Oct 2, 2026 · 30 min · 14 segments
The Fed just raised rates for the first time since 2023, and your savings account still pays about 0.38%. Matt starts with the exact amount you should keep in the bank: six months of essentials if…
Matt TheriaultHost
If you've got more than that sitting there right now, you're making a mistake, a big one.
I mean, if you're still working, about six months of essential expenses should be there.
If you're retired and living off of Social Security and savings, closer to a year.
The Federal Reserve's own survey says the average household between 65 and 74 is holding about $100,000 in checking and savings, more than any other age group in the country.
And your bank looked at that raise, smiled that corporate smile, and kept it to themselves.
Meaning you're still getting that same rate you got back when a 30-year mortgage was 3%.
You see, I've spent 20 years buying and selling houses and almost every deal I've ever done starts with somebody's bank statement.
And the pattern I see over and over and over is a responsible person, usually somewhere between 50 and 75, with a big pile of cash and savings, six figures, sometimes a lot more, sitting there because keeping it in the bank felt like the safe thing to do.
If you've got more than that sitting there right now, you're making a mistake, a big one.
I mean, if you're still working, about six months of essential expenses should be there.
If you're retired and living off of Social Security and savings, closer to a year.
The Federal Reserve's own survey says the average household between 65 and 74 is holding about $100,000 in checking and savings, more than any other age group in the country.
And your bank looked at that raise, smiled that corporate smile, and kept it to themselves.
Meaning you're still getting that same rate you got back when a 30-year mortgage was 3%.
You see, I've spent 20 years buying and selling houses and almost every deal I've ever done starts with somebody's bank statement.
And the pattern I see over and over and over is a responsible person, usually somewhere between 50 and 75, with a big pile of cash and savings, six figures, sometimes a lot more, sitting there because keeping it in the bank felt like the safe thing to do.
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