👀 Subscribe & Watch the full episode here: https://youtu.be/7qo-N1DwoP0
Do you struggle to save money? This video is your roadmap to financial peace of mind! Shani Tené, your favorite money coach, shares 3 powerful tips to help you build an emergency fund fast, even on a teacher’s salary! Learn from the story of Joseph and Pharaoh in the Bible and discover how sinking funds and high-yield savings accounts can revolutionize your savings strategy.
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THINGS MENTIONED IN THIS VIDEO 👀
🔥 Submit Money Question: https://shanitene.com/help
🔥 Wealthfront HYSA: https://shanitene.com/wealthfront
🔥 FREE Get Started with Stocks Guide: https://shanitene.com/stockguide
🔥 The Story of Joseph: Genesis 41:14-57
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Host: Shani Tené
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KEYWORDS
emergency fund, saving money, christian finance, bible, sinking funds, high-yield savings account, financial freedom, debt free, Shani Tené, Eternal Wealth
SUMMARY OF KEY POINTS
Money Talk Series
- (0:00 – 0:23): Shani Tené addresses the discomfort people have when talking about money, highlighting that those who don’t want to discuss it often have financial struggles. She emphasizes the importance of discussing money to improve financial situations.
- (1:34 – 2:06): Shani introduces the Money Talk series, aiming to normalize money discussions to help people improve their financial situations.
Mystery Guest
- (3:05 – 3:52): Shani introduces the mystery guest, Taylor, a single teacher in her 30s from the South, earning $50,000 a year with $3,000 in monthly expenses. Taylor struggles with financial stress and saving for emergencies.
- (3:52 – 5:18): Taylor shares her financial challenges, including car repairs depleting her savings, student loans, and lack of a safety net. She seeks advice on building an emergency fund.
Bible Story
- (6:23 – 8:22): Shani shares the story of Joseph in Genesis, who saved grain during prosperous years to prepare for a famine. This story illustrates the importance of saving and preparation, emphasizing that God wants us to prepare for emergencies.
Tip #1
- (8:52 – 10:18): Shani introduces the concept of sinking funds—specific savings goals for different needs like car repairs, medical expenses, vacations, and emergencies. This approach prevents depleting the emergency fund for every unexpected expense.
Tip #2
- (11:14 – 12:04): Shani recommends using a high-yield savings account to earn interest on savings. She specifically mentions Wealthfront, offering 5% interest and an additional 0.5% boost through her referral link.
Free Tool to Boost Savings
- (12:13 – 12:43): Shani promotes Coachline’s free guide to getting started with stocks, aiming to help listeners grow their savings through investing.
Tip #3
- (13:51 – 15:19): Shani advises using a high-yield savings account like a checking account, depositing paychecks there to earn interest before paying bills. This maximizes the amount of money growing at a high interest rate.
Recap
- (15:19 – 16:45): Shani recaps the episode, summarizing Taylor’s situation, the story of Joseph, and the three tips for saving more: using sinking funds, opening a high-yield savings account, and treating the savings account as a checking account to maximize interest.
Bonus Weekly Action
- (16:45 – 17:36): Shani’s action step for listeners is to open a high-yield savings account and transfer current savings there to start earning interest immediately. She encourages listeners to comment on their progress.
Prayer
- (17:46 – 19:10): Shani prays for listeners, asking for blessings and increased savings, rebuking financial stress and anxiety. She invites listeners to enter a relationship with God and provides a link for a special gift to help start their faith walk.
Conclusion
- (19:10 – 19:48): Shani closes the episode, encouraging listeners to subscribe and visit her website for more resources and community support. She signs off with “peace, love, and eternal wealth.”
