Now you may be wondering why you should take advice from someone like me. There are so many successful and knowledgeable financial bloggers and podcasters at your fingertips. Well, it’s because I think you can greatly benefit from a different perspective. A perspective and experience that you may feel is more familiar to your own life.
I read about how Mr. Money Mustache grew up in a frugal household and saved all his money when he started working. He went to college with no student loans!! Can you relate to that? I can’t. But how amazing to know that it is doable.
How about the great Dave Ramsey, whose philosophy is to pay off your debt before you think about investing? I want to do both! Is it possible to invest and grow wealth while paying down your debt? Absolutely!!
I was not raised with frugality by choice, it was a necessity. I did not have a choice but to obtain student loans for my education. I have a mother and father that I have to support back in Kenya. I have uncles and cousins who always have their hand out for some help. Do you just say no and let them suffer? For many of you the answer is no, you help out.
In this blog, I bring a fresh insight into personal finance. Investing while in debt, navigating family help and living your best life.
What savings account do you recommend?
Thank you for your question Sharde! Any high yield online savings account, they tend to have higher interest rates. I currently use CIBC, but Ally or Citi bank are great. The interest rates are currently really low due to the pandemic, about 0.5% but they can go as high as 1%. Online savings accounts are a good place to put your emergency fund, it is less tempting to spend it. And it is helpful to write down what you consider an emergency and you touch the EF only if a true emergency happens.