Chain Of Wealth - Debt, Investing, Entrepreneurship, Wealth & More

Nobody really tells you what to do with your paycheck, people don’t know what you should and shouldn’t do so today’s episode deals exactly with that. [1:40] Where are you putting your money Kate? Until recently (the last year) all of Kate’s money was kept in her bank account The money would rollover from a checking account from the savings account The big mistake with this is that it has an extremely low interest rate. Most investments are in the region of about 8%, savings accounts are typically below 1% and actually make you lose money as inflation is higher than the interest you’ll earn in a savings account Kate’s currently putting her money in mutual funds and stocks she uses her Robinhood account She makes sure that all her money is working for her There’s a common misconception that just because you have stock they aren’t liquid, but you can quickly sell them and convert them into cash [6:30] A ton of people make the mistake that they aren’t responsible with their credit cards Lots of people live off