I will have 3 bank accounts. All of these accounts will serve a role and purpose. Currently, I have only 1 account, but that is because right now, I just need one account. However, with the acquisition of $10,000,000 – I will need multiple accounts. Each account will be explained here, and defined in a way where I will hope it makes sense.
The first account will be a Swiss Bank Account. Most wealthy people will have a Swiss account to avoid paying taxes. This will not be the reason why I would have one. Instead, I will have this account to hold all of my financial resources beyond the $250,000 threshold for each customer at each bank. Otherwise, if I had $300,000 in my personal account, and the bank goes bankrupt, I will only get $250,000 from FDIC. This protection limit is not something I want to deal with when I have millions of dollars. With that said, I will try to teach myself how to use spreadsheets since I will want to segregate the money (on spreadsheet) for future purchases. Also, any money saved for taxes will be installed into this account to protect my taxes. When it comes time to pay taxes, I will move money one bill at a time to assure that everything is done as safely as possible.
The second account is my current bank account. This is my personal account, and while I will have more money in my account, and will be able to build wealth, I will still keep this account in a way where I would try to save as much as I can to keep myself from being in a financial precarious position. I will continue to behave as I currently do with regards to my credit cards. I just have a bigger asset pool that I can draw upon. While I would have increased my lifestyle, I will not live in a way that would advertise that I have wealth. My clothes will be the same. I will continue to use a credit card to pay for everything rather than carrying wads of cash. I will keep my ID card, bus pass, and credit card in my wallet. Since my wallet blocks RFID, there is no need to worry about someone stealing my card numbers via NFC.
The last will be a savings account. This can be thought of as a rainy day fund. In the event that I have a bad month, and no financial resources elsewhere, I can draw on the savings account for the bare essentials. This will mean nothing special acquired, or done until things recover. This will keep my lifestyle the same while still living through any tough times.