Financial Feminist 231. Ask Tori: Should I Invest Right Now?
May 8, 2025
Listener questions spark a lively discussion on where to keep your money, tackling everything from emergency fund strategies to the impact of political climates on investments. Delve into the differences between credit unions, traditional banks, and online options, and learn how to maximize your money mindset through active investing. The complexities of credit card management post-debt relief are dissected, giving practical advice for rebuilding credit while encouraging emotional wellness. It's a treasure trove of financial wisdom!
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Investment Mistake: Not Investing
- Caitlin discovered her Roth IRA was just sitting in cash, not invested, which costs her potential growth.
- This mistake happens often because people don't know they must actually invest their money after opening accounts.
Use One High-Yield Savings Account
- Combine multiple high-yield savings accounts into one with different buckets for easier management.
- Assign every dollar a specific purpose to avoid financial confusion and guilt when spending.
Choose Banks Based On Needs
- Online banks offer higher interest rates due to lower overhead compared to brick-and-mortar banks.
- Use credit unions or brick-and-mortar banks only if you need physical access, but keep savings in high-yield online accounts.
