Getting ahead with money is a lot easier when you actually have a place for your money to go. As soon as payday hits, your money needs to have a place to go. Otherwise, you’ll end up spending it all… and going from paycheck to paycheck is NOT fun! Learn about the SIX accounts that EVERYONE needs for financial freedom. You don’t need to have all six of these accounts right away, but it’s a good idea to eventually have them all, because each one serves a different purpose. I’ll explain each account in order of importance, so feel free to start from the top and work your way down the list!
***ATTENTION: I have a new Instagram and TikTok handle @itsrosehan ***
That’s my official account, and I will NEVER message you about investment schemes, so please be careful and block & report any scammers posing as me.
__________
***FREE DOWNLOAD: Ultimate Guide to Investment Accounts
__________
***FREE TRAININGS 🤓***
THE 3 SECRETS TO INVESTING IN TIMES OF UNCERTAINTY 📈
How to build wealth on autopilot, even if you’re scared, totally confused by financial jargon, and tend to get stuck in “analysis paralysis”.
← SIGN UP HERE
$1K ON THE SIDE 💸
3 insider tips to creating consistent monthly cashflow with options trading …even if you’re totally intimidated by it, busy with a full-time job & don’t want to be glued to a screen all day.
← SIGN UP HERE
__________
***BOOKS I RECOMMEND 📚***
I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials)
The Little Book of Common Sense Investing (Jack Bogle’s classic advice on index funds)
InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett)
Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing)
Rich Dad Poor Dad (#1 selling personal finance book of all time… need I say more?)
Think and Grow Rich (the ultimate book on money mindset and wealth consciousness)
________
***MY FAVORITE MONEY TOOLS 🖤***
YNAB (I literally can’t live without this budgeting app, so obsessed)
Wise (like Venmo but for international currencies – I use this app a LOT for my life in Mexico)
High-Yield Savings Accounts (don’t settle for 0% when you can get 3%+ on your savings)
Ledger Nano S (crypto storage hardware wallet, because “Not Your Keys, Not Your Crypto”!):
__________
DISCLAIMERS & DISCLOSURES ❤
This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support!
__________
SAY HI ON SOCIAL! 👋🏼
Website:
Instagram:
TikTok:
Pinterest:
…(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERT IRA TO GOLD: Gold IRA Account
CONVERT IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
The 6 Accounts EVERYONE Needs For Financial Freedom (OPEN THESE TODAY)
Financial freedom is a goal that many of us aspire to achieve. It means having control over our money and the ability to live life on our own terms. While it may seem like an elusive concept, the path to financial freedom starts with taking control of our income and allocating it wisely. One effective strategy is to open and manage six different types of accounts. These accounts are essential tools for building wealth and securing a brighter financial future. If you haven’t already done so, here are the accounts you need to open today:
1. Checking Account:
A checking account is the foundation of your financial management system. It allows you to receive your salary, pay bills, and access your money easily. Look for a checking account that offers no monthly fees and has ATM access. Be diligent in monitoring your balance and avoid overdraft fees that can eat away at your hard-earned money.
2. Savings Account:
Opening a savings account is fundamental to accumulating wealth. It provides a safe place to store your money while earning interest. Automate regular deposits into your savings account to build an emergency fund or save for future goals. Look for an account with a competitive interest rate and minimal fees.
3. Emergency Fund Account:
An emergency fund is vital for financial security. Save three to six months’ worth of living expenses in a separate account, known as an emergency fund. It will serve as a safety net during unexpected situations such as job loss or medical emergencies. Opt for a high-yield savings account that allows easy access to your funds while also generating some interest.
4. retirement account:
Planning for retirement is crucial, regardless of your age. Open an individual retirement account (IRA) or contribute to your company’s 401(k) plan. Take advantage of tax benefits and employer matching contributions to maximize your savings. Start as early as possible to benefit from compound interest and let your money grow over time.
5. Investment Account:
Consider opening an investment account to grow your wealth further. This account allows you to invest in stocks, bonds, mutual funds, and other securities. Seek advice from a financial advisor or educate yourself on investment strategies before diving into this account. Be prepared to take on some risk, as investing comes with no guarantees, but proper planning and diversification can yield impressive returns.
6. Debt Payment Account:
While not exactly an account, setting up a separate account to manage your debt payments is essential. This account will help you stay organized and systematically pay off your debts, whether they are student loans, credit card balances, or a mortgage. Automate monthly payments to avoid missing deadlines and incurring unnecessary interest charges.
By opening and maintaining these six accounts, you’ll be on your way to achieving financial freedom. However, it’s crucial to consistently monitor and adjust them as your circumstances change. Take control of your finances, cultivate good money habits, and watch your net worth grow over time. Start today, and the road to financial freedom will become clearer than ever before.
***FREE DOWNLOAD: Ultimate Guide to Investment Accounts https://www.rosehan.com/ultimateguide
I max my 401k, Roth IRA ( for myself and my wife), and contribute monthly to a taxable brokerage account. Unfortunately my employer does not offer an HSA. Thanks for the info. This just confirms that I am doing a good job for retirement.
Ally bank savings interest is like over 3 or 4%right now
I'm a millenial who started my first REAL job in the 09 Great Recession. No bueno.
