The Carr Report: From paycheck to paycheck to financial freedom…One woman’s path to retirement security!

Getty Images Stock Photo I recently received this inbox from a high school classmate…“Since you’re a financial advisor, can you give me some free financial advice? Excuse me, Money Coach.” I responded with, “Laughing out loud!& Financial advisor, financial planner, money coach, all the same as it relates to me. What’s your question?” She responded, “I have almost 75 thousand saved in cash. It’s in a high yield savings account. My question is, once the federal reserve cuts interest rates, should I move my money to a Money Market Account, Roth IRA, stocks, CD? Should I move it all or some of it? I have it all in a high yield savings account because I am getting around $200 in interest each month.” I replied with, “Great& job on saving money! Saving money is a plan, not a product.& I need to understand why you’re saving the money before I can guide you on the best financial product to use. Predictions are that rates are going to go down 0.25 percent up until it reaches 1 percent by the new year.” She responded, “Thanks! I’m saving just to save. I don’t have anything that I need. I just save as...