Venmo Is Not Savings: Where to Actually Store Your Cash
Venmo Is Not Savings: Where to Actually Store Your Cash
If you’re still keeping your money in Venmo, you’re putting your financial future at risk.
In this week’s episode of the Unicorn Millionaire Podcast, I break down why Venmo is not savings and where your cash actually belongs if you want to protect it and help it grow.
Why Venmo Is Dangerous for Your Money
Venmo was designed for quick transactions between friends, not as a safe place to hold your savings. When you treat Venmo like a savings account, you’re:
- Missing out on interest your cash could earn in a high-yield savings account (HYSA).
- Exposing yourself to unnecessary risks if Venmo freezes your account.
- Keeping money scattered instead of centralized and working for you.
Where to Actually Store Your Cash
In the episode, I walk you through the right places to park your money so it works harder than you. Here’s the short version:
- Move your emergency fund and short-term cash into a HYSA.
- Keep your day-to-day spending money in checking.
- Start funneling excess cash into investments so you can build long-term wealth.
The Big Picture: Protecting Your Financial Health
Treating Venmo like savings isn’t just sloppy—it’s a barrier to building wealth. Once you move your money into the right accounts, you’ll finally breathe easier knowing your dollars are safe, growing, and aligned with your long-term goals.
About the Sugar Daddy Podcast
Jessica and Brandon Norwood are the dynamic duo behind The Sugar Daddy Podcast, a financial literacy podcast dedicated to helping millennials build wealth and have better money conversations. As elder-millennials, their mission is to empower you to take control of your finances so you can live the life you’ve always dreamed of.
Brandon is an award-winning, licensed financial planner with over a decade of experience managing millions in assets for clients across the U.S. Jessica brings her expertise as a consultant in the tech space—and the “Sugar Daddy” in their relationship—fueling their financial journey.
They’ve been featured in major outlets including Investopedia, The Knot, Huff Post, CNN Underscored, Fortune, MarketWatch, Real Simple, Better Homes & Gardens, and U.S. News. Their personal goal is to become work-optional in the near future, traveling the world with their two children while continuing to inspire others to have better money conversations and achieve financial freedom.
👉 Learn more at The Sugar Daddy Podcast.
Work With Charly 1:1
If you’re ready to maximize your savings and invest it, let’s work together.
We’ll get you on track to:
- Crush debt without shame
- Grow your cash in the right places
- Raise your credit score (see how my client raised her by 100 points in less than 6 months)
- Learn to sell stock without guilt
- Start building a six-figure retirement—even without a six-figure salary
Coaching includes bi-weekly calls, daily messaging, and a full curriculum covering savings, credit cards, debt payoff, investing, and money mindset.
Investment: $6,000 or two payments of $3,100.
Six-Month 1:1 Coaching includes:
- Bi-weekly calls
- Daily messaging support
- A full curriculum on savings, debt payoff, credit, investing, and money mindset
- Investment: $6,000 or two payments of $3,100
Or, sign up for my Crush Debt, Retire Early Emails here.
Venmo Is Ghetto: Where to Actually Store Your Cash w/ The Sugar Daddy Podcast): Listen to the Full Episode
🎧 Listen to episode 127 of the Unicorn Millionaire Podcast on Spotify here
🎧 Listen to episode 127 of the Unicorn Millionaire Podcast on Apple Podcasts here
About Charly
I’m Charly Stoever (@travelercharly) — a nonbinary Latinx money coach, speaker, and host of the Unicorn Millionaire Podcast. I help LGBTQ+, BIPOC, and first-gen folks crush debt and build a six-figure retirement—even without a six-figure salary.
As a formerly undocumented Mexican American and ex-stockbroker who’s traveled solo to 39 countries, I now coach full-time while also international pet sitting.
If you’re ready to stop avoiding your finances and start using your money on purpose, work with me.
Get your coaching FAQs answered here, and book a call with Charly to get started with 6 month coaching here.