I had an income of $60 per week, then $2,000 per week then having an income of $7,500 per week; you know what I learned, that the same system I used at $60 a week is what got me to the next level.

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1. Why you Need 6 different accounts

– If you keep all the money in one place, then you can really differentiate can you
– You just end up spending and treating all the money the same

2. What are these 6 accounts’ names and jobs ( later I’ll tell you the recommended accounts I have )
– Emergencies
– Investing
– Debt
– Expenses
– Fun
– Charity

Here are the 4 main goals
– Clean up debt
– Save for emergencies
– Invest
– And maintain

3. How do you separate these accounts
– It’s not like you actually need 6 bank accounts, although you can have 6 but it’s not necessary
– Here is what you actually need

You’ll need 2 debit cards
– The banks you pick don’t matter
– Just make sure they have $0 fees
– I like Online checking accounts
– One debit card is going to be for expenses
– The other debit card is going to be for Fun
– These are night and day, because one is for necessities and one is for wants, its why its so important to keep them separate and don’t mix them

You’ll need 2 high yield savings account
– One is for emergencies and the other one is for investment savings
– These are again opposite sides of the same coin, one is for keeping you safe and you don’t want to risk the money and the other one is for growing your money and taking on a little bit of risk
– You use the emergency savings for your emergency account obviously and the investment savings for when you want to save up for a house or an investment

You’ll need lastly 2 current accounts ( and some will eventually close out )
– One account is going to be a brokerage account like for IRA or taxable account ( I like Vanguard)
– Another one is going to be for Plan expenses
– And paying debt is an expense so you don’t need an account to do that
– And charity is an expense you pay so you need an account for that

4. Now the question is ( how do you put all these things together )
– Because you can have all these accounts but how do you actually organize it
– Well remember the goals I gave you in the beginning
– You have to focus and lock down on those

So here is an example of an organized sheet
– I make $4,000 a month and I spend $4,200 a month
– After organizing my expenses and just spending money on necessities like shelter, utilities, groceries, and transportation
– I make $4,000 dollars but I only spend $2,800 a month or 70% of my income
– And my first focus clearing up debt, then savings for emergencies, then investing and maintain

I opened up 2 debit cards
– I deposit 70% of my check in my expense debit card for my necessities and pay my bills immediately.
– My fun debit I deposit 5% of my check so I can enjoy myself.

With the remainder 25% what do I do
– I ignore all the other accounts and pay off debt if I have debt
– If I don’t have debt I deposit it all into my emergency savings until I have 3-6 months worth of expenses
– If I already did that I would start investing 10-20% in the stock market and use the rest of the money towards savings up in my other high-yield account ( save for a house for example )
– You use the plan expense account when you have some big coming up

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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