How Much Cash Should I Keep In The Bank?
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A good financial manager will projects how much money an individual will need in order to maintain positive cash flow, allocate funds to grow or add new products or services and cope with unexpected events, and shares that information with business colleagues.
@EricBrittonSilvado
21 күн бұрын
By integrating these key components, a financial management system ensures real-time visibility into the financial state of a company while facilitating day-to-day operations, like period-end close processes.
@theresaquiera7412
21 күн бұрын
A financial management system combines several financial functions, such as accounting, fixed-asset management, revenue recognition and payment processing.
@durhammiller8817
21 күн бұрын
Financial experts like Timothy Eric Meek can help individuals and finance teams achieve these goals.
@christianrode8316
21 күн бұрын
Thats very important to know, Timothy Eric Meek is very intelligent.
@viniciusantonio8213
21 күн бұрын
I will be glad to know the best way to reach him please
Why tell a person to sell their bitcoin when it’s not doing well? Sell it when it’s high.
@storm1364
2 ай бұрын
Well hopefully he kept it
@mariorodriguez3462
2 ай бұрын
Yeah, his Bitcoin remark didn’t age well………
@painfuldrp9954
2 ай бұрын
What should he sell the BTC for? Something less appreciating?
@tsaunders9340
Ай бұрын
He was wrong to say that when he doesn't understand the market. Bitcoin has been on up trend since November 2023 and will go higher after Halving sometime this year.
@volodymyr8928
25 күн бұрын
Yeah, I am not a fan of the bitcoin but that remark from a guy is very incompetent...
He keeps saying "in his checking". You can get instant access, with no penalty, in a Money Market Account or High Yield Savings Account.
Sell all the BTC cause it’s not performing well anyway- that didn’t age well 😂
@anthonywebster8638
2 ай бұрын
Right? They really are clueless when it comes to investing.
@ds132100
2 ай бұрын
Darn I hope he did not listen to Rachel kind of not so smart lol oops😮
@aaronproctor1736
2 ай бұрын
BTC isn't a way to wealth. Instead cash it out and put it into a Roth IRA. $15,000 initially invested and putting $500/ Monthly @ 8% CI. That would be close to $2.5M at age 65.
@anthonywebster8638
2 ай бұрын
@@aaronproctor1736 🤣
@TheCarpentersApprentice
2 ай бұрын
@@aaronproctor1736that’s old school. There’s new ways to wealth. Look up the yearly returns on BTC.
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
@Jadechurch-ql3do
Ай бұрын
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
@yeslahykcim
Ай бұрын
Even with the right strategies and appropriate assets, investment returns can differ among investors. Recognizing the vital role of experience in investment success is crucial. Personally, I understood this significance and sought guidance from a market analyst, significantly growing my account to nearly a million. Strategically withdrawing profits just before the market correction, I'm now seizing buying opportunities once again.
@lucaswilliams9992
Ай бұрын
Mind if I ask you to recommend this particular coach you using their service?
@yeslahykcim
Ай бұрын
Laila artine kassardjian' is the licensed coach I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment
@brianwhitehawker1756
Ай бұрын
Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.
I come from the future. Don’t sell your bitcoin
@micanro
Күн бұрын
This idiotic episode did not age well. The hosts want you to sell real digital property which doubled btw and hold dollars which are now worth half of when they said this...
Love Rachel; she just seems more relatable than other Ramsey personalities.
@microfarming8583
2 жыл бұрын
I agree. I used to like the black guy the most though. Where is he now?
@kathyarnold7290
2 жыл бұрын
I agree!
@corydontae6492
2 жыл бұрын
@@microfarming8583 Anthony? He branched off and has his own channel now Anthony O’neal.
@johnwilliamsoniii3936
2 жыл бұрын
Rachel and Dr. John are the only ones that I can stand at this point.
@Tameker6
2 жыл бұрын
@@microfarming8583 are you talking about Anthony or Chris?
Emergency fund in a high yield savings account.
There are high yield savings account that offer 5% and you can pull it out any time.
@mbank3832
Ай бұрын
like which one ?
