Let’s see if this sounds familiar….you have some money sitting in a savings account and it is probably making next to nothing. If you are not really sure what to do, you have several options. 🤔
You can go to a bank and stick it in a savings or money market account, chances are they are not going to pay you anything. If there were, you wouldn’t be watching this video.
With that in mind, I want to talk about 7 alternatives to placing you savings into a bank. 🏦
I am also going to share a client story with you about where a client was keeping his cash. (You won’t believe where he was keeping it or how much he was keeping there!)
So let's dive right into your options:
➡️ Online savings [1:10] - Any sort of online savings or bank account (just make sure they have FDIC). They have a lot less overhead than traditional brick and mortar - this could mean higher interest rates.
➡️ US Treasuries (TBills) [3:54] - It may seem a little old school - but you can do all of this online.
➡️ High Dividend Stocks [4:42] - This is a little higher risk and not somewhere you want short-term money. Just because a stock pays a dividend doesn’t mean it won’t drop in value.
➡️ Bonds [6:27] - You are most likely not going to buy individual bonds, but rather bond mutual funds. I would suggest ETFs, just remember higher yield = higher risk.
➡️ Blended Portfolio [9:30] - This would be a mix of stocks and bonds, and utilizing ETFs to get this blend. You can utilize a platform like Betterment or Wealthfront.
🤯 Before we get to the last two, I want to tell you about this client ...he had $140,000 in a safe in his basement. I can’t remember how long he had this cash sitting there, but I thought it was crazy. Sitting there, making nothing for him. This is an option that you DO NOT pick.🤯
➡️ Real Estate Investment Trusts (REITs) [12:14] - This is a way to invest in real estate without managing properties. You can buy these many different ways, the simplest is to buy a REIT ETF. Another is online real estate investing, my favorite platform for this is Fundrise.
➡️ Peer-To-Peer Lending [14:25] - This allows YOU to be the bank. You are lending money to other peers. The great thing is, you can see their reasons for borrowing. This allows you to set your risk level.
That is my top 7 alternatives to bank accounts. You can pick as many or as few of these options as you like. I just wanted to share that there is more than one way to invest and earn interest.
Which options sounds the most attractive to you?
Are you already using one or more of these options? Let us know how this is going for you.
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I'm only 19. I've got a grand to my name and in college. What's the best option for me to help pay off my loans as well make money for the future. Also, do you have a video telling about how to sell portions of your portfolio to actually have the money in your account?
What about all the vids telling us a crash is coming? USA is 21 trillion in debt and rising every second. Trump is spending, spending, spending. Bonds not a good idea, get out of stock market. Do your HomeWork people.
Interesting that you refer to it as "their account". A lot of people don't realize that when you make a "deposit", that money isn't deposited into your account, but it is immediately loaned out at interest. Online banks are a great way to take cash out of people's hands and place more power in the hands of the banks. If it isn't beating the current rate of inflation, then it's still losing money. Peer to peer lending does sound interesting though. I might have to check that one out.
well you want people to put all their savings into traditional markets to make 10% if lucky? my bitcoin appreciated over 1000% in 2017 :)) I want people to embrace the future and make some real gains on the way
Great video bro!!! Gonna go with Synchron for the savings account...Robinhood for the investing as well Fundrise. Broke at the moment...but I'm seriously displeased with my credit union at the moment. Your video was an eye opener to be sure. Thank you.
I respect your decision to go after what you love, but I'm in the 10% that would say make sure you have some options lined up before you make the jump. For now, I would be hustlin' my butt off to find as many side gigs as you can to make ends meet.
+Jeff Rose We'll do brother!!! I do have a question though...I just left my current employer...because i hated my job. 90% of the most successful people I've heard of have said "If you hate your job. Quit it and go something you love." I haven't found that exact job yet. But i have another gig up and waiting. Ive paid my rent, atleast for this week...which means I'm going to have a lapse in income. I have $180 dollars to my name until then. What do I do, lol??
Jeff Rose Yes I do. A damn site better than say bonds. A guaranteed way to lose money when factoring in inflation. Banking systems are bust as they have lent out more money than they actually have due to the fraud that is fractional reserve banking
Problem is that if the money isn't in your pocket it isn't your money. Google where you are from and check to see if your country has a bail-in law. America has a bail-in law which means in the next economic crash there is no more stimulous, or bailouts. This time they take everything in your bank account including your safety deposit, 401k, investments and treasuries. The advise this guy is giving you is great to do in 2009 but I would not recommend in today's volitality. We are looking at a huge global economic crash.
