Jaspreet Singh:  Have at Least 3 Different Bank Accounts — Here’s Why

Dawn Allcot  Fri, November 10, 2023

Most people, even if they are just starting out in their financial life, understand they should have two bank accounts: one checking and one savings. But YouTube personality and finance expert Jaspreet Singh recommends three.

In a short YouTube video, Singh detailed the way you can break out of the cycle of spending to make other people rich and get started on your own path to wealth by dividing your money the way the rich do.

“They don’t just keep all their cash in one bank account,” he said. “They have designated money for spending. They have designated money to be invested. And they have designated money to be saved for an emergency. They know what every dollar they earn is going to do.”

He recommended getting started by tracking your money; simply make a list of all your income, expenses and any money you’ve had left over to save, invest, or give to charity in recent months.

“In business, we say if you don’t track it, you can’t optimize it. It’s the same in personal finance,” Singh explained in the 13-minute video.

Three Accounts

Once you know how much you make, earn and save, you can start making your money work for you. First, Singh said, open three bank accounts. Most banks should let you have three accounts free of charge. If yours doesn’t, you should find a financial institution that will, even if you have to establish direct deposit to get fee-free banking.

https://finance.yahoo.com/news/jaspreet-singh-least-3-different-170544527.html