@jenniturtleburger3708
Ай бұрын
@@mbank3832 There are multiple. Google Hugh yield interest savings accounts.
@kzfingerprint
Ай бұрын
IDK the specifics, but recently banks started doing this again - it used to be better back in the day. But I think capital one is ~4% because that's the one I recently opened using a promo code to earn $x if you transfer $x within x days. But it's not just capital one, I just already had a checking account with them.
@davidsmith5868
Ай бұрын
@@mbank3832 Wealthfront. They are great. They tell you in the beginning of the month what your expected earner interest is, and at the end of the month, they add the interest and tell you how much you actually earned. No penalties for taking money out and no required minimums or maximums to get the 5%.
Rachel's great with knowledgeable advice.
Thank God every day u make good money like that. u are blessed
Working and living with parents is great
@stevelopez372
Ай бұрын
That’s right it’s a jungle out there! Why kids are staying home much longer than ever before. Lol.
This is a high value man. 23 yo and already concerned about his financials. About the liquids, just add more to it until you have 3X to 6X your monthly expenses.
Put the emergency fund in a high yield savings account.
This guy is a Starboy. Thanks for the inspiration.
Ramsey never mentions a HYSA and they should. It's a lot better place to put your emergency fund, zero risk as long as it's under $250k.
thank you for these videos ... there a big help
I just keep enough to avoid the bank and CC fees. Like 5 grand.
He should just keep his investments and start banking his money now for his emergency fund.
I'm a father of two who bought a house last year. For me, it was a major turning point! In addition to feeling the effects of the economic downturn, I'm lucky enough to enjoy a respectable monthly income from wise investments that I've made. I have therefore meticulously prepared for my retirement following my children's graduation from college.
@ReyreJune
2 ай бұрын
Wow, interesting indeed! Currently I'm in need of investment ideas or tips. Earlier this year I hesitated and failed to take any action until now. However, I'm determined to try something new as I am very open to various investment ideas . I want to be retired in my forties or fifties. I really wish I can achieve what you have achieved and I believe it will happen
@SteveJim-pg3fv
2 ай бұрын
It's essential to comprehend the complexities of investing. Having a trustworthy support system, such as a financial adviser, who can advise you is crucial, especially when choosing assets.
@ReyreJune
2 ай бұрын
Thanks for the advice but it's hard to get a trustworthy financial advisor here..can you recommend one?
@SteveJim-pg3fv
2 ай бұрын
Generally, investing requires higher knowledge. For this reason, it's important to have a solid support structure to guide you through especially in asset picking. I operate with (Alex martin tarlor) an investment specialist who partners with a licensed wealth management firm. For the record, his experience has been the best for my finance
@ReyreJune
2 ай бұрын
Thanks for talking about your financial consultant. I will definitely look him up and get in touch with him
This guy has zero problems. God, I wish I could have been debt free making $100k at 23...
@AutotuneSucksBalls
2 жыл бұрын
You won’t believe it but making that much money in your early 20s could be detrimental to your future. People at that age do a lot of stupid stuff such as gamble, have multiple girlfriends, buy stupidly expensive cars just to show off and so on. The best time to have money is after you marry , have a house and a child and it won’t hurt at all if you are a Christian too
@joeltroughton3021
2 жыл бұрын
@@AutotuneSucksBalls bro the best time to have money is young if you approach life life this.
@chocolateangel8743
2 жыл бұрын
@@AutotuneSucksBalls That's what stupid people do. Smart people have a diff. mindset. Plus, there is more info. available now than ever.
@shelleestewart584
2 жыл бұрын
Exactly
@tommyanomaly6193
2 жыл бұрын
@@chocolateangel8743 Most people are stupid. He's right, most 20 something year old's with a lot of money go nuts. I probably would have too.
Make sure your emergency fund is not in a regular checking account...... An online savings account (ally, amex, ect) is currently giving 1.75% returns!
Cash is the second best performing asset this year (including the high inflation).
One problem with "math-based" thinking, where you keep very little in cash in favor of higher-return investments is this: the very circumstances which create an urgent need for cash are often the same circumstances which cause the market to temporarily tank. Then, you need to fire sell your investments to raise cash. I'd go with Dave's advice on this one, maybe using an online bank to get a little better return on that cash.
