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Where Should You Put Your Emergency Fund?

Every personal finance expert probably agrees that you should set aside some money as an emergency fund. The amount you should have in your emergency fund is a subject of debate, but the typical rule of thumb is to keep somewhere around 3-6 months worth of expenses. You never know what the future might hold, so it makes sense to at least have some buffer to keep yourself afloat in case something happens.

Since we can all agree that we should at least have some money in an emergency fund, the next important question is where should we put that money?

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Insight Card: Get Even More 5% Interest Savings

One of the things I like doing is figuring out ways to get the maximum yield on my cash. Most people just accept whatever their bank offers them. The problem is that even your highest yielding savings account pays you just 1% interest these days.

What a lot of people don’t know is that there’s an entire world of super high yield savings accounts out there. These are savings accounts that pay way more than even your highest paying online savings accounts. The thing about these accounts is that you won’t find them at any normal bank. They’re sort of secret, and you can only find them “hidden” in prepaid debit card products.

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Netspend Account: Get 5% Interest On Your Savings

Most people don’t believe it, but even in today’s market, you can still earn 5% interest on money sitting in an FDIC insured savings account. It does require a little bit of legwork to set up, but once you’ve done it, the entire account is completely automated. For most people, a 5% interest savings account is a perfect place to store your emergency fund (it’s where I recommend storing your emergency fund). And depending on how much you like to keep in your emergency fund, you could potentially have your entire emergency fund earning 5% interest per year.

You’re probably pretty skeptical right now, and I admit, I was pretty skeptical too when I first learned about these accounts. But now that I’ve had these accounts for a year, I can pretty much say that they work exactly as I hoped they would. I get 5% interest on the majority of my emergency fund, I never have to look at the account, and I’ve never paid any fees. If you take a little bit of time to set these accounts up now, you can have a great spot to store at least some of your emergency savings.

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Wealth Is Relative – Remember This And Be Happier

I think that wealth, much like temperature, is relative too. One person might feel wealthy making a certain amount of money while another person, making the same amount of money, might feel like they’ve only got pennies to their name. Some of us might scoff when a doctor or lawyer says they don’t make enough money and are living paycheck to paycheck. When this happens, we wonder how someone making six figures can spend so much money.

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Aim To Max Out All Of Your Retirement Accounts This Year

We should all have some amount that we aim to save every year. The great thing is that in the United States, the government basically gives you an amount to aim for each year in the form of retirement accounts. Since the government limits what you can put into each of these tax-advantaged accounts, it’s an easy goal to try to reach.

I think at minimum, everyone should aim to save enough each year to max out all of their retirement accounts. When you think about it, it’s not really all that hard to do. Just set up your automatic contributions once at the beginning of the year. Then do the most important thing you can do when it comes to investing – nothing!

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