The Long View

Greg McBride: ‘Successful Saving Is All About the Habit’

May 7, 2024

Greg McBride, Chief financial analyst for Bankrate.com, discusses the state of the economy, outlook for interest rates, maximizing savings returns, FDIC insurance coverage for high net worth clients, real estate market trends, financial literacy education, saving habits, and open budgeting in a detailed and insightful podcast conversation.

48:48

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Episode guests

Greg McBride

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Episode notes

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Quick takeaways

Successful saving requires forming a habit, focusing on consistent contributions over time.

Economic outlook suggests potential soft landing with decreased recession odds amid current growth.

Financial literacy, early savings habits, and effective debt management are crucial for long-term financial stability.

Deep dives

Bankrate's Role and Offerings

Bankrate primarily focuses on providing information and comparisons of bank products such as savings accounts, mortgages, loans, and credit cards. They also extend their services to include insurance options like home and auto insurance. The company aims to cover a wide range of personal finance areas beyond just bank products.

Introduction

2min

Navigating Financial Challenges and Economic Uncertainty

13min

Maximizing Savings Returns in the Current Interest Rate Environment

12min

Maximizing FDIC Insurance Coverage for High Net Worth Clients

5min

Navigating Low Interest Rates and Real Estate Market Trends

11min

Addressing the Need for Financial Literacy Education and Positive Role Models

2min

The Power of Consistent Saving Habits and the Trend of Open Budgeting

2min

Closing Remarks, Subscription Reminder, and Disclaimer

2min

Our guest on the podcast today is Greg McBride. Greg is chief financial analyst for Bankrate.com, where he has worked for more than 25 years. He received his bachelor’s in finance from the University of Florida. He is also a CFA charterholder.

Background

Bio

Bankrate

State of the Economy/Outlook for Interest Rates

“Survey: Despite a Resilient Economy, Experts Still See a Near 1-in-2 Chance of a Recession,” by Sarah Foster, bankrate.com, Jan. 3, 2024.

“Bankrate’s Interest Rate Forecast for 2024: Mortgages, Credit Cards and More Will Stay Pricey, Even if the Fed Cuts Rates,” by Sarah Foster, bankrate.com, Jan. 2, 2024.

“Credit Card Debt Is at a Record High as Fed Raises Rates Again,” by Cora Lewis, apnews.com, March 22, 2023.

“Take These 12 Steps as the Federal Reserve Keeps Interest Rates High,” by Sarah Foster, bankrate.com, May 1, 2024.

Saving

“Survey: Two-Thirds of Savers Still Earn a Savings Account APY of Less Than 4%,” by Karen Bennett, bankrate.com, March 27, 2024.

“How the Federal Reserve Impacts Savings Account Interest Rates,” by Karen Bennett, bankrate.com, May 1, 2024.

“CD Ladder: What It Is and How to Build One,” by Rene Bennett, bankrate.com, Feb. 27, 2024.