They both did a great job answering this!
At 23 this is Amazing!! I wish I was at this point at 23. Wow. Great job kid!!
@amgooder
2 ай бұрын
His parents are rich...he was spoiled the rest are the norm😂
Definitely needs a bit of a safety net, but if his expenses are minimal (living with parents?) I think he should work towards maxing out his Roth 401k (company match going into Trad. 401k).
Didn’t have to pay for college? See how not paying for college puts you in a great position in life
@d_all_in
2 жыл бұрын
If you think paying taxes your entire life for "free" college is cheaper than paying for college yourself, you're delusional
@patrickm8010
Жыл бұрын
SOMEONE has to pay for it.
@elmateo77
Жыл бұрын
He also got a degree that allowed him to earn $100k+ right out of school. Why should the taxpayers have to bail you out of your english lit major?
@waterheaterservices
Жыл бұрын
My hard working neighbors owe me a glorious revolutionary free education for Correct Thinking and Speech.
@dericanslum1696
Жыл бұрын
...without offering a solution or how it was acheived in the first place...the point being...?...
I hope he didn't sell his BITCOIN. It's up over 140% from when they gave this advice.
Imagine cashing out of bitcoin at $16k one year ago and watching this back today
@bennyl7224
3 ай бұрын
🤷🏿♂️ he didn’t have an emergency fund
@MrsAyub-gf5wy
3 ай бұрын
😮100k in 1yr from now.
Dave Rachel and Ken are the best.
Ever since the first time I heard it, it made so much more sense. The emergency fund is insurance, and insurance costs you money. Love that!
@derekjelinski5651
2 жыл бұрын
Stablecoins and hard metal
@DavidRamseyIII
2 жыл бұрын
@@derekjelinski5651 don’t have children
@jx6564
2 жыл бұрын
@@derekjelinski5651 you mean like UST (Terra)? LOL
@financialdecimation
2 жыл бұрын
@@jx6564 Its insane how many ppl had all their wealth in Terra, when you should only put enough you can afford to lose. I suppose some felt they could afford to lose everything
@situated4
2 жыл бұрын
That's what I've already said. Thx.
I am 22 and I am about to make similar money as this guy and my parents are letting me stay to save and invest. I am going to help them out whenever they need me of course. It is nice to hear a guy like this talking because I am also heading the same direction. No bitcoin though. I only have 15k in my bank account. Debt free as well. I feel good hearing and I am pumped.
1:59 "sharp guy" 😂 he probably is, but "lucky guy" would make much more sense. He even said himself that he was lucky enough to not have to pay for college
love this channel
Very well said on the emergency fund not making money its insurance and you usually pay for insurance right =) so think of it as an investment to skip the interest payments on that emergency cost. If you have to spend 10k on 6-9% interest making min payments you pay more in interest then you would losing 2-3% on that 10k invested because life happens and it happens more often then you think =).
@sjchan3199
2 ай бұрын
Love rachel and george. This caller has hes head screwed on straight. Well done, your doing a brill job.
As Little as possible. Enough to pay your normal monthly outgoings, like a mortgage. and food. Put all you can afford into bullion. In an emergency you can cash in a Golden Eagle or two. If your bank goes belly up you can't lose much.
Note: if you need liquid cash in bulk, the bank may make you order it which could take a couple days. Banks don’t like to give out $10K all at once. Have some cash in a safe too.
What a lucky 23 yr old! He’s killing it! Someone raised a smart young man.👍🏽
@toctreb
Жыл бұрын
Lucky being the key word. Lucky he had free college.
@APICSKH
3 ай бұрын
@@toctrebWell in that case kudos to the parent again. I don’t see any problem in either case ✌️
@Wolfstalker21
2 ай бұрын
Not the school system lol!
@Harp_and_Guitar_Moving_Forward
2 ай бұрын
Sounds like ya know, a super genius
Why not build your emergency fund in a high interest savings account (ex:Ally)? May not be the greatest investment but sure beats a checking account rate.
