FI Minded: Achieve Financial Independence & Have Fun Doing It Make More Than .01% Interest From Banks | E81 Jeremy Keil
19 cents. That’s how much in interest that my bank paid me in 2022.
I’m not sure if that makes me want to cry, yell, or laugh but those are none of the feelings that I want to have when it comes to calculating my annual bank interest.
The good news is, I don’t keep a ton of money in my savings account. Simply a couple thousand dollars that acts as an emergency fund.
But that comical calculation would make me furious if I had tens of thousands of dollars in my savings account.
The last few years have shown us the real impact of inflation. An item that cost $100 in 2020 cost roughly $115 today using the average cumulative rate of inflation.
What does that mean? Just to break even, you want your money keeping up at the same rate. 19 cents isn’t going to do that for me.
Luckily Jeremy Keil is here to give us some strategies on how we can make more interest from our savings.
We also talk about how much money you should have in your bank account, what are I bonds and how you can use them for short savings, and why, even as a young adult, you shouldn’t discount social security in your retirement plan.
Key Takeaways:
- Why are interest rates continuing to go up?
- How is inflation calculated?
- How much money should I have in my bank account?
- How to find the best bank account interest rates?
- Automate your bank savings rate using maxmyinterest.com
- What are I bonds and how to use them to get more interest out of your savings
- Where to buy I bonds
- What are treasury bonds?
- How to negotiate your interest rates with your current bank
- Why social security is going to be around for you when you get older
- How is social security calculated
- How to fix social security
- Ask better questions with motivational interviewing
Mentions:
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