TIMESTAMP CHAPTERS
0:00 Intro
0:45 Episode Topic
1:40 Money Talk Series Overview
3:56 Mystery Guest
6:12 Bible Story
9:08 Tip #1
10:58 Tip #2
12:30 FREE Tool to Boost Savings
13:37 Tip #3
15:40 Recap
16:50 BONUS Weekly Action
17:44 Prayer
19:26 Outro
TRANSCRIPT
(0:00) And most times people don’t like to talk about money (0:03) because they don’t want you all up in their business (0:05) or even worse to judge them. (0:08) And like the more money I started to make, (0:10) the more I realized the only people (0:11) who really don’t wanna talk about money (0:13) are the people who ain’t got no money, (0:15) which doesn’t make any sense (0:17) because if we don’t talk about it, we can’t fix it. (0:21) If we don’t talk about it, we can’t make more of it.
(0:24) If we don’t talk about it, (0:25) we can’t improve our financial situation. (0:27) You get it, right? (0:27) And I personally don’t want that for you. (0:32) What’s up? (0:33) I’m your favorite money coach, Shani Tené. (0:36) Welcome to Eternal Wealth (0:37) where we cover all things finance and faith. (0:40) If you’re new here, be sure to check that subscribe button (0:43) or better yet, click it, right? (0:45) And so in today’s episode, (0:47) we are talking all about how to build an emergency fund fast (0:51) and make sure you stick around to the end (0:53) because I’m going to share one resource (0:55) that will help you supercharge your emergency savings (0:58) and a one action item (1:00) that you can take to see immediate progress. (1:02) You definitely don’t wanna miss out on those.
(1:04) So before we hop in, I got a question. (1:08) Have you ever felt like (1:09) it’s impossible to grow your savings? (1:11) Maybe like your bills are so high (1:14) so you feel like you have nothing left to save (1:16) after you pay those bills (1:17) or maybe your income isn’t high enough (1:20) so you’re like, I don’t got a lot to save (1:22) or maybe you are saving (1:25) but it’s not growing as fast as you want. (1:27) And then that last category, and I’m looking at you crazy, (1:30) maybe you just aren’t saving at all.
(1:34) So whatever the case may be, you are in the right place. (1:38) So right now we are in a series called Money Talk, right? (1:42) Let’s talk about money, honey. (1:44) And so the whole premise of this series (1:46) is to help normalize talking about money (1:50) because let’s be real, (1:52) we all know money is like we be tiptoeing around it (1:55) and sometimes it can be a taboo topic (1:59) and most times people don’t like to talk about money (2:01) because they don’t want you all up in their business (2:04) or even worse, to judge them.
(2:06) And like the more money I start to make, (2:08) the more I realize the only people (2:10) who really don’t wanna talk about money (2:12) are the people who ain’t got no money, (2:14) which doesn’t make any sense (2:16) because if we don’t talk about it, we can’t fix it. (2:19) If we don’t talk about it, we can’t make more of it. (2:22) If we don’t talk about it, (2:24) we can’t improve our financial situation.
(2:26) You get it, right? (2:27) And I personally don’t want that for you. (2:29) So for that reason, during this series, (2:31) we are having subscribers submit anonymous, (2:34) yes, anonymous, real life stories (2:37) in which they need real life help. (2:39) So each week I’m gonna select a story to share (2:42) and based on the problem, I’ll walk you through a solution (2:44) and that it’s going to be rooted in biblical principles.
(2:49) Yes, you heard that right. (2:50) We putting God up in this (2:51) because what’s the point of getting our money right (2:53) if we aren’t doing it God’s way. (2:55) So if you have a money problem (2:56) or you need help with your money situation, (2:59) you can submit an anonymous story, (3:01) meaning no one will know it’s you (3:02) by going to the link in the description.
(3:05) And if your story is selected, (3:07) you may or may not be our next mystery guest, right? (3:11) But for today, our mystery guest (3:14) is a female in her early 20s. (3:18) Actually, nope, she’s in her 30s. (3:20) She is single.
(3:22) She’s a teacher. (3:23) She makes about $5,000. (3:27) I hope it’s not 5,000, y’all get with me.
