Episode 81

full
Published on:

16th Jan 2023

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:


www.bankrate.com


www.maxmyinterest.com


www.treasurydirect.gov


 


More of Jeremy:


www.retirement-revealed.com


 


More of Justin & The Struggle is Real:


Find show notes and more at https://www.tsirpodcast.com/


Follow us on Instagram at https://www.instagram.com/tsirpod/

Show artwork for FI Minded - Financial Independence Without the Extremes

About the Podcast

FI Minded - Financial Independence Without the Extremes
Achieve Financial Independence & Have Fun Doing It
Pursuing financial freedom, a work-optional lifestyle, or early retirement often leads to the same questions: “one more year,” “do I have enough?” “what does life actually look like after this?”

FI Minded helps you think like someone who’s already financially independent so you can make smarter decisions about how you work, spend, and live.

From Coast FI and Slow FI to lifestyle design, career transitions, healthcare, and self-employment, each episode explores the real decisions behind building a flexible, work-optional life…without burnout, over-optimization, or missing out along the way.

We cover:
* Smarter ways to reach financial independence (without burnout)
* Designing a flexible, work-optional lifestyle
* Coast FI, Slow FI, and enjoying your time along the way
* What life actually looks like after FI (and how to prepare for it)
* The tradeoffs behind big money decisions

Make progress toward financial independence while actually living your life.

Some of our past guests include Carl Jensen (1500 Days), Jeremy Schneider (Personal Finance Club), Nick Loper (Side Hustle Show), Andrew Giancola (The Personal Finance Podcast), Jordan Grumet (Earn & Invest), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Jill Sirianni (Frugal Friends), Jackie Cummings-Koski (Catching Up to FI), Joel Larsgaard (How to Money), Cody Garrett (Measure Twice), Jesse Cramer (Personal Finance for Long-Term Investors), Jess (The Fioneers), Chris Hutchins (All The Hacks), Diania Merriam (EconoMe), Andy Hill (Marriage Kids Money), Fritz Gilbert (Retirement Manifesto), and and others helping you rethink how to approach financial independence.
Support This Show