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Published Jun 10, 2024

Clever Hacks to Help You Thrive Financially

Rachel Cruze offers clever hacks for thriving financially by sharing insights on debt-free living, effective budgeting, and smart investing strategies. The episode empowers listeners to gain financial security through mindset shifts, practical tips, and the wise use of tools like high yield savings accounts.
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Episode Highlights

  • Mindset

    emphasizes the importance of cultivating a mindset of contentment and practicing gratitude to achieve financial peace. She suggests using a monthly budget to track expenses and ensure that spending does not exceed income, highlighting the utility of budgeting apps like EveryDollar 1. Rachel advises against using credit cards, noting that the temptation to overspend for rewards can lead to debt 1.

    Credit card companies, they are in the business of one thing, you guys, and that is to make money.

    Achieving financial security involves living on less than you make, which requires both budgeting and a shift in mindset 2.

       

    Savings

    High yield savings accounts offer a strategic way to grow your savings with higher interest rates compared to traditional accounts. Rachel explains that these accounts can provide interest rates of 4-5%, significantly more than the typical 0.25-0.5% of regular savings accounts 3. She advises choosing accounts with no minimum deposits or withdrawal penalties and ensuring they are FDIC or NCUA insured 4.

    When you flip the script and you're the one that actually gives your money to the bank, then you actually earn interest, which is a really beautiful thing.

    Rachel also compares high yield savings accounts to money market accounts, noting that while both are good options, high yield accounts often offer better flexibility and interest rates 4.

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