using multiple bank accounts to build WEALTH, pay off DEBT & GET AHEAD financially
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- čas přidán 21. 07. 2024
- Made this same video four years ago. How so much has changed! Join me as I chat about my multiple bank accounts and how they each function. I go over several savings and checking accounts as well as one "extra" account that holds my money and pays a decent interest rate.
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BANK ACCOUNTS & BONDS
@ally high-yield savings account (HYSA), currently 4% APY
@Marcus HYSA, currently 4.15% APY
@CapitalOne 360 checking & performance savings, currently 4.15% APY
@CharlesSchwab2 investor checking
Series I savings bonds, currently 4.3% APY www.treasurydirect.gov/saving...
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ABOUT
Hey there, I’m Barnes. See how I structure my lifestyle to save money and spend less, while also enjoying life's luxuries: fashion, beauty, travel & more!
#banking #savingmoney #personalfinance
TIME STAMPS ▷
0:00 checking accounts
5:57 savings accounts
12:21 bonus account
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Disclaimer: The information provided on this CZcams channel is based on my [BARNES] personal experience and does not represent professional advice. Acting upon this information is at your own risk. Please consult the appropriate professional based on your circumstances.
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💕💕 Do a video on how you switched mindsets on building wealth, believing that you could earn way more money, etc, I am fascinated. 💕 There aren't a lot of black women YTubers who set up back up accounts to pay off future large purchases!!! (Atleast, in the detailed way that you do)!!
I'll have to do some serious reflection for that one 😅True, I have not seen many people talking about it, happy to be an example. Appreciate the suggestion! I'm always looking for video ideas
Your content is so motivating and encouraging. Thank you for being so open with us with finances! I’ve learned so much from your channel.
That's so heartwarming! I'm glad it's helpful ✨
I love your content 🎉 thank you for sharing! Can you talk more about investing
Thank you! Yes! Plan to do a video on it soon.
Ps. You motivated me to open a new checking account for fixed expenses + automate them! This is so clever yet simple! My bank allow me to open 2 free checking accounts
Oh, actually, I can have 5 free checking account numbers! Will definitely give it a try
That's amazing! Hopefully you find it as useful as I do ✨
@@mishka.a Wow. The max I've see is 2. That's amazing!
@@athenaabarnes I live in Europe, Poland so this is not a US bank 🙂
@@mishka.a Oh! That may explain it
As always, great video. If it is not too personal, what hysa do you use for your roth? Thanks😊
Thank you! Capital One 360 Performance Savings. Currently 4.15% APY
@@athenaabarnes Thank you😊
So for the Hysa that are accruing interest you have to report the interest on those accounts on your taxes correct?
Yes, anything over $10 per bank is reported to the IRS
Smart Mama🎉🎉🎉
Haha, thanks!
You mentioned a Roth IRA but do you have general investment account ?
Yes, I have a brokerage account as well. I fund it as soon as I get paid, so it does not stay in any particular bank account
May I ask what you do for a living that allowed you to get all you have now? If it is not too personal of course
To maintain some privacy I do not share what I do for a living. But my graduate degree is what allows me to make the salary I do now. HTH 🩵
@@athenaabarnes totally understand! I personally share my job position with the internet but do not share all of my accounts balances for security and privacy reasons
@@mishka.a Yes, one or the other but never both 😅
Do they charge you for opening multiple accounts ?
No, they are all free.
Never thought of the IBond as an emergency fund. Just thought i could just hold on to them. But thats a good thought. Mine will be coming to a year in August. Which HYSA do you suggest i use for the highest rate to place that money?
I'd recommend Capital One or Marcus by Goldman Sachs. You can open multiple accounts with both. They are both offering 4.15% APY. Ally Bank (4% APY) is another popular one. There you can break up your account into savings buckets depending on your goals.
Great video. I think people should stop using these banks that charge them all kinds of fees for no reason.
I used to have 6+ bank accounts and overtime I just narrowed it down to Fidelity's CMA and Schwab's checking account [since I invest on both platforms already].
The CMA yields 2.6% on cash sweeps and I use it for recurring payments. The left over cash gets put into a money market fund [spaxx or swvxx] that yields higher rates than most high yield savings accounts. If I ever go over the cash available, it just pulls automatically from the money market fund with no fees. The Schwab checking account is what I use for my fun money and travel money, as well as what funds my taxable brokerage account. Both Fidelity and Schwab are free accounts, no fees, have amazing customer service and repay atm fees around the world.