I think im in a decent place. Working on improving it every week. It takes sacrifice for sure. Sometimes got to skip that concert, or skip that costly day at the beach and just relax at home. Im ok with this because ive always been introverted but its hard when you are in a relationship with someone with a different mindset with money. Anyway I have 4-6 months emergency, works 401k that I meet the match, IRA, 3 non qaulified taxable accounts. 2 are locked into indexed annuties 1 is open to eventually grow enough for a wedding. about 500k. Next year ill do the HSA. I didnt even know it was a thing. I also overpay my mortgage a few hundred which can shave years off the loan. At the end of the day you need to work more, earn more, and save more. To many people earn more but spend more
Hi Rose, I love your step-by-step videos they are full of great information. I have 3 of the 6 accounts. I do not qualify for an HSA account. God bless you Rose
For the SEP IRA if I’m 1099 how much can I contribute. I’m finding conflicting infor. Some say 20% Meanwhile others say 25%. And is they off the AGI or Gross?
Hi Rose,
I really love your topics and vibe….
Will you be able to give some investment tips for ppl in UK?
Deeply appreciated.
Great job Rose. You inspire me butt all my thoughts are for my 16 year old daughter. I want her to learn your habits. I'm trying to find a place for me to put her Social Security money for the final year she will receive it. I am on Social Security and now 69 years old. Have cash here at home looking to throw 400 dollars a month till next march. This is when she turns 17. And I believe her Social security will end.
I thought I was doing pretty well in my personal finance, but I was today years old when I learned that $ in an HSA is not a "use it or lose it" account. Thanks, Rose! I am learning so much from your channel. A little late in life, but better late than never, I guess.
They cap your Traditional IRA too. It's that good!
They're both good (Traditional and Roth). One is not universally better than the other. I hear so much about how great the Roth is, but I don't think people realize that it's the same thing.
Take these two examples:
1. You have $6000 to put into an investment account, so you choose to put it in a Traditional IRA. You don't pay taxes today, and it grows at 10% annually for 30 years. At the end of the 30 years, you have $104,696 in the account. You then pay 30% taxes to withdraw it, and you're left with $73,287.
2. You have $6000 to put into an investment account, so you choose to put it in a Roth IRA. You pay taxes on it today, so you're left with $4200. The $4200 grows at 10% annually for 30 years. At the end of 30 years, you have $73,287 in your account, which you can withdraw without any taxes.
So, they're the same, as long as the tax rate stays the same.
The way to play it is if you are in a low tax bracket and think it will be higher in retirement, then do the Roth. If you're in a high tax bracket now and think you will be in a lower one in retirement, do the Traditional. If you're unsure, like most people are, do both. If you're a freelancer or 1099 contractor and can play around with your annual salary, even better – on the low years, contribute into your Roth. In the higher years, contribute into your Traditional.
Fidelity also offers brokerage accounts to non-USA residents.
Aka you were too lazy or stupid to plan for the future.
So say you were to make 1600 a month and your bills are nearly half that, how would I put a little money in each account? Like how would I split all of that? Especially with the umbrella savings account. While also having a little money leftover to spend.
Very educational! Wish they taught this in middle or high school, so kids come out knowing all their options. Thanks!
You are just as intelligent as you are beautiful… ugh I can’t even
Credit karma say they pays 3.30% is that one secure ?
Make sure if you invest in an HSA, that you INVEST your balance. MOST people leave their balance in the default "savings" account which earns a pitifully small interest amount. You need to grow your account by using the investing option for the long term.
I think I'm gonna check that 360 Capitol 1 account b I'm gonna park my property tax fund there.
The sound was like being in a cave but the advice was good.
You probably already know , but just in case , Sofi Bank pays 2.5% for savings and checking account . This is where I keep my emergency fund .
Great information!
When are we getting married
Hi Rose, question(s) for you:
F.I.R.E. greatly interests me, and I ask this question because of your video "How To Retire In Your 30s" – From my limited understanding, 401k's, HSA's, and Roth IRA's seem impractical to access before a standard retirement age (59.5 or 65)
In regards to early retirement (target age 38-40 — 13-15 years from now) – What in your opinion would be more important to prioratize? A portfolio of mutual funds/bonds/ETF's, or trying to max out the 3 accounts I mentioned above?
If the answer is both, what ratio would you advise?
How much needs to be in an emergency account
Love this! Thank you
Get ALL up on that soapbox, PREACH!
I opened a Cap One 360 Savings account but I don't see the option for subaccounts.
Why don't you use a money market account over a high yield savings account for as a place to park your emergency fund?
11:18 Does it make sense to not buy a home and pay the mortgage and keep the money for yourself or pay for someone else’s mortgage?
Buy stocks or buy real estate?
Great info but volume kept going high n low. Was it just me?
Smokin hot Rose! Oh, and great video! 🙂
i can prove to you that a taxable brokerage account is better than a 401K. i did the math. the 401K is the biggest fraud.
i practice minimalism, so buying stuff is not for me.
you look nice on this video.
vanguard does not charge for buy and sell transactions.
you can do a backdoor roth ira to go around the income limits on roth ira. backdoor roth ira has no income limits.
workplace retirement account such as 401K is only good it there is matching contribution by employer. once you loose that, a better account is a taxable brokerage account. 401K is bad because it cost more (hidden costs) the deferred tax is not an advantage, you get taxed at a higher tax bracket when you take the money out vs. 15% or 20% for taxable brokerage account. 401K is good for retirement is a big lie. i did the math, and it is taxed higher than the taxable brokerage account.
Roth IRA is a better emergency fund than a savings account, the money market fund inside a roth ira pays higher interest than a savings account. any contributions to roth ira can be withdrawn tax free, penalty free.
im obsessed with you. thank you for this information.
I love the way you do finance videos. They actually hold my attention! Thank you so much for taking time out to make videos!
A recession is coming, what are your thoughts on that?