 Common question that I get in investing is how many accounts do you need if you're just starting out in the investing Or you have an interest to enter into the investing game You're gonna want to stick around for this because a lot of the pieces that are gonna help contribute to your financial Future is going to be how you enter into Identifying which accounts you're gonna need especially on the onset a lot of people will enter into and start their first two Accounts as they're saving and checking accounts I do not underestimate the importance of these two accounts and we'll get to it as to why that is But do you need multiple accounts? I've been investing my whole life I've grown my accounts up north of 20 and I do that for a very very strategic reason and each of my accounts have their own Specific discipline attached to them. I have a bond account. I have a dividend growth account. I have a passive account I have an employer sponsored through a 401k type of account So if you guys have some of the pieces through those accounts I would charge each and every one of you guys that follow the independent investor message to entertain the idea of continually Trying to identify those areas of improvement in opening a new account It cost you nothing and I think to diversify your strategy across your portfolio and earmark different accounts Can maybe help organize because what ends up happening for a lot of people is they start their initial Savings and checking account and then they're going to enter into the investing game And they segue into the broker that's attached to their bank and they start one account Okay, and that account they may put an ETF into and they start growing that ETF And it starts to grow and then one of two things happens either they start to compound on top of that investment within that account to try to diversify their strategy and They start to really muddle Down the amount of strategic vision over that account, right when you start to mix single stock with index funds or ETFs and it starts to get a little bit out of control and you start to maybe Introduce some of that single stock that may underperform and you don't have any other choice But to cumulatively look at the underperformance in that account and and it can really set you up to out to Underpace the market because those holdings start to pull down the other holdings now I'm not suggesting that the single stock if it underperforms in another account and your account that has the passive investments that have at least matched the market What won't be similar in nature as a matter of fact, it's the exact same it just becomes easily more Identifiable for those underperforming assets Maybe to be looked upon as an area to put a little bit more strategic or aggressive funding to Okay, and while those areas of the portfolio are outperforming like your passive investments Like the S&P has done really well over the last few years It's rolled off as of late But you know that roll-off as of late would have been a nice indication to anybody out there to fund that particular passive Strategy in the market, and I think it's really easy when you're looking across your suite of accounts to actually identify what is working and what potentially may be going through a little bit of time of volatility or or You know anemic growth in the portfolio, and I think it just helps keep you very very organized I think there becomes a break point for new investors that start their account and they build that account up and you know The S&P 500 isn't enough. They want to add a small cap ETF to that and then they want to add single stock to it And then they want to add bonds to it and then they want to add big-tech growth And then they want to add Hypergrowth to it maybe a couple of micro cap names to that to the portfolio And I think it can really muddle what you're trying to do with your strategic vision within that account And I think a more clean Streamline type of approach will really really help you now remember on the onset where I talked about your checking and your savings account I'm in a default and suggest that the majority of the investor audience that tunes into my message already has those accounts established I Utilize my checking account for my inflow and my outflow all of my bills are paid through my checking account All of my accounts I use it as my my my my linking account if I ever need to cut a check I can do that I do that about twice a year If not, I'm waiting for that one year where I can make it through the entire year and don't even have the need to Write a check anymore, but it really does serve the purpose of the receipt account for my paycheck And then the deliverables for all of the bills that I have to have and then the transfer out of that account to my Respective other accounts investment vehicles credit card payment that type of thing So my checking account serves as my dynamic account thousands come in Thousands go out okay It's not as if the thousands go in and the thousands go out in way of spending the thousands go out in way of strategic Allocation and so I would suggest if you wanted to use my strategy You could do that and use the checking account in this capacity and that when I get paid all of that Allocation is made within the first, you know half a day It's already done So the inflow predictable inflow and the outflow predictable outflow is already set before it even happens and it's a good strategic tool to use on a checking account that most people have and Potentially cannot earmark any type of strategic use for that account I've just given you some ideas about how I use it now the savings account I advocate for people to really embolden their savings and personal wealth This is one of those areas where a lot of financial institutions will disagree with my perspective on this That's too bad My independent and thought has led me to believe that having all of your Investment dollars tied up in the stock market is great when things are great But when things are not great people are really scrambling to find idle dollars not only to survive But also idle dollars to maybe inject Into the stock market when it's probably more opportunistic to do so They just don't have the savings to to put those strategic fundings to work And I'm not suggesting that you overweight to your savings account I am suggesting that you have a strategic goal over your savings account to have on a ray as a rainy day fund There's some golden rules out there six months of your paycheck It's arbitrary and from my perspective any amount that you earmark that you're comfortable with whether it be You know ten thousand dollars on the low end or maybe even fifty thousand on the high end depending on your income and Depending on the how maybe volatile or uncertain you are about your level of employment Maybe it's a sales job. Maybe it's something that's a little more tethered to the economy I would suggest that you have a little bit higher of a savings rate and don't apologize for that Okay, that savings will pay dividends And it will pay dividends at the time where you most need it And it is easy to scoff at that savings account when things are all hunky-dory in the stock market And you're making 20% of a year, but what about times like this where we're off 20% and It would be a great time to strategically inject some of that capital Nobody's coming forward and saying hey cash isn't king right now because it is I look at a little bit more Nutrally, I find that there's value in it So I pursue it as part of my holistic approach to wealth building savings account super important For you guys that have the 401k 403 feet 403s 457s those employer sponsored. I think they're great I think for a lot of people they need to educate themselves up on where they are allocated within those plans They are not easy. There are a lot of very very confusing retirement plans It's as if they make them that way on purpose and I find this to be extremely troubling I had to go into my wife's she just took a job with CBS and I had to allocate her to what was An insufficient fund that she was defaulted to in that fund and you know You need to understand where your money is if you don't want to understand and you want to stick your head in the Sand well it could be to your detriment by not understanding where your money is in your 401k and How important that could be especially if you are earning some matching funds over that 401k to max those types of Funding schedules for yourself It can really be a lot of free money that you're able to put away without a lot of wherewithal and out a lot Without a lot of knowledge of the stock market because those programs are kind of meant to be funded and forgot about But to not take advantage of the free money. I one do not get a match with my TSP with the military So that would is absolutely incumbent upon all those investors out there that have that to earmark How they can leverage that and get the maximum benefit and that's really the core of this message is Identifying the strategic maximum potential over each of your accounts and extrapolating that value over time It's very very important It just goes with the investor IQ of paying a little bit more attention than the average bear And you will be been a more benefited for it over the long term by understanding How to best utilize your accounts have them earmarked for win and how that value can be realized and maximized When you come to that impasse in your life a very very important now in addition to the 401k You want to look at the possibility of starting individual retirement accounts? Individual retirement accounts are the best thing going They are important more important than any of the previous three accounts that I disclose to you The Roth IRA of a self-directed nature again self-directed. I will repeat It's very very important that you understand not to subject your account to Managed Roth IRA. There are two different products there the self-directed will ensure that you are taking ownership over it and Not allow the institutions to subject that account to fees So it's very important that if you're going to become a self-directed investor that you own the account That it is indeed Independent to you and not subject to the fees the annual fees the brokerage fees everything that goes into owning a managed account When they put those products inside your account, it is indeed on an island. It's independent You're not subject to the fees you get to keep all the appreciation within the account It's super important for you guys to start along this line If you're single get to contribute six thousand a year to it if you're married double that to 12k And you know a lot of people need to be getting to that maximum funding per year And if they're not there then it stops right there Those are the really the accounts that you need to begin on your wealth-building journey You could accumulate millions of dollars into your future with just those four accounts Those four accounts right there are the core fundamentals. Okay, we don't need to be talking about crypto accounts We don't need to be talking about brokerage accounts. We don't need to be talking about Robinhood accounts Why do I suggest Robinhood as being omitted from those initial four because Robinhood does not offer retirement accounts And I think that's a real fallacy on their part And it's probably a large reason why the investor sentiment over Robinhood has gone into the tanks And those four accounts right there if you're able to have the two Self-directed Roth IRA accounts that can be great that can really double you up for the married couple between you and your spouse As well as your your 401ks now if that's doubled up between you and your spouse then you can double that Okay, and if you double up the checking and savings account You could have as many as eight accounts between the two of you that that right there is the suite of the buckets That is the core nucleus of success Now the real tipping point here when you've maximized the potential in each of those eight accounts That is where you're max funding your Roth IRA That is where you are funding your 401k to the extent of getting the maximum match within that account That is that you have a savings account that is earmarked on the top end of what you've identified as being your sleep easy cash between ten and fifty thousand dollars Depending on your income and finally your checking account that you have dialed in on the inflows and the funding stream that looked to fund Each of these accounts on a monthly basis a bi-weekly basis or a yearly basis whatever you choose In your repertoire once you get to that point where you're max funding your Roth IRAs With some certainty year over year that is where you can look to layer on Additional brokerage accounts. Maybe start a crypto account. Maybe leverage your segue into a crypto Roth IRA I have that with I trust capital the one if not very few of the Roth IRAs that you can house crypto in and Have that crypto asset and be tax protected into the future But you don't need to be talking about that kind of stuff within your primary accounts You really don't but there's going to be a lot of people out there that ask well What next and what is it that it makes me eligible to go ahead and start a brokerage account or a joint brokerage account Start housing assets in there nice dividend-paying companies total market ETFs Along the accounts of what I share with you guys and how I've built out my comprehensive wealth And it's super important for you to understand that by earmarking those additional Pieces of the account you can really identify that you probably have a lot of work to do And I would break it down in these two as we close down the video if you're in the preliminary building your first four accounts Make sure that you're identifying the strategic benefit of each of those four accounts and make sure that you understand inside and out What strategic maximum potential that you want out of those accounts and number two If you are it at that impasse where you have those accounts really firing on all cylinders Perhaps maybe you look at identifying maybe a brokerage account with some bond accounts of crypto Assets in there. Maybe you want to put a hybrid strategy into a brokerage account all kinds of different options that you could do But most people are not eligible for that Okay, and I find all the time the fallacy of jumping toward those those latter brokerage accounts when they have failed to Identify the core strategy in their initial four accounts guys if you appreciate the information coming through the channel Make sure and subscribe at the notification bell You'd be notified of future videos that I put on YouTube leave your comments at the bottom of this video and subscribe to the message guys Thank you so much for tuning into the video and good luck in your investment future