That's what I have been trying to say for the last two days!
If you think you have the freedom to choose, then think again.
We are all being forced, manipulated and controlled into a system that is CORRUPT TO THE CORE.
This is far from freedom of choice. I would not say we are like cattle being led to the slaughter house, but pretty darn close!!
Enjoyed your video. Here’s what I do. Lake Michigan Credit Union pays 3.0% on checking account up to $15,000. I use that for my emergency fund and operate my monthly budget between $17,000 and $15,000, never letting my checking below the $15K unless I have an emergency. When I have over $17K that goes to Dollar Savings Direct savings account which is currently 1.8% until I have $15K, then anything over that goes to my investment account run by my financial planner. Then January 1 from the savings account I put $6,500 I my ROTH and $4,450 in my HSA and live off the rest of my savings while my whole pay check goes into my Simple IRA until maxed at $15,500. Once a year I beat the bushes trying to find better ways to make/save money. I’m 63, started saving for retirement late, currently $293K total in my retirement funds which are averaging about 10%. Any suggestions would be greatly appreciated.
I am middle aged and we don't have a lot of cash to spare.
Investing some is possible but scary to a couple without a growing income.
What amount would you suggest to invest in a tangible such as gold or silver in % numbers and what other means of investment in a % number.
Savings in the Credit Union I don't wish to bother as it is for home/property emergencies only.
We have small bank savings accounts not more than minimums to maintain account status.
We simply didn't have two nickles to rub together 37 years ago and never had enough extra that investing was important enough for me to learn.
Now with the internet I see videos like this one. Then how to invest was guarded and limited to the vehicle being promoted at the moment.
Choices and research are great and a good thing but scary and confusing to the uneducated such as myself.
Jeff Rose I have some money in the bank but I still don’t know what to do with it. I was thinking the online bank, Marcus by Goldman Sachs with a better interest rate. I think 🤔... I shoulda studied finances haha
Jeff Rose your assuming you're going to make money with stocks, bonds, t bills, cds, and all them goverment and banks con games. What you going to do when the market crashes and you loose that money you put in those scams, or you get a few years down the road and you find all your stocks or whatever scams has decreased so much in value that you dont have to worry about trying to cash it in. No no, one scam is as good as another or as bad as another. Unless you can see into the future, you dont know whether you going win or loose, same as me.
I was using the term OPTIONS in the context that you used it. Namely, in reference to BANKS.
Yes, everyone has options when it comes to food, clothing, housing, schools, universities, health care etc. But to what end?
It may appear you have options on a sinking ship but the bottom line is, the ship is going to go down because that was the plan.
2007, 2008 ring a bell??
He is in sales, the free info is obvious. What he is selling is not what you may need. Keep your funds in a bank. If you are middle-income. Or of average wealth. Read the website thoughly. Ally is the best Money Market savings account now. With that being said think bank sponsored 401k. In wich they match you at a larger input or deposit.
Wow what a tool. Financial Freedom is not a Myth you're right - when you stop using illegal corruptible fiat money, you become Free of the evil system. You Can't advocate any better way of using or keeping money because as long as you use it, you remain a Slave to the New World Orders World Banking Cartel.
"Old School" does not mean old, or out of date. It means something that is tried and true, respected, traditional, and reliable. Use the term correctly, instead of using it like as if you were born yesterday.
I was thinking earlier that I need to start an investment acct, logged into YT & your video popped up. This was very informative Jeff Rose & I'm appreciative for your advice. I'm opening a savings with Marcus by Goldman Sachs & will do more research on FundRise. Thank you!😃
The global monetary system, YES the WHOLE GLOBAL monetary system is CORRUPT, MANIPULATED AND CONTROLLED. We are all swimming in a cesspool of CORRUPTION and IF we stop swimming we will go down. So, to survive we all do what it takes to stay afloat in this ocean of CORRUPTION.
Within this ocean is our POLITICAL system, our HEALTH CARE SYSTEM, our EDUCATION SYSTEM, our FOOD SUPPLY, our LEGAL SYSTEM and our banking system is no different.
