There will be 3 bank accounts. Each bank account will have a purpose, and role to fulfill. All of the bank accounts will be listed on their own page in this section. However, for a simplicity sake, all of my investment income will deposit into my checking account which will then be transferred to my Swiss Bank account. I will also have 6 months of income as an emergency fund that would provide me with income in lean months when investments aren’t doing well.
Since all of my income will eventually go to my Swiss account, I will need to learn how to use a spreadsheet to keep my assets managed, and properly accounted for. My Swiss account will hold all of my funds beyond the $250,000 FDIC limit that they place on insuring the account. I would imagine that no such risk is on Swiss accounts since they seem to be an interest with very wealthy people. When I need income to my checking account, I will simply transfer the money from the Swiss account to my checking account. From there, I could pay for whatever needs to be paid.
Currently, I use a credit card to cover for all of my bills. I then pay the card in full every month when I receive my income. This means if I go out to eat, and I spend $50, I will use my credit card even if I have $100 discretionary funds in my checking account. This discretionary funds will be added into my income for next month’s budget which will include paying the $50 meal off in full. I make sure every card is paid with at least the minimum balance. I then pay off the cards from smallest to largest, and I have a great track record of not overspending. The same will hold true here as well.