Why being frugal won't make you financially independent...

Big changes are coming as we approach this new month.

I don’t just want you guys to be frugal, I want you guys to THRIVE. I want to share the financial education needed to not only save money, but to MAKE more money, and invest into things that will grow over time without stressing you out.

I’m still thinking of a new name for this newsletter and our community, I’ll take any suggestions!

DEFINITION
How does a High Yield Savings Account work?

• Imagine a safe haven for your money, where it not only stays secure but also grows at a faster pace. Unlike traditional savings accounts, high-yield accounts offer substantially higher interest rates, often several times more. How does it work? Simple. You deposit your money, and the bank rewards you with interest payments regularly, helping your savings snowball over time. Why does it work? Because these accounts typically operate online, with lower overhead costs, allowing banks to pass on more returns to you. So, while your money remains easily accessible, it's also busy multiplying itself, effortlessly building your wealth.

PRACTICAL ADVICE
Where can I open one?

• You can open a high-yield savings account at various financial institutions, including online banks, traditional banks, and credit unions. Many online banks tend to offer some of the most competitive interest rates due to their lower overhead costs. Some popular options include Ally Bank, CIT Bank, and Sofi. It's always a good idea to compare interest rates, fees, and features across different banks to find the best fit for your financial goals.

HELPFUL RESOURCES
My current HYSA account

• CIT Bank is giving me a 5.05% interest rate! And there’s no catch like SoFi…

OUR COMMUNITY
What are your questions? Or share a win!

• Reply to this email with any personal finance question you have, or share with me any wins in your life! (I’ll respond to your questions anonymously in future emails)