If for one second you think you have OPTIONS, then good luck to you as its only going to last short term. If you gamble ? nine out of ten times you are going to lose. That's the nature of CORRUPTION. THEY CAN CHANGE THE RULES ANYTIME THEY WANT.
Great video. It mirrors what I do already: Capital One MM 1.75%, Robinhood a blend of stocks, (high yield, growth ,value, Individual ETFs, US, International), wealthfront (monthly auto deposits), fundrise (25% of my portfolio in their IPO). Ext will be lending club. I also will add some T-Bills just to cover all the bases. Thanks for the reminder. Oh I also have small positions in acorns and stash apps.
Capital MM account. It was easier no maintenance. Robinhood was next which was the most difficult (learning what kind of an investor you are and how to invest at the same time was nerve racking, highly reccomend CNBC in the morning afternoon and evening in the beginning especially MAD Money with Jim Kramer), that opened my eyes to funrise app and wealthfront app. via YouTube. I recommend the easiest order MM, T Bill's, Lending Tree Wealthfront, Fundrise, Robinhood. As you research each one you will learn how and why to invest. Each building in the other. I lost money in the beginning on Robinhood now I'm up 6% this year so far hopefully 10% by December. But it takes work.
I was a founder of one group and helped friends admin their groups. Mine is Anarcho Capitalist Community. I'm not as active as I once was because being a Financial Advisor gets me away from my desk for client appointments. I had an IT job before and spent a minimum of 60 hours a week at my desk.
Yeah, our admin group is like that sometimes but often we have to talk about who needs to go. So not much fun. Small groups fade. If I were you I would just open a secret group and invite some people you remember to be members.
Robert Spencer I'd like to find another group like that one. Had people from all walks of life and most people were respectful and had actual discussions instead of just intellectual pissing matches and helicopter memes
Don't be sorry at all. Great to hear from you! When the group was smaller it was better. We let lots of people in and it goes back and forth with how anCap it is overall but not like the early days. Trying to spread the principles that make it great.
I have almost everything you mentioned, I also have preferred stock which pays a dividend- said to be a less risky play. Should have some exposure to silver and or gold along with the others. We are losing 2% or more on our cash every year so if you get 2% or less you are losing money and paying tax on the interest. Our money is a fraud losing value. Did not know about Fundrise.
This video should be called 7 ways you can devalue your fiat currency in america lol....
This guy doesnt know shit !
the dollar will crash any time soon , stock market is rigged , bonds are shit , a housing bubble is coming worldwide.
Hmm etf 's what the fuck ,
Physical gold or silver only real time tested option
Or buy physical things of value at undervalue prices
You are out of your mind ! Use extra money to buy what you use every day , day in and day out . The inflation rate is ten times the interest rates you talk about. Also gold , in tenth , quarter , half , and one ounce bullion for long term . All else is bullshit! 🖕
banks,.. when they crash pay you last in line.. so please learn to get a safe.. have physical gold/silver and cash. Ok to use lenders but please don't over simplify and say hoarding cash or gold is dumb just because you make no interest. Yeah.. i know about fdic insurance.. but really.. when the shtf... they all gonna have u looking like venezuela...using bricks of cash to buy bread.
The last time I did it was couple of years ago,in Slovenia (Abanka),but then I used up my savings (life happened),so now I currently don't have account and I am not sure about interest rate. But since inflation is like 2%/year,then interest should be at least 2%or else it doesnt pay off to save money this way. I dont know how it is this year..
So everything you just listed is crazy risky. If you hand your money to someone else, your money is at serious risk, you may think FDIC will protect you but it is horribly under funded, around .02% currently. There is another school of though that uses a barbell strategy of investing. That is that 90% of your portfolio is in a proof of work asset, so an asset the costs money to produce such as silver, gold, crypto currency, etc. Obviously you want to grab the asset that is as close to production cost as possible such as silver right now. The remaining 10% of assets are place in speculative investments that will pay out much larger but puts you at much lower risk. The idea is risking $10 to make $10 vs risking $1000 to make $24 which is what you are proposing. Does this make sense to you??? And if you think I'm crazy for thinking defaults can happen just ask how well the CD holders for Leman Brothers or account holders of MF global faired.
