Traditional Savings is Dead. It’s Time for TINA to meet CITA

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Al Azik Maulana Koentjoro on Pexels

Today, I was preparing my paperwork for my taxes. Taxes are a depressing, time-consuming, and expensive tradition residing on my dread list that includes: traveling far to visit in-laws, waiting for the doctor to send me the results, the dreaded spousal/partner “we need to talk later” soundbite/text message, and running.

When I pulled up the 1099 for my online High Yield Savings account, I felt the acid climbing up my throat. I really shouldn’t have eaten that chorizo, ham, onion, and cheese omelet with the healthy portion of hash browns for breakfast. Then, I pulled up the 1099 for my regular checking and savings account and ran to the bathroom. “What’s wrong daddy?” my kids shouted as they stood outside the bathroom door.

I exited the bathroom, wiped the tears from my eyes, and replied: “Savings is dead, my darlings…savings is dead.” They stared at me blankly and ran back to watch the YouTube remix of Krusty Krab Pizza blaring endlessly in the family room. I guess they are used to my dramatics or they haven’t quite recognized the financial quagmire that normal people are in.

And when I say normal people, I mean the normal people who flinch when Netflix raises their monthly subscription by 33%, cower when they see gasoline prices increase 35% in a year, and dreadingly open their latest…