Building genuine wealth is hindered by the burden of debt, a view strongly articulated by financial experts like Dave Ramsey and Suze Orman. Many individuals, particularly those with limited means, often struggle to allocate funds towards investments after managing debt and living expenses. Nevertheless, High Yield Savings Accounts present a viable option for earning a return on funds, even for those unable to invest. Experts recommend maintaining an emergency fund, with suggestions to save at least a year's worth of salary, to enhance financial stability.
The overhang of debt is one of the greatest obstacles to building genuine wealth.
Many people are dealing with leftover student debt, accrued credit card debt... They often find themselves stuck.
If one cannot invest due to liquidity needs, they can still earn as much as 4% or higher interest on a High Yield Savings Account.
Suze Orman is especially mindful of telling her callers to save at least a year's worth of salary in an emergency fund.
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