Jeff Rose Jeff Rose most crypto whether you hate it or love it, it is still proof of work. Now it is a new asset class so it's price is in discovery but it does consume electricity to produce which offers interesting arbitrage opportunities which I took advantage of. Now in 2018 would I pile into crypto... probably not at current prices but like I said earlier, silver is very close to mine price and physical silver holds 0 counter party risk. Any assessment of risk MUST include counter party risk. Just because your MBS is wrapped by insurance making it AAA doesn't mean it really is AAA investment. Same is true with FDIC, you think Greek depositors didn't have their version of FDIC? You honestly don't even need to believe me, if you simply wait a few years you will see for yourself during the looming sovereign debt crisis. Of course by that time due to the quarks of human psychology you will profess it was patently obvious what would happen but that is neither here nor there.
Jeff Rose most crypto whether you hate it or love it, it is still proof of work. Now it is a new asset class so it's price is in discovery but it does consume electricity to produce which offers interesting arbitrage opportunities which I took advantage of. Now in 2018 would I pile into crypto... probably not at current prices but like I said earlier, silver is very close to mine price and physical silver holds 0 counter party risk. Any assessment of risk MUST include counter party risk. Just because your MBS is wrapped by insurance making it AAA doesn't mean it really is AAA investment. Same is true with FDIC, you think Greek depositors didn't have their version of FDIC? You honestly don't even need to believe me, if you simply wait a few years you will see for yourself during the looming sovereign debt crisis. Of course by that time due to the quarks of human psychology you will profess it was patently obvious what would happen but that is neither here nor there.
Your risk perception is different than mine. You are willing to send your money to an online bank, but not store cash in a safe in your basement. You attempt avoid inflation by one percent in an online bank, but not have the liquidity, access and anonymity of cash. Try to get your money out of a bank to go buy a car and see the harassment you get trying to get your own money.
Yeah, with enough counseling I can forget that that is my money and not theirs. The next bank bail in will be paid by my deposit thanks to the new Dodd-Frank act. The law now reflects your ownership indifference. Maybe you can advocate for a cashless society.
Yes, harassment. They want to know what you are doing with your money. They ask why do you want cash and why do you want such a large amount of cash. Try to pull more than 5k out and they have to fill out paper work.
More and more traditional banks are losing their customers through their own actions. Most people hate banks and that's a fact!
FinTech is slowly breaking their stronghold in the financial markets
I feel as long as businesses are beholden to their shareholders as opposed to their customers a hell of lot more disruptive technologies will be realised in our future.
I wouldn't purchase pieces of A4 paper ( funds shares etc ) I have had / seen these assets fold, merge , go bankrupt , offer a ~1 for 100 bail out ( they keep 100 you get 1 of your shares )( when the share market crashes )) , things are going ok now but they won't for ever
Caveat emptor just stay from non-traded REITs talk show host "Ray Lucia" was marketing this GARBAGE over the radio waves back in 2002-05. I really didn't understand what non traded or illiquid mean. However, it was real clear when you lose half of your reit value after real estate melt down. The positive note was we received a nice dividend check every quarter for years. But, it didn't make up what we lose. Listen to Jeff he is honest no upsell.
ummmm none of this made any sense. We are not living in a real world economy. It is fake. The money is based on debt. The more you make, the more they add tax for usury to the banks. It is a slave system. There is a reason rich people are never happy.
The entire issue is banks, period. Banking and bankers need to die. When the system pops, hunt the bankers down and end this for good. Go back to gold and silver and stop the slave system. We were born into debt bondage and most do not know any better. The world wars, the crime, the poverty, the starvation, it is all because of this banking usury system that has plagued us for centuries.
Time for a revolution in thinking. Time to end the banks forever. No, crypto is the same garbage. Gold and Silver is written in every single religious text describing what money is. Stop rejecting it and use it. Trade with it. When you loan a gram of gold, you are repaid in a gram of gold. No more USURY!!!
Marcus by Goldman Sacs - 1.8%, there is like one other that offers 1.85%. I Prefer Marcus as I've been paid the last day of every month I've used them and received a statement on the first as others often I've heard are not as accurate.
I bank with Marcus by Goldman Sachs 1.80 currently, tried the individual stock thing but Its not for me so when Tesla stock finishing rallying I'll sell and stick with my Roth IRA.....way too much work with picking/managing individual stocks.
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