to start that emergency savings fund.
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If you put about $25 away each month in a high-yield savings account yielding, let's say, 4.5%, for example, you're going to make more than $300 in a year.
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That might not sound like much, but that also includes added interest that you didn't have to work for.
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I learned that there are almost different levels that we categorize in our heads when it comes to creating an emergency savings fund.
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So financial advisors say you should keep anywhere from six months to a year of expenses in that fund.
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But for some people, that might look differently month to month.
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So anywhere from zero to $1,000, being able to figure out where you are in that range can really contribute to an emergency fund that works best for you.
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Yes, you have to do something, especially right now with these high rates.
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And that's something we really saw during the pandemic when savings depleted as government benefits went down.
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Showing 1021–1040 of 1,572 · page 52 of 79
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