For me, $3K in a checking account won't even pay my bills past a month. Even if his monthly expenses is less than mine, $3K is still too little liquid to have. I wouldn't put myself in a position where if an emergency comes up, I'd be forced to sell my investment especially when said investment is at a low, so it would be selling it at a loss. That's a terrible position to put myself in, which I'd never do. A safe liquid amount for a low expense person would be around $30K, but that's just my opinion.
@garchah1
2 жыл бұрын
10k is pretty good.
@oglocbaby520
2 жыл бұрын
30k is a lot of money to have just basically sitting there doing absolutely nothing. For a single person that isn't elderly or sickly I can't even imagine what type of emergency would pop up where you'd need anywhere near that amount. If you were to lose your job you could easily find some sort of replacement gig, there is a massive worker shortage right now. I personally have about 8-9 months of my expenses in cash and I really don't feel I need more than that.
@oglocbaby520
2 жыл бұрын
@@garchah1 10k is enough to cover for things like home or major car repairs. If you were to lose your job it's a decent sized cushion you can fall back on. Again, it all comes down to your individual circumstances, a single individual with no kids and little to no debt should be fine with something like that.
@kuryanthomas1438
2 жыл бұрын
sounds like for his basic living expenses he lives paycheck to paycheck and being very aggressive with investing, everything else he invests.
@WideAwakeHuman
2 жыл бұрын
it's so variable person to person you really can't judge what is a good amount for someone else in a different city... I've got over a year's worth of expenses in cash and I like the security - and yes I've got other investments so I'll be fine in the tiny chance that the dollar goes into hyperinflation. I think people get too focused on the "don't have anything but the bare minimum in cash" cuz you're losing money thing
Mr. Cruze is ONE LUCKY MAN!!!
Half of my emergency fund is in a short term bond ETF or short term bonds the rest is cash. ETFs are very liquid and their current rate is more than 5%.
The real answer is that emergencies are more common when the market is bad. You don’t want to be forced to pull from your investments at the worst possible time
@mikestevens2053
3 ай бұрын
Bingo, you nailed it!
@alansach8437
2 ай бұрын
Seems that way, doesn't it? If the roof is going to blow off at the same time the car takes a crap, you can bet the market is in the toilet!
It takes 1.5 business days to transfer money from my money market (5.26%) to my checking account.
Also, one more thing: DON'T GET MARRIED
@ericcastle7296
Жыл бұрын
VERY TRUE
@stevelopez372
Ай бұрын
True, and don’t have kids out of wedlock. Lol.
@kevinl4604
2 күн бұрын
@@stevelopez372 Why?
Hey Bo, welcome to the show! It rhymes well.
Sounds like a brand new 2LT. Gone and get that Raptor
Few HYSA gives like 5% interest; Citbank, everbank, jenius bank, amex savings
I have 250k in a 4.5% interest savings account. I know its way too much cash but I love the feeling of security and I get 1k a month in interest for doing nothing. If I knew what i was doing im sure I could turn it into much more but I am VERY risk averse.
These Ramsey proteges have been way off on BTC. Watching this a year later. this guy would have 3x his money. That is the problem with know-it-all investor gurus.
@dans685
5 күн бұрын
Just because it went up doesn’t make their advice wrong. It’s a highly speculative place to have your money and could lose most of its value at a moments notice . He was talking about having an amount set aside for an emergency.
I like online savings accounts. For example, Synchrony Bank High Yield Savings Account, 4.75% APY, no minimum balance. It is much better than regular savings account.
@jaedyn06
3 ай бұрын
I put all my money that I’m not investing or using in my HYS Synchrony account.
@vincentmaloney5835
3 ай бұрын
@@jaedyn06 Me too. I like this account a lot.
What has worked for me is 50% cash and 50% in stocks. The cash will underperform but the stocks will will make up for that and you will have a nice average.
I appreciate this question.
He could put the cash in a checking account at a credit union and make 3% to 4% annually
I would like to have a paid off house , live off dividends from S & P 500 and have an Emergency fund.
Nice video!
