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

When 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 c
How 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.

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