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#421 - Why We Use Multiple Savings Accounts?: Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer a question which is, “Why do we use multiple savings accounts?” What I want to start to do is I want to start to (as we...

#421 - Why We Use Multiple Savings Accounts?: Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer a question which is, “Why do we use multiple savings accounts?” What I want to start to do is I want to start to (as we...

A partire dalThe "Daily Call" From Option Alpha


#421 - Why We Use Multiple Savings Accounts?: Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer a question which is, “Why do we use multiple savings accounts?” What I want to start to do is I want to start to (as we...

A partire dalThe "Daily Call" From Option Alpha

valutazioni:
Lunghezza:
7 minuti
Pubblicato:
Nov 17, 2018
Formato:
Episodio podcast

Descrizione

Hey everyone. This is Kirk here again from Option Alpha and welcome back to the daily call. Today, we're going to answer a question which is, “Why do we use multiple savings accounts?” What I want to start to do is I want to start to (as we progress towards the end of the year) include every now and again, some of these personal-finance style podcast and the reason I want to do this is because I get a lot of questions from members in the community about how I manage my personal finances, how I think about or what I think about credit card debt versus auto loan debt versus mortgage or real estate debt, how I manage savings, investing, expenses, types of accounts that we have, budgets that we do, so I want to start doing some more of these types of shows. Again, this is going to be potentially the first of many of these styles, so if you have questions on like how I manage my personal finances and you want to add those to the potential roster for the daily calls, please shoot me an email, send me a tweet, go over to optionalpha.com/ask, leave us a message. Any way that you can get that question to me would be really helpful because I want to answer as many of these as I possibly can and we have lots of days moving forward, so we have plenty of room to add these in. This question here today comes from a member and they were basically just asking and wondering… I've mentioned before that my wife and I use multiple savings accounts for our managing of personal finances. I think it’s a very simple strategy, very effective strategy and actually, I don't think a lot of people do this. In fact, I think I've seen research that says that many people have one savings account, but they don't have multiple, so why would you have multiple savings accounts? Well, my wife and I basically have about 10 different savings accounts and we basically use one as kind of like a little bit of like everything else goes in that bucket type savings account. But we have 10 different savings accounts and the reason that we use multiple savings accounts is because when we do our budget every month, we earmark certain things for major items during the year or for major things that we want to save for and we immediately transfer that money to those respective savings accounts, so that we have the money there and it's basically quarantined from our use and our ability to spend it every time that we do our budget. For example, we know that we will always have a need for a car. We have three kids. We will always have a need for a car. And I've never had a car payment in my life because what I’ve started doing from day one was saving up and buying only the car I could afford. Shocking revelation, right? Because a lot of people don't do this and I'm shocked that people don't do this. But I bought originally a car that was $2,000 and it was a piece of junk when I originally got out of school, but the reason I bought it for $2,000 was because that's what I had to spend. I had to buy a car that was $2,000 because that’s all the money I had to spend and I never wanted a car payment. I did not care and I still don't care about looking flashy or buying a Lamborghini or a Maserati. I have a minivan and truck. I'm about as boring and regular as you could possibly get in that department. And so, once I bought that first car for $2,000 though, I knew that I never wanted a car payment and so, what I did is I said, “Okay. If I could afford a car payment, what might that car payment be?” Maybe $200, maybe $300. People get approved all the time for $200 to $300 or more in car payment. What I decided to do was set aside every month from what I was making to put aside $200 to $300 in an account that would then save up for a potential new car and when I got to the point that I needed a new car, well, whatever I had in that savings account at that time could then go towards the purchase of the new car. Now, we've done this now multiple times and that's how we run that particular sav
Pubblicato:
Nov 17, 2018
Formato:
Episodio podcast