Many Americans keep their earnings in a checking account. However, placing all your money in a single location is a risky move. Maconomics Founder Ross Mac joins Wealth! to explain why.
Mac signals inflation is hovering around 3%, but the average checking account earns 0.07% interest. “You have to find somewhere to put your money that is actually going to be able to outpace inflation,” he says. Mac adds that Americans should put their emergency funds in a high-yield savings account at the very least.
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Editor’s note: This article was written by Gabriel Roy.
