Imagine trying to get to the location on a car, but their one catch, the car only has one tire and the other 3 are flat. That’s what it’s like when you are trying to get rich but, you only have one bank account.

So in this video, I’ll tell you about 5 types of accounts you should have, and within these accounts you have subaccounts, that as you get better you can build and develop, for a total of about 11 accounts or so.

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1. Checkings accounts: Landing Account + Fun Account
this is called a landing account because it is where the money arrives first, it is where your paycheck gets delivered too
For this account, I recommend SOfi money or any account that doesn’t have any fees and you actually like the customer service

Inside the Account:
you will keep your spending money for necessities
In the other checking account you will have your money for fun
These will be two separate accounts, with two separate debit cards ( this way you don’t accidentally think you need to buy a PlayStation 5 this month with your rent money )

2. High yield savings: Emergency Account + Sinking Fund + Savings goals
now high yield savings is for money that you are going to have parked for a little while
So you have 3 subaccounts, and for this, I recommend Discover and capital one 360 savings
These are accounts that allow you to have 3 accounts within one without any problems

First account: Emergency
emergencies you cannot foresee happening
Second account: Sinking Fund
emergencies you can foresee happening like your car breaking down
Third Account: Saving stalls that you have
Down payment
New iPhone
Moving out cost

3. Corporate retirement: 401k or ROth 401k ( must get a match to justify )
if you work for a company and they are offering you a match
Take full advantage of it
Invest just enough to get the maximum match possible

So for example:
if they offer dollar for dollar match up to $1,000 dollars
I will invest $1000 each year to get that maximum match

PS. Keep in mind, that I recommend you invest 1020% of your income, so if you have money left over, don’t worry you want to use the rest for the following accounts

4. Personal Retirement: Roth IRA and IRA or taxable
these are the most important accounts for your future and the least important account when you are broke
because you should only be investing after you become debtfree and save for emergencies and during that time, these accounts should be ignored for the most part

I recommend:
open a Roth IRA and get in the habit of investing 1020% of your income for life
If you have a high income, invest the remainder of the money into a taxable account

5. Equity Buildup: House
this money you will have but hopefully never have to use
The idea is that once you paid off a home
You will have build in equity and that equity will benefit you in 2 ways

First of all:
the value of the home will increase each year hopefully
By around 35% annually on average

Second:
paid off home means you are saving a lot of money on the cost of living
If the average house rents for $1,000 per month, that’s $12,000 you get to keep in your pocket

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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.