Living In Financial Excellence Episode 12: What bank accounts you really do need (and don’t need). June 16, 2010.
I get asked a lot about how many checking or savings accounts we should really have and what each account is really for. Janelle and I answer those questions and more in today’s show. Don’t forget that the L.I.F.E. Ladder is the foundation for applying the information we discuss today. If you’re not following the L.I.F.E. Ladder, you may not want to listen to our advice.
- Our current economic situation and housing industry crisis is a repeat of history. This isn’t the first time it’s happened but we never seem to learn our lessons and avoid the mistakes of the past.
- The main accounts most of us have are personal checking and savings. We cover what types of expenses should be paid from each account.
- Many small business owners try to get fancy and have lots of different accounts. Simpler is better as long as business and personal accounts are kept separate. We cover what types of business accounts you really need.
- Should you have joint bank accounts or separate accounts when you’re married? I always recommend joint bank accounts, and we discuss why in the show.
- What bank accounts should you open for your children? We offer our thoughts (it depends on your savings goals for that money).
- What should you look for when you open an account with your bank?
- Why your credit card rewards and the interest rate on your checking account don’t really matter.
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