As a personal-finance nerd, my friends and family regularly ask me for advice on how to take control of their money. But my first advice is to do something a bit simpler: Open a high-yield savings account. A high-yield savings account is a regular, FDIC-insured savings account, just like the one many people have with their big banks. A high-yield savings account, on the other hand, is a low-risk, low-stress savings vehicle. Everyone should have a high-yield savings accountI originally opened a high-yield savings account in 2013.

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