It's a good idea to designate specific accounts for specific purposes, like paying your taxes and investing in yourself.If you're serious about building wealth, there are seven types of accounts you need to have to make it happen. Don't worry if you don't have them right now – that's the whole point of this article. I didn't have them either when I began my wealth-building journey, but I added them as I moved forward. You can do the same.
This is the exact opposite of how most people think. They may believe that since the money will be in the account only for a few days or weeks, there's no point worrying about earning income on it. But for the wealthy, it's about earning something on your money, no matter where you have it parked. Before we get into that, make sure you check the financial integrity of any institution that's paying high interest rates. First, make sure your deposits are
If you want to be really accurate, have an accountant or tax preparer analyze your income for the year and let you know how much you should be allocating for tax payments. You should plan to accumulate the funds in a high-yield savings account. Even though the purpose of the money will ultimately be to pay your tax bill, you should still give yourself the benefit of earning high interest on those funds. It's a way to build additional wealth even on money earmarked for other purposes.Hopefully, my use of the word "personal" in the name of this account doesn't cause you to confuse it with an emergency fund. That's not what it is at all.
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