Have you ever wondered where all your money has gone? You’re one of the lucky ones that gets a direct deposit every couple of weeks or maybe even weekly. But for some reason, you don’t feel all that lucky. The money seems to vanish as quickly as it came. So you anxiously await the next direct deposit keeping your fingers crossed that nothing unexpected happens.
One thing I’ve learned over the years is that you must be intentional to make any change or progress in your life. That means putting thoughts and actions behind your goals and wants. If you’re not being intentional, you will become a victim of someone else’s intentions.
"Intentional living is the art of making our own choices before others’ choices make us.” ~ Richie Norton
From a financial perspective, that means not becoming a victim to Amazon’s or Chick Fil A’s intentions and the hardest of them all: FAMILY. Money sitting in your checking account will serve everyone’s bottom line but yours and sadly you can’t call on them to help, if you bottom out.
I give my money intention by setting up accounts with specific names and automatic contributions. This helps me to manage my money and keeps me on course for meeting my financial goals.
Here are 6 Financial Accounts everyone should have:
Checking Account - The purpose of this account is to pay your bills such as mortgage/rent, utilities, auto loans, insurance, cell phone, etc.
Emergency Account - This account should have 3-6 months of living expenses. Once fully funded there’s no need to continue to contribute.
Retirement Account - Your 401k/403b, IRAs and pensions would fall into this area. There are other retirement accounts but I limited it to the common ones.
Lifestyle Account - This is the fun account. Use this account for entertainment, vacations, life splurges, and rewards for your hard work.
Wealth Account - I learned about this account from Garrett Gunderson at Wealth Factory. This is a special low risk account that grows 4-5% per year.
Investment Account - By now you’ve probably heard about Robinhood but there are many trading platforms and apps that allow you to invest in stocks, bonds, and cryptocurrencies.
If you have these accounts set-up and automated, you will crush your financial goals. They also serve as a way to diversify your financial portfolio and you don't have to be a financial guru to do this. So get to work and set your financial intentions before someone else does!
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