50: Types of Bank Accounts You Should Have, And How Many

Send us Fan MailWhen you're getting your financial house in order, you might wonder how many bank accounts you should have and what types of bank accounts? In this episode, I do not share a magical number, instead I help you cHow having multiple accounts can help you stay on track and organized with your financial goalsAccount #1: My operating bank account and my goal for this accountAccount #2 My emergency fund to keep me afloat in case of emergenciesAccount #3: Sinking Funds and how I save for those using multiple savings accountsAccount #4: My other checking account (for travel and associated to my The why behind my use of traditional bank accounts and my use of high yield savings accountExplaining why High Yield Savings Accounts (HYSAs) are able to pay more interestThe High 5 Banking Method vs the 4 Bank Account Bucket MethodThe importance of building systems and processes around your finances and the bank accounts you have are meant to aid in your goalsBusiness accounts (savings and checking should be entirely separate from the examples above)Whatever you decide, the total number of bank accounts that you need is the number of bank accounts that you will use. Need to learn more about sinking funds by reading this blog post. Thank you for listening to this episode of the Rich Immigrant podcast, please rate, review, subscribe, and share this episode on iTunes.Stay connected with the podcast and join our community online at www.therichimmigrant.com or on  Instagram at 'Therichimmigrant.'Thank you for the gift of your time and attention. Thank you for listening to this episode of the Rich Immigrant podcast, please give the podcast a 5 star review on Apple Podcasts, subscribe, and share this episode with someone in your world that needs  to hear these conversations.  Please join our community online at www.therichimmigrant.com or on  Instagram at 'Therichimmigrant.'