​Dave Ramsey Nailed It By Saying “Your money needs to work for you, not lie around you.” 

Personal FinanceVitalii Vodolazskyi / Shutterstock.comIan CooperIf you’re serious about building wealth, make your money work for you.According to finance coach Dave Ramsey, you need to put your money to work, rather than just letting it sit around collecting low interest.Rick Diamond/Getty Images)Key Points About This Article According to finance coach Dave Ramsey, you need to put your money to work, rather than just letting it sit around collecting low interest.
High-yield savings accounts offer much better interest rates than traditional savings accounts—as much as 10 times higher.
A high-yield savings account is a great home for your emergency fund, but not your retirement nest egg while you’re building it. (Sponsor)
One way to do that is with a high-yield savings account.As noted on RamseySolutions.com, “High-yield savings accounts offer much better interest rates than traditional savings accounts—as much as 10 times higher. If you’re looking for somewhere to put your emergency fund or to save money for short-term financial goals, high-yield savings accounts are a great choice.”The best part – instead of earning a paltry 0.58% on your money, you could earn 4%, which some companies – both online and off – are offering.Even Fidelity.com will tell you to put money in a high-yield savings account.For one, according to Fidelity.com, “You might as well stash your money under a mattress if you’re not holding it in a high-yield savings account, investing it through a brokerage account, or having it in another account that could come with higher earnings. Sure, keeping your money in cash gives you more control over it, but it reduces the chances of it growing. High-yield savings accounts, for instance, offer more interest on what you put in than a traditional savings or checking account would.”Two, give your money a chance to grow in the stock market. Riches aren’t often made overnight. But over the long term, your investments may benefit from compounding, where your money makes even more money for you.Three, don’t cash out when markets get volatile. Markets have a long history of volatility. And for many of us, we want to pull our money from markets out of fear. However, by doing so, you’re also hindering long-term potential growth. Sure, volatility can be unsettling.  But ride it out and don’t sell.Fourth, diversify your portfolio with the help of a financial advisor. Balance it with stocks, bonds, options, exchange-traded funds, and even dividend stocks. That way, your money is spread out and well-diversified enough to withstand market volatility.The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.But there is good news. To win qualified customers, some accounts are paying more th