Financial Accounts Simplified, Streamlined and Organized | Episode 062

In this episode Mark explains how he would streamline and organize financial accounts if starting from scratch, especially to simplify finances for himself and loved ones.

He outlines an eight step plan including: a main cash management account, an optional local checking account, a separate online savings account for goal “bucketing,” two no-fee credit cards at different institutions, a taxable brokerage account, retirement accounts (Roth IRA and/or traditional IRA), a Health Savings Account (HSA) and an optional donor-advised fund.

Mark closes by noting he personally keeps multiple accounts and cards for research and travel rewards but would otherwise consolidate primarily at one favored institution.

Episode Links:

Mark’s Money Mind YouTube Channel

Fidelity Cash Management Account

Ally Bank

American Express Blue Cash Everyday card

Chase Freedom cards

Citi DoubleCash card

Discover It card

Fidelity Brokerage account