Disclaimer: I am not a financial advisor. Everything shared here is based on personal experience and should not be taken as legal or financial advice.

So here’s the big picture break down:

• Checking

  • Discover Debit (1% Cash Back) (“fun money” debit card)

  • Huntington (primary hub + essentials debit card)

• Savings

  • Wealthfront High-Yield Savings (goals, savings, and investments)

• Retirement

  • Fidelity Roth IRA (retirement account)

• Trading

  • Fidelity Individual (for trading and investments)

• Credit

  • Discover Student Card (“fun money” credit card)

  • Chase Freedom (essentials credit card)

This brings us to a whopping total of seven accounts. Being completely transparent, this won’t be it either 🫠 It’s recommended that individuals have two to three credit cards, so I will likely apply for another in a few years. And I only have one retirement account thus far. (Also, maybe I’ll open a crypto account. Just kidding — or am I? TBD.)

Without further ado, let’s get into the system.

Why do I have two checking accounts?

For me, I needed the separation between my “fun money” and my other money. Everything is connected to my Huntington account, and then I transfer between all my accounts from there. When a paycheck hits, I move 10% to my Discover Checking account for fun money, 10% Wealthfront for savings (which gets further distributed), and 10% to my Fidelity accounts.

For coffees and going out, I can (pretty much) only use my “fun money.” If there is a big fun purchase coming up (like Lollapalooza), I’ll save money in Wealthfront and move it to my Discover checking account when the time is right.

I wouldn’t say I recommend Huntington for a checking account. It’s out of convenience that I’m keeping it — I had TCF since I was super young and when it got acquired by Huntington I just kept it. I foresee getting rid of this account in the future, but it meets my needs now.

Why do I have two credit cards?

For one, it’s recommended that you have at least two credit cards, so that’s what I (as of recently) have. Essentially, having a mix of credit lines shows lenders that you can handle your money (Equifax).

Additionally, having two credit cards helps you keep your utilization ratio lower. “The portion of your credit limit that you have in use, also called credit utilization ratio, accounts for about one-third of your credit scores. In general, keeping your balances well below 30% of your credit limit helps maximize your scores, and lower is better” (NerdWallet).

For me, it’s about the categorization, too. Similar to my checking accounts, my Discover is my “fun money” account and Chase is for essentials and larger purchases. I pay off my Discover credit card with my Discover debit card. This way, I’m always getting cashback. Having these two cards that serve separate purposes helps me budget and keep track of my money better.

Why did I choose these as my credit cards?

I wanted to build my credit during college, and the Discover student card seemed like the right choice. The credit line (how much you can spend) is significantly lower, and once you graduate, it becomes a regular Discover card.

I recently got the Chase Freedom card (less than a month ago). I got this one after doing some research. My priorities were 1) no annual fee, 2) decent travel cash back, and 3) different and consistent cash back categories compared to my Discover card. After seeing it get 5/5 stars on this list, I applied for and got this card.

What do I use for investing, trading, and saving?

I have a few different accounts for these things (these things being: having your money make money).

I can’t praise Wealthfront enough. I love the interface, and it has a competitive interest rate compared to other companies. While it technically isn’t a bank, it partners with several to make sure your money is insured. I can create buckets and save for different things, set goals through retirement, and see all of my accounts in one easy place. Even if you don’t go with Wealthfront, GET A HIGH-YIELD SAVINGS ACCOUNT. If there is one takeaway from reading this entire thing, let it be that. Read this article to learn more about why having a HYSA is important. (@ my friends who requested I sit down and walk them through signing up, let’s do it ASAP 🥰)

I opened my Roth IRA because I woke up one night in a cold sweat, realizing that I hadn’t started planning for retirement yet (at 18 years old). I, again, did some research, and landed with Fidelity. There are a few big companies that you really can’t go wrong with, and Fidelity is one of them. Here’s an article explaining the different types of retirement accounts. I can’t pretend to be an expert, but Roth IRAs are great for retirement (and having a mix of retirement accounts is even better).

Lastly, my individual Fidelity account. I use this to buy shares for specific companies (and some index funds). Not too much to share here, other than the fact that you should be investing and/or trading! I can go into greater depth on how I approach investing and trading in a later blog — Oh, the suspense!

YouTubers and Wealth

I recently found a youtuber that I’ve really enjoyed watching. She talks about different ways to make money and investing in more tangible things. In this video, she talks about buying a little plot of land for camping. Interesting stuff.

This is the youtuber my partner would recommend. He provides mathematical and logical reasoning to buy/sell for specific companies. I’ve watched a few videos, and, while they’re somewhat long, they’re entertaining (he’s from New York).

How does managing my wealth slow down time?

Managing my finances has helped me slow down — not just in the sense of budgeting, but by giving me space to reflect on my goals, learn new things, and feel more in control. And while I’ve learned a lot about managing my money over time, I imagine changes to these tools and accounts will continue.

In a later blog, I’ll cover some of the differences between wealth and money (I’ll be honest, I’ve been using them both throughout and I should probably be using them slightly differently). I’m still making the mindset shift from making money to building wealth, but I believe the in-between stages are worth talking about more.

If you have any questions or comments or ideas to share, don’t hesitate to say [email protected].