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.
For more expert insight and the latest market action, click here to watch this full episode of Wealth!
Editor’s note: This article was written by Gabriel Roy.
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