Your Money Guide on the Side

Ep 25 - The ONLY 6 Accounts You Will Ever Need (And How to Use Each of Them Strategically)

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Jul 21, 2025
Discover the six essential financial accounts that can simplify your wealth management. Learn why a boring checking account is key, how to use a High-Yield Savings Account as your cash glovebox, and the often-overlooked power of Roth IRAs. Uncover the secret of HSAs beyond just healthcare, and see how a taxable brokerage account offers true flexibility. Gain insights on prioritizing contributions and navigate financial emergencies with clarity, all while avoiding unnecessary complexity in your financial tools.
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ADVICE

Keep Checking Account Boring

  • Keep only one to two months of expenses in your checking account.
  • Treat your checking like a business's working capital, not a savings vault.
ADVICE

Use HYSA for Short-Term Cash

  • Use a high-yield savings account for short-term cash goals only.
  • Avoid treating it as a long-term investment or replacing your emergency fund.
INSIGHT

Rethinking Emergency Funds

  • Most emergencies don’t require a large cash reserve in savings.
  • Investing emergency funds in low-cost index funds can statistically outperform cash savings.
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