Well, that is great! But did you know that most people who have a considerable cash savings is getting 0.02% on average? If you have a large purchase coming up, consider opening up an Ally savings account that yields 0.50% and stash your cash there until you need it.
I am noticing with the clients I am working with who have a large stash of cash, do not have a large purchase on the horizon, yet have loads of student debt loans, a car loan, and maybe some credit card debt. Why not put that cash to work and pay less in interest costs?
Compare the current yield you are receiving from your savings account against the interest rates on your liabilities and let the numbers guide you. The cost of sitting on bundles of cash are high with inflation rates currently cresting 7%.
My recommendation is for you to put that cash to work!
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