A few thousands of cash depreciate like 100 dollars a year, which is totally fine for the peace of mind it gives you
I love it when they bust out the old school air control headsets
He sounds like my grandson. He is 23 and had $20,000 in his savings before he graduated from high school. He worked odd jobs. He bought a house last year. Now he has his own construction company.
@rancorslayer5228
2 ай бұрын
Wow that’s impressive! I’m sure you’re very proud of him.
Horrible advice on the Bitcoin.
@JP-kl4zk
3 ай бұрын
These people clearly haven't done any reading to understand bitcoin. It's okay if you are not interested or lazy but don't make any recommendations regarding an asset if you don't know anything about it.
@alansach8437
2 ай бұрын
Bit coin exists only as electronic bits on a computer. Warren Buffett says never to invest in anything you can't fill up a stadium with! If I buy Apple Stock I can fill a stadium with computers, if I buy Exxon Stock I can fill it with gasoline. These companies produce tangible goods. Bit coin exists only in the imagination of the people who agree that it exists! No thank you! I don't care what you say it's worth. I don't care how much money some people have made. It isn't tangible.
I've always wanted to hear them address the concept of a checking account buffer, even when you're on bs 2. I thought that's what this video was, without the investment part.
@HandleToWatch
2 жыл бұрын
The buffer recently came up for us in conversation. We are on BS3B. Our FFEF lives in our savings out but we have about 1K (half a month's expenses) in the checking account as a buffer. When emergencies pop up we usually pay off from the buffer instead of pulling from the savings account.
@ThaBloodWitch
2 жыл бұрын
@@HandleToWatch Makes sense! I just have wondered if you're following his plan and every red cent outside the starter e fund goes to debt, how much margin do folks allow themselves in checking in case a bill goes higher than they expected? Overdraft fees are awful. It's always seemed to me they preyed on the poor that way.
I would say put it in a high interest savings account (currently ~4.5%). It is still easy to get to.
@longbeardmcstruttin5876
3 ай бұрын
Who is offering that
@vonzaag4555
3 ай бұрын
@@longbeardmcstruttin5876sofi
@SamEichel
3 ай бұрын
@@longbeardmcstruttin5876ally, so-fi, many other banks
@maccam26
3 ай бұрын
@@longbeardmcstruttin5876many .. synchrony bank, PayPal savings, Truliant, etc…
@pdx7776
3 ай бұрын
Ally has 4.35%
High Yield Savings account, Marcus is great right now
In regards to an emergency fund, I’d rather invest my money in a mutual fund and have a line of credit for quick access to cash. What if you sat on the cash for 5 years because you never had an emergency? The opportunity cost there would be far greater than the potential need to access a line of credit short term.
Cash in the bank is looking pretty good about right now.
I withdrew all my money and purchased gold and a home in baja😊
Good advice--thanks! PLEASE work with your audio tech on plosives--the issue is either the mic itself or the mic placement. Very annoying. But thank you again for the advice!
Earning 5% on USDC in my Coinbase account. Checking account with an FDIC insured, publicly traded Bank. No other Bank even comes close to the utility and flexibility of Coinbase. Also, I own all of it, THEY DO NOT INVEST MY MONEY! ITS MINE.Your standard bank, keeps NONE OF YOUR CASH ON HAND.
Definitely a good question.
A lot of these callers call just to brag and they already answered their own question . Have someone more realistic making 40-50k with normal expenses bills
@teamvoldemort6114
2 ай бұрын
90% of these calls are train wrecks. Not hard to find. Nice to see a good example for once where someone is doing the right things and is winning.
Loved the advice; and well done to the young guy for doing so well so early in life!
@christianrodriguez5346
2 ай бұрын
I just got recommended this vid. I also have a similar salary after graduation. No debt either. My parents are letting me stay at home so I can save and invest. I don't have crypto that is the only thing that the guy and myself are different in. Single as well. So I will just focus on work and treat myself with moderation. Definitely would be saving for a house while doing investing and treating myself and my parents.
Yup, Stocks are volatile. I lost almost 17 Grand last week. It took almost 3 days to make it back
I've never had to ask myself how much is to much
These guys are like the first grade when it comes to Finance. Absolutely not designed for anyone with any sort of financial sophistication.
