Where Is The Best Place To Park My Money?

One thing I was always worried about when I first started learning about money was where do I put my money. And in the beginning, I was worried about savings account and best yields, and so on.

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1. The best Place to Put your Money or Park it
– Is going to be the place it belongs
– Because again every dollar you make has a job
– But people usually just give money one job

The one Job they give:
– The spending job
– So for those people, whether they put their money in high yield checking or not ( it won’t make a difference )
– Because usually, they use that money up by the end of the next paycheck

2. The Jobs for Money and the Best place to Park them and also the worst places
Job One: Emergency Job
– This is money that is going to be used for emergencies, and because emergencies are unexpected
– This money cannot be somewhere that is hard to get out off
– However, it cannot be somewhere as is to easy to get the money out of and spend it on something else

Worst places to put this Money:
– Same places where you have your checkings account ( to easy to transfer )
– CD its problem when you try to break it
– Investment account ( what happens if when you have an emergency the money is worth 50% less now )

The Best Place:
– It’s going to be a separate high yield saving without a debit card
– This way your money is secured
– But takes 3 days to transfer over ( for me that’s wealth front that I use for that )

Job Two: Investment Job
– This is one of my favorite jobs that money has, which is to make you more money without you having to work harder
– Now this money has to be separated from your normal money
– Because you don’t want to spend it

Worst place
– You should have this money in cash or in a high yield saving because this money is for investing
– Unless you have a lot of money, you don’t need to put this money into treasury bonds either

Best place for me:
– It’s the brokerage im investing money with
– For me, that’s m1 finance and they also have a checkings account that pays some money
– But the point is the money is separate and is only used for investing automatically ( make sure there is no debit card and if there is just don’t use it )
Job three: Money for paying Debt
– This is not money you should save or fondle
– But money that has a job that needs to be done asap

The way I do it is this:
– You have one account that receives all your money ( Checkings A)
– And from checking account A, all your money gets distributed to your accounts ( B or C or whatever )
– So you have to set your debt to automatically take the money from checkings A, before it starts sending money to the other accounts

Job Four: Expenses Money
– You have two types of expenses, fixed cost expenses like rent, Internet and so on
– And then you have variable ones like food and cash and snacks
– You want to have a checkings account with little savings account on it
– What’s in the checkings is for regular spending
– And whats in the savings is for fixed expenses

Job Five: Fun Money
– This is money just for having fun
– For me at least I like having this money in a completely different checking account
– For that, I use Robinhood ( all the money their gets spent each week, so it doesn’t matter if it pays anything )

Job Six: charity
– This is not money to play with or save up
– But money you automatically set to get taking from your Checkings account A that received all the money

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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