Self-Made Millionaire: This Is the Max Number of Bank Accounts You Should Have
Written by
Gabrielle Olya
Edited by
Jasmine Browley
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In her book “Crush Your Money Goals,” financial coach and self-made millionaire Bernadette Joy writes that the first step toward achieving financial freedom is to “curate” your financial accounts. This means reviewing every financial account you have open — your bank accounts, credit cards, loans and properties in your name. Once you have a list of your accounts, it’s time to streamline them and consolidate them into 20.
“When it comes to achieving financial independence, the fewer accounts you have, the fewer opportunities for mistakes or precious money to fall through the cracks,” she wrote.
“Think of each of your financial accounts as a separate handbag,” Joy continued. “Having multiple checking, savings and investment accounts and credit cards is like carrying around an armful of handbags with just a little bit of money in each. It’s not efficient and it feels a little silly.”
While Joy recommends having 20 financial accounts total, your bank accounts should be a small fraction of that.
How Many Bank Accounts Should You Have?
According to Joy, you should have no more than three bank accounts — or four if you own a business.
“Keep it simple — one checking account for bills and everyday spending, one savings account for short-term goals and one high-yield savings account for long-term goals,” she told GOBankingRates.
She explained that fewer accounts make it easier to take control of your finances.
“Having too many bank accounts is like trying to juggle five different fitness plans — it’s overwhelming and makes it harder to track progress,” Joy said. “More clarity, less chaos.”
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