Episode 81

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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:


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FI Minded: Achieve Financial Independence & Have Fun Doing It
Achieve Financial Independence & Have Fun Doing It
Want to achieve financial independence without missing out on the fun?

FI Minded is for anyone who wants to achieve financial freedom, live life on their own terms, and, most importantly, enjoy the journey along the way!

Whether you’re just starting to think about financial independence or already deep into the process, FI Minded gives you the tools and inspiration to make FI a reality - without giving up the things you love.

Each episode, we’ll cover topics like:
*Financial Independence Strategies: Simple, actionable advice to reach FI faster (if that’s your goal).
*Work Optionality: Transitioning from the corporate grind (no more "one more year syndrome") to a life of freedom and flexibility.
*Lifestyle Design: How to build a life that aligns with your values, goals, and dreams.
*Stories from the FI Community: Real people sharing their journeys to FI and what they’ve learned.
*Fun with FI: How to save your future and enjoy your current life through CoastFI, mini-retirements, travel, or just making the most of your time.
*Fighting Burnout: Balancing saving for your future while staying mentally healthy.

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), Jill Sirianni (Frugal Friends), Jacking Cummings-Koski (Catching Up to FI), Jesse Cramer (Personal Finance for Long-Term Investors), Diania Merriam (Optimal Finance Daily), Rachael Camp (Work Optional), Jillian Johnsrud (Retire Often), Sean Mullaney (FI Tax Guy), Joel Larsgaard (How to Money), Erin Lowry (Broke Millennial).
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