@alansach8437
2 ай бұрын
Which is most people! Which is why it's such good advice!
Answer: as much money as you can right now. you should be stockpiling cash going into a recession, cutting back on expenses and spending overall, gazelle intense savings, and hunkering down. We are in for a big storm. The more cash the better
@alansach8437
2 ай бұрын
This comment didn't age well! No recession! Stock Market at all time highs!
@jgg204
2 ай бұрын
@@alansach8437 You don;t hop off the train as it's crashing
GREAT question
Half a years wages in savings is what I like 👍 👌
Even the emergency fund it’s not safe at the hands of banks!
Great Question
Greenspan: "We can guarantee cash, but we cannot guarantee purchasing power"
Bitcoin up 150% since this video, great advice you gave gim
@BankruptRecords
3 ай бұрын
lol saw that as well.
@KingCzar29
3 ай бұрын
Bitcoin is extremely speculative. They gave solid advice for the time. Everyone at the time was convinced its was going to zero. Now every is convinced its going over 100k after the halving. There’s no real consistency
@BankruptRecords
3 ай бұрын
Na people that dont invest in that class of asset thought it was going to zero. @@KingCzar29
@potatoeslol1216
3 ай бұрын
@@KingCzar29I don’t know a single soul who thought Bitcoin was going to zero.
@KingCzar29
3 ай бұрын
@@potatoeslol1216 good for you champ. With all your wisdom you probably went all in and are now set for life 👍
Try to maintain a Min of 20K in savings. 5K in checking.
Finally a comment as to the fact that “life is important too” lol
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
@user-yb5bg8im5g
28 күн бұрын
at 66, i laugh about ''the market''. cashed out when biden got in. we are too far gone and joe has made it worse. no family left to worry about. ''i am my own legacy''. instead of income streams, i have an income pond. cd ladders are a beautiful thing. i sleep like a baby not worrying about the ''roller coaster''. i'm headed to off grid cabin on land to really lower my expenses.
is there any reason to have a "boring old savings account making 1%"? Considering how many high yield savings accounts there are these days. My emergency fund is in a 4.9% savings account.
Funny how some people go to this show to ask for financial advice, bro they aren't Warren Buffett.
Lol. "It's not doing great" that did not age well. 😂😂😂
@SystemChannel
2 ай бұрын
Bitcoin was at about $30K when they recorded this. I think he knew not to sell it.
what would he need instant cash for? Ransom? LOL. Also, bad call on the Bitocin! Whoops!
1%? My emergency fund, sitting in a bank, makes 3%. And it's available instantly - I even have a debit card for it.
@cnewton6527
3 ай бұрын
This video is from a year ago. 3% is good at a brick and mortar bank. Fidelity account is almost 5% today.
Ramey loves finance so much he gave his Daughter.
The problem is that our parents never taught us this stuff and we didn't have the internet.
4:43 yup he is soooo right
He seems and sounds more mature than others his age .
@randallblank9531
Жыл бұрын
Likely because its a staged call?
@alia1824
Жыл бұрын
It’s clearly fake
@trentonpearson7353
Жыл бұрын
@@alia1824 It's not a staged call because I have been a caller on the show
@Nawalta
3 ай бұрын
Yeah that was my thought too. Either he’s lying about his age or he grew a little too quick. Being responsible is great, but I hope he allows himself to enjoy his 20’s too.
Keep $5-$10k in a sale at home
I would say in California which is super expensive. I would say a single person should have $10,000-$50,000, in emergency cash fund. If you are married with kids, I would recommend 50,000-$100,000 cash emergency fund in the bank. I work with colleagues who put everything into the 401k and have no emergency cash. I have both and have followed the Dave Ramsey principals and will retire well.
they say the guy should take his money out of BTC because its doing bad but then turn around and say the stock market is down alot and its a great opportunity😂😂
you canalways get it unless it is in Chase ,then they may need to question your need for a lot of money
Counter party risk yo!!!
i have 250000$ in my saving account but idon't know what to do .i was gonna buy a house but the price is too expensive?
@user-hv1sk2zx6u
2 жыл бұрын
Buy a land back home with that money. $25000 won’t get you a house here.