(3:30) You know, we’re only on episode two. (3:32) So, you know, I’m still getting the hang of this, (3:34) but she makes around $50,000 a year (3:37) with monthly expenses around $3,000. (3:40) And she lives in the deep dirty South in the US of the A. (3:44) So obviously her identity has been concealed (3:48) for privacy reasons, (3:49) but we will just call her Taylor.
(3:52) So here is what Taylor has to say. (3:59) Being a teacher in the South is a hot mess. (4:04) With my salary, it feels like I’m constantly walking (4:08) a tightrope with my bills, rent, groceries.
(4:13) Everything seems to eat up every penny. (4:16) Last month, it was my car, (4:19) dead battery on the way to school. (4:21) And without it, getting to work and picking up groceries (4:24) became a nightmare.
(4:26) Replacing it meant dipping into my savings, (4:29) which let’s be honest, (4:31) is more like a dream jar at this point. (4:35) I got student loans and years of flying solo. (4:39) Yep, I ain’t got no man.
(4:41) And it’s basically has left me with no safety net. (4:46) The truth is a home repair or a medical bill, (4:51) it all could come crashing down. (4:54) I love my job, (4:55) but the financial stress keeps me up at night.
(4:59) There’s no one to pick up the slack, (5:01) no partner to share the burden. (5:03) I just want to build a future where I can breathe, (5:07) a future where a surprise expense doesn’t send me spiraling. (5:11) I really just wanna be able to finally take control (5:15) and start securing the future I deserve.
(5:18) So my question is, (5:20) how do I build up my emergency savings fund? (5:25) Now, Taylor, before we hop in, I feel you. (5:30) And I’m so sure that so many other people listening do too. (5:33) So if you can relate to Taylor, (5:35) put a hashtag, I feel you in the comments.
(5:38) That’s just the realest anyone has gotten, right? (5:42) Because it’s like, I remember those days (5:44) when the unexpected stuff just start popping up (5:46) out of nowhere that required me to like dig into my savings. (5:50) And I get that it’s an emergency savings, (5:52) but it just kept getting depleted (5:54) and I would end up with nothing. (5:57) But everything changed when I started (5:59) to make a few little tweaks.
(6:01) And within just about a year, I was able to save $10,000. (6:07) And I’m excited to share three tips with you (6:10) that can help you do the same. (6:11) But before we get into the tips, (6:14) let’s see what God has to say about this, okay? (6:16) Let’s take a look at one of my favorite Bible stories, (6:21) the story of Joseph and Genesis.
(6:23) So in this passage, Pharaoh, who AKA is like (6:27) the Egyptian king, is he’s having (6:29) all these really crazy dreams. (6:30) And his people can’t really figure out like what’s going on, (6:34) what these dreams mean, all of that good stuff. (6:37) So Joseph, who’s like sitting in prison, (6:41) like literally he has been jailed.
(6:44) He is actually a whole legit dream interpreter, right? (6:48) And so Pharaoh’s like, well, let’s get Joseph (6:51) to come interpret these dreams. (6:52) So they bust him out of jail real quick. (6:54) He comes up and he’s like, all right, Pharaoh, (6:57) these dreams are basically saying (6:59) that there’s gonna be seven years (7:01) of party hardy good times.
(7:03) And then there’s gonna be seven years of famine, (7:05) meaning y’all about to be starving, right? (7:07) And so he’s like, you need to do something right now. (7:11) He’s like, you better start saving up something. (7:15) Like in this case, we’re back in the day, so grain, (7:17) but in these times, it would be money.
(7:19) He’s like, you better start saving up some grain (7:20) so you could be prepared for the famine. (7:23) And so while everybody is freaking out, (7:26) Joseph is like cool, calm, and collected. (7:28) But like, let’s pause for the cause for a second.
