Hi!
I'm considering switching my financial workflow to this:
Money in my checking account - $0
Any money I receive goes directly into my Ally HYSA. If I have extra money that I don't need immediately, I will invest it in a mix of t bills/stocks.
Any purchases I need to make go on a credit card.
Every month, I pay off the credit card statement in full directly from my HYSA.
This way, I have exactly $0 that isn't working for me; my money is either always earning interest in a HYSA and receiving credit card rewards when spent, or is in stocks/t bills.
Are there any disadvantages/drawbacks to this strategy? Does anyone on this forum follow this strategy?
Thanks!
original posted by SuddenlyCoding to r/personalfinance on Wed, 13 Mar 2024 00:01:34 GMT.