Feb 2 • General discussion
Are You a Multi-Account Master?
Hey Book Club! 💸
We’re diving into Chapter 2 of The Money Habit, and it’s hitting on a major pain point: the "one big pile" trap.
The book suggests a 6-account system to build "guardrails" around our spending and ensure we aren't under-monitoring our progress.
I’ll be honest, I’m currently sitting at 4 accounts (2 business, 2 personal). However, I use "buckets" in my Novo account to mimic some of this structure without opening a dozen different banks.
🧐 I’m curious about your "Financial Plumbing":
- How many accounts do you currently use? Are you a "one checking, one savings" person, or do you have a separate home for every dollar?
- The "Tsk Tsk" Factor: The book pushes for liquid accounts, but I’ve been leaning into investment/retirement accounts for that higher yield. Am I playing with fire, or are you doing the same? 📈
🔄 My Next Move
I’ve been sketching out how to bridge the gap between the book’s 6-account strategy and my current 4-account reality. I’m not sure I want to open more accounts, but I definitely see room to optimize the percentages, since he did not mention a tax account for those that may need it.
Drop your account count below and let’s talk strategy! 👇
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Are You a Multi-Account Master?
skool.com/skool-of-financial-literacy
Position your business for approvals by separating your personal and business expenses.
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