Explanation Of Accounts
All of these are seperate checking and savings accounts I have:
General Account - When any money comes in or out, it goes through the general account. There is always at least a $400 cushion in the general account for a rainy day.
Spending Account - This is the money I have available to spend on any frivolous thing I want. 20% of my paychecks go here and 20% of money generated. $40 per month is also automatically deposited. By 11.17.2006 I plan to use this account (with the same percentage rate) to pay for all general living costs.
Spending Account 2 - This account was created for larger purchases related to spending such as Christmas gifts, vacations, birthday gifts etc.. I have started putting about $20 per week into this account through automatic transfer. This account should most likely build year-round until big events come along.
Investment Account - I keep a minimum of $500 here at all times. I put a mandatory $240 every month and 30% of other income. When the amount tops $1K, I generally infuse the money into my stock portfolio. Any purchases that make me money are charged to this account also.
Bill Account - I' ve got bills to pay, and this is where I pay them from. There is approx. $10 per week being automatically transfered to this account.
Permanent Savings - This is the ultra-secure savings account which will not be exposed to risk. I put a mandatory $160 in here every month plus 30% of other income. I will never touch this money until I am over the hill.
Charity Account - This account slowly builds money all for the purpose of giving it away to charitable causes. Making money feels great, but giving it away feels better!
Stock Portfolio - My current brokerage account value. This can vary wildly as stock prices rise or fall.
ROTH IRA - My ROTH IRA account which I buy stock, bonds, index funds etc. I will never touch this money till retirement.
Emigrant Direct Account - This is another permanent savings account, but not hosted with Bank of America. I keep this account aside because it gives decent returns and no risk.
Credit Card Balance - This will always be zero or negative because I pay off my credit cards before charges are even made.
Business Holding - This is the amount of money I OWE to the company that fulfils all my online business orders. Since bills usually come 2-3 months later, I sometimes leverage this money for play in the stock market. This money CAN be used, but I generally do not.
General Account - When any money comes in or out, it goes through the general account. There is always at least a $400 cushion in the general account for a rainy day.
Spending Account - This is the money I have available to spend on any frivolous thing I want. 20% of my paychecks go here and 20% of money generated. $40 per month is also automatically deposited. By 11.17.2006 I plan to use this account (with the same percentage rate) to pay for all general living costs.
Spending Account 2 - This account was created for larger purchases related to spending such as Christmas gifts, vacations, birthday gifts etc.. I have started putting about $20 per week into this account through automatic transfer. This account should most likely build year-round until big events come along.
Investment Account - I keep a minimum of $500 here at all times. I put a mandatory $240 every month and 30% of other income. When the amount tops $1K, I generally infuse the money into my stock portfolio. Any purchases that make me money are charged to this account also.
Bill Account - I' ve got bills to pay, and this is where I pay them from. There is approx. $10 per week being automatically transfered to this account.
Permanent Savings - This is the ultra-secure savings account which will not be exposed to risk. I put a mandatory $160 in here every month plus 30% of other income. I will never touch this money until I am over the hill.
Charity Account - This account slowly builds money all for the purpose of giving it away to charitable causes. Making money feels great, but giving it away feels better!
Stock Portfolio - My current brokerage account value. This can vary wildly as stock prices rise or fall.
ROTH IRA - My ROTH IRA account which I buy stock, bonds, index funds etc. I will never touch this money till retirement.
Emigrant Direct Account - This is another permanent savings account, but not hosted with Bank of America. I keep this account aside because it gives decent returns and no risk.
Credit Card Balance - This will always be zero or negative because I pay off my credit cards before charges are even made.
Business Holding - This is the amount of money I OWE to the company that fulfils all my online business orders. Since bills usually come 2-3 months later, I sometimes leverage this money for play in the stock market. This money CAN be used, but I generally do not.
Labels: Financial
posted by Neville @ 1:53 AM
14 comments
14 Comments:
I wrote some information on this in my web site Flipping70 Budgeting and Personal Finance
Susan
Counting my business as an asset is confusing and misleading in my opinion. It makes me think I have more money than I really do.
Anonymous,
EmigrantDirect.com is an online bank that offers about 4% interest on their accounts. I keep this account as a permanent cash savings account, aka an extremely safe and reliable account that is not exposed to ANY risk.
This account has a low return, but no risk. I have other accounts with higher return but higher risk. I try to balance myself.
as is HSBCDirect.
UFBDirect.com is 5.17%
Question: Why exactly do you need to pay off your credit cards before charges are even made?
I don't carry balance, but my money is invested until I have to pay off my credit cards.
http://www.blutopaz.com
truly inspirational person..
but i feel that there are many haters out there...
keep doin what your doin..
expect nothing but greatness
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