Money Accounts You Need to Build Wealth

You don’t build wealth just by saving. Here are the five money accounts that have set me up for success.

- Checking Account: This account is more of a funnel. My paychecks hit this account, but then the money is quickly directed to paying bills, going to savings, or getting invested.

- Traditional Savings: This account is for liquid emergencies. High-yield savings account typically take three business days to reach your checking, so I want to be prepared if a cash emergency occurs.

- High Yield Savings Account: Outside of the $500 in my traditional savings, all my savings goes here. It earns a higher return, and I’m able to create separate buckets for different savings goals.

- Employers 401k: Who your employer offers your 401k through isn’t up to you, so I have this account to contribute to my traditional 401k and receive my employers’ match.

- Fidelity Account: I personally like to use Fidelity because they have low fees and are user-friendly. My personal investments like my rollover IRA, Roth IRA, and taxable brokerage are in this account.

Are there any accounts that I missed that have helped you build wealth?

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