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Where Should I Even Keep My Money?
From checking accounts to high-yield savings, investing, and even neobanks—let’s find the smartest (and safest) spots for your cash. Sorry, Grandma, but your Folgers Fund isn’t exactly beating inflation...
Richard Yoon & Mitch Duffy
August 13, 2025
☕️ Folgers Funds vs. Latte Legacy
We all have that one family member who stashes cash in ~creative~ places: under mattresses, in the freezer, or an old Folgers can in the shed.
Sure, it’s “safe”... until you realize:
No interest → Your money’s literally rotting in decay (thanks, inflation).
No insurance → One rogue candle/roommate/kid and poof—it’s gone.
No cousin-proofing → “It’s not a loan, it’s an investment—my crypto/dropshipping/truffle-farming TikTok is this close to going viral. You’ll get your money back…. probably.”
There’s no time like the present, and today we’ve got way better “hiding spots” for cash—ones that protect it and grow it.
Find What Your Looking For Here
Checking Accounts: Money’s Layover Spot
Think of your checking account like an airport:
Paychecks = Flights landing.
Bills = Connecting flights (money rarely stays long).
Look for:
No monthly fees
No overdraft traps
Easy mobile banking
Look for: no monthly fees, no overdraft traps, easy mobile banking, and plenty of ATM access.
Rule of thumb: Only keep enough for regular spending + bills. Extra cash? DoorDash yourself a pizza, then send the rest to accounts that earn more.
📖 Related read: Budgeting 101: Part 1
Investing: Your Money’s Self-Growth Era
For money you won’t need for 5+ years, investing > savings in the long term.
Start with:
Low-cost index funds (like S&P 500)
IRAs (Roth = tax-free growth)
Employer retirement accounts (ESPECIALLY if they match—that’s free money).
📖 Related read: Investing Crash Course, Retirement Basics
Neobanks: Banking Without the B.S. (and Branches)
Digital-only banks like Chime, SoFi, Ally = no fees, sleek apps, and early paydays.
Good for:
Budgeting tools
Separating savings goals
Avoiding Boomer-era bank fees
Heads up: No branches, so if you’re a “talk to a human” person, stick to traditional brick-and-mortar banks.
How to Pick What’s Best for You
College + no job = Free checking + starter HYSA (high-yield savings account).
Learn the money flow, dodge fees, stash any extra.College + job = Same as above, but aim for a bigger HYSA (1 month’s expenses) and maybe start micro-investing.
First job out of school = Build a 3–6 month emergency fund, then invest in your retirement.
Earning more than you spend? Beef up your HYSA, automate investing, max out retirement accounts, and maybe split accounts for extra organization.
Pro tip for everyone (yes, even you, Aunt Mary): Automate transfers. It’s like brushing your teeth—do it regularly, and Future You will thank you.
Quick Tips to Optimize Your Accounts
Split your paycheck: Bills (your checking), Safety (savings), Growth (investing).
Automate transfers: Pay yourself first—set them up to run on autopilot.
Label your savings: “Vacation fund” is way more motivating than “Savings 2.”
Revisit your setup yearly: Rates/fees and your life situation change.
So should your setup.
Perfect isn’t the goal; progress is.
🥁 The End
Where your money lives matters. Let’s be proactive, ladies and gents, Mitch |  |
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