(7:30) Like Joseph’s whole glow up from like jailburg (7:33) to like basically the grain master, (7:36) like crazy, hold another time for another episode. (7:38) But okay, let’s just keep it moving. (7:40) So Pharaoh is like, okay, you are legit wise.
(7:43) Let’s appoint you to be the master grain collector. (7:46) So for those seven years, he collects the grain (7:49) and let’s just say that it made all the difference (7:53) because when the famine came, (7:54) everybody else was like out here tripping (7:57) while Joseph was chilling because he was ready. (8:00) So when the famine came, him and his people were good.
(8:03) And so I just love this story (8:05) because it shows us how important it is (8:08) to save for emergencies and more importantly, (8:11) God wants us to prepare. (8:14) Like, yes, he’s going to supply every one of our needs, (8:17) but we also know that faith without works is dead. (8:21) So we gotta do something.
(8:23) And in this verse, it clearly shows us (8:25) that saving and preparation is really important (8:28) if we want to allow God to really be able to step in (8:32) and do what he has called for our life, okay? (8:34) So we have to save for those emergencies. (8:37) So let’s talk about a little bit (8:39) about how we can be more like Joseph and Pharaoh (8:41) and save money for emergencies. (8:43) So in Taylor’s situation, the biggest issue I see here (8:47) is that all of the money she’s saving is in the same place.
(8:52) This is problematic because when a car issue happens (8:55) or she has to take from savings (8:57) or when a medical issue happens, (8:58) she’s taking from that same savings. (9:00) Whenever anything unexpected happens, (9:02) she’s taking money from the same place. (9:04) Well, no wonder it keeps disappearing.
(9:06) There’s no plan in place. (9:08) So tip number one, the first step to saving more (9:12) is to create a plan using sinking funds. (9:16) This is basically savings based on specific goals.
(9:19) So think of it as like creating savings buckets. (9:21) So when you save, you don’t just attribute everything (9:24) to being an emergency savings. (9:26) You put it into different savings categories.
(9:29) And so you create these buckets for things (9:32) that you know you’ll need in the future, (9:34) like car repairs, medical expenses, vacations, (9:39) buying a home, gifts, holidays, (9:43) and most importantly, obviously, emergencies. (9:46) So when you get paid, (9:47) you aren’t putting all of your money into an emergency fund. (9:51) You are spreading it out across your sinking funds.
(9:54) This way, when something comes up, (9:57) you aren’t eating into your emergency fund. (9:59) You’re only pulling from where that one sinking fund is (10:04) based on your one specific need. (10:06) So psychologically, (10:07) this will ensure you keep more of your savings (10:10) in your account and be better prepared (10:12) to tackle unforeseen events (10:14) because you have money specifically set aside (10:17) for that type of event.
(10:18) And so I know the name sinking fund, (10:20) I was always like, why would they call it sinking fund? (10:22) Like, that sounds bad (10:23) and we wanna keep it positive over here. (10:25) But no, it’s actually a good thing. (10:27) So sinking doesn’t mean like it’s disappearing (10:30) in the way that we think it is.
(10:31) It’s like you’re slowly sinking the cost (10:34) of that expense throughout the year, (10:36) making it less of a financial burden (10:38) when the time comes around. (10:39) So it’s like sinking the debt. (10:41) And so outside of saving you money, (10:42) this will also save you so much stress.
(10:45) So knowing like, okay, my tire just blew out, (10:47) I ain’t tripping because I got $500 chilling over (10:51) in my emergency savings in my sinking fund (10:54) for the specific car repair, sinking fund, right? (10:57) Love it. (10:58) Tip number two. (10:59) So now that you know how to best prepare to save (11:03) and ensure you’re maximizing your savings, (11:05) let’s talk about how to choose the right type (11:09) of savings account, (11:11) because not all savings accounts are created equal.
