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Brian Lee of http://geniustypes.com/ discusses the importance of having multiple savings accounts. Learn how to compartmentalize your money as a powerful wealth building tool.

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how to compartmentalize your money

How to Compartmentalize Your Money

By http://geniustypes.com/

quick notes
Quick Notes
  • Separate Accounts
    • Never keep your retirement and “rainy day” funds in the same account
    • You should open a separate account for every thing you’re saving for
    • Visit Ingdirect.com to manage multiple accounts online
    • Set an “Equity Goose” fund aside with money you’ll never spend. Use this money to invest in assets that will increase its amount.
emergency fund
Emergency Fund
  • Most Americans have only one savings account
  • They’ll save, and save, and save, but when emergencies happen they end up drawing it down
  • Even after continuing to add to it they rarely get ahead
  • As a result their “retirement fund” never increases its value and doesn’t benefit from compound growth
equity goose
Equity Goose
  • You should have two savings accounts- one should be your “Equity Goose”
  • This is a savings account you never touch
  • You can only use this money to make more money
  • You can do this through interest bearing checking accounts or real estate investing
  • Whatever you do you cannot spend it or invest in something that could lose money
compartmentalization
Compartmentalization
  • So now you have two primary savings accounts- your Equity Goose and your Emergency Fund
  • The emergency fund will naturally rise and fall as things happen
  • You should also have a separate account for anything else you’re saving for- a vacation, a child’s education, or anything else
ingdirect com
INGdirect.com
  • I don’t get any money for reccomending them
  • But I do like them because they offer higher interest rates than most money market accounts (Around 1.5%)
  • They also let you create multiple accounts online- all you have to do is press a few buttons
helpful links
Helpful Links
  • Visit geniustypes.com for more information on blogging, social networking, passive income, real estate investing, and creative life.
  • Here is another article on the concept of the “Equity Goose”