The author, a blonde woman, smiles at the camera at night in a restaurant. She wears a black dress.

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It’s still hard for me to believe that there was ever a time I didn’t keep my cash in a high-yield savings account, or HYSA. With every passing year, I was leaving money on the table, missing out on interest payments while my money stagnated in my checking account or the standard savings account offered at my bank. 

But all of that changed when I opened my first HYSA, an Online Savings Account at Ally. It offers a competitive annual percentage yield (APY), refreshing transparency, and has served me so well that I continue to sing its praises a full decade later. It’s particularly ironic considering that when I first opened the account, I assumed it would be a temporary solution for a temporary problem. 

One of my first lessons at my new job was about money

Here’s the backstory: I had just started a new serving job at a seafood restaurant in New York City, and for my very first training shift, I was paired with a senior server named Todd. In between showing me how to use the point-of-sale system and explaining the side work I’d be expected to complete every shift, Todd had some financial advice to bestow as well.

The restaurant group we worked for kept track of our tips, but didn’t withhold taxes for front-of-house staff, he warned — we were expected to do that ourselves. At the end of each shift, servers would bring their paperwork to the bar to be tipped out from the register, and leave the restaurant with every (pre-tax!) dollar they’d earned that night.

It was tough to avoid spending the money once it was in your pocket, Todd acknowledged, but the trick was to treat that …read more

Source:: Business Insider


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