(11:14) We wanna tap into what we call a high yield savings account. (11:17) It’s basically kind of like a regular savings account, (11:19) but you get paid to keep your money in that account, (11:22) meaning extra money for no reason. (11:24) My favorite high yield savings account is Wealthfront (11:27) because it has a 5% interest, (11:29) meaning any money that you put into this account, (11:32) you get 5% interest back in cash, (11:35) free cash money, you guys, for doing nothing.
(11:38) It legit provides an additional stream of income (11:41) without you having to do anything. (11:43) And even more exciting, (11:44) if you use my Wealthfront referral link (11:46) that’s in the description, (11:48) you’ll get a half a percent boost. (11:50) So your interest is actually gonna be 5.5%, (11:52) which right now is honestly the highest in the industry (11:56) or one of the top in the industry.
(11:58) So get that link in the description and sign up today. (12:00) It’s totally free, y’all. (12:02) You can open up an account in less than five minutes.
(12:04) There’s really no excuse (12:05) to not have a high yield savings account. (12:07) It’s like free money, free money. (12:09) So take your savings that you currently have, (12:11) put it in that high yield savings and see it grow.
(12:13) And so before we get into the third step (12:16) for how to actually utilize your high yield savings (12:18) to maximize your money, (12:20) let’s take a look from, (12:21) let’s take a listen to what one of our partners has to say. (12:25) They’re offering something so cool (12:27) that’s gonna help you save your money even faster (12:29) and it’s totally free. (12:30) So check this out.
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(13:32) So go ahead and subscribe (13:33) and click the link is all yours for free. (13:36) But let’s jump back in and tip number three (13:39) to help maximize your savings (13:41) is going to be changing the mindset we have (13:44) around how to use a savings account. (13:47) So we want to be using our savings account (13:49) like a checking account.
(13:51) So what does this mean? (13:51) You know, when you get paid right now, (13:54) you’re putting all of your money (13:55) directly into your checking account. (13:57) But if you changed your mindset (13:59) and instead took your entire paycheck (14:01) and put it into your high yield savings account, (14:03) what this does is allow all of your money (14:06) to grow by 5% rather than just a portion of it (14:10) that you would probably normally set aside (14:13) for your emergency savings. (14:15) So all of that money is going to compound over time (14:18) and allow you to be able to maximize your savings.
(14:22) And so basically what happens is when you get paid, (14:26) you put your money in there and it starts to grow. (14:28) But we still have bills to pay, right? (14:30) But the thing is you just use your high yield savings account (14:33) to pay your bills. (14:34) And what this does is allow you to gain interest (14:37) while again, while your money’s sitting there.
(14:39) So let’s just say your light bill is due (14:41) on the 28th of the month. (14:43) That means for 28 days, (14:45) your light bill is gaining 5% interest. (14:47) And then when the 28th comes, you still pay your light bill, (14:51) but now you’re paying it from your high yield savings.
(14:53) And guess what? (14:54) Your light bill is basically paying for itself over time (14:58) because of the interest that it’s earned. (15:00) Like y’all, boom, mind blowing. (15:03) Like all you have to do is change (15:05) where you’re putting your money (15:06) and you’ll be able to see it grow more, (15:09) which means you’ll be able to save more of it (15:11) and then you’ll be able to put it (15:12) into your different buckets, okay? (15:14) So let’s just start to think about (15:16) the way we use a high yield savings account (15:18) isn’t what we thought.
(15:19) It should be used like a checking account. (15:21) Your money is held there (15:22) and then you pay your bills from there (15:24) so we’re maximizing the savings within that account, (15:28) all right? (15:29) And so I know we just talked about a lot, (15:33) but that is literally exactly what I did (15:35) to go from zero savings to 10,000 savings in just one year. (15:39) So let’s run it back.
(15:41) Let’s do a recap. (15:42) So first we started with Taylor (15:43) who is struggling to get by (15:46) and needs help building up her savings account. (15:48) So then we tied that into Joseph and Pharaoh’s story (15:52) who they were experiencing a famine (15:55) and they stored up all this grain, (15:57) AKA their emergency savings
before the famine, (16:00) showing us clearly that God wants us (16:03) to prepare for the unexpected.
