In this episode of rich & REGULAR, hosts Julien and Kiersten Saunders dive into the holy grail of personal finance: saving. They answer some of the most commonly asked questions about saving, such as where to keep your money, how much to save, when to stop saving and more. They also discuss the various types of savings accounts available in the market, including standard savings accounts, high-yield savings accounts, certificate of deposit accounts and money market accounts, and encourage listeners to think about investing in addition to saving.
The Saunders expand on the types of savings accounts that exist. However, with so many options available in the market, it can be challenging to determine which savings account is best suited for financial goals.
Julien and Kiersten address saving rules of thumb and whether the 10% rule is enough in today’s world, where various economic factors have made it difficult for people to prioritize saving over managing debt. While loss aversion is a real thing, it’s important to note that investing in stocks may outpace inflation. The Saunders also introduce a new framework of saving, where 50% of income goes to needs, 30% to wants and 20% to savings, with saving being the first thing you do when you earn money.
As Kiersten puts it, “Money is a tool for better quality of life throughout your lifespan, not just at the end of your life.” So, whether you’re just starting or have been saving for years, there’s always something new to learn about managing your money and securing your financial future.
Learn more at richandregular.com, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. Support rich & Regular by sharing and rating it five stars on Apple Podcasts. Check out their video podcast Cashing Out on YouTube.
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