(16:05) Then we connected it together with three tips (16:08) to help you save more faster. (16:11) Step one, create a savings plan (16:13) using sinking funds. (16:15) Step two, open up a high-yield savings account (16:18) to get a return on your money.
(16:21) And step three, change your mindset (16:23) on how to use a high-yield savings account (16:25) by using it as a checking account (16:27) to ensure more of your money is growing, okay? (16:31) That’s exactly what we just talked about (16:33) and I super hope that it was helpful. (16:35) So for those of you who stuck around, (16:38) I’m so happy that you’re still with us. (16:40) Go ahead and give this episode a like again (16:44) if you enjoyed it.
(16:45) Give me that like, it’s gonna help me so much (16:47) and I thank you in advance. (16:48) So as promised, your one action for the week (16:52) is to open up a high-yield savings account (16:54) and as a bonus, move any current savings that you have (16:58) into that account so it can start growing now, okay? (17:03) And so like I mentioned before, it’s free, it’s easy. (17:06) You can get the link in the description (17:08) for that 5.5% interest boost and that’s all you gotta do.
(17:13) That’s the one action step you can take this week. (17:15) No excuses, you guys, because it requires no skills, (17:18) no money, no nothing. (17:20) Anyone can open this account today, right now, okay? (17:23) And so let me know in the comments (17:25) when you open your account (17:27) and if you’re already using a high-yield savings account, (17:30) kudos to you, but I hope you learned something extra (17:33) that can help you really take advantage of that account.
(17:36) But if you are using something else, (17:38) let me know which one you’re using in the comments. (17:40) I would love to cheer you on. (17:41) So and I would also love to pray for you before we close.
(17:46) So dear Heavenly Father, thank you for today. (17:49) Thank you for all of these wonderful listeners, Lord. (17:51) I pray that you bless each of them exceedingly (17:54) and abundantly above all.
(17:56) I pray that everyone that can hear the sound of my voice (17:59) is able to set up their high-yield savings account. (18:02) It’s easy, it’s seamless, (18:04) and that they’re able to grow their savings (18:07) more than they could have ever imagined, Lord. (18:09) Help everyone listening to be able (18:12) to be prepared for emergencies.
(18:14) We rebuke any stress, any anxiety (18:16) when it comes to money, Lord, (18:18) and I just pray that savings increase in each person’s life. (18:23) Thank you so much. (18:24) And so I never really wanna end an episode (18:26) without giving you the opportunity (18:28) to enter into a relationship with God.
(18:30) So it doesn’t matter if you have it all together (18:32) or your money is a mess, God loves you just as you are. (18:37) So if you’re ready to give your life to Christ, (18:39) just repeat after me. (18:41) Dear Jesus, I accept you as my Lord and Savior.
(18:46) That’s it. (18:47) If you prayed that prayer, congratulations, (18:50) and welcome to the kingdom of heaven. (18:53) Be sure to go to the link in the description (18:54) to get a special gift to help you start your faith walk.
(18:58) I and everyone else in the kingdom is so excited for you. (19:03) This is a really big decision, so congratulations. (19:05) So lastly, if you enjoyed this episode, (19:08) be sure to subscribe.
(19:10) Thank you so much for joining me. (19:12) Until next time, peace, love, and eternal wealth. (19:18) Oh, wow, that was so random.
(19:20) We’ll see if that sticks. (19:22) But yeah, peace, love you. (19:26) Congrats, you just finished another episode (19:29) of Eternal Wealth.
(19:30) If you want more, head over to shanitene.com (19:34) for show notes and access to all the resources shared. (19:37) And if you’re looking for a new crew (19:39) of eternal wealth builders like you (19:40) to bounce ideas and ask questions, (19:42) be sure to join my exclusive community. (19:45) The link is